Podcast
Questions and Answers
The International Monetary Fund (IMF) aims to maximize the effects of international financial crises.
The International Monetary Fund (IMF) aims to maximize the effects of international financial crises.
False
The IMF assists in liberalizing international trade by lowering real incomes and increasing unemployment.
The IMF assists in liberalizing international trade by lowering real incomes and increasing unemployment.
False
Establishing stable currencies that can hold their value and resist speculative attacks was considered important after the global depression of the 1920s.
Establishing stable currencies that can hold their value and resist speculative attacks was considered important after the global depression of the 1920s.
False
The IMF maintains a bilateral system of payments that imposes foreign exchange restrictions on countries.
The IMF maintains a bilateral system of payments that imposes foreign exchange restrictions on countries.
Signup and view all the answers
One of the roles of the IMF is to provide a safeguard to its members against balance of payments crises.
One of the roles of the IMF is to provide a safeguard to its members against balance of payments crises.
Signup and view all the answers
The IMF aims to increase volatility in countries' balance of payments accounts to encourage global depressions.
The IMF aims to increase volatility in countries' balance of payments accounts to encourage global depressions.
Signup and view all the answers
The International Monetary Fund (IMF) was established in 1944 as part of the Bretton Woods agreement.
The International Monetary Fund (IMF) was established in 1944 as part of the Bretton Woods agreement.
Signup and view all the answers
The IMF's primary goal is to maintain low exchange rates between currencies.
The IMF's primary goal is to maintain low exchange rates between currencies.
Signup and view all the answers
Devaluation refers to an increase in the official rate at which one currency is exchanged for another.
Devaluation refers to an increase in the official rate at which one currency is exchanged for another.
Signup and view all the answers
After the Bretton Woods system collapsed in 1971, the IMF shifted its focus to helping countries cope with floating exchange rates and oil crises.
After the Bretton Woods system collapsed in 1971, the IMF shifted its focus to helping countries cope with floating exchange rates and oil crises.
Signup and view all the answers
The IMF primarily supported developing countries facing debt crises from the 1980s onwards.
The IMF primarily supported developing countries facing debt crises from the 1980s onwards.
Signup and view all the answers
Gold exchange standard implies a system where currencies are valued in terms of a currency that is not on the gold standard.
Gold exchange standard implies a system where currencies are valued in terms of a currency that is not on the gold standard.
Signup and view all the answers
The World Bank provides high-interest loans for major investment projects.
The World Bank provides high-interest loans for major investment projects.
Signup and view all the answers
Each country under the General Agreement on Tariffs and Trades (GATT) did not have to concede most favoured nation status to all trading partners.
Each country under the General Agreement on Tariffs and Trades (GATT) did not have to concede most favoured nation status to all trading partners.
Signup and view all the answers
The main purpose of the General Agreement on Tariffs and Trades (GATT) was to increase tariffs and other trade barriers.
The main purpose of the General Agreement on Tariffs and Trades (GATT) was to increase tariffs and other trade barriers.
Signup and view all the answers
The World Trade Organization (WTO) was established as a replacement for GATT in 1947.
The World Trade Organization (WTO) was established as a replacement for GATT in 1947.
Signup and view all the answers
Protectionism promotes the free flow of imports without any measures to protect domestic industries.
Protectionism promotes the free flow of imports without any measures to protect domestic industries.
Signup and view all the answers
General Agreement on Tariffs and Trades (GATT) did not focus on liberalization, privatization, and deregulation.
General Agreement on Tariffs and Trades (GATT) did not focus on liberalization, privatization, and deregulation.
Signup and view all the answers
IMF surveillance includes analyzing only fiscal policy of member countries.
IMF surveillance includes analyzing only fiscal policy of member countries.
Signup and view all the answers
IMF Financial Assistance aims to help countries with balance of payments problems avoid future crises.
IMF Financial Assistance aims to help countries with balance of payments problems avoid future crises.
Signup and view all the answers
Technical assistance provided by the IMF focuses primarily on agricultural policy.
Technical assistance provided by the IMF focuses primarily on agricultural policy.
Signup and view all the answers
Criticism of the IMF includes advocating for excessive government spending.
Criticism of the IMF includes advocating for excessive government spending.
Signup and view all the answers
A criticism of the IMF involves opposing competitive exchange rates.
A criticism of the IMF involves opposing competitive exchange rates.
Signup and view all the answers
IMF supports market-determined interest rates according to the text.
IMF supports market-determined interest rates according to the text.
Signup and view all the answers
Joseph Stiglitz won the Nobel Prize in Economics in 1943.
Joseph Stiglitz won the Nobel Prize in Economics in 1943.
Signup and view all the answers
The IMF policies imposed on developing countries were always successful in relieving balance-of-payments crises.
The IMF policies imposed on developing countries were always successful in relieving balance-of-payments crises.
Signup and view all the answers
The World Bank primarily focused on postwar recovery in Europe in the 1960s.
The World Bank primarily focused on postwar recovery in Europe in the 1960s.
Signup and view all the answers
The World Bank only provides financial assistance through low-interest loans.
The World Bank only provides financial assistance through low-interest loans.
Signup and view all the answers
Joseph Stiglitz linked globalization to 'Europeanization' in his book 'Making Globalization Work'.
Joseph Stiglitz linked globalization to 'Europeanization' in his book 'Making Globalization Work'.
Signup and view all the answers
Joseph Stiglitz served as Chief Economist of the World Bank from 1997 to 2000.
Joseph Stiglitz served as Chief Economist of the World Bank from 1997 to 2000.
Signup and view all the answers
