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Which international financial institution was established under the Bretton Woods Agreement?
- a)International Monetary Fund
- b)Asian Development Bank
- c)Swiss Bank
- d)World Trade Organization
Correct answer is option 'A'. Can you explain this answer?
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Which international financial institution was established under the Br...
Introduction to Bretton Woods Agreement
The Bretton Woods Agreement, established in July 1944 during a conference in Bretton Woods, New Hampshire, aimed to create a stable global economic framework post-World War II.
Key Institutions Established
- The conference led to the formation of two primary institutions:
- International Monetary Fund (IMF)
- World Bank
Focus of the International Monetary Fund
- The IMF was created to promote international monetary cooperation and facilitate the expansion and balanced growth of international trade.
- It provides resources to member countries facing balance of payments problems, thereby stabilizing their economies.
Significance of the IMF
- The IMF plays a crucial role in:
- Monitoring economic and financial developments
- Offering policy advice to member countries
- Providing financial assistance to countries in need
Other Options Explained
- Asian Development Bank (ADB): Established in 1966, it focuses on economic and social development in Asia.
- Swiss Bank: This refers to private banks in Switzerland, not an international financial institution under Bretton Woods.
- World Trade Organization (WTO): Formed in 1995, it deals with the global rules of trade between nations but is not part of the Bretton Woods institutions.
Conclusion
Thus, the correct answer is a) International Monetary Fund. It is the only institution established directly under the Bretton Woods Agreement, playing a vital role in the global economic landscape.
The Bretton Woods Agreement, established in July 1944 during a conference in Bretton Woods, New Hampshire, aimed to create a stable global economic framework post-World War II.
Key Institutions Established
- The conference led to the formation of two primary institutions:
- International Monetary Fund (IMF)
- World Bank
Focus of the International Monetary Fund
- The IMF was created to promote international monetary cooperation and facilitate the expansion and balanced growth of international trade.
- It provides resources to member countries facing balance of payments problems, thereby stabilizing their economies.
Significance of the IMF
- The IMF plays a crucial role in:
- Monitoring economic and financial developments
- Offering policy advice to member countries
- Providing financial assistance to countries in need
Other Options Explained
- Asian Development Bank (ADB): Established in 1966, it focuses on economic and social development in Asia.
- Swiss Bank: This refers to private banks in Switzerland, not an international financial institution under Bretton Woods.
- World Trade Organization (WTO): Formed in 1995, it deals with the global rules of trade between nations but is not part of the Bretton Woods institutions.
Conclusion
Thus, the correct answer is a) International Monetary Fund. It is the only institution established directly under the Bretton Woods Agreement, playing a vital role in the global economic landscape.
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Community Answer
Which international financial institution was established under the Br...
The correct answer is International Monetary Fund.
- The World Bank and the International Monetary Fund (IMF) are the Bretton Woods Institutions.
- They were established in July 1944 at a gathering of 43 nations in Bretton Woods, New Hampshire, in the United States.
- Their aims were to help rebuild the shattered postwar economy and to promote international economic cooperation.
- Plans for an International Trade Organization (ITO) were also part of the original Bretton Woods agreement, but they were shelved until the World Trade Organization (WTO) was established in the early 1990s.
- The creation of the World Bank and the IMF came at the end of the Second World War.
- They were based on the theories of three important experts: British economist John Maynard Keynes, US Treasury Secretary Harry Dexter White, and US Treasury Secretary Henry Morganthau.
- They wanted to establish a postwar economic order based on notions of consensual decision-making and cooperation in the realm of trade and economic relations.
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Which international financial institution was established under the Bretton Woods Agreement?a)International Monetary Fundb)Asian Development Bankc)Swiss Bankd)World Trade OrganizationCorrect answer is option 'A'. Can you explain this answer?
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