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SistemKewanganAntarabangsaHalaman 115-128

Bab 9


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Sesi 19 Oct 2013

Teori PA& FDI

Dasar PA &FDI

Integrasiekonomiserantau

FOREX dan Sistem

KewanganAntarabangsa

Strategi

IB


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Sistem kewanganantarabangsa

Goldstandard

Bretton

Woods/KadarTukaran Tetap

Rejim KadarTukaranTerapung


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Institusi kewanganantarabangsa


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I n t e r n a t i o n a lMonetary Fund


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IMF

Formation

The IMF, also known as theFund, was conceived at aUnited Nations conferenceconvened in Bretton Woods,New Hampshire, UnitedStates, in July 1944.

The conference sought tobuild a framework forECONOMIC COOPERATIONthat would avoid a repetitionof the vicious circle ofcompetitive devaluationsthat had contributed to theGreat Depression of the1930s

Goals

promoting international monetarycooperation;

facilitating the expansion andbalanced growth of international

trade; promoting exchange stability;

assisting in the establishment of amultilateral system of payments;and

making resources available (withadequate safeguards) to membersexperiencing balance of payments

difficulties

Resonsibilities

promoting sustainableeconomic growth,

increasing living standards,and

reducing poverty solving macroeconomic and

financial sector issues.


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Fast Facts on the IMF

Membership:187 countries

Headquarters:Washington, D.C.

Executive Board:24 Directors representing countries orgroups of countries

Staff:Approximately 2,470 from 141 countries

Total quotas:US$383 billion (as of 8/18/11)

Additional pledged or committed resources: US$600 billion

Loans committed (as of 8/18/11):US$282 billion, of whichUS$213 billion have not been drawn

Biggest borrowers (amount agreed as of

8/18/11): Greece, Portugal,Ireland

Biggest precautionary loans (amount agreed as of

8/18/11): Mexico, Poland, Colombia Surveillance consultations:Consultations concluded for 120

countries in FY2010 and for 88 countries in FY2011 as of

02/11/11
http://www.imf.org/external/np/sec/memdir/members.htmhttp://www.imf.org/external/np/sec/memdir/members.htm


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Governance: The IMF is accountable to the governments of its member countries

G o v e r n a n c e S t r u c t u r e :

The IMF's mandate and governance haveevolved along with changes in the globaleconomy, allowing the organization to retaina central role within the internationalf i n a n c i a l a r c h i t e c t u r e .

C o u n t r y R e p r e s e n t a t i o n :

Unlike the General Assembly of the United

Nations, where each country has one vote,decision making at the IMF was designed toreflect the position of each member countryin the global economy. Each IMF member

country is ass igned a QUOTA thatdetermines its financial commitment to theI M F , a s w e l l a s i t s v o t i n g p o w e r .

A c c o u n t a b i l i t y :

The IMF is accountable to its 187 membergovernments, and is also scrutinized bymultiple stakeholders, from political leadersand officials to, the media, civil society,

academia, and its own internal watchdog. TheIMF, in turn, encourages its own members tobe as open as possible about their economicpolicies to encourage their accountability andt r a n s p a r e n c y .

Quota subscriptions are a central

component of the IMFs financial

resources. Each member country of

the IMF is assigned a quota, based

broadly on its relative position in the

world economy. A member countrys

quota determines its maximum

financial commitment to the IMF, its

voting power, and has a bearing on

i t s a c c e s s t o I M F f i n a n c i n g .


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How member countries quotas are determined

When a country joins the IMF, it is assigned aninitial quota in thesame range as the quotas of existing membersthat are broadlycomparable in economic size and characteristics. The IMF uses aquota formula to guide the assessment of a members relativeposition.

The current quota formulais a weighted average of GDP (weight of50 percent), openness (30 percent), economic variability(15 percent), and international reserves (5 percent). For this

purpose, GDP is measured as a blend of GDP based on marketexchange rates (weight of 60 percent) and on PPP exchange rates(40 percent). The formula also includes a compression factor thatreduces the dispersion in calculated quota shares across members.

Quotas are denominated in Special Drawing Rights (SDRs), the IMFsunit of account. The largest member of the IMF is the United States,

with a current quota of SDR 42.1 billion (about $68 billion), and thesmallest member is Tuvalu, with a current quota of SDR 1.8 million(about $2.9 million).
http://www.imf.org/external/np/sec/memdir/members.htmhttp://www.imf.org/external/np/sec/memdir/members.htmhttp://www.imf.org/external/pp/longres.aspx?id=4235http://www.imf.org/external/np/exr/facts/sdr.htmhttp://www.imf.org/external/np/exr/facts/sdr.htmhttp://www.imf.org/external/pp/longres.aspx?id=4235http://www.imf.org/external/np/sec/memdir/members.htm


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IMFs Work

The IMF's fundamental mission is to help ensurestability in the international system. It does so inthree ways: keeping track of the global economy

and the economies of member countries; lending tocountries with balance of payments difficulties; and

giving practical help to members.

Surveillance : The IMF overseesthe international monetary

system and monitors thefinancial and economic policiesof its members. It keeps track of

economic developments on anational, regional, and global

basis, consulting regularly withmember countries and

providing them withmacroeconomic and financial

policy advice.

Technical Assistance: Toassist mainly low- and

middle-income countries ineffectively managing their

economies, the IMFprovides practical guidance

and training on how toupgrade institutions, and

design appropriatemacroeconomic, financial,

and structural policies

Lending: The IMF provides loans tocountries that have trouble meeting

their international payments andcannot otherwise find sufficient

financing on affordable terms. Thisfinancial assistance is designed to

help countries restoremacroeconomic stability by rebuilding

their international reserves,stabilizing their currencies, and

paying for importsall necessaryconditions for relaunching growth.The IMF also provides concessional

loans to low-income countries to helpthem develop their economies and

reduce poverty


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SurveillanceWhen a country joins the IMF, it agrees to subject its economic and financialpolicies to the scrutiny of the international community. It also makes acommitment to pursue policies that are conducive to orderly economic

growth and reasonable price stability, to avoid manipulating exchange ratesfor unfair competitive advantage, and to provide the IMF with data about itseconomy. The IMF's regular monitoring of economies and associatedprovision of policy advice is intended to identify weaknesses that are causingor could lead to financial or economic instability. This process is known as

S U R V E I L L A N C E .

CountrySurveillance

RegionalSurveillance

GlobalSurveillance


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Country Surveillance

Country surveillance is an ongoing process that culminates inregular (usually annual) comprehensive consultations withindividual member countries, with discussions in between asneeded. The consultations are known as "Article IVconsultations" because they are required by Article IV of theIMF's Articles of Agreement. During an Article IV consultation,an IMF team of economists visits a country to assess economicand financial developments and discuss the country'seconomic and financial policies with government and centralbank officials. IMF staff missions also often meet withparliamentarians and representatives of business, laboru n i o n s , a n d c i v i l s o c i e t y .

The team reports its findings to IMF managementand then presents them for discussion to theExecutive Board, which represents all of the IMF'smember countries. A summary of the Board's viewsis subsequently transmitted to the country'sgovernment. In this way, the views of the globalcommunity and the lessons of internationalexperience are brought to bear on national policies.Summaries of most discussions are releasedin Public Information Notices and are posted on theIMF's web site, as are most of the country reportsp r e p a r e d b y t h e s t a f f .

In June 2007 the IMF's Executive Board adopted acomprehensive policy statement on surveillance.The 2007 Decision on Bilateral Surveillance overMember's Policies, complements Article IV of theIMFs Articles of Agreement and introduces theconcept of external stability as an organizingprinciple for bilateral surveillance. This means thatthe main focus of the discussions between the IMFand country officials is whether there are risks to theeconomys domestic and external stability thatwould call for adjustments to that countryse c o n o m i c o r f i n a n c i a l p o l i c i e s .


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Regional & Global Survei l lance

Regional surveillance involves examination by theIMF of policies pursued under currency unionsi

ncluding the euro area, the West African Economicand Monetary Union, the Central African Economicand Monetary Community, and the EasternC a r i b b e a n C u r r e n c y U n i o n .

Regional economic outlook reportsare also preparedto discuss economic developments and key policyissues in Asia Pacific, Europe, Middle East and CentralAsia, Sub-Saharan Africa, and the Western

H e m i s p h e r e .

Regionalsurveillance

Global surveillance entails reviews by the IMF's ExecutiveBoard of global economic trends and developments. The mainreviews are based on theWorld Economic Outlookreports andthe Global Financial Stability Report, which coversdevelopments, prospects, and policy issues in internationalfinancial markets. Both reports are published twice a year,with updates being provided on a quarterly basis. In addition,

the Executive Board holds more frequent informal discussionson world economic and market deve lopments .

The IMF also has the option of holding multilateralconsultations, involving smaller groups of countries , to fosterdebate and develop policy actions designed to addressproblems of global or regional importance. In 2006,multilateral consultations brought together China, euro areacountries, Japan, Saudi Arabia, and the United States tod i s c u s s g l o b a l e c o n o m i c i m b a l a n c e s .

Globalsurveillance
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