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IMF
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. 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." Formed in 1944, started on 27 December 1945, at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system. It now plays a central role in the management of balance of payments difficulties and international financial crises. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. , the fund had XDR 477 billion (a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Special Drawing Rights
Special drawing rights (SDRs, code ) are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund (IMF). SDRs are units of account for the IMF, and not a currency ''per se''. They represent a claim to currency held by IMF member countries for which they may be exchanged. SDRs were created in 1969 to supplement a shortfall of preferred foreign exchange reserve assets, namely gold and U.S. dollars. The ISO 4217 currency code for special drawing rights is and the numeric code is ''960''. SDRs are allocated by the IMF to countries, and cannot be held or used by private parties. The number of SDRs in existence was around XDR 21.4 billion in August 2009. During the global financial crisis of 2009, an additional XDR 182.6 billion was allocated to "provide liquidity to the global economic system and supplement member countries' official reserves". By October 2014, the number of SDRs in existence was XDR 204 bil ... [...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. 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 Show'', she named ... [...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, situated in Bretton Woods, New Hampshire, United States, to regulate 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 participat ... [...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. 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 two components: the current account and the capital account. The current account reflects a country's net income, while the capital account reflects the net change in ownership of national assets. History Until the early 19th century, international trade was heavily regulated and accounted for a relatively small portion compared with national output. In the Middle Ages, European trade was typically regulated at municipal level in the interests of security for local industry an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Developing Country
A developing country is a sovereign state with a lesser developed industrial base and a lower Human Development Index (HDI) relative to other countries. However, this definition is not universally agreed upon. There is also no clear agreement on which countries fit this category. The term low and middle-income country (LMIC) is often used interchangeably but refers 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 this term's use, which some feel it perpetuates an outdated concept of "us" and "them". In 2015, the World Bank declared that ... [...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 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 school of thought known as Keynesian economics, and its various offshoots. His ideas, reformulated as New Keynesianism, are fundamental to mainstream macroeconomics. Keynes's intellect was evident early in life; in 1902, he gained admittance to the competitive mathematics program at King's College at the University of Cambridge. During the Great Depression of the 1930s, Keynes spearheaded a revolution in economic thinking, challenging the ideas of neoclassical economics that held that free markets would, in the short to medium term, a ... [...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 ear ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harry Dexter White
Harry Dexter White (October 29, 1892 – August 16, 1948) was a senior U.S. Treasury department official. 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. 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 Communist party member, but he had frequent contacts with Soviet officials as part of his duties at the Treasury. Revelations about those contacts and abo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kristalina Georgieva
Kristalina Ivanova Georgieva-Kinova ( bg, Кристалина Иванова Георгиева-Кинова; ; born 13 August 1953) is a Bulgarian economist serving as managing director of the International Monetary Fund since 2019. She was the Chief Executive of the World Bank Group from 2017 to 2019 and served as Acting President of the World Bank Group from 1 February 2019 to 8 April 2019 following the resignation of Jim Yong Kim. She previously served as Vice-President of the European Commission under Jean-Claude Juncker from 2014 to 2016. In 2021, an independent inquiry determined that Georgieva had instructed staff at the World Bank to inflate data to make China look better during her tenure as Chief Executive. However, the executive board of the IMF determined that the investigation “did not conclusively demonstrate” wrongdoing, and expressed confidence in Georgieva's leadership. Early life and education Georgieva was born in Sofia into a family of bureaucrats. He ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fixed Exchange Rate System
A fixed exchange rate, often called a pegged exchange rate, is a type of exchange rate regime in which a currency's value is fixed or pegged by a monetary authority against the value of another currency, a basket of other currencies, or another measure of value, such as gold. There are benefits and risks to using a fixed exchange rate system. A fixed exchange rate is typically used to stabilize the exchange rate of a currency by directly fixing its value in a predetermined ratio to a different, more stable, or more internationally prevalent currency (or currencies) to which the currency is pegged. In doing so, the exchange rate between the currency and its peg does not change based on market conditions, unlike in a floating (flexible) exchange regime. This makes trade and investments between the two currency areas easier and more predictable and is especially useful for small economies that borrow primarily in foreign currency and in which external trade forms a large part of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pierre-Olivier Gourinchas
Pierre-Olivier Gourinchas is a French economist who currently works as S.K. and Angela Chan Professor of Management at the University of California, Berkeley, where 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 Prize of the Best Young Economist of France. Effective January 24, 2022, he was appointed the Chief Economist of the International Monetary Fund ( IMF), succeeding Gita Gopinath. As Chief Economist, he is part of thSenior Leadership of the IMF Biography Pierre-Olivier Gourinchas studied at the École Polytechnique (1987–90), 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 under Olivier Blanchard, Ricardo Caballero an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bulgaria
Bulgaria (; bg, България, Bǎlgariya), officially the Republic of Bulgaria,, ) is a country in Southeast Europe. It is situated on the eastern flank of the Balkans, and is bordered by Romania to the north, Serbia and North Macedonia to the west, Greece and Turkey to the south, and the Black Sea to the east. Bulgaria covers a territory of , and is the sixteenth-largest country in Europe. Sofia is the nation's capital and largest city; other major cities are Plovdiv, Varna and Burgas. One of the earliest societies in the lands of modern-day Bulgaria was the Neolithic Karanovo culture, which dates back to 6,500 BC. In the 6th to 3rd century BC the region was a battleground for ancient Thracians, Persians, Celts and Macedonians; stability came when the Roman Empire conquered the region in AD 45. After the Roman state splintered, tribal invasions in the region resumed. Around the 6th century, these territories were settled by the early Slavs. The Bulgars, led by Asp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
