International Monetary Fund (IMF) Overview

The International Monetary Fund (IMF) aims to maximize the effects of international financial crises.

The IMF assists in liberalizing international trade by lowering real incomes and increasing unemployment.

Establishing stable currencies that can hold their value and resist speculative attacks was considered important after the global depression of the 1920s.

The IMF maintains a bilateral system of payments that imposes foreign exchange restrictions on countries.

One of the roles of the IMF is to provide a safeguard to its members against balance of payments crises.

The IMF aims to increase volatility in countries' balance of payments accounts to encourage global depressions.

The International Monetary Fund (IMF) was established in 1944 as part of the Bretton Woods agreement.

The IMF's primary goal is to maintain low exchange rates between currencies.

Devaluation refers to an increase in the official rate at which one currency is exchanged for another.

After the Bretton Woods system collapsed in 1971, the IMF shifted its focus to helping countries cope with floating exchange rates and oil crises.

The IMF primarily supported developing countries facing debt crises from the 1980s onwards.

Gold exchange standard implies a system where currencies are valued in terms of a currency that is not on the gold standard.

The World Bank provides high-interest loans for major investment projects.

Each country under the General Agreement on Tariffs and Trades (GATT) did not have to concede most favoured nation status to all trading partners.

The main purpose of the General Agreement on Tariffs and Trades (GATT) was to increase tariffs and other trade barriers.

The World Trade Organization (WTO) was established as a replacement for GATT in 1947.

Protectionism promotes the free flow of imports without any measures to protect domestic industries.

General Agreement on Tariffs and Trades (GATT) did not focus on liberalization, privatization, and deregulation.

IMF surveillance includes analyzing only fiscal policy of member countries.

IMF Financial Assistance aims to help countries with balance of payments problems avoid future crises.

Technical assistance provided by the IMF focuses primarily on agricultural policy.

Criticism of the IMF includes advocating for excessive government spending.

A criticism of the IMF involves opposing competitive exchange rates.

IMF supports market-determined interest rates according to the text.

Joseph Stiglitz won the Nobel Prize in Economics in 1943.

The IMF policies imposed on developing countries were always successful in relieving balance-of-payments crises.

The World Bank primarily focused on postwar recovery in Europe in the 1960s.

The World Bank only provides financial assistance through low-interest loans.

Joseph Stiglitz linked globalization to 'Europeanization' in his book 'Making Globalization Work'.

Joseph Stiglitz served as Chief Economist of the World Bank from 1997 to 2000.