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The International Monetary Fund - Online Term Paper

The International Monetary Fund

Candace Creel
International Business
IMF Article
The International Monetary Fund

During the Great Depression many countries tried to compensate for their falling economies by raising tax barriers for foreign trade. These futile attempts to save their nations economy only proved to draw it more into depression as international trade took a sharp turn for the worst. Employment, living standards, and World Trade continued to plummet, this sparked the formation of The International Monetary Fund created in Bretton Woods New Hampshire in 1944. The IMF was established to oversee the International Monetary System- The system of an exchange rate that allows countries to buy goods and ...

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and are used for IMF transactions and operations. Currently the total quota of The International Monetary Fund is 325 billion SDR’s which at current exchange rate is 503 billion U.S. dollars. The Special Drawing Rights is based on the weighted average of four countries currencies the Japanese Yen, U.S dollar, euro, and the British pound. These weights were chosen because they broadly reflect the importance of each particular currency in international trade and payments.
In order to join The International Monetary Fund a country has to pay their quota this is the fee paid to receive the services of the IMF. The amount of the quota is generally decided upon the countries relative size in the global economy. After the quota has been stated the country has to pay half of the fee in SDR and the other half in the countries own currency. The quota also determines the voting right of the individual members. The boards of governors are the highest authority and composed of one governor ...

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The International Monetary Fund. (2011, May 11). Retrieved April 24, 2024, from http://www.essayworld.com/essays/The-International-Monetary-Fund/99064

"The International Monetary Fund." Essayworld.com. Essayworld.com, 11 May. 2011. Web. 24 Apr. 2024. <http://www.essayworld.com/essays/The-International-Monetary-Fund/99064>

"The International Monetary Fund." Essayworld.com. May 11, 2011. Accessed April 24, 2024. http://www.essayworld.com/essays/The-International-Monetary-Fund/99064.

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PAPER DETAILS

Added: 5/11/2011 01:17:32 AM
Submitted By: cc4715gmailcom
Category: Business
Type: Premium Paper
Words: 557
Pages: 3

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