ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Financial Management of Globalisation

Developing countries adjusting to globalisation have financial needs entirely different from those the IMF was originally set up to meet. Countries in the first phase of globalisation with current account convertibility need growth-oriented adjustment programmes. Those in the second phase with capital account convertibility need protection from severe market fluctuations. The IMF must play a supportive role, and to do so, it needs increased quotas and funds from other development banks. It could also be a lender of the last resort to countries which become objects of negative market expectations.

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