Post 1
What do IMF and World Bank have in common and what are their roles? The two are vital institutions in the UN system and have shared goals of improving the living standards in the member state economies. While IMF is concerned with macroeconomics issues, the World Bank majorly focuses on lasting economic development and reduction of poverty in the member states. The IMF further is concerned with the global exchange rate and enabled economies to conduct business with one another while the World Bank majorly is concerned with numerous development projects 1 . After the financial problems from the Great Depression for instance the unpredictable exchange values and foreign government, IMF and World Bank implemented a “code of conduct” signed by all members allowing them to exchange currency freely 2 . Their work has however continued evolving in response to numerous emerging economic development and challenges. For instance, between 2004 and 2015, the World Bank and IMF jointly developed annual Global Monitoring Report (GMR) that primarily evaluated the progress aimed at achieving the Millennium Development Goals (MDGs).
Post 2
Over the years, the international barriers have been broken which has facilitated international commerce. Today, international trade has become a normal order of business and countries exchange what they produce with what they do not have 3 . The question raised is, how does IMF and World Bank facilitate international commerce? The two organizations have been at the forefront in promoting the exchange of money into the local currency 4 . They are focused on the global trading and financial aspects of the international market. IMF at one hand has been focusing on the management of the world’s monetary system to include exchange rates and payment systems which enables various economies to engage in the financial transactions. The World Bank, on the other hand, improves international commerce through facilitating the transfer of wealth through the processing of loans and grants. They both work closely with the global commerce which directly influences the global finances.
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Bibliography
Dreher, Axel. "A public choice perspective of IMF and World Bank lending and conditionality." Public Choice 119, no. 3-4 (2004): 445-464.
Easterly, William. "The effect of IMF and World Bank programs on poverty." (2000).
Hill, Charles. "International business: Competing in the global market place." Strategic Direction 24, no. 9 (2008).
Woods, Ngaire. The globalizers: the IMF, the World Bank, and their borrowers . Cornell University Press, 2006.
1 Woods, Ngaire. The globalizers: the IMF, the World Bank, and their borrowers . Cornell University Press, 2006.
2 Dreher, Axel. "A public choice perspective of IMF and World Bank lending and conditionality." Public Choice 119, no. 3-4 (2004): 445-464.
3 Hill, Charles. "International business: Competing in the global market place." Strategic Direction 24, no. 9 (2008).
4 Easterly, William. "The effect of IMF and World Bank programs on poverty." (2000).
