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- Title
THE BRETTON WOODS INSTITUTIONS IN A POST CRISIS WORLD AND THE INCREASING INFLUENCE OF EMERGING MARKET ECONOMIES.
- Authors
FON HILMARSSON, HILMAR
- Abstract
In the aftermath of World War II, delegates from 44 nations assembled at Bretton Woods in New Hampshire U.S.A. to create a new post-war global arrangement. During this conference two key post war international financial institutions, the World Bank² and the International Monetary Fund (IMF) were created. It is safe to say that those two pillars of the postwar economic order were created under circumstances vastly different from the world we live in today. This article will discuss how the changing world is affecting and shaping the Bretton Woods Institutions. Those changes include the rise of emerging market economies, a more prominent role of G20 and a diminished role of G7. The main goal of this article is to answer the following two questions in the context of a changed post crisis world economy with new emerging powers. Can the World Bank and the IMF (i) increase their impact by engaging in policy dialogue with their member countries and through advisory services, technical assistance and conditionality, stimulate economic growth beyond what their own funding capacity could allow them to do, and (ii) how can those institutions, especially the World Bank Group, stimulate private capital flows to emerging market economies which the private sector perceives too risky to invest in. This could for example help stimulate investment in clean energy resources and thus contribute to the battle against climate change. The article is based on a review of theoretical literature, secondary data and the author's experience as a staff member of the World Bank Group for 12 years in three continents.
- Publication
Human Resources: The Main Factor of Regional Development, 2011, Issue 4, p59
- ISSN
2029-5103
- Publication type
Academic Journal