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Title: Economics Essay on Present and Future Role of International Monetary Fund
Contents
Introduction    3
Role of International Monetary Fund    3
Conclusion    7
Works Cited    9
Introduction
In the world of globalization, there is open trade among different countries and exchange of money. The monetary transaction that takes place need to be transparent and through the good business practices, which need to be controlled or monitored by an agency. International Monetary Fund (IMF), which is a system that monitors and observes all kind of transactions through business, plays this kind of job role and the policies of economy of the nations associated with IMF. The major role of IMF is to keep track of all kind of economic developments of their member countries at national, regional and global basis. In this essay, the detailed discussion will be made with respect to the role of IMF in the present and future as a supplier of liquidity in the global market.
Role of International Monetary Fund
Every nation has their own set of economic policies based on which they operate. Nhlapo have discussed that there are many instances when there will be situation of economic instability and that need to be controlled. Hence, the IMF was established on 27 December 1945 to address the aftermath of global depression and world war to establish the economic stability and growth around the world. The foundation of IMF was with a vision that every country has some basic economic goals including the employment and the income structure, which can be achieved, considering the country have a sound macroeconomic policy, opening their economies for foreign investment, and working together to make the functioning of international monetary fund in a smoother manner. Gallego He
ero and Lopez Vicente have further added that with the difficulties of the world economy, there has been growth in the private capital flows along with the development of the technological advancements had made the nature of many private markets being agile. During this time, the new exchange system a
angements had overtaken many of the previously maintained exchange rate system and that had added 40 countries in 1947 to 182 countries at present.
With the developments that had taken place in the IMF, the temporary financing have been started to those countries that are facing a range of problems and circumstances. Shirinov and Shirinova have further discussed that the scope of the policy is concerns have now
oadened and with the stability in the rates of exchange and the availability of the open market system, a number of important elements have contributed significantly to the economic growth as well as to the stable financing system. Reinhart and Trebesch have discussed certain policies that contribute to the policies that contribute to the above initiative are as follows:
· There have been a financial system, which have become stronger and there is a development in the efficiency of the regulating system, which will aid in proper supervision.
· The policy intended to reduce the unproductive government spending and trying to identify the sectors where the funds are misused.
· The policy also intended to increase the spending on the important requirements of the people such as the primary health facilities, availability of proper education, the availability of enough a
angements to ensure that the poor people remain safe, the aid for the unemployed people and many other environmental...