Does the World Need a Universal Financial Institution?

June 1, 2005

Preview Citation

Format: Chicago

James M. Boughton Does the World Need a Universal Financial Institution?, (USA: International Monetary Fund, 2005) accessed December 23, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

All financial institutions specialize, in dimensions that may include categories of assets and liabilities, types of services offered, customer demographics, and geographic coverage. The International Monetary Fund is the only international financial institution that is universal in its geographic scope, prepared to lend on request to virtually any country in the world. Why has this status come about? What are its costs and benefits? Is it an appropriate model for a world where macroeconomic imbalances, financial crises, and disparities in economic development must compete for attention and resources?

Subject: Concessional external borrowing, Emerging and frontier financial markets, Expenditure, Financial crises, Multilateral development institutions

Keywords: Development goal, IMF creditor, IMF financing, IMF lending, IMF operations, Member country, WP

Publication Details

Pages:

20
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2005/116
Stock No:

WPIEA2005116
ISBN:

9781451861358
ISSN:

1018-5941

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