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Essay / Research Paper Abstract
This 3-page paper discusses an article in the October 4, 1999 issue of Business Week magazine entitled "Will the IMF get a dose of its own medicine? Major changes loom for the Fund, as the private sector provides the cash and helps solve crisis," which discusses how private lenders and institutions are trying to step in to solve world financial crises. The article also discusses the role the IMF might take in this new global financial order.
Page Count:
3 pages (~225 words per page)
File: D0_MTimggms.rtf
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Unformatted sample text from the term paper:
For the most part, the global monetary systems, in other words, funds managed by organizations such as the International Monetary Fund (IMF) and the World Bank and allocated to countries
that need the resources, are responsible for controlling much of the worlds cash flow, at least to developing nations. But in the
Business Week article "Will the IMF get a dose of its own medicine? Major changes loom for the Fund, as the private sector provides the cash and helps solve crisis"
(October 4, 1999), reporters Laura Cohn and David Fairlamb indicate that the new global monetary system isnt necessarily the nations-controlled IMF or WB, but rather, private markets, individuals and corporations
that are doing the majority of the funding and allocation of resources. The writers pointed out that in 1999 and 2000, Brazil
received "new commitments" for approximately $52 billion in foreign cash, coming straight from global capital markets and private investors and equity funds. It was also pointed out that Goldman, Sachs
and General Electric Capital was also busy at the same time, restructuring $7 billion in consumer and corporate loans to help the struggling economy. Throughout the 1990s, they continue, private
investors and private lenders ended up sending a total of $1.2 trillion to emerging economies, which ranked as six times larger than the $200 billion that was sent from the
"official" sources. Much of the idea of private investment in international monetary crises came actually in the wake of the 1997 Asian
Financial Crisis, during which it was shown that the private lenders and institutions were able to step in, restructure banks and other financial institutions, and leave the countries -- and
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