The International Monetary Fund (IMF) is an international financial organization owned by European and American central banks privately owned by the world bank giants and other bankers who control the lifeline of the world economy (European and American central banks are generally privately owned, and these international bankers have mastered the right to issue money and are the real behind-the-scenes hands of these governments). 1946 was formally established in March. 1 March 9471,1947165438+1October 15 started work and became a specialized agency of the United Nations, with its own independence in operation. Headquartered in Washington. The purpose of the organization is to promote international monetary cooperation through a permanent institution and provide methods for consultation and cooperation on international monetary issues; Through the expansion and balanced development of international trade, the primary goal of economic policy is to promote and maintain the employment, development of production resources and high-level real income of member countries; Stabilize the international exchange rate, maintain orderly exchange rate arrangements among member countries, and avoid competitive exchange rate depreciation; Assist member countries to establish a multilateral payment system for regular transactions and abolish foreign exchange controls that hinder world trade; Under the condition of proper guarantee, the IMF temporarily provides ordinary funds to member countries, so that they are confident to take this opportunity to correct the imbalance of international payments without taking measures that endanger their own or international prosperity; According to the above objectives, we will shorten the time and reduce the imbalance of international payments among member States. The fund of the organization comes from the share subscribed by each member. Members have the right to draw, that is, to borrow foreign exchange according to a certain proportion of their paid shares. 1969 created the currency (accounting) unit of "special drawing rights" as a supplement to international circulation means to alleviate the international income deficit of some members. Members are obliged to provide economic information and accept the supervision of the organization in foreign exchange policy and management. The highest authority of the IMF is the board of directors, which consists of 1 chairman and 1 vice-chairman from all members, usually held by finance ministers or central bank governors. A meeting is held in September every year, and each Council independently exercises its voting rights (the voting rights of each country are determined by the amount of funds paid); The executive board of directors is responsible for the daily work and exercises all powers entrusted by the board of directors. It consists of 24 executive directors, 8 of whom are appointed by the United States, Britain, France, Germany, Japan, Russian Federation, China and Saudi Arabia, and the remaining 16 executive directors are elected by other members of the 16 constituency. China is a separate constituency with only one seat. Executive directors are elected every two years; The managing director is elected by the executive board and is responsible for the business of the International Monetary Fund. The term of office is five years and can be renewed. There are also three vice presidents. The temporary committee of the organization is regarded as the decision-making and guiding body of the International Monetary Fund, one of the two largest financial institutions in the world. The Committee will play a full role in policy cooperation and coordination, especially in formulating the medium-term strategy. The Committee consists of 24 executive directors. The International Monetary Fund holds an annual meeting with the World Bank. The main publications are: World Economic Outlook, International Financial Statistics (monthly), Overview of the International Monetary Fund (weekly), Balance of Payments Statistics (monthly) and Yearbook of Government Financial Statistics. China is one of the founding members of the organization. 1980 On April 17, the organization officially resumed its representation in China. China's share in this organization is 8090 1 billion SDR, accounting for 3.72% of the total share. China * * * 8 1 15 1 vote, accounting for 3.66% of the total voting rights. After China resumed his seat in the IMF from 1980, he formed a constituency and sent an executive director. 199 1, which established a permanent representative office in Beijing. [Edit this paragraph] The purpose of the organization is to promote international monetary cooperation through a permanent institution and provide methods for consultation and cooperation on international monetary issues; Through the expansion and balanced development of international trade, the primary goal of economic policy is to promote and maintain the employment, development of production resources and high-level real income of member countries; Stabilize the international exchange rate, maintain orderly exchange rate arrangements among member countries, and avoid competitive exchange rate depreciation; Assist member countries to establish a multilateral payment system for regular transactions and abolish foreign exchange controls that hinder world trade; Under the condition of proper guarantee, the IMF temporarily provides ordinary funds to member countries, so that they are confident to take this opportunity to correct the imbalance of international payments without taking measures that endanger their own or international prosperity; According to the above objectives, we will shorten the time and reduce the imbalance of international payments among member States. The fund of the organization comes from the share subscribed by each member. Members have the right to draw, that is, to borrow foreign exchange according to a certain proportion of their paid shares. 1969 created the currency (accounting) unit of "special drawing rights" as a supplement to international circulation means to alleviate the international income deficit of some members. Members are obliged to provide economic information, and accept the supervision of the organization in foreign exchange policy and management, and play a pivotal role in the international monetary system. [Edit this paragraph] Main functions Its main functions are: to formulate exchange rate policies, current account payments and currency convertibility rules among member countries, and to supervise them; Provide emergency financing to member countries with balance of payments difficulties when necessary to avoid other countries being affected by it; To provide a place for international monetary cooperation and consultation among member countries. Promoting international cooperation in the financial and monetary fields; Promote the pace of international economic integration; Maintain the international exchange rate order; Assist in establishing a normal multilateral payment system among member States. [Edit this paragraph] IMF History 1944, the financial conference sponsored by the United Nations was held in Bretton Woods, New Hampshire, USA. On July 22nd, countries signed an agreement to establish the International Monetary Fund at the meeting. The main designers of the International Monetary Fund are JohnMaynardKeynes, a member of Fabian Society, and HarryDexterWhite, US Deputy Treasury Secretary. The terms of the agreement were put into practice on February 27th 1945, and the International Monetary Fund was formally established in May 1946, which was part of the post-world war II reconstruction plan and put into operation in March 1947. The International Monetary Fund, the Bank for International Settlements and the World Bank are sometimes called "Bretton Woods institutions". The financial policies of almost all market economy countries are influenced by these three systems. ] The IMF's interim committee is regarded as the decision-making and guiding body of the International Monetary Fund. The Committee will play a full role in policy cooperation and coordination, especially in formulating the medium-term strategy. The Committee consists of 24 executive directors. The International Monetary Fund holds an annual meeting with the World Bank. The IMF has five regional departments (Africa, Asia, Europe, Middle East and Western Hemisphere) and 12 functional departments (Administration Department, Central Bank Department, Exchange and Trade Relations Department, External Relations Department, Financial Affairs Department, IMF Research Institute, Legal Affairs Department, Research Department, Secretariat Department, Treasurer Department, Statistics and Language Service Bureau). [Edit this paragraph] The application to join the International Monetary Fund will first be considered by the Board of Directors of the Fund. After that, the Board of Directors will submit a report on the "Members' Resolution" to the Governance Committee, which will suggest how many quotas and terms the applicant country can get in the fund. After the Governance Committee accepts the application, the country needs to amend the law, confirm the signed accession documents and promise to abide by the rules of the IMF. Moreover, the currencies of member countries cannot be linked to gold (they cannot be exchanged for the country's gold reserves). A member country's "quota" determines the country's dues, voting rights, share of financial assistance and the number of special drawing rights. China is one of the founding members of the organization. 1980 On April 17, the International Monetary Fund officially resumed the representation of China. China's share in the organization is 3,385.3 million special drawing rights, accounting for 2.34% of the total share. China * * * 34 102 votes, accounting for 2.28% of the total voting rights. After China resumed his seat in the IMF from 1980, he formed a constituency and sent an executive director. 199 1, which established a permanent representative office in Beijing. IMF is "an organization with 185 countries, which is committed to promoting global financial cooperation, strengthening financial stability, promoting international trade, and assisting countries to achieve high employment rate and sustainable development". Except for North Korea, Liechtenstein, Cuba, Andorra, Monaco, Tuvalu and Nauru, all only United Nations Member States have the right to become members of the Fund directly or indirectly. The IMF's rules of procedure are very distinctive, and a weighted voting system is implemented. The voting right consists of two parts, each member country has 250 basic voting rights and weighted voting rights according to the share paid by each country. Because the basic votes are the same in all countries, the weighted voting right plays a decisive role in actual decision-making. The weighted voting right is directly proportional to the share paid by each country, and the share is determined according to a country's gross national income, the degree of economic development, the degree of international trade before the war and other factors. At present, the voting rights of the IMF are mainly in the hands of the United States, the European Union and Japan, and China's share is even less than the sum of Belgium and the Netherlands. The United States is the largest shareholder of the IMF, with a share of 17.4%, while China only accounts for 2.98%, which obviously cannot accurately reflect the increasing importance of China in the world economy. The IMF's practice of dividing members' right to speak and vote according to their economic strength obviously violates the basic principles of traditional international law and has caused dissatisfaction among many countries, especially developing countries. According to statistics, the basic voting rights once exceeded 15% of the total voting rights of the IMF, but now it only accounts for 2% of the total due to the expansion of the IMF. Latest: The United States holds 65,438+06.83% of the voting rights in the IMF, while China now holds only 3.72% after the increase. All major issues of the IMF require 85% consent, so the United States enjoys the actual veto power. Even if China invests in the IMF, its position in the IMF will not change much. Special Drawing Rights (SDR) is a reserve asset and accounting unit created by the International Monetary Fund, also known as "paper gold". This is the right to use the funds allocated by the International Monetary Fund to member countries. When a member country has a balance of payments deficit, it can exchange foreign exchange with other member countries designated by the IMF to pay the balance of payments deficit or repay IMF loans, and it can also act as an international reserve like gold and freely convertible currencies. However, because it is only a unit of account, not a real currency, it must be converted into other currencies before use and cannot be directly used for trade or non-trade payment. Because it is a supplement to the original ordinary drawing rights of the International Monetary Fund, it is called Special Drawing Rights (SDR). SDR is not a tangible currency, it is invisible and intangible, just a book asset. At the beginning of SDR's establishment, its value was determined by the gold content. At that time, it was stipulated that 35 SDR units were equal to 1 ounce of gold, equivalent to US dollars. On 197 1, 12, 18, the dollar depreciated for the first time, but the gold content of SDR remained unchanged, so the number of 1 SDR rose to 1.0857 1. 1973 February 12 USD depreciated for the second time, but the gold content of SDR remained unchanged, and 1 SDR rose to 1.20635 USD. 1973, the currencies of major western countries were decoupled from the US dollar. After the floating exchange rate was implemented, the exchange rate kept changing, but the price of SDR against the US dollar remained at the level of 1.20635/ unit. The price of SDR against other currencies is calculated according to the exchange rate of the US dollar against other currencies, and SDR has completely lost its independence, causing dissatisfaction in many countries. The G20 Committee advocates the use of a basket of currencies as the standard of SDR. 1July, 1974, the IMF officially announced that SDR was decoupled from gold and used a basket of 16 currencies as the SDR standard. These 16 currencies include the currencies of member countries that accounted for more than 1% of the total global exports of goods and services in the five years before 1972. In addition to US dollars, there are German marks, Japanese yen, British pound, French franc, Canadian dollar, Italian lira, Dutch guilder, Belgian franc, Swedish krona, Australian dollar, Norwegian krona, Danish krona, Spanish peseta, South African rand and Austrian shilling. According to the changes in the foreign exchange market, the quotation of SDR is announced every day. 1In July, 976, the IMF adjusted the currencies in the "basket", removing the Danish krone and the South African rand and replacing them with the Saudi Arabian riyal and the Iranian riyal. At the same time, the proportion of currencies in the "basket" was appropriately adjusted. In order to simplify the valuation method of SDR and enhance the attractiveness of SDR, on September 1980 and 18, the IMF announced that it would simplify the "basket" of currencies into five western currencies, namely US dollar, German mark, Japanese yen, French franc and British pound, accounting for 42% and 65,438+respectively. In 1987, the weights of the five currencies in the currency basket are adjusted to 42%, 19%, 15%, 12% and 12% respectively. So, in fact, a unit of SDR now contains more than just dollars! Aid and reform The mission of the International Monetary Fund is to provide assistance to countries in serious economic difficulties. For countries with serious fiscal deficits, the fund may provide financial assistance and even help manage national finances. The recipient countries need to carry out reforms. Since the late Cold War, the criticism of the role of the Bretton Woods institutions has been controversial. Some critics point out that the fund favors capitalist military dictators who have good relations with European and American companies. Another criticism is that the IMF does not attach importance to democracy, human rights and labor rights. These criticisms have aroused social discussion and promoted the anti-globalization movement. On the contrary, the IMF's ability to promote national democratization is limited, and its purpose is not to do so. Some supporters point out that economic stability is a prerequisite for democracy. Some economists criticize that the IMF's economic assistance is "conditional": the recipient countries need to implement the economic reforms recommended by the IMF. Economists believe that this will affect the social stability of the country, but it is actually counterproductive. Generally speaking, the International Monetary Fund and its supporters admire Keynesianism. Therefore, supporters of the supply school usually oppose the International Monetary Fund. The International Monetary Fund advocates currency devaluation, which is criticized by the supply school and will lead to inflation. Most organizations that oppose economic globalization, such as ATTAC, believe that the IMF has deepened the poverty problem and increased the debt burden of third world countries and developing countries. Organizations opposed to the IMF have different positions. For example, the supply school believes that the policy proposed by ATTAC is almost the same as that of the International Monetary Fund in concept. Argentina is regarded by the International Monetary Fund as a model country adopting the economic policies put forward by the Bretton Woods institutions. However, in 20001year, the country experienced a catastrophic financial crisis, which many people think was caused by the tight budget and privatization of important resource development projects initiated by the IMF. The tight budget has weakened the government's ability to maintain infrastructure, welfare and education services. The financial crisis in Argentina deepened the antipathy of South American countries to the IMF, and they accused the IMF of being responsible for the economic problems in South America [1]. Affected by the economic crisis in Argentina, South American governments are gradually taking the center-left line and are trying to get rid of the pressure of commercial enterprises on economic policies. Another controversial country is Kenya. Initially, Kenya's central bank controlled the flow of the country's currency, and after the International Monetary Fund provided assistance, it called for the relaxation of monetary policy. After the adjustment, not only the foreign investment has been greatly reduced, but also KamleshManusuklalDamjiPattni has lost billions of Kenyan shillings (for Goldenbergscandal) due to the corruption of corrupt officials, and Kenya's financial situation is worse than before. The behavior of the International Monetary Fund (IMF) to mend after the sheep is dead has affected its reputation: usually, when the country is hit hard by the economy, the IMF will lend a helping hand. In fact, the economic problems of these countries are usually the result of decades of mismanagement and are not known to the outside world. Poor management has caused the country to fall into economic difficulties for many years, and the IMF usually provides assistance at this time, so people associate economic collapse with IMF intervention. Criminals are good at diverting attention, using nationalism and people's bad impression of the IMF as scapegoats. Although the International Monetary Fund was established to help stabilize the global economy, since the 1980s, more than 100 countries have experienced the collapse of their banking systems, resulting in an unprecedented drop in GDP of more than 4%. The IMF's slow response to the crisis and the practice of mending after the sheep is dead have led many economists to propose reforming the IMF. Although the western society has different opinions about the IMF, the survey of the research center shows that more than 60% of Asians and 70% of Africans believe that the IMF and the World Bank have a "positive" influence on their countries [2]. The documentary "Life and Disaster" critically describes the impact of the policies of the International Monetary Fund on Jamaica. [Edit this paragraph] Functions of the Fund (1) Financing of foreign exchange funds: Member States may apply to the Fund for lending foreign exchange funds when their balance of payments is in difficulties. However, its use is limited to the short-term current balance of payments imbalance, and each member country can use the IMF's funds, with a maximum amount of twice the country's assessed amount. Within this limit, 1 year can only use 25% of the assessed amount. Later, the IMF gradually relaxed the restrictions on the use of funds by member countries to meet actual needs. (2) stipulate foreign exchange control measures such as exchange rate and capital flow of member countries: unless the balance of payments of member countries is basically unbalanced, the parity of their currencies shall not be adjusted at will. The so-called basic imbalance refers to the imbalance of international payments caused by short-term factors such as seasonality, speculation and economic cycle. As for the flow of funds, the IMF stipulates that all member countries are not allowed to use IMF funds to pay for huge or sustained capital outflows. Member States can control this capital outflow, but they must not hinder the external payment of economic transactions. (3) The role of providing information and suggestions to member countries: China joined the IMF earlier. China was one of the 44 countries that participated in the Bretton Woods Conference in 1944. As a big country, its contribution was very great, second only to the US's US$ 27.5 billion and the UK's US$ 654.38+03 billion, while it was US$ 5.5 billion, the largest with the US, UK, France and India. During the capital increase of 1959, due to various reasons, China's contribution did not increase, so it could not be included in the top five countries. 196 1, the qualification of appointing executive directors alone was replaced by west Germany. In the past, China's qualification in the International Monetary Fund was represented by the Kuomintang government authorities. Since China resumed its lawful seat in the United Nations, 1980, in April, the International Monetary Fund revoked the qualification of the authorities in Taiwan Province Province and resumed the membership of China. (4) Fund parity: The International Monetary Fund adopts a parity system for foreign exchange rates, stipulating that all member countries must set the parity of their own currencies. Article 4 of the IMF stipulates that the parity of member currencies is generally expressed as gold 1 ounce (British ounce) equal to $35. The fluctuation of foreign exchange transaction prices in various countries shall not exceed the parity of 1%. After the establishment of the 197 1 Smithsonian agreement, the fluctuation range of this spot exchange rate was expanded to 2.25% above and below the parity, and the standard for determining "parity" was changed from gold to special drawing rights. As for the parity published by the Fund, it shall not be changed without the consent of the Fund. However, if the balance of payments of member countries is basically unbalanced, the IMF can be asked to adjust the parity. If the whole range is within 10% of the parity, member countries can adjust it by themselves, and the IMF will approve it. If it exceeds 10%, it must be approved by the fund before it can be adjusted. This parity system is "adjustable pegged exchange rate". Although it is quite close to the gold exchange standard system, the parity of the fund is determined by the fund and the member countries, while the gold exchange standard system is determined by the proportion of gold content. [Edit this paragraph] Different from the World Bank, the main role of the International Monetary Fund is the auditor, whose job is to record the trade figures between countries and the debts between countries, and to preside over the formulation of international monetary and economic policies. As for the World Bank, it mainly provides long-term loans. The World Bank works like an investment bank, issuing bonds to companies, individuals or governments and lending the proceeds to recipient countries. The International Monetary Fund was established to stabilize the currencies of various countries and supervise the foreign exchange market. Since the IMF is not a bank, it will not lend. However, the International Monetary Fund has reserves for the country to borrow and stabilize the currency in the short term; The practice is similar to current account overdraft. The borrowed money must be repaid within five years. [Edit this paragraph] According to the unspoken rules, the president of the IMF is from Europe, while the president of the World Bank is from the United States. Term name and nationality1946 May-1951May 6 CamilleGutt Belgium1951August-1956 1 month IvarRooth Sweden/Kloc. ErJacobsson Sweden 1 963 September1-1973 September/Pierre-Paul Schwaetzer France1973 September/-1978 June/Kloc-0. 38+0978 June17-1987 June 10 October JacquesdeLarosière French1987 June10 month/kloc. March 4th, 2004, horst koehler, Germany, March 4th, 2004-May 4th, 2004, Annekruger, USA (informal) May 4th, 2004 -20071October, Rodrigo Derato Figaredo Spanish 2007165438+/. The change of 5% means that the proportion of voting rights between developed and developing countries has been adjusted from 57: 43 to 52: 48, which is close to parity. At present, China's voting right is 3.66%, and that of Britain and France is 4.85%. According to western media analysis, after the adjustment, China is likely to become the biggest winner of voting rights transfer, surpassing Britain and France to become the fourth largest voting power country of the IMF, next only to the United States, Japan and Germany. This order is also roughly equivalent to the economic strength of each country.