Review article
https://doi.org/10.20867/thm.12.1.14
THE INTERNATIONAL MONETARY FUND (IMF) IN THE INTERNATIONAL ECONOMY
Ana Vizjak
; Faculty of Tourism and Hospitality Management in Opatija, University of Rijeka, Croatia
Abstract
During the second half of World War II, when the military victory of the Allies could already be discerned, the leading world economists of the time initiated the creation of a new economic world order. At the highest levels of the allied coalition action was taken to arrange a summit meeting which would endeavour to provide answers to a number of issues relating to creating a new world monetary system.
Following numerous contacts, the coalition’s leading figures met in the small town of Bretton Woods, USA. Two strategies of the future economic world order were presented at the meeting, and after tumultuous negotiations, the modified (harmonised) strategy of the world−known economist Keynes was accepted. With the support of all present, the World Bank was established as the most important financial institution, with the aim of monitoring the new financial world order. Also established was a financial organisation called the International Monetary Fund (IMF) as a part of the new system.
Keywords
IMF; founding; organisation; activities; quotas
Hrčak ID:
62026
URI
Publication date:
8.6.2006.
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