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Justification Of Criticism Of The International Financial Institutions

Author

Listed:
  • Dženan Đonlagić
  • Amra Kožarić

Abstract

As more than half a century has passed since the establishment of the international financial institutions (IMF, World Bank), this paper analyzes the opinion that these institutions have not accomplished their mission. They generally admit that they have not succeeded in the activities that they set out to accomplish, a propos of gathering funds for countries faced with economic gaps and helping them to maintain long term economic growth and development. We show that these financial institutions have done nothing to reduce poverty and financial disparities, to increase their own transparency, responsibility and management, especially with the public participation of developing countries, or to create a more effective loans system. In this paper the main goal of research is to explore the arguments pro and contra the strategic effect, policy, and working methodology of the international financial institutions in view of finding a solution to the global financial crisis and global prevalent financial problems, and also to consider the reasons for the justification or otherwise of their being part of the global financial system.

Suggested Citation

  • Dženan Đonlagić & Amra Kožarić, 2010. "Justification Of Criticism Of The International Financial Institutions," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 55(186), pages 115-132, July – Se.
    • Handle: RePEc:beo:journl:v:55:y:2010:i:186:p:115-132
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    References listed on IDEAS

    as
    1. Kunibert Raffer, 2002. "Reforming the Bretton Woods Institutions," Zagreb International Review of Economics and Business, Faculty of Economics and Business, University of Zagreb, vol. 5(Special C), pages 97-108, December.
    2. Ms. Uma Ramakrishnan & Mr. Juan Zalduendo, 2006. "The Role of IMF Support in Crisis Prevention," IMF Working Papers 2006/075, International Monetary Fund.
    3. Joseph E. Stiglitz, 2004. "Capital-market Liberalization, Globalization, and the IMF," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 20(1), pages 57-71, Spring.
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    Cited by:

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    More about this item

    Keywords

    IMF; World Bank; critics; possible reform directions;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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