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IMF
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate stability. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." Established in July 1944 at the Bretton Woods Conference, primarily according to the ideas of Harry Dexter White and John Maynard Keynes, it started with 29 member countries and the goal of reconstructing the international monetary system after World War II. In its early years, the IMF primarily focused on facilitating fixed exchange rates across the developed world. It now plays a central role in the management of balance of p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kristalina Georgieva
Kristalina Ivanova Georgieva-Kinova (; ; born 13 August 1953) is a Bulgarian economist who has served as the 12th managing director of the International Monetary Fund since 2019. She is the first person from an emerging market economy to lead the institution. She began her career by teaching economics. Serving as European Commissioner for International Cooperation, Humanitarian Aid, and Crisis Response from 2010 to 2014, Georgieva directed EU resources to aid those affected by crises including the 2010 Haiti earthquake.Naharnet Newsdesk, As vice-president of the European Commission for Budget and Human Resources from 2014 to 2016, she managed the EU's budget and staff through the aftermath of the Eurozone debt crisis and during the 2015 refugee crisis. As the first chief executive officer of the World Bank from 2017 to 2019,Xin En Lee, Georgieva led significant reformsSophie Edwards, and secured the largest funding increase in the Bank's history, totaling $13 billion. Sh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bretton Woods Conference
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 allied nations at the Mount Washington Hotel, in Bretton Woods, New Hampshire, United States, to regulate what would be the international monetary and financial order after the conclusion of World War II. The conference was held from July 1 to 22, 1944. Agreements were signed that, after legislative ratification by member governments, established the International Bank for Reconstruction and Development (IBRD, later part of the World Bank group) and the International Monetary Fund (IMF). This led to what was called the Bretton Woods system for international commercial and financial relations. Background Multilateral economic cooperation among countries was crucial for the post-war world economies. Countries sought to establish an international monetary and financial system that fostered collaboration and growth among the parti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Balance Of Payments
In international economics, the balance of payments (also known as balance of international payments and abbreviated BOP or BoP) of a country is the difference between all money flowing into the country in a particular period of time (e.g., a quarter or a year) and the outflow of money to the rest of the world. In other words, it is economic transactions between countries during a period of time. These financial transactions are made by individuals, firms and government bodies to compare receipts and payments arising out of trade of goods and services. The balance of payments consists of three primary components: the current account, the financial account, and the capital account. The current account reflects a country's net income, while the financial account reflects the net change in ownership of national assets. The capital account reflects a part that has little effect on the total, and represents the sum of unilateral capital account transfers, and the acquisitions and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gita Gopinath
Gita Gopinath (born 8 December 1971) is an Indian-American economist who has served as the first deputy managing director of the International Monetary Fund (IMF), since 21 January 2022. She had previously served as chief economist of the IMF between 2019 and 2022. Prior to joining the IMF, Gopinath had a two-decade-long career as an academic including at the economics department of Harvard University, where she was the John Zwaanstra Professor of International Studies and Economics (2005–2022), and earlier an assistant professor at the University of Chicago Booth School of Business (2001–05). She is also a co-director of the international finance and macroeconomics program at the National Bureau of Economic Research and has earlier worked as the honorary economic adviser to the chief minister of Kerala. Gita Gopinath was appointed as chief economist of the IMF in October 2018 by its managing director Christine Lagarde. In an interview with Trevor Noah on ''The Daily S ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Developing Country
A developing country is a sovereign state with a less-developed industrial base and a lower Human Development Index (HDI) relative to developed countries. However, this definition is not universally agreed upon. There is also no clear agreement on which countries fit this category. The terms low-and middle-income country (LMIC) and newly emerging economy (NEE) are often used interchangeably but they refer only to the economy of the countries. The World Bank classifies the world's economies into four groups, based on gross national income per capita: high-, upper-middle-, lower-middle-, and low-income countries. Least developed countries, landlocked developing countries, and small island developing states are all sub-groupings of developing countries. Countries on the other end of the spectrum are usually referred to as high-income countries or developed countries. There are controversies over the terms' use, as some feel that it perpetuates an outdated concept of "us" and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pierre-Olivier Gourinchas
Pierre-Olivier Gourinchas (born 30 March 1968) is a French economist who has been the chief economist of the International Monetary Fund since 2022. Gourinchas is also the S.K. and Angela Chan Professor of Management at the University of California, Berkeley (currently on secondment to the IMF). At the University of California, he also directs the Clausen Center for International Business and Policy and is affiliated with the Haas School of Business. His research focuses on macroeconomics, in particular international macroeconomics and international finance. In 2008, Gourinchas received the Prix du meilleur jeune économiste de France, Prize of the Best Young Economist of France. Biography Pierre-Olivier Gourinchas studied at the (1987–90), École des Hautes Etudes en Sciences Sociales (1990-91), École des Ponts et Chaussées (1990-93), and Massachusetts Institute of Technology (1993–96), obtaining a Ph.D. from the last with a thesis on exchange rates and consumption (economi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Maynard Keynes
John Maynard Keynes, 1st Baron Keynes ( ; 5 June 1883 – 21 April 1946), was an English economist and philosopher whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles. One of the most influential economists of the 20th century, he produced writings that are the basis for the schools of economic thought, school of thought known as Keynesian economics, and its various offshoots. His ideas, reformulated as New Keynesianism, are fundamental to mainstream economics, mainstream macroeconomics. He is known as the "father of macroeconomics". During the Great Depression of the 1930s, Keynes spearheaded Keynesian Revolution, a revolution in economic thinking, challenging the ideas of neoclassical economics that held that free markets would, in the short to medium term, automatically provide full employment, as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Monetary Systems
An international monetary system is a set of internationally agreed rules, conventions and supporting institutions that facilitate international trade, cross border investment and generally the reallocation of capital between states that have different currencies. It should provide means of payment acceptable to buyers and sellers of different nationalities, including deferred payment. To operate successfully, it needs to inspire confidence, to provide sufficient liquidity for fluctuating levels of trade, and to provide means by which global imbalances can be corrected. The system can grow organically as the collective result of numerous individual agreements between international economic factors spread over several decades. Alternatively, it can arise from a single architectural vision, as happened at Bretton Woods in 1944. Historical overview Throughout history, precious metals such as gold and silver have been used for trade, sometimes in the form of bullion, and from earl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harry Dexter White
Harry Dexter White (October 29, 1892 – August 16, 1948) was an American government official in the United States Department of the Treasury. Working closely with the secretary of the treasury Henry Morgenthau Jr., he helped set American financial policy toward the Allies of World War II. He was later accused of espionage by passing information to the Soviet Union, an allegation which was confirmed after his death, which was a suicide shortly after testifying before Congress. He was a senior American official at the 1944 Bretton Woods Conference that established the postwar economic order. He dominated the conference, and his vision of post-war financial institutions mostly prevailed over those of John Maynard Keynes, the British representative who was the other main founder. Through Bretton Woods, White was a major architect of the International Monetary Fund and World Bank. White was accused in 1948 of spying for the Soviet Union, which he adamantly denied. He was never a Commu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lender Of Last Resort
In public finance, a lender of last resort (LOLR) is a financial entity, generally a central bank, that acts as the provider of liquidity to a financial institution which finds itself unable to obtain sufficient liquidity in the interbank lending market when other facilities or such sources have been exhausted. It is, in effect, a government guarantee to provide liquidity to financial institutions. Since the beginning of the 20th century, most central banks have been providers of lender of last resort facilities, and their functions usually also include ensuring liquidity in the international markets in general. The objective is to prevent economic disruption as a result of financial panics and bank runs spreading from one bank to the others due to a lack of liquidity in the first one. There are varying definitions of a lender of last resort, but a comprehensive one is that it is "the discretionary provision of liquidity to a financial institution (or the market as a wh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Poverty Reduction And Growth Facility
The Poverty Reduction and Growth Facility (PRGF) is an arm of the International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of las ... which lends to the world's poorest countries. It was created on September 16, 1999, replacing the Enhanced Structural Adjustment Facility. In 2009 the organization sold 212 metric tons of gold in separate off-market transactions and then gradually sold 191.3 tons of gold to fund the SDR 1¼ billion yearly lending program to the targeted nations.International Monetary Fund. (16 March 2021). "Factsheet: Gold in the IMF"IMF websiteRetrieved 20 June 2021. References {{reflist External links 1999 establishments 1999 introductions International Monetary Fund International finance International development Intergovernmental organizations ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
