International Monetary Fund

"IMF" redirects here.

The International Monetary Fund (IMF) is a global membership organization, founded in 1944, that attempts to insure a stable worldwide financial system by fostering cooperation among its 185 members regarding exchange rates and other monetary issues; facilitating international payments and transfers; reducing the extent of various nations' payment imbalances; and providing loans. It also seeks what it terms a balanced growth of international trade, which it maintains will lead to increased employment, income, and production within member countries. It is headquartered in Washington, D.C., USA.

Origins

Following the end of World War II, the economies of numerous nations were in disarray, owing not only to the inherent devastation of the war itself, but to a practice of competitive currency devaluation that many economists felt contributed to the worldwide depression of the 1930s. To encourage consumer purchases of domestically produced goods, and limit purchases of foreign imports, a nation would officially lower the exchange rate of its currency against those of other nations, thereby making imports more expensive to its consumers. While this often helped to strengthen the domestic manufacturing sector, it also stoked inflation, and more seriously weakened the economies of other countries, who saw their foreign markets dry up. In international parlance, it was termed a "beggar my neighbor" approach. Inevitably, these other countries counter-acted by devaluing their own currencies, which lead to a spiral of international protectionism and inflation.

Organization and purpose

Headquarters in Washington D.C.

The International Monetary Fund was created in 1944 [1], with a goal to stabilize exchange rates and assist the reconstruction of the world's international payment system. Countries contributed to a pool which could be borrowed from, on a temporary basis, by countries with payment imbalances. (Condon, 2007)

The IMF describes itself as "an organization of 185 countries (Montenegro being the 185th, as of January 18, 2007), working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty." With the exception of North Korea, Cuba, Andorra, Monaco, Liechtenstein, Tuvalu, and Nauru, all UN member states participate directly in the IMF. Most are represented by other member states on a 24-member Executive Board but all member countries belong to the IMF's Board of Governors.

History

The International Monetary Fund was formally created in July 1944 during the United Nations Monetary and Financial Conference. The representatives of 45 governments met in the Mount Washington Hotel in the area of Bretton Woods, New Hampshire, United States of America, with the delegates to the conference agreeing on a framework for international economic cooperation. The IMF was formally organized on December 27, 1945, when the first 29 countries signed its Articles of Agreement. The statutory purposes of the IMF today are the same as when they were formulated in 1944 (see #Assistance and reforms).

Today

The IMF's influence in the global economy steadily increased as it accumulated more members. The number of IMF member countries has more than quadrupled from the 44 states involved in its establishment, reflecting in particular the attainment of political independence by many developing countries and more recently the collapse of the Soviet bloc. The expansion of the IMF's membership, together with the changes in the world economy, have required the IMF to adapt in a variety of ways to continue serving its purposes effectively.

In 2008, faced with a shortfall in revenue, the International Monetary Fund's executive board agreed to sell part of the IMF's gold reserves. On April 27, 2008, IMF Managing Director Dominique Strauss-Kahn welcomed the board's decision April 7, 2008 to propose a new framework for the fund, designed to close a projected $400 million budget deficit over the next few years. The budget proposal includes sharp spending cuts of $100 million until 2011 that will include up to 380 staff dismissals. [2]

Data Dissemination Systems

File:IMF DDS.png

IMF Data Dissemination Systems participants: ██ IMF member using SDDS ██ IMF member, using GDDS ██ IMF member, not using any of the DDSystems ██ non-IMF entity using SDDS ██ non-IMF entity using GDDS ██ no interaction with the IMF

In 1995, the International Monetary Fund began work on data dissemination standards with the view of guiding IMF member countries to disseminate their economic and financial data to the public. The International Monetary and Financial Committee (IMFC) endorsed the guidelines for the dissemination standards and they were split into two tiers: The General Data Dissemination System (GDDS) and the Special Data Dissemination Standard (SDDS).

The International Monetary Fund executive board approved the SDDS and GDDS in 1996 and 1997 respectively and subsequent amendments were published in a revised “Guide to the General Data Dissemination System.” The system is aimed primarily at statisticians and aims to improve many aspects of statistical systems in a country. It is also part of the World Bank Millennium Development Goals and Poverty Reduction Strategic Papers.

The IMF established a system and standard to guide members in the dissemination to the public of their economic and financial data. Currently there are two such systems: General Data Dissemination System (GDDS) and its superset Special Data Dissemination System (SDDS), for those member countries having or seeking access to international capital markets.

The primary objective of the GDDS is to encourage IMF member countries to build a framework to improve data quality and increase statistical capacity building. This will involve the preparation of metadata describing current statistical collection practices and setting improvement plans. Upon building a framework, a country can evaluate statistical needs, set priorities in improving the timeliness, transparency, reliability and accessibility of financial and economic data.

Some countries initially used the GDDS, but lately upgraded to SDDS.

Some entities that are not themselves IMF members also contribute statistical data to the systems:

•  Palestinian Authority – GDDS
•  Hong Kong – SDDS
•  European Union institutions:
  • the European Central Bank for the Eurozone – SDDS
  • Eurostat for the whole EU – SDDS, thus providing data from  Cyprus (not using any DDSystem on its own) and  Malta (using only GDDS on its own)

Membership qualifications

Any country may apply for membership to the IMF. The application will be considered first by the IMF's Executive Board. After its consideration, the Executive Board will submit a report to the Board of Governors of the IMF with recommendations in the form of a "Membership Resolution." These recommendations cover the amount of quota in the IMF, the form of payment of the subscription, and other customary terms and conditions of membership. After the Board of Governors has adopted the "Membership Resolution," the applicant state needs to take the legal steps required under its own law to enable it to sign the IMF's Articles of Agreement and to fulfil the obligations of IMF membership. Similarly, any member country can withdraw from the Fund, although that is rare. For example, in April 2007, the president of Ecuador, Rafael Correa announced the expulsion of the World Bank representative in the country. A few days later, at the end of April, Venezuelan president Hugo Chavez announced that the country would withdraw from the IMF and the World Bank. Chavez dubbed both organizations as “the tools of the empire” that “serve the interests of the North.” [3] As of April 2008, both countries remain as members of both organizations. Venezuela was forced to back down because a withdrawal would have triggered default clauses in the country's sovereign bonds. [4]

A member's quota in the IMF determines the amount of its subscription, its voting weight, its access to IMF financing, and its allocation of Special Drawing Rights (SDRs). A member state cannot unilaterally increase its quota—increases must be approved by the Executive Board and are linked to formulas that include many variables such as the size of a country in the world economy. For example, in 2001, China was prevented from increasing its quota as high as it wished, ensuring it remained at the level of the smallest G7 economy (Canada). In September 2005, the IMF's member countries agreed to the first round of ad hoc quota increases for four countries, including China. On March 28, 2008, the IMF's Executive Board ended a period of extensive discussion and negotiation over a major package of reforms to enhance the institution's governance that would shift quota and voting shares from advanced to emerging markets and developing countries. The Fund's Board of Governors must vote on these reforms by April 28, 2008. See "Reform of IMF Quotas and Voice: Responding to Changes in the Global Economy" at www.imf.org.

Examples of press coverage of the discussions regarding changes to the voting formula to increase equity:IMF Seeks Role in Shifting Global Economy

Members' quotas and voting power, and Board of Governors

Table showing the top 21 member countries in terms of voting power:

IMF Member Country	Quota: Millions of SDRs	Quota: Percentage of Total	Governor	Alternate Governor	Votes: Number	Votes: Percentage of Total
Australia	3236.4	1.49	Wayne Swan	Ken Henry	32614	1.47
Belgium	4605.2	2.12	Guy Quaden	Jean-Pierre Arnoldi	46302	2.09
Brazil	3036.1	1.4	Guido Mantega	Henrique de Campos Meirelles	30611	1.38
Canada	6369.2	2.93	Jim Flaherty	Mark Carney	63942	2.89
China	8090.1	3.72	Zhou Xiaochuan	Hu Xiaolian	81151	3.66
France	10738.5	4.94	Christine Lagarde	Christian Noyer	107635	4.86
Germany	13008.2	5.99	Axel A. Weber	Peer Steinbrück	130332	5.88
India	4158.2	1.91	P. Chidambaram	D. Subbarao	41832	1.89
Italy	7055.5	3.25	Giulio Tremonti	Mario Draghi	70805	3.2
Japan	13312.8	6.13	Koji Omi	Toshihiko Fukui	133378	6.02
Korea, South	2927.3	1.35	Okyu Kwon	Seong Tae Lee	29523	1.33
Mexico	3152.8	1.45	Agustín Carstens	Guillermo Ortiz	31778	1.43
Netherlands	5162.4	2.38	A.H.E.M. Wellink	L.B.J. van Geest	51874	2.34
Russian Federation	5945.4	2.74	Aleksei Kudrin	Sergey Ignatiev	59704	2.7
Saudi Arabia	6985.5	3.21	Ibrahim A. Al-Assaf	Hamad Al-Sayari	70105	3.17
Spain	3048.9	1.4	Pedro Solbes	Miguel Fernández Ordóñez	30739	1.39
Sweden	2395.5	1.1	Stefan Ingves	Per Jansson	24205	1.09
Switzerland	3458.5	1.59	Jean-Pierre Roth	Hans-Rudolf Merz	34835	1.57
United Kingdom	10738.5	4.94	Alistair Darling	Mervyn King	107635	4.86
United States	37149.3	17.09	Henry Paulson	Ben Bernanke	371743	16.79
Venezuela	2659.1	1.22	Gastón Parra Luzardo	Rodrigo Cabeza Morales	26841	1.21
remaining 165 countries	60081.4	29.14	respective	respective	637067	28.78

Assistance and reforms

The primary mission of the IMF is to provide financial assistance to countries that experience serious financial and economic difficulties using funds deposited with the IMF from the institution's 185 member countries. Member states with balance of payments problems, which often arise from these difficulties, may request loans to help fill gaps between what countries earn and/or are able to borrow from other official lenders and what countries must spend to operate, including to cover the cost of importing basic goods and services. In return, countries are usually required to launch certain reforms, which have often been dubbed the "Washington Consensus." These reforms are generally required because countries with fixed exchange rate policies can engage in fiscal, monetary, and political practices which may lead to the crisis itself. For example, nations with severe budget deficits, rampant inflation, strict price controls, or significantly over-valued or under-valued currencies run the risk of facing balance of payment crises. Thus, the structural adjustment programs are at least ostensibly intended to ensure that the IMF is actually helping to prevent financial crises rather than merely funding financial recklessness.

IMF/World Bank support of military dictatorships

The role of the Bretton Woods institutions has been controversial since the late Cold War period, as the IMF policy makers supported military dictatorships friendly to American and European corporations. Critics also claim that the IMF is generally apathetic or hostile to their views of democracy, human rights, and labor rights. The controversy has helped spark the anti-globalization movement. Arguments in favor of the IMF say that economic stability is a precursor to democracy, however critics highlight various examples in which democratized countries fell after receiving IMF loans.

In the 60’s, the IMF and the World Bank supported the government of Brazil’s military dictator Castello Branco with tens of millions of dollars of loans and credit that were denied to previous democratically-elected governments.

Countries that were or are under a Military dictatorship whilst being members of the IMF/World Bank (support from various sources in $ Billion):

Country indebted to IMF/World Bank	Dictator	In power from	In power to	debts at start of Dictatorship(1)	Debts at end of Dictatorship(2)	Country Debts in 1996	Dictator debts generated $ billion	Dictator generated debt % of total debt
Argentina	Military dictatorship	1976	1983	9.3	48.9	93.8	39.6	42%
Bolivia	Military dictatorship	1962	1980	0	2.7	5.2	2.7	52%
Brazil	Military dictatorship	1964	1984	5.1	105.1	179	100	56%
Chile	Augusto Pinochet	1973	1989	5.2	18	27.4	12.8	47%
El Salvador	Military dictatorship	1979	1994	0.9	2.2	2.2	1.3	59%
Ethiopia	Mengistu Haile Mariam	1977	1991	0.5	4.2	10	3.7	37%
Haiti	Jean-Claude Duvalier	1971	1986	0	0.7	0.9	0.7	78%
Indonesia	Suharto	1967	1998	3	129	129	126	98%
Kenya	Moi	1979	2002	2.7	6.9	6.9	4.2	61%
Liberia	Doe	1979	1990	0.6	1.9	2.1	1.3	62%
Malawi	Banda	1964	1994	0.1	2	2.3	1.9	83%
Nigeria	Buhari/Abacha	1984	1998	17.8	31.4	31.4	13.6	43%
Pakistan	Zia-ul Haq	1977	1988	7.6	17
Paraguay	Stroessner	1954	1989	0.1	2.4	2.1	2.3	96%
Philippines	Marcos	1965	1986	1.5	28.3	41.2	26.8	65%
Somalia	Siad Barre	1969	1991	0	2.4	2.6	2.4	92%
South Africa	apartheid	1948	1992		18.7	23.6	18.7	79%
Sudan	Nimeiry/al-Mahdi	1969	present	0.3	17	17	16.7	98%
Syria	Assad	1970	present	0.2	21.4	21.4	21.2	99%
Thailand	Military dictatorship	1950	1983	0	13.9	90.8	13.9	15%
Template:Country data Zaire Zaire/Congo	Mobutu	1965	1997	0.3	12.8	12.8	12.5	98%

Notes: Debt at takeover by dictatorship; earliest data published by the World Bank is for 1970. Debt at end of dictatorship (or 1996, most recent date for World Bank data).

Criticism

Two criticisms from economists have been that financial aid is always bound to so-called "Conditionalities" by the Roi Heenok, including Structural Adjustment Programs. Conditionalities, which are the economic performance targets established as a precondition for IMF loans, it is claimed, retard social stability and hence inhibit the stated goals of the IMF, while Structural Adjustment Programs lead to an increase in poverty in recipient countries.

Typically the IMF and its supporters advocate a Keynesian approach. As such, adherents of supply-side economics generally find themselves in open disagreement with the IMF. The IMF frequently advocates currency devaluation, criticized by proponents of supply-side economics as inflationary. Secondly they link higher taxes under "austerity programmes" with economic contraction.

Currency devaluation is recommended by the IMF to the governments of poor nations with struggling economies. Supply-side economists claim these Keynesian IMF policies are destructive to economic prosperity.

That said, the IMF sometimes advocates "austerity programmes," increasing taxes even when the economy is weak, in order to generate government revenue and balance budget deficits, which is the opposite of Keynesian policy. These policies were criticised by Joseph E. Stiglitz, former chief economist and Senior Vice President at the World Bank, in his book Globalization and Its Discontents. He argued that by converting to a more Monetarist approach, the fund no longer had a valid purpose, as it was designed to provide funds for countries to carry out Keynesian reflations, and that the IMF "was not participating in a conspiracy, but it was reflecting the interests and ideology of the Western financial community."

Complaints are also directed toward International Monetary Fund gold reserve being undervalued. At its inception in 1945, the IMF pegged gold at US$35 per Troy ounce of gold. In 1973 the Nixon administration lifted the fixed asset value of gold in favor of a world market price. Hence the fixed exchange rates of currencies tied to gold were switched to a floating rate, also based on market price and exchange. This largely came about because Petrodollars outside the United States were more than could be backed by the gold at Fort Knox under the fixed exchange rate system. The fixed rate system only served to limit the amount of assistance the organization could use to help debt-ridden countries. Current IMF rules prohibit members from linking their currencies to gold.^{[citation needed]}

Argentina, which had been considered by the IMF to be a model country in its compliance to policy proposals by the Bretton Woods institutions, experienced a catastrophic economic crisis in 2001, which some believe to have been caused by IMF-induced budget restrictions — which undercut the government's ability to sustain national infrastructure even in crucial areas such as health, education, and security — and privatization of strategically vital national resources. Others attribute the crisis to Argentina's maldesigned fiscal federalism, which caused subnational spending to increase rapidly. The crisis added to widespread hatred of this institution in Argentina and other South American countries, with many blaming the IMF for the region's economic problems. The current — as of early 2006 — trend towards moderate left-wing governments in the region and a growing concern with the development of a regional economic policy largely independent of big business pressures has been ascribed to this crisis.

Another example of where IMF Structural Adjustment Programmes aggravated the problem was in Kenya. Before the IMF got involved in the country, the Kenyan central bank oversaw all currency movements in and out of the country. The IMF mandated that the Kenyan central bank had to allow easier currency movement. However, the adjustment resulted in very little foreign investment, but allowed Kamlesh Manusuklal Damji Pattni, with the help of corrupt government officials, to siphon off billions of Kenyan shillings in what came to be known as the Goldenberg scandal, leaving the country worse off than it was before the IMF reforms were implemented.^{[citation needed]} In a recent interview, the Prime Minister of Romania stated that "Since 2005, IMF is constantly making mistakes when it appreciates the country's economic performances".

Overall the IMF success record is perceived as limited.^{[citation needed]} While it was created to help stabilize the global economy, since 1980 critics claim over 100 countries (or reputedly most of the Fund's membership) have experienced a banking collapse that they claim have reduced GDP by four percent or more, far more than at any time in Post-Depression history.^{[citation needed]} The considerable delay in the IMF's response to any crisis, and the fact that it tends to only respond to them or even create them rather than prevent them, has led many economists to argue for reform. In 2006, an IMF reform agenda called the Medium Term Strategy was widely endorsed by the institution's member countries. The agenda includes changes in IMF governance to enhance the role of developing countries in the institution's decision-making process and steps to deepen the effectiveness of its core mandate, which is known as economic surveillance or helping member countries adopt macroeconomic policies that will sustain global growth and reduce poverty. On June 15, 2007, the Executive Board of the IMF adopted the 2007 Decision on Bilateral Surveillance, a landmark measure that replaced a 30-year-old decision of the Fund's member countries on how the IMF should analyse economic outcomes at the country level.

Whatever the feelings people in the Western world have for the IMF, research by the Pew Research Center shows that more than 60 percent of Asians and 70 percent of Africans feel that the IMF and the World Bank have a positive effect on their country. However it is pertinent to note that the survey aggregated international organizations including the World Trade Organization. Also, a similar percentage of people in the Western world believed that these international organizations had a positive effect on their countries. In 2005, the IMF was the first multilateral financial institution to implement a sweeping debt-relief program for the world's poorest countries known as the Multilateral Debt Relief Initiative. By year-end 2006, 23 countries mostly in sub-Saharan Africa and Central America had received total relief of debts owed the IMF.

In 2008, a study by analysts from Cambridge and Yale universities published on the open-access Public Library of Science concluded that strict conditions on the international loans by the IMF resulted in thousands of deaths in Eastern Europe by tuberculosis as public health care had to be weakened. In the 21 countries which the IMF had given loans, tuberculosis deaths rose by 16.6 %.

Past managing directors

Historically the IMF's managing director has been European and the president of the World Bank has been from the United States. However, this standard is increasingly being questioned and competition for these two posts may soon open up to include other qualified candidates from any part of the world. Executive Directors, who confirm the managing director, are voted in by Finance Ministers from countries they represent. The First Deputy Managing Director of the IMF, the second-in-command, has traditionally been (and is today) an American.

The IMF is for the most part controlled by the major Western Powers, with voting rights on the Executive board based on a quota derived from the relative size of a country in the global economy. Critics claim that the board rarely votes and passes issues contradicting the will of the US or Europeans, which combined represent the largest bloc of shareholders in the Fund. On the other hand, Executive Directors that represent emerging and developing countries have many times strongly defended the group of nations in their constituency. Alexandre Kafka, who represented several Latin American countries for 32 years as Executive Director (including 21 as the dean of the Board), is a prime example. Mohamed Finaish from Libya, the Executive Director representing the majority of the Arab World and Pakistan, was a tireless defender^{[citation needed]} of the developing nations' rights at the IMF until the 1992 elections.

Rodrigo Rato became the ninth Managing Director of the IMF on June 7, 2004 and resigned his post at the end of October 2007.

EU ministers agreed on the candidacy of Dominique Strauss-Kahn as managing director of the IMF at the Economic and Financial Affairs Council meeting in Brussels on July 10, 2007. On September 28, 2007, the International Monetary Fund's 24 executive directors elected Mr. Strauss-Kahn as new managing director, with broad support including from the United States and the 27-nation European Union. Strauss-Kahn succeeded Spain's Rodrigo de Rato, who retired on October 31, 2007. The only other nominee was Josef Tosovsky, a late candidate proposed by Russia. Strauss-Kahn said: "I am determined to pursue without delay the reforms needed for the IMF to make financial stability serve the international community, while fostering growth and employment."

Dates	Name	Country
May 6, 1946 – May 5, 1951	Camille Gutt	Belgium
August 3, 1951 – October 3, 1956	Ivar Rooth	Sweden
November 21, 1956 – May 5, 1963	Per Jacobsson	Sweden
September 1, 1963 – August 31, 1973	Pierre-Paul Schweitzer	France
September 1, 1973 – June 16, 1978	Johannes Witteveen	Netherlands
June 17, 1978 – January 15, 1987	Jacques de Larosière	France
January 16, 1987 – February 14, 2000	Michel Camdessus	France
May 1, 2000 – March 4, 2004	Horst Köhler	Germany
June 7, 2004 – October 31, 2007	Rodrigo Rato	Spain
November 1, 2007 – present	Dominique Strauss-Kahn	France

Media representation of the IMF

Life and Debt, a documentary film, deals with the IMF's policies' influence on Jamaica and its economy from a critical point of view. In 1978, one year after Jamaica first entered a borrowing relationship with the IMF, the Jamaican dollar was still worth more on the open exchange than the US dollar; by 1995, when Jamaica terminated that relationship, the Jamaican dollar had eroded to less than 2 cents US. Such observations lead to skepticism that IMF involvement is necessarily helpful to a third world economy.

The Debt of Dictators explores the lending of billions of dollars by the IMF, World Bank multinational banks and other international financial institutions to brutal dictators throughout the world. (see IMF/World Bank support of military dictatorships)

See also

• Third world debt
• Economics
• Special Drawing Rights
• Development aid
• Organisation for Economic Co-operation and Development
• Globalization and Its Discontents
• Globalization and Health
• Bancor
• Bank for International Settlements
• World Bank
• Inter-American Development Bank
• Bretton Woods system
• Global Governance Watch

References

• Jan Joost Teunissen and Age Akkerman (eds.) (2005). Helping the Poor? The IMF and Low-Income Countries. FONDAD. ISBN 90-74208-25-8. 
• Dreher, Axel (2002). The Development and Implementation of IMF and World Bank Conditionality. HWWA. ISSN 1616-4814. 
• Dreher, Axel (2004). A Public Choice Perspective of IMF and World Bank Lending and Conditionality. Public Choice 119 (3–4): 445–464.
• Dreher, Axel (2004). The Influence of IMF Programs on the Re-election of Debtor Governments. Economics & Politics 16 (1): 53–75.
• Dreher, Axel (2003). The Influence of Elections on IMF Programme Interruptions. The Journal of Development Studies 39 (6): 101–120.
• The Best Democracy Money Can Buy by Greg Palast (2002)
• The IMF and The World Bank: How do they differ? by David D. Driscoll
• Rivalries between IMF and IBRD, "Sister-talk," The Economist (2007-03-01)
• George, S. (1988). A Fate Worse Than Debt. London: Penguin Books.
• Hancock, G. (1991). Lords of Poverty: The Free-Wheeling Lifestyles, Power, Prestige and Corruption of the Multi-billion Dollar Aid Business. London: Mandarin.
• Markwell, Donald (2006), John Maynard Keynes and International Relations: Economic Paths to War and Peace, Oxford & New York: Oxford University Press.
• Rapkin, David P. and Jonathan R. Strand (2005) “Developing Country Representation and Governance of the International Monetary Fund,” World Development 33, 12: 1993-2011.
• Strand, Jonathan R and David P. Rapkin (2005) “Voting Power Implications of a Double Majority Voting Procedure in the IMF’s Executive Board,” in Reforming the Governance of the IMF and World Bank, Ariel Buira, ed, London: Anthem Press.
• Williamson, John. (August 1982). The Lending Policies of the International Monetary Fund, Policy Analyses in International Economics 1, Washington D.C., Institute for International Economics. ISBN 0-88132-000-5

External links

• International Monetary Fund website
• Finance & Development - A quarterly magazine of the IMF
• Annual Reports of the Executive Board
• World Economic Outlook Reports
• IMF Publications
• IMF Fiscal Affairs Department (FAD)
• August Review - Global Banking: The IMF (I would be careful with this source—it's pretty biased towards anti-globalization)
• Kenneth Rogoff - The sisters at 60
• How the IMF Props Up the Dollar System
• IMF’s Origins as a Blueprint for Its Future, Anna J. Schwartz, National Bureau of Economic Research
• Center for International Finance & Development University of Iowa research center, includes a 300 page E-book on the IMF and World Bank.
• Political Forecasting? The IMF’s Flawed Growth Projections for Argentina and Venezuela by David Rosnick and Mark Weisbrot, Center for Economic and Policy Research
• What's the difference between the IMF and the World Bank? by economist Arthur MacEwan, in Dollars & Sense magazine
• "Monetary Freedom Act" HR 391, by Congressman Ron Paul, 1981
• Bretton Woods Project Critical voices on the World Bank and IMF
• Eurodad report: Critical conditions: The IMF maintains its grip on low-income governments

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