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On December 27, 1945, the IMF was established at the United Nations Monetary and Financial Conference, held at Bretton Woods, New Hampshire. At its birth, it was to oversee stability in international monetary affairs and to facilitate the expansion of world trade. Also created to aid these purposes was the International Bank for Reconstruction and Development (World Bank). Both were specialized agencies of the United Nations, and membership in the World Bank required countries to first be members of the IMF. The World Bank was given control over long-term financing for nations in need, while the IMF's responsibility was to monitor exchange rates, provide short-term financing for balance of payments adjustments, provide a forum for discussion about international monetary concerns, and give technical assistance to member countries.
The Fund's legal authority is based on an international treaty called the Articles of Agreement that came into force in December 1945. The first Article in the Agreement outlines the purposes of the Fund and, although the Articles have been amended three times in the course of the last 47 years prior to 1998, the first A
Organizations mentioned in this term paper
International Monetary Fund, United Nations, International Bank for Reconstruction and Development, international monetary cooperation, Organization of the Petroleum Exporting Countries, World Bank,
Keywords referenced in this term paper
structural adjustment, payments, International Monetary Fund, united nations monetary and financial conference, structural adjustment programs, monetary, World Bank, debt, Enhanced Structural Adjustment Facility, private banks, commercial bank, International Bank, international treaty, international trade, crude oil, International reserves, the united nations, oil prices, bank credit, lending, compromising position, industrial economies, crisis, this condition, arrangements, balanced growth, exchange rates, budget deficit, OPEC, legal authority, New Hampshire, technical assistance, debtor, creditor, conditionality, policies, financing, arrears, interest rates, recession, borrower, Subsidy, duress, financial, safeguards, multilateral, adequate, poorest, revisions, petrodollars,
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