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1、Situation 7 Financing,Task 3 IMF,Task 3 IMF, Objectives 1. Learn the history of IMF. 2. Grasp the purposes and functions of IMF.,Task 3 IMF,I Pre-reading Pair work: Discuss the following questions with your partner. 1. What do you know about the International Monetary Fund? 2. What does IMF do ? 3.
2、How does the IMF work to accomplish its purposes? 4. Why does international financial system meet challenge? 5. Do you know how the financial organizations help the countries?,Task 3 IMF,II Case study of the task History Repeat Itself? The financial crisis which started in Thailand and erupted in As
3、ia in mid-1997 led to sharp declines in the currencies, stock markets, and other asset prices of a number of Asian countries; threatened these countries financial systems; and disrupted their real economies, with large contractions in activity that created a human crisis alongside the financial one.
4、 In addition to its severe effects in Asia, the crisis has put pressure on emerging markets outside the region; contributed to virulent contagion and volatility in international financial markets; and is expected to halve the rate of world growth in both 1998 and 1999, from the rates of some 4 perce
5、nt that were projected pre-crisis for both years, to an estimated outcome of about 2 percent.,Task 3 IMF,In pursuit of its immediate goal of restoring confidence in the region, the IMF responded quickly by: helping the three countries most affected by the crisis-Indonesia, Korea, and Thailand-arrang
6、e programs of economic stabilization and reform that could restore confidence and be supported by the IMF; approving in 1997 some SDR 26 billion or about US$35 billion of IMF financial support for reform programs in Indonesia, Korea, and Thailand, and spearheading the mobilization of some US$77 bill
7、ion of additional financing from multilateral and bilateral sources in support of these reform programs. In July 1998, committed assistance for Indonesia was augmented by an additional US$1.3 billion from the IMF and an estimated US$5 billion from multilateral and bilateral sources; and intensifying
8、 its consultations with other members both within and outside the region that were affected by the crisis and needed to take policy steps to ward off the contagion effects, although not necessarily requiring IMF financial support.,Task 3 IMF,In addition to the IMFs first line of response-assisting i
9、n the design of the programs and providing financial resources for their support-the following steps have also been taken: The Executive Board made use of the accelerated procedures to meet the exceptional needs of the member countries in terms of approval time and access. The Supplemental Reserve F
10、acility (SRF) was created. The coordination of the IMF with the other international financial institutions was intensified.,Task 3 IMF,A strengthened level of dialogue between the IMF and a variety of constituencies in the program countries was initiated. The IMF programs have been associated with c
11、oordinated efforts between international creditor banks and debtors in the affected countries to resolve the severe private sector financing problems at the heart of the crisis. IMF member countries have attained new levels of transparency through the release to the public of the letters of intent d
12、escribing their programs of economic reform. Ad hoc measures have been taken.,Task 3 IMF,Questions : 1. In the above case, what function of IMF does it show? 2. Did these measures work well? What do you learn from this crisis? 3. What are the differences between the Asian Financial Crisis in 1997 an
13、d the Subprime Mortgage Crisis?,Task 3 IMF,III Text The International Monetary Fund (IMF) The International Monetary Fund (IMF) is an international organization of 185 member countries that oversees the global financial system by following the macroeconomic policies of its member countries. The IMF,
14、 like the World Bank, grew out of the 1944 Bretton Woods conferences, and their headquarters are also located in Washington, D.C., USA. The IMF was established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high lev
15、els of employment; and to provide temporary financial assistance to countries to help ease balance of payments adjustment, making it an international lender of last resort.,Task 3 IMF,The purposes of the International Monetary Fund are: 1. To promote international monetary cooperation through a perm
16、anent institution which provides the machinery for consultation and collaboration on international monetary problems. 2. To facilitate the expansion and balanced growth of international trade, and to contribute thereby to the promotion and maintenance of high levels of employment and real income and to the development of the productive resources of all members as primary objectives of economic policy.,Task 3 IMF,3. To promote exchange stability, to maintain orderly exchange arra
