{
  "id": "RL30272",
  "type": "CRS Report",
  "typeId": "REPORTS",
  "number": "RL30272",
  "active": false,
  "source": "EveryCRSReport.com, University of North Texas Libraries Government Documents Department",
  "versions": [
    {
      "source": "EveryCRSReport.com",
      "id": 101883,
      "date": "2001-11-15",
      "retrieved": "2016-05-24T20:19:16.965941",
      "title": "Global Financial Turmoil, the IMF, and the New Financial Architecture",
      "summary": "The economies of the world appear to be heading into a simultaneous slowdown and possible\nglobal\nrecession that could bear significant consequences for U.S. and world employment, government\nfinances, stock markets, international trade, and capital flows. The poor economic outlook has been\nclouded even further following the terrorist attacks on September 11, 2001. There has been a sharp\ncurtailment of activity in industries such as travel and tourism, a drop and slow recovery in stock\nmarkets, and sagging consumer confidence not only in the United States but in numerous other\ncountries.\n  Unlike the Asian financial crisis of 1997-99 when economic strength in the United States and\nEurope offset weakness in Asia, Russia, and Brazil, this time all major economies seem to be\nslowing at the same time. The U.S. response to this global downturn has entailed and may require\nadditional action by the U.S. Federal Reserve, the Bush Administration, and the Congress in concert\nwith the International Monetary Fund (IMF) and other multinational organizations. \n  Congressional interest in this issue is related to: (1) the effects of global economic turmoil on\nthe U.S. economy, (2) operations of the International Monetary Fund, (3) U.S. responses to\nglobalization, and (4) U.S. policies to stimulate the economy. Among these policy issues, this report\nwill focus on the spread and effects of the economic turmoil with a focus on Asia. \n  In seeking a new world financial architecture, policymakers are trying to improve the\ninternational monetary and financial system, to reduce the risk that systemic crisis will recur, and to\nensure that, when isolated country crises do happen, there are early warnings, effective policy tools,\nadequate resources, and broad support to help nations withstand difficult external conditions.\n  Several studies have examined the role of the International Monetary Fund in financial crises. \nThe IMF, itself, also has been reviewing its policies and operations in light of severe criticism from\nvarious quarters. It has begun to take more preventative measures, has increased transparency, and\nis working with nations to improve their standards, economic policies, and measures to prevent\nfinancial crises from occurring.\n  Since the United States is the largest economy in the world, global economic conditions depend\ngreatly on the state of the U.S. economy. As the nascent recession in the United States has pulled\ndown other economies, a strong recovery could do much to lift the economies in the rest of the\nworld. This can be pursued primarily through monetary and fiscal policies -- both domestic and\ncoordinated with those of other nations -- and international trade policy being pursued to increase\nglobal market efficiency and to ameliorate the adverse effects of foreign unfair trade practices.",
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      "typeId": "REPORTS",
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      "topics": []
    },
    {
      "source": "University of North Texas Libraries Government Documents Department",
      "sourceLink": "https://digital.library.unt.edu/ark:/67531/metacrs1221/",
      "id": "RL30272 2000-04-14",
      "date": "2000-04-14",
      "retrieved": "2005-06-11T11:15:54",
      "title": "Global Financial Turmoil, the IMF, and the New Financial Architecture",
      "summary": null,
      "type": "CRS Report",
      "typeId": "REPORT",
      "active": false,
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      "topics": [
        {
          "source": "LIV",
          "id": "Finance",
          "name": "Finance"
        },
        {
          "source": "LIV",
          "id": "Financial crises",
          "name": "Financial crises"
        }
      ]
    }
  ],
  "topics": [
    "Economic Policy"
  ]
}