As the Bretton Woods institutions enter their sixtieth year,
they face a number of challenges. Some are the result of changes
that have occurred in the world economy while others are the
outcome of their approaches to the problems of stabilization and
development, and of their own governance structure. 'The IMF and
the World Bank at Sixty' presents a selection of essays prepared
for the Group of Twenty-Four Developing Nations (G24), by some of
the foremost authorities in their fields, which address these
challenges and suggest the need for reform in several areas. Ariel
Buira's introduction presents a critical overview of the
functioning of the IMF and the international monetary system,
underscoring a number of shortcomings that could be remedied to
make it more supportive of development through changes in
governance. The other essays focus on two areas: financial issues,
particularly the prevention of financial crises; and secondly, the
policies of the Bretton Woods institutions. These essays have
onefundamental aim: to improve the functioning of the global
economy and to better enable the developing countries to share in
the gains in prosperity of recent decades.
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