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International Institutions That Facilitate Trade Essay

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Below is an essay on "International Institutions That Facilitate Trade" from Anti Essays, your source for research papers, essays, and term paper examples.

Formed in 1944 at the Bretton Woods Conference, the International Monetary Fund
(IMF) came into formal existence in 1945 with 44 member countries, with the goal of
reconstructing the international payment system. Popularly referred to as one of the Bretton
Woods institutions, IMF is headquartered in Washington DC America, and currently has 186
countries as its members.
The objectives and functions of IMF include the following:
- To foster global monetary cooperation
- Secure financial stability
- Facilitate international trade
- Promote high employment and sustainable economic growth
- And, reduce poverty around the world
The IMF was established to support the monetary system by facilitating cooperation on
international monetary issues, providing advisory and technical assistance to members, and
offering emergency lending to nations experiencing repeated difficulties restoring the balance
of payments equilibrium. Countries contribute funds to a pool through a quota system from
which countries with payment imbalances can borrow. As of 2010, the fund had XDR476.8
billion, about US$755.7 billion at then-current exchange rates (IMF, 2015). Member states are
and encouraged to employ capital controls as necessary to manage payments imbalances and

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meet pegging targets, but prohibited from relying on IMF financing to cover particularly shortterm capital hemorrhages.

The World Bank Group (WBG) is a family of five international organizations that make
leveraged loans to developing countries. It is the largest and most famous development bank in
the world comprising 183 member countries, and is an observer at the United Nations
Development Group. The bank is based in Washington, D.C. and provided around $30 billion in
loans and assistance to "developing" and transition countries in 2012. The bank's stated mission
is to achieve the twin goals of ending extreme poverty and building shared prosperity. Its five...

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