Sistem

Kewangan
Antarabangsa
Halaman 115-128
Bab 9
Sesi 19 Oct 2013
Teori PA
& FDI
Dasar PA &
FDI
Integrasi
ekonomi
serantau
FOREX dan Sistem
Kewangan
Antarabangsa
Strategi
IB
Sistem kewangan
antarabangsa
Gold
standard
Bretton
Woods/Kadar
Tukaran Tetap
Rejim Kadar
Tukaran
Terapung
Institusi kewangan
antarabangsa
I n t e r n a t i o n a l
Monetar y Fund
IMF
Formation
The IMF, also known as the
Fund, was conceived at a
United Nations conference
convened in Bretton Woods,
New Hampshire, United
States, in July 1944.
The conference sought to
build a framework for
ECONOMIC COOPERATION
that would avoid a repetition
of the vicious circle of
competitive devaluations
that had contributed to the
Great Depression of the
1930s
Goals
promoting international monetary
cooperation;
facilitating the expansion and
balanced growth of international
trade;
promoting exchange stability;
assisting in the establishment of a
multilateral system of payments;
and
making resources available (with
adequate safeguards) to members
experiencing balance of payments
difficulties
Resonsibilities
promoting sustainable
economic growth,
increasing living standards,
and
reducing poverty
solving macroeconomic and
financial sector issues.
Fast Facts on the IMF
Membership: 187 countries
Headquarters: Washington, D.C.
Executive Board: 24 Directors representing countries or
groups of countries
Staff: Approximately 2,470 from 141 countries
Total quotas: US$383 billion (as of 8/18/11)
Additional pledged or committed resources: US$600 billion
Loans committed (as of 8/18/11): US$282 billion, of which
US$213 billion have not been drawn
Biggest borrowers (amount agreed as of
8/18/11): Greece, Portugal, Ireland
Biggest precautionary loans (amount agreed as of
8/18/11): Mexico, Poland, Colombia
Surveillance consultations: Consultations concluded for 120
countries in FY2010 and for 88 countries in FY2011 as of
02/11/11
Governance: The IMF is accountable to the governments of its member countries
G o v e r n a n c e S t r u c t u r e :
The IMF's mandate and governance have
evolved along with changes in the global
economy, allowing the organization to retain
a central role within the international
f i n a n c i a l a r c h i t e c t u r e .
C o u n t r y R e p r e s e n t a t i o n :
Unlike the General Assembly of the United
Nations, where each country has one vote,
decision making at the IMF was designed to
reflect the position of each member country
in the global economy. Each IMF member
count r y i s assi gned a QUOTA t hat
determines its financial commitment to the
I MF, as wel l as i t s vot i ng power.
A c c o u n t a b i l i t y :
The IMF is accountable to its 187 member
governments, and is also scrutinized by
multiple stakeholders, from political leaders
and officials to, the media, civil society,
academia, and its own internal watchdog. The
IMF, in turn, encourages its own members to
be as open as possible about their economic
policies to encourage their accountability and
t r a n s p a r e n c y .
Quota subscriptions are a central
component of the IMFs financial
resources. Each member country of
the IMF is assigned a quota, based
broadly on its relative position in the
world economy. A member countrys
quota determi nes i ts maxi mum
financial commitment to the IMF, its
voting power, and has a bearing on
i t s acces s t o I MF f i nanci ng.
How member countries quotas are determined
When a country joins the IMF, it is assigned an initial quota in the
same range as the quotas of existing members that are broadly
comparable in economic size and characteristics. The IMF uses a
quota formula to guide the assessment of a members relative
position.
The current quota formula is a weighted average of GDP (weight of
50 percent), openness (30 percent), economic variability
(15 percent), and international reserves (5 percent). For this
purpose, GDP is measured as a blend of GDP based on market
exchange rates (weight of 60 percent) and on PPP exchange rates
(40 percent). The formula also includes a compression factor that
reduces the dispersion in calculated quota shares across members.
Quotas are denominated in Special Drawing Rights (SDRs), the IMFs
unit of account. The largest member of the IMF is the United States,
with a current quota of SDR 42.1 billion (about $68 billion), and the
smallest member is Tuvalu, with a current quota of SDR 1.8 million
(about $2.9 million).
Quotas play several key roles in the IMF
A member's quota delineates basic aspects of its financial and
organizational relationship with the IMF, including:
Subscriptions (quota share). A member's quota subscription determines
the maximum amount of financial resources the member is obliged to
provide to the IMF. A member must pay its subscription in full upon joining
the Fund: up to 25 percent must be paid in SDRs or widely accepted
currencies (such as the U.S. dollar, the euro, the yen, or the pound
sterling), while the rest is paid in the member's own currency.
Voting power (voting share). The quota largely determines a member's
voting power in IMF decisions. Each IMF members votes are comprised of
basic votes plus one additional vote for each SDR 100,000 of quota. The
2008 reform fixed the number of basic votes at 5.502 percent of total
votes. The current number of basic votes represents close to a tripling of
the number prior to the effectiveness of the 2008 reform.
Access to financing. The amount of financing a member can obtain from
the IMF (its access limit) is based on its quota. For example, under Stand-
By and Extended Arrangements, a member can borrow up to 200 percent
of its quota annually and 600 percent cumulatively. However, access may
be higher in exceptional circumstances.

IMFs Work
The IMF's fundamental mission is to help ensure
stability in the international system. It does so in
three ways: keeping track of the global economy
and the economies of member countries; lending to
countries with balance of payments difficulties; and
giving practical help to members.
Surveillance : The IMF oversees
the international monetary
system and monitors the
financial and economic policies
of its members. It keeps track of
economic developments on a
national, regional, and global
basis, consulting regularly with
member countries and
providing them with
macroeconomic and financial
policy advice.
Technical Assistance: To
assist mainly low- and
middle-income countries in
effectively managing their
economies, the IMF
provides practical guidance
and training on how to
upgrade institutions, and
design appropriate
macroeconomic, financial,
and structural policies
Lending: The IMF provides loans to
countries that have trouble meeting
their international payments and
cannot otherwise find sufficient
financing on affordable terms. This
financial assistance is designed to
help countries restore
macroeconomic stability by rebuilding
their international reserves,
stabilizing their currencies, and
paying for importsall necessary
conditions for relaunching growth.
The IMF also provides concessional
loans to low-income countries to help
them develop their economies and
reduce poverty
Surveillance

When a country joins the IMF, it agrees to subject its economic and financial
policies to the scrutiny of the international community. It also makes a
commitment to pursue policies that are conducive to orderly economic
growth and reasonable price stability, to avoid manipulating exchange rates
for unfair competitive advantage, and to provide the IMF with data about its
economy. The IMF's regular monitoring of economies and associated
provision of policy advice is intended to identify weaknesses that are causing
or could lead to financial or economic instability. This process is known as
S U R V E I L L A N C E .
Country
Surveillance
Regional
Surveillance
Global
Surveillance
Country Surveillance
Country surveillance is an ongoing process that culminates in
regular (usually annual) comprehensive consultations with
individual member countries, with discussions in between as
needed. The consultations are known as "Article IV
consultations" because they are required by Article IV of the
IMF's Articles of Agreement. During an Article IV consultation,
an IMF team of economists visits a country to assess economic
and financial developments and discuss the country's
economic and financial policies with government and central
bank officials. IMF staff missions also often meet with
parliamentarians and representatives of business, labor
u n i o n s , a n d c i v i l s o c i e t y .
The team reports its findings to IMF management
and then presents them for discussion to the
Executive Board, which represents all of the IMF's
member countries. A summary of the Board's views
is subsequently transmitted to the country's
government. In this way, the views of the global
community and the lessons of international
experience are brought to bear on national policies.
Summaries of most discussions are released
in Public Information Notices and are posted on the
IMF's web site, as are most of the country reports
p r e p a r e d b y t h e s t a f f .
In June 2007 the IMF's Executive Board adopted a
comprehensive policy statement on surveillance.
The 2007 Decision on Bilateral Surveillance over
Member's Policies, complements Article IV of the
IMFs Articles of Agreement and introduces the
concept of external stability as an organizing
principle for bilateral surveillance. This means that
the main focus of the discussions between the IMF
and country officials is whether there are risks to the
economys domestic and external stability that
would call for adjustments to that countrys
e c o n o m i c o r f i n a n c i a l p o l i c i e s .
Regi onal & Gl obal Survei l l ance
Regional surveillance involves examination by the
IMF of policies pursued under currency unionsi
ncluding the euro area, the West African Economic
and Monetary Union, the Central African Economic
and Monetary Communi ty, and the Eastern
C a r i b b e a n C u r r e n c y U n i o n .
Regional economic outlook reports are also prepared
to discuss economic developments and key policy
issues in Asia Pacific, Europe, Middle East and Central
Asi a, Sub-Saharan Afri ca, and the Western
H e m i s p h e r e .
Regional
surveillance

Global surveillance entails reviews by the IMF's Executive
Board of global economic trends and developments. The main
reviews are based on theWorld Economic Outlook reports and
the Gl obal Fi nanci al Stabi l i ty Report, whi ch covers
developments, prospects, and policy issues in international
financial markets. Both reports are published twice a year,
with updates being provided on a quarterly basis. In addition,
the Executive Board holds more frequent informal discussions
on wor l d economi c and mar ket devel opment s .
The IMF also has the option of holding multilateral
consultations, involving smaller groups of countries , to foster
debate and develop policy actions designed to address
problems of global or regional importance. In 2006,
multilateral consultations brought together China, euro area
countries, Japan, Saudi Arabia, and the United States to
d i s c u s s g l o b a l e c o n o m i c i m b a l a n c e s .
Global
surveillance