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The Fall and Rise of Keynesian Economics$
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John Eatwell and Murray Milgate

Print publication date: 2011

Print ISBN-13: 9780199777693

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199777693.001.0001

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Is the International Monetary Fund Past its Sell-by Date?

Is the International Monetary Fund Past its Sell-by Date?

(p.305) 15 Is the International Monetary Fund Past its Sell-by Date?
The Fall and Rise of Keynesian Economics

John Eatwell

Murray Milgate

Oxford University Press

This chapter analyzes the International Monetary Fund’s (IMF) responses to crises. The IMF was established at the International Monetary and Financial Conference at the Bretton Woods Conference in 1944 and had three principal features: to fix exchange rates in order to prevent competitive devaluations, regulate the flow of financial capital across the foreign exchanges to prevent capital flight, and provide a mechanism to assist economies facing balance-of payments difficulties to prevent local deflationary policies. The chapter concludes with observations by contemporary economists on how the IMF has passed its sell-by date and has become irrelevant and incapable of preventing or resolving the difficulties that confront the economy today.

Keywords:   International Monetary Fund, IMF, exchange rates, financial capital, foreign exchanges, capital flight, balance-of payments difficulties, sell-by date

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