Abstract
The Second World War was responsible for the creation of two multilateral financial institutions because of the abolition of the gold standard. The war had created two sets of global problems: first, problems of world trade and currency issues; second, how to reconstruct the world economy ravaged by the Second World War. Accordingly, multilateral institutions, namely, the International Monetary Fund (IMF) and International Bank for Reconstruction and Development (the World Bank), were established on July 24, 1944. They started functioning in 1945. MERJ is the first journal worldwide that has provided a special issue on the IMF. I have not come across any such publication as yet that has covered the topic of reforms in respect of managing and running the IMF. Hence, this issue would be an asset for academicians, policy makers, and researchers.
Highlights
The Second World War was responsible for the creation of two multilateral financial institutions because of the abolition of the gold standard.The war had created two sets of global problems: first, problems of world trade and currency issues; second, how to reconstruct the world economy ravaged by the Second World War
For creating multilateral institutions for solving trade and currency issues, 44 nations had gathered at Bretton Woods in New Hampshire, United States.The primary objective of establishing the International Monetary Fund (IMF) was to foster global monetary cooperation among the member countries on the one hand and on the other hand to create a conducive environment to facilitate trade and currency issues
CONTRIBUTION OF MERJ: Considering the problems and issues of emerging and developing countries, it was thought by the Management and Economics Research Journal (MERJ) to invite academic and policy makers to undertake a soul searching in terms of required reforms in the management and functioning of the IMF
Summary
The Second World War was responsible for the creation of two multilateral financial institutions because of the abolition of the gold standard.The war had created two sets of global problems: first, problems of world trade and currency issues; second, how to reconstruct the world economy ravaged by the Second World War. Management and Economics Research Journal, Vol 4, S1, iii–iv, 2018 Special Issue: “Is there a need for ‘Reforms’ in IMF?”
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