国际组织international institutions 世界经济课件.ppt

International institutions Introduction Break with the economic nationalism and isolationism after WWII in the US Britain Positive political side British delegates led by Keynes Lord Halifax— US experts by Harry Dexter White Bretton Woods in New Hampshire in 1944 Bretton Woods agreement Set up IMF IBRD or World Bank The objective of Breton Woods sth. less than the reconstruction of a multilateral system of world trade and payment; but sth less than free trade (reduce tarriffs to moderate levels made non-discriminatory) Bretton Woods agreement Conference itself– UN-sponsored monetary financial conference But two hostile camps divided within UN by 1947 the US her European allies—the Soviet bloc Bretton Woods agreement One country, one vote in the UN Votes weighted according to the financial contribution of the member country in the IMF World Bank The IMF The quota system each member’s subscription based on its national income 25%-- in the form of widely accepted foreign currencies (?); 75%-- in the country’s own currency; reviewed every 5 years; IMF– a large holder of gold reserves Objectives of the IMF Convertibility The exchange rate regime Balance of payments adjustment Reserve assets (first SDRs–in 1970) International management Changes in the role of the IMF Breakdown of the Bretton Woods system in early 1970s Fixed exchange rates floating of all major currencies by 1973 a system of managed flexibility by 1978 Central banks—responsible for the 3 objectives Reduced role of the IMF Still had a role to play in relation to convertibility, exchange rates balance of payments adjustment Responsibility of ensuring that --not engage in destabilising speculation over exchange rates; --not attempt to influence artificially the value of exchange rates in order to gain a trading advantage Lending reserve assets Loans in the form of the currencies supplied by financially strong countries (euro, dollar ,sterlin