TY  - JOUR
AU  - Bordo,Michael D.
AU  - James,Harold
TI  - The International Monetary Fund: Its Present Role in Historical Perspective
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 7724
PY  - 2000
Y2  - June 2000
UR  - http://www.nber.org/papers/w7724
L1  - http://www.nber.org/papers/w7724.pdf
N1  - Author contact info:
Michael D. Bordo
Department of Economics
Rutgers University
New Jersey Hall
75 Hamilton Street
New Brunswick, NJ 08901
Tel: 732/822-7152
Fax: 732/932-7416
E-Mail: bordo@econ.rutgers.edu

Harold James
History Department and Woodrow Wilson School
Princeton University
Princeton NJ 08544
E-Mail: hjames@princeton.edu
AB  - In this paper we describe what the IMF is and what it does. We consider its origins as the guardian of the Bretton Woods adjustable peg exchange rate system and financier of temporary current account deficits for advanced countries, to its present primary roles as development financier and crisis manager for the emerging world. We consider the externalities or market failures that the IMF is believed by many to correct and the public goods that the IMF provides. Critics of the IMF downplay the extent of market failure and the scope of public goods provided. They attach greater importance to market solutions. We consider their views as well. We conclude with a discussion of the case for reform in the light of historical experience.
ER  -