Międzynarodowy Fundusz Walutowy jako quasi globalny pożyczkodawca ostatniej instancji

Dominik Skopiec

doi:10.18778/2082-4440.36.02

Authors

Dominik Skopiec Szkoła Główna Handlowa w Warszawie, Kolegium Gospodarki Światowej, Katedra Finansów Międzynarodowych https://orcid.org/0000-0001-5751-9282

DOI:

https://doi.org/10.18778/2082-4440.36.02

Keywords:

international monetary system, lender of last resort, international currency, international liquidity, financial stability, currency swap

Abstract

The purpose of this article is to analyze the capacities of the International Monetary Fund (IMF) related to the international lender of last resort (ILOLR) as well as to assess the measures that the Fund has taken in this regard during the global financial crisis (GFC) and the corona crisis. The thesis of this article is that the IMF remains the only international financial institution that is predisposed to act as ILOLR, however the Fund is able to do so only to a limited extent. The author has analyzed determinants and abilities of the IMF to perform the function of ILOLR. In this respect, creation of both unconditional and conditional international liquidity by the Fund was assessed. Subsequently, measures adopted by the IMF during the GFC and the corona crisis in both these areas have been analyzed. The author has pointed out that these undertakings have enhanced the Fund’s role as ILOLR. Nevertheless, barriers to the IMF’s role as ILOLR have been also identified. The analysis carried out lends support to the assertion that the IMF acts as ILOLR only to a limited extent and therefore it is substantiated to apply a term of quasi ILOLR with reference to the Fund.

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