IMF - International Monetary Fund

Japanese: IMF - アイエムエフ

Abbreviation of International Monetary Fund. International Monetary Fund. United Nations specialized agency. Established in 1945 based on the Bretton Woods Agreement. The purpose is to establish a multilateral settlement method based on free trade and gold-dollar standard system and to stabilize the world currency system after World War II. It has provided temporary loans to member countries with deficits in the balance of payments based on certain policies and rules. The highest body is the Board of Governors (representatives of each country), which has voting rights according to the amount of capital allocated to each country. There are 182 member countries and regions (as of September 1999), and the daily operations are handled by the Board of Governors, which consists of 24 directors, and the Managing Director serves as the chairman. Japan joined in 1952. Headquarters is in Washington. In 1978, the new IMF agreement came into effect, allowing floating exchange rates (floating exchange rates), and major industrial countries, including Japan, have adopted this system. In addition, a substitute account for SDR (IMF Special Drawing Rights) was established to absorb excess dollars, which was a pending issue for currency stability. After that, the Mexican currency crisis in 1994 prompted the need to strengthen the IMF's functions, and in May 1996, Japan, the United States, 11 European countries, and major Asian countries agreed to establish an emergency borrowing facility, which was formally approved at the general assembly in October 1996, allowing the IMF to take more swift measures against international currency instability. The IMF was unable to take effective measures against the currency crises in Russia and Asian countries, and some people questioned its functions, but its role has become increasingly important with the rapid progress of globalization. During the global economic crisis in 2008, the IMF's World Economic Outlook and Global Financial Stability Report became important bases for each country to plan emergency economic measures. The euro crisis, European credit instability, and sovereign risk, which began with the Greek fiscal deficit in 2009, became an economic crisis that shook the existence of the EU, with Italy coming under IMF control in 2011. The IMF, working in tandem with Germany and France, the two strongest economies in the EU, established the European Fund and began full-scale support for Greece, which was in a debt crisis. It also formed a monitoring system called the Troika with the EU and the European Central Bank to demand strict fiscal discipline from eurozone countries in financial crisis, such as Ireland, Portugal, Spain, and Italy. However, each of the countries in crisis has a high unemployment rate, and austerity measures, including the reduction of civil servants and the raising of the age at which public pensions are paid, are bound to increase social unrest. They are moving to persuade the domestic public through not only austerity measures but also growth strategies, and it remains unclear whether effective measures can be continuously implemented. Furthermore, in 2013, it became clear that Cyprus was in financial collapse. The direct cause of the European debt problem was the sudden collapse of a credit bubble that was created in each country by the introduction of the euro, which was detached from the real economy, and non-eurozone EU member states have criticized the hasty pursuit of currency integration. In 2014, Ukraine requested assistance from the IMF due to instability on the Crimean Peninsula, and the IMF announced its support. →World Bank→Related topicsIMF parity | IMF lending facility | Asian currency crisis | Transition economy | Italy | Emerging markets | Open account | Foreign exchange budget | Open economy system | Gold-dollar standard | Dual price of gold | Global Financial Stability Report | Conditionality | GAB | Japan | Paris Club | Brady Initiative | Bretton Woods system | Parity | Trade and exchange liberalization | Monti | European Union | Lagarde | Accumulated debt | Ruble stabilization fund | Russia

Source : Heibonsha Encyclopedia About MyPedia Information

Japanese:

International Monetary Fundの略。国際通貨基金。国連専門機関。ブレトン・ウッズ協定に基づき1945年設立。第２次大戦後の世界通貨制度安定のため，自由貿易と金・ドル本位制に基づく多角的決済方式を確立し，国際的為替安定を図るのが目的。国際収支の赤字を抱える加盟国に対し，一定の政策と規則にもとづき一時的な資金貸出しを行ってきた。最高機関は総務会（各国代表）で出資割当額に応じて表決権をもつ。加盟国・地域は182（1999年９月），日常の業務は24名の理事が構成する理事会が担当し，専務理事がこれの議長をつとめる。日本は1952年加盟。本部ワシントン。1978年新IMF協定が発効，変動相場制（変動為替相場）が認められ，主要工業国は日本を含めてこの制度を採用している。また，通貨安定のため懸案となっていた過剰ドル吸収のSDR（IMF特別引出権）代替勘定が創設された。その後，1994年のメキシコ通貨危機を契機に，IMF機能の強化が必要となり，1996年５月に日米欧11ヵ国とアジア等の有力国は，緊急借入枠を創設することに合意，1996年10月の総会で正式決定され，IMFは国際通貨不安に対してより機敏な対策を打てるようになった。ロシアやアジア諸国の通貨危機には有効な手が打てず，その機能を疑問視する声が出されたが，グローバル化の急速な進行のなかで役割の重要性はますます増大している。2008年の世界経済危機に際して，IMF発行の〈IMF世界経済見通し〉，〈国際金融安定性報告〉が各国緊急経済対策立案の重要な根拠となった。2009年ギリシア財政赤字の顕在化に端を発した，ユーロ危機，欧州信用不安，ソブリンリスクは，2011年にイタリアがIMFの管理下に入るなど，EUの存立を揺るがすほどの経済危機となった。IMFはEU内で最も強い経済力を持つドイツ及びフランスと共同歩調をとり，欧州基金を設立，債務危機に陥ったギリシア支援を本格化させ，EU，欧州中央銀行とトロイカ体制と呼ばれる監視体制を組んで，アイルランド，ポルトガル，スペイン，イタリアなど財政危機に陥ったユーロ圏各国に厳しい財政規律を求めている。しかし，危機に陥った各国とも国内に高い失業率を抱え，公務員の削減，公的年金の加給年齢の引き上げなどを含む緊縮財政が社会不安を増大させることは必至で，緊縮政策だけでなく成長戦略を絡めて国内を説得する方向に動いており，実効性のある対策を継続的に実現できるか否か，予断を許さない状況が続いている。さらに，2013年にはキプロスの財政破綻が明らかとなった。欧州債務問題はユーロ導入によって各国で実体経済と乖離(かいり)した信用バブルを生じさせ，それが一気に崩壊したことが直接の原因であり，通貨統合を性急に進めたことに対して，非ユーロ圏のEU加盟国から批判が出されている。2014年にはクリミア半島の情勢不安定によりウクライナからIMFに対し支援要請が出され，支援を表明した。→世界銀行
→関連項目IMF平価｜IMF融資制度｜アジア通貨危機｜移行経済｜イタリア｜エマージング・マーケット｜オープン・アカウント｜外国為替予算｜開放経済体制｜金ドル本位制度｜金二重価格制｜国際金融安定性報告書｜コンディショナリティ｜GAB｜日本｜パリ・クラブ｜ブレイディ構想｜ブレトン・ウッズ体制｜平価｜貿易為替自由化｜モンティ｜ヨーロッパ連合｜ラガルド｜累積債務｜ルーブル安定化基金｜ロシア

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