(Tiểu luận) compare the similarities and differences between the world bank (wb) and the international monetary fund (imf) indicate the role of the wb and imf on vietnams

TRƯỜNG ĐẠI HỌC KINH TẾ QUỐC DÂN -*** - COURSE: INTERNATIONAL ECONOMICS TOPIC: Compare the similarities and differences between the h World Bank (WB) and the International Monetary Fund (IMF) Indicate the role of the WB and IMF on Vietnam's economic development over the last twenty years Group: Class: International Economics 63B AEP PhD: Ngo Thi Tuyet Mai Ha Noi, 2023 CONTENTS I Topic Questions .1 1) Compare the similarities and differences between the World Bank (WB) and the International Monetary Fund (IMF) 2) Indicate the role of the WB and IMF on Vietnam's economic development over the last twenty years II The questions related to the presentation What are the main differences between a forward contract and a futures contract for an investor’s hedging? III Debating questions 10 1) How will the World Bank and IMF adapt their policies and activities to address the potential economic impacts of climate change in the coming decades? 10 h 2) How will geopolitical trends and shifts in global power dynamics affect the governance and decision-making processes of the World Bank and IMF in the years to come? 10 3) What impact will the rise of emerging economies, such as China and India, have on the global influence and priorities of the World Bank and IMF in the future? 12 I Topic Questions 1) Compare the similarities and differences between the World Bank (WB) and the International Monetary Fund (IMF) * Similarities between the World Bank (WB) and the International Monetary Fund (IMF)  Both were established after World War II to support global economic recovery and development The WB was founded in 1944 and the IMF was set up in 1945  Both are headquartered in Washington DC, USA  Both have the function of providing financial assistance to countries in the development process and creating opportunities for member countries to participate in global economic activities h  Both implement financial and monetary policies to stabilize and develop the global economy, ensuring financial stability and reducing the negative impacts of economic crises * Differences between the World Bank (WB) and the International Monetary Fund (IMF): World Bank (WB) International Monetary Fund (IMF) Motivation Focuses on giving developing Provides temporary loans to nations with long-term nations with problematic financing and funding to help balances of payments to help their efforts to reduce them stabilize their unemployment and advance economies economic growth Primary Social and economic focus development Staff - The World Bank employs The IMF staff includes 2,600 more than 10,000 individuals people Macroeconomic stability worldwide, but the majority of them work at its main office in Washington, DC, despite the organization having 40 offices in other countries The World Bank (WB) has 189 -The IMF has 190 member members member countries, including countries, including both both developed and developing developed and developing countries from around the countries from around the world world In accordance with the IBRD -Andorra doesn’t take part in Articles of Agreement, a WB h Country country cannot join the Bank without first joining the International Monetary Fund (IMF) IBRD participation is necessary to take part in IDA, IFC, and MIGA Institutions - Consists of organizations: +IBRD and IDA (2 mains) +IFC The IMF maintains two main offices in Washington, D.C., as well as three smaller locations in Geneva, Paris, and New York's United +ICSID Nations +MIGA - Headquarter: Washington, DC, U.S Function - The IMF helps establish created on December 27, 1945, strategies for monetary and with the primary mission of fiscal policy, as well as price financing the post-World War II stability, that assist countries h - The IBRD was formally economic recovering of Western in monitoring, assessing, and European nations enhancing their economic - IDA, founded in 1960 to offer growth financing to impoverished - It also helps to increase and nations maintain a high level of employment by facilitating - IFC, formed in 1956 to encourage private investment in underdeveloped nations; the expansion and balanced growth of international commerce - MIGA, launched in 1988 to encourage FDI in developing nations - To keep members' foreign exchange transactions running smoothly, strengthen - ICSID, founded in 1966 as a the stability of the foreign venue to settle disagreements exchange market between foreign investors and host nations Sponsor Long-lasting assistance is IMF funds depend on three Fund provided by the World Bank, sources: member quotas, which gets its funding by multilateral and bilateral donations from the member borrowing agreements countries and through the purchase of debt Operating The World Bank has a Board of The IMF has a Board of system Directors and an Executive Directors and a Chief Chairman of the organization Financial Officer that runs the organization h Staff positions: Staff positions - Economis -Financial Specialists - Project Manager -Economists - Economic Analyst -Legal specialist - Statistician -Training support staff - Financial Specialist - Environmental Specialist - Educator Document continues below Discover more from: International Economics Đại học Kinh tế Quốc dân 268 documents Go to course Phan tich chien luoc kinh doanh habeco 45 International Economics 97% (29) Int Fin Class Problems Solution International Economics 100% (10) h Chap-10-IE - Answer the question in chap 10 IE 14 International Economics 100% (5) Int Fin Class Solutions International Economics 100% (5) TỔNG HỢP CÁC CÂU HỎI PHỎNG VẤN 2020 International Economics 100% (3) Đề thi Kinh tế quốc tế (E) Nov 23, 2021 International Economics 100% (3) 2) Indicate the role of the WB and IMF on Vietnam's economic development over the last twenty years The process of Vietnam joining the IMF and the World Bank as a member Before 1976, Vietnam was in a period of war and its economic policies did not attract much attention from many countries and international organizations Many countries imposed economic measures against Vietnam during this time, including sanctions and trade embargoes In the West, the United States, an important trading partner of Vietnam before the war broke out, imposed trade sanctions and financial policies against Vietnam This isolated Vietnam and prevented it from attracting foreign direct investment (FDI) from Western countries h Similarly, the World Bank (WB) did not provide much economic support to Vietnam during this period, due to conflicts over policies and views on the war issue However, after Vietnam was reunified in 1975, the new government of Vietnam expanded its diplomatic relations and developed new economic programs to attract foreign direct investment and support from international organizations Vietnam applied to join the International Monetary Fund (IMF) and the World Bank (WB) However, this accession encountered many obstacles due to the opposition of the United States and some other Western countries In 1979, the United States used the pretext of Vietnam's invasion of Cambodia to deny Vietnam the benefits of the IMF and the World Bank It was not until 1993 that Vietnam was finally accepted as a member of the International Monetary Fund and the World Bank after implementing a series of economic and political reforms to promote sustainable development of the country In 1993, US President Bill Clinton lifted the trade embargo against Vietnam Since then, the IMF and the World Bank have immediately resumed their relations with Vietnam Vietnam’s corporation with the IMF: Vietnam has carried out many corporations with the IMF (International Monetary Fund) in various fields to contribute to the development of the region and the world Here are some highlights: Cooperation with the IMF on fiscal policy: The IMF has assisted Vietnam in formulating and implementing effective fiscal policies to ensure financial h stability and enhance economic development Implementation of the economic renewal program: The IMF has assisted Vietnam in the implementation of the economic renewal program, thereby creating a more favorable business environment, enhancing competition and enhancing economic productivity Human resource training: The IMF has provided assistance to Vietnam in training human resources on issues related to fiscal policy and economic development Strengthening regional cooperation: The IMF has also increased cooperation with countries in Southeast Asia, including Vietnam, to create a region with a more robust financial system and economic policy In summary, Vietnam has made positive contributions to the IMF in many different fields, thereby contributing to the economic development of the region and the world *IMF supports Vietnam during the global economic crisis: In the context of the global economic crisis in the years 2008-2009, the International Monetary Fund (IMF) provided Vietnam with an emergency loan of $1.4 billion It is known that this loan was provided to help stabilize h Vietnam's economic and financial situation in the context of global economic recession This loan was provided in the form of a National Financial Adjustment Program, aimed at minimizing the negative impacts of the global economic crisis on Vietnam's economy Accordingly, the program focuses on strengthening financial management, adjusting costs, enhancing financial system supervision, improving the business environment, and promoting economic growth In addition to providing funding, the IMF has also supported Vietnam through activities such as training and consulting on financial management and economic reforms, aimed at enhancing financial management capacity and improving the business environment to help Vietnam's economy recover and develop more sustainably Vietnam’s corporation with World Bank: *Vietnam is one of the fastest growing countries in Southeast Asia and a reliable partner of the World Bank Vietnam has contributed a lot to the World Bank through the implementation of development programs and cooperation with this organization in various fields Here are some examples: Contribution to development projects: Vietnam has cooperated with the World Bank in many important development projects such as clean water and sanitation projects, education, health care, economic development, agricultural development, etc rural areas, urbanization and transport infrastructure h Contribution to the World Bank's fund: Vietnam has contributed to the World Bank's fund to help other countries in the region develop Cooperation in poverty reduction: Vietnam has cooperated with the World Bank in many poverty reduction programs, including improving the living conditions of the poor and increasing their ability to earn a living Participation in economic renewal programs: Vietnam has been supported by the World Bank in the implementation of economic renewal programs, helping Vietnam to achieve impressive economic growth over the years In short, Vietnam has contributed a lot to the World Bank through the implementation of development and cooperation programs in various fields In the past, Vietnam has had some conflicts with the World Bank and the IMF regarding economic and fiscal policies However, there is no evidence that Vietnam has been ostracized by these organizations *The project on hunger eradication and poverty alleviation in Vietnam is supported by the World Bank: The Agriculture and Rural Development Support Project (2016-2020): This project aims to support the development of agriculture and rural areas in Vietnam, especially in difficult rural areas The project focuses on activities such as improving rural infrastructure, supporting farmers in transitioning crops and h livestock, and increasing productivity and quality of agricultural products In fact, Vietnam has actively made efforts to improve its relationship with the World Bank and the IMF In the 1990s, Vietnam joined the economic reform program and implemented many new policies aimed at enhancing competitiveness, economic growth and poverty reduction These efforts have been appreciated by both the World Bank and the IMF Since then, Vietnam has become a reliable partner of the World Bank and the IMF Both organizations have supported Vietnam in a variety of areas, from fiscal policy and economic development to education and health Vietnam has also been actively involved in the activities of both organizations, including contributing to the fund and participating in loan programs II The questions related to the presentation What are the main differences between a forward contract and a futures contract for an investor’s hedging? Studying the similarities between the International Monetary Fund (IMF) and the World Bank (WB) can be useful for several reasons: Understanding their roles: Both the IMF and the WB are international organizations that were established after World War II with the aim of promoting global economic development and stability By studying their similarities, we can gain a deeper understanding of their respective roles in achieving these goals Identifying areas of collaboration: The IMF and the WB often work together on various projects, such as debt relief programs and poverty reduction initiatives h By understanding their similarities, we can identify areas where the two organizations can collaborate more effectively Assessing their effectiveness: The IMF and the WB have faced criticism in the past for their policies and practices By studying their similarities, we can assess their effectiveness in achieving their goals and identify areas for improvement Improving global economic governance: The IMF and the WB play important roles in global economic governance, and understanding their similarities can help us improve the overall effectiveness and efficiency of global economic institutions In summary, studying the similarities between the IMF and the WB can provide valuable insights into their roles, collaboration opportunities, effectiveness, and the broader landscape of global economic governance 10 III Debating questions 1) How will the World Bank and IMF adapt their policies and activities to address the potential economic impacts of climate change in the coming decades? The World Bank and IMF have already started to shift their policies and activities towards addressing the potential economic impacts of climate change However, in the coming decades, they will likely need to more to adapt their approach to meet the growing challenge of climate change One possible way that the World Bank and IMF could adapt their policies is by increasing their focus on climate-related projects and investments This could involve supporting renewable energy projects, investing in climate-resilient h infrastructure, and helping countries transition to low-carbon economies The World Bank has already set a target of providing 35% of its lending and grant support for climate action by 2025 2) How will geopolitical trends and shifts in global power dynamics affect the governance and decision-making processes of the World Bank and IMF in the years to come? Geopolitical trends and shifts in global power dynamics are likely to have a significant impact on the governance and decision-making processes of the World Bank and IMF in the years to come Here are some potential impacts: 11 Changes in voting power and representation: As emerging economies continue to grow and gain influence, there may be a shift in the distribution of voting power and representation within the World Bank and IMF For example, the voting power of China within the IMF has increased in recent years, reflecting its growing economic power This shift in power dynamics could lead to changes in the priorities and policies of these institutions Competition from alternative institutions: As emerging economies gain more economic power, they may choose to establish their own development finance institutions, such as the Asian Infrastructure Investment Bank (AIIB) These institutions may compete with the World Bank and IMF for influence and funding, potentially leading to changes in governance and decision-making processes h Changes in global priorities: Geopolitical trends and power dynamics may also lead to changes in global priorities for development finance and financial stability For example, climate change has become a more pressing concern in recent years, and this could lead to a greater emphasis on environmental sustainability within the World Bank and IMF Increasing fragmentation: Geopolitical tensions and conflicts could lead to greater fragmentation in the global financial system, with countries choosing to work with institutions that align with their own interests and values This could lead to a more complex and challenging operating environment for the World Bank and IMF, potentially impacting their decision-making processes 12 Overall, the governance and decision-making processes of the World Bank and IMF are likely to be impacted by a range of geopolitical trends and shifts in global power dynamics As emerging economies continue to gain influence, there may be changes in voting power and representation, as well as competition from alternative institutions The global priorities for development finance and financial stability may also shift, and increasing fragmentation in the global financial system could make decision-making more challenging 3) What impact will the rise of emerging economies, such as China and India, have on the global influence and priorities of the World Bank and IMF in the future? The rise of emerging economies such as China and India is likely to have a significant impact on the global influence and priorities of the World Bank and IMF in the future h One potential impact is that emerging economies may demand a greater say in the governance of these institutions Historically, the governance structures of the World Bank and IMF have been dominated by developed countries, with the US and Europe holding a disproportionate amount of power However, the growing economic clout of emerging economies may lead to increased demands for greater representation and decision-making power within these institutions Another potential impact is that emerging economies may have different priorities and perspectives on economic development and financial stability than traditional donor countries For example, emerging economies may prioritize investments in infrastructure and social development over strict adherence to 13 macroeconomic stability targets This could lead to tensions and debates within the World Bank and IMF over the appropriate balance between different development goals Additionally, the rising economic power of China in particular could lead to a shift in the global financial architecture away from the traditional dominance of the US and Europe China has already established the Asian Infrastructure Investment Bank (AIIB), which competes with the World Bank in providing development finance in Asia If China continues to expand its influence in the global financial system, this could potentially reduce the influence of the World Bank and IMF over time Overall, the rise of emerging economies is likely to bring about significant changes in the global influence and priorities of the World Bank and IMF As h emerging economies become more economically powerful, they may demand greater representation and a different approach to development finance and financial stability The World Bank and IMF will need to adapt to these changes in order to remain relevant in the years to come 14 h GROUP MEMBERS 15 Student ID Nguyễn Thị Quỳnh Anh 11210636 Nguyễn Quang Thành 11215316 Dương Phương Anh 11210354 Đàm Tuấn Đạt 11211244 Trần Việt Hà 11211963 Phạm Lê Minh 11213914 h Name 16 Signature