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The International Monetary Fund

Published online by Cambridge University Press:  22 May 2009

Edward M. Bernstein
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Extract

One would not ordinarily think of the International Monetary Fund (IMF) as of particular importance to the less developed countries. Nevertheless, in recent years the less developed coun-tries have come to have a very high regard for the IMF; and the IMF, in turn, has become the great defender of the interests of the less developed countries. This entente has evolved out of the course of events. In the current discussions on international monetary reform the IMF has be-come the spokesman for universal participation in reserve creation. This suits the institutional interests of the IMF. At the same time it makes the IMF the advocate of the interests of the less developed countries

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Articles
Information
International Organization , Volume 22 , Issue 1 , Winter 1968 , pp. 131 - 151
Copyright
Copyright © The IO Foundation 1968

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References

1 The subscribers to the Tripartite Declaration of 1936 were the United States, the United Kingdom, and France, with the Netherlands, Belgium, and Switzerland subsequently adhering to the Declaration. The Group of Ten, the ten industrial countries participating in the IMF's General Arrangements to Borrow, includes these countries (except Switzerland) and Canada, the Federal Republic of Germany (West Germany), Italy, Japan, and Sweden.

2 Proceedings and Documents of the United Nations Monetary and Financial Conference, Bretton Woods, New Hampshire, July 1–22, 1944 (Washington: United States Government Printing Office, 1948), Vol. II, p. 1549Google Scholar.

3 Ibid.

4 Compensatory Financing of Export Fluctuations (Washington: International Monetary Fund, 09 23, 1966), p. 41Google Scholar.

5 P. 5.

6 International Reserves and Liquidity (Washington: International Monetary Fund, 1958)Google Scholar.

7 International Monetary Fund, Annual Report of the Executive Directors for the Fiscal Year Ended April 30, 1966 (Washington, n.d.), p. 19Google Scholar .