The G-20 and the IMF revisited: Reforming global economic governance.

摘要

The financial crisis of 2007--2010 has brought macroeconomic governance under scrutiny and has allowed the International Monetary Fund (IMF) a return from irrelevance, following the announcement in April 2009 of a tripling of the institution's resources. This thesis explores the structure, policies and instruments of the IMF from its birth throughout the 20 th century and seeks to explore the prospects for its future in the new millennium. By recognizing the developments that have reshaped the economic landscape since the collapse of the Bretton Woods system in the 1970s, ushering in an era that eroded capital and exchange controls, allowed for enhanced financial interconnectedness and nurtured the growth of developing economies, the IMF has proven remarkably adaptable in the past. Poor policy decisions have been made, while others have proven significant to interconnectedness and global economic growth. Now, with a new steering committee at the fore -- the G-20 -- the IMF stands poised to make a valuable contribution to crisis resolution, economic stability and sustainable development in an environment that will be defined by multipolarity and interdependence. Global challenges, however, -- both present and future -- will require a renewed commitment to multilateralism by the Fund's leaders and an enhanced willingness to remain dynamic.