econgineers

There is a very interesting paper:
“On what terms is the IMF worth Funding?”
by Edwin M. Truman
It discusses IMF’s role in today’s economy and financial crisis.

The IMF and the Global Financia l Crisisis
Abstract:
“It is ironic that a year or so ago, it was fashionable to argue that the IMF was irrelevant both as a lender and in its surveillance activities, that benign conditions would prevail forever in the global economy and the international financial system, and that all systemically important countries had effectively selfinsured against future external financial crises. The conclusion was that the IMF’s administrative budget was strapped and the institution had nothing useful to do in either its lending or nonlending activities. Starting in mid-September this year, the criticism shifted to “Where has the Fund been?” The chorus of critics said: The IMF is not discharging its duty to protect the international financial system. Some added: We must remake the international financial architecture with a central role for the IMF.”