tour survival guide

CONTENTSPage

How to Use this Guide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

About the IMF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Program Synopsis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Background Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

The IMF’s Purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Growth in IMF Membership . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

The IMF—Key Facts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Pre-Viewing Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Post-Viewing Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Research Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Online Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

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How to Use this GuideThis study guide is designed to aid classroomuse of Inside Money, a 12-minute animated educational video created by theInternational Monetary Fund (IMF). The guideis intended for students in economics andinternational relations courses at the second-ary level. It includes a summary of the video;background information; pre-viewing, post-viewing, and research activities; a glossary;and a list of resources.

ObjectivesAfter viewing the video and using this guide,students should be able to:

• Describe a country in an economic crisis.

• Discuss the role of the IMF in the worldeconomy.

• Explain how the IMF aids countries ineconomic crises.

I n s i d e M o n e y G u i d e

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The International Monetary Fund (IMF) wasestablished in 1944 to help all nations avoidthe inward-looking and destructive economicpolicies that contributed to the GreatDepression and the outbreak of World War II.Since then it has worked to increase interna-tional prosperity by encouraging countriesto adopt policies conducive to their sus-tained economic growth and financial stabil-ity, to open their economies to foreigntrade, and to support one another whenadjustment is needed.

These purposes of the IMF have stood thetest of time. Indeed, policies promoted bythe IMF have contributed to more than halfa century of unparalleled increases in globalprosperity. Nearly all the world’s countries(184 in late 2004) have become IMF mem-bers. They have done so willingly because

they see the advantages of engaging in inter-national economic policy cooperation throughthe IMF, the central institution of the interna-tional monetary system.

The IMF undertakes three main activities. Firstis monitoring economic developments andpolicies, a practice known as surveillance.Second is providing temporary financing tomembers with balance of payments problems.Third is providing technical assistance in pub-lic finance, central banking, exchange ratesystems, and statistics. A nonprofit organiza-tion, the IMF operates much like a creditunion, its main source of funds being mem-bership fees, or quotas. These quotas, basedon a country’s economic size and openness,affect members’ voting power in the IMF andhow much they can borrow from it.

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About the IMF

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Inside Money is an animated news magazineshow in which two news broadcasters analyzethe economic crisis in the fictional country ofRuritania, and then explain the IMF’s role inhelping to alleviate and resolve that crisis.

Ruritania is described as a beautiful country,but with its economy in a shambles.Ruritania’s economic crisis is similar to thatoften seen in developing countries: livingstandards are falling and the government isoverspending on wasteful subsidies andunproductive jobs. Complicating matters fur-ther, revenues paid to the government havedeclined—leading the Central Bank to printso much money that inflation rises.

Ruritania’s government leaders offer theirindividual solutions to this dire economic situ-ation. The country’s president proposes bor-

rowing from abroad. The Central Bank’s headproposes raising interest rates, which wouldcut business and consumer spending. TheFinance Minister’s solution is to reschedule thegovernment’s foreign debt—that is, spreadpayments over a longer period of time. Thevideo explains that another option forRuritania is to simply go into arrears and notservice its debt.

Whatever is done, the government mustreduce spending to reverse the trends in thenation’s economy. The challenge forRuritania’s policymakers is to do so withoutfurther damaging vital components of theeconomy: essential services, such as healthcare and schools, and exports, a key elementin the country’s revenue stream.

The IMF’s role in the world economy is brieflydiscussed: promoting financial and exchangerate stability, and the growth of trade and

P r o g r a m S y n o p s i s

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Program Synopsis: Alleviating a financial crisis in a fictional country

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incomes. Surveillance is also discussed: howthe IMF assesses the health of the globaleconomy and the role of Article IV reports,which assess individual countries’ economichealth.

The importance of a country’s balance of pay-ments is then detailed with animated visuals,with emphasis on what happens when thereis a balance of payments problem or crisis—that is, when spending is exceeding incomeand the associated deficit is not being readilyfinanced, as in Ruritania. Several policyoptions are discussed, such as devaluing thecurrency, which would make exports cheaperand imports more expensive.

The video details the steps needed to achievea long-term solution to the crisis, and the roleof financial assistance from the IMF. A base-line scenario is explained: the key macroeco-

nomic variables that must beassessed before specific policies canbe proposed. These variables refer tothe country’s balance of payments,national income accounts, monetarysystem, and government budget.

The video notes that the measures to fix Ruritania’s problems might bepolitically unpopular. That could leadthe political leaders to try to avoiddealing with the problem, such as by printing more money. The resultwould be further increases in infla-tion and more economic chaos.

The video explains that Ruritania might betempted also to continue its cycle of spendingand borrowing—but at some point its foreignreserves would run out, foreign lenders andinvestors would become nervous about therisk to their money and pull it out of thecountry—a move known as capital flight—and the exchange rate would collapse.

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The video discusses how the IMF helps thecountry to introduce an adjustment andreform program aimed at reversing these eco-nomic trends. A loan from the IMF, supportedby financing from other institutions andmember countries, eases the adjustment, sothat the country can continue to providebasic social services. The interest rates on IMFloans are linked to the relatively low ratespaid by the world’s most creditworthyeconomies.

The video points out that these loans are notdisbursed all at once, but are released instages as the country meets targets bydates—a strategy called conditionality, inwhich the country sticks to its plan and makethe changes it agreed to. This ensures theIMF’s members that the loan will be used pro-ductively and repaid.

Other elements of the adjustment and reformplan are also detailed in the video: that thecountry’s central bank must raise its interest

rate, which makes its currency a more attrac-tive investment, reduces the growth of themoney supply, and helps keep inflation incheck. Once the country has obtained theIMF’s approval for its policy program, otherforeign lenders and donors will step in to aidthe country. The video explains that IMF-sup-ported programs are tailored to specific coun-tries, but common to all is the aim of sus-tained economic growth through policies thatpromote financial stability and openness tointernational trade.

Some of the kinds of reform that may bepart of the policy program are also noted,including changing the way banks operate,lowering trade barriers and privatizinginefficient state-owned industries.

The video shows how the plan should resultsin a stronger foundation for Ruritania’seconomy—raising living standards forRuritanians.

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P r o g r a m S y n o p s i s

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▲ ▲ ▲ ▼ ▼ ▼Many countries in the world at one time oranother experience a crisis similar to that inRuritania. At any given time in recent years,roughly one-third of the IMF’s members havebeen borrowers from the institution.

Any member country of the IMF can turn tothe Fund for financing if it has a balance ofpayments need—that is, if it needs officialborrowing to be able to make external pay-ments and maintain an appropriate level ofreserves without taking “measures destructiveof national or international prosperity,” asthe IMF’s Articles of Agreement put it.

Such measures might include restrictions ontrade and payments, a sharp compression of

demand in the domestic economy,or a sharp depreciation of thedomestic currency. Without IMFlending, countries with balance ofpayments difficulties would have toadjust more abruptly or take othermeasures damaging to national andinternational prosperity.

As the only international agencywhose activities involve dialoguewith almost every country in theworld on economic policies, theIMF is the main forum for examin-ing an individual country’s eco-nomic policies in a global context.

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Background InformationAn International Institution for Real Countries

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It is also the main institution for discussingissues vital to the stability of the interna-tional monetary and financial system. Theseinclude countries' choice of exchange ratearrangements, the avoidance of destabilizinginternational capital flows, and the design ofinternationally recognized standards andcodes for policies and institutions.When look-ing at individual countries, the IMF focusesmainly on a country's macroeconomic poli-cies—policies relating to the government'sbudget, the management of money andcredit, and the exchange rate—and financialsector policies, including the regulation andsupervision of banks and other financialinstitutions. It assesses the macroeconomicperformance of a country by examining thecountry’s total spending (including consumerspending and business investment), output,employment, and inflation, as well as thecountry's balance of payments with the rest ofthe world.

In addition, the IMF pays due attention tostructural policies that affect macroeconomicperformance—including for example labormarket policies that affect employment andwage behavior.

The IMF advises each member on how itspolicies in these areas might beimproved to allow the more effectivepursuit of goals such as high employ-ment, low inflation, and sustainable eco-nomic growth—that is, growth that canbe sustained without leading to such dif-ficulties as inflation and balance of pay-ments problems.

By working to strengthen the interna-tional financial system and accelerateprogress toward reducing poverty—aswell as promoting sound economic poli-cies among all its member countries—theIMF is helping to make globalization workfor the benefit of all.

B a c k g r o u n d I n f o r m a t i o n

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The purposes of the International MonetaryFund are:

i. To promote international monetary coop-eration through a permanent institutionwhich provides the machinery for consul-tation and collaboration on internationalmonetary problems.

ii. To facilitate the expansion and balancedgrowth of international trade, and tocontribute thereby to the promotion andmaintenance of high levels of employ-ment and real income and to the devel-opment of the productive resources of allmembers as primary objectives of eco-nomic policy.

iii. To promote exchange stability, to main-tain orderly exchange arrangementsamong members, and to avoid competi-tive exchange depreciation.

iv. To assist in the establishment of a multi-lateral system of payments in respect ofcurrent transactions between membersand in the elimination of foreignexchange restrictions which hamper thegrowth of world trade.

v. To give confidence to members by making the general resources of the Fund

v. temporarily available to them under ade-quate safeguards, thus providing themwith opportunity to correct maladjust-ments in their balance of payments with-out resorting to measures destructive ofnational or international prosperity.

vi. In accordance with the above, to shortenthe duration and lessen the degree of dis-equilibrium in the international balancesof payments of members.

The Fund shall be guided in all its policies anddecisions by the purposes set forth in thisArticle.

The IMF's PurposesFrom Article I of the IMF's Articles of Agreement:

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G r o w t h i n I M F M e m b e r s h i p

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Principal Users of IMF Financing 1947–2004

Mexico Korea

Argentina Brazil

Turkey Indonesia

Growth in IMF Membership Largest members by contribution (percent of total quotas)

0

5

10

15

2017.6

6.5 6.25.1 5.1

3.36 3.3 3.02 3.02 2.8

Members with Ten Largest Quotas

Japa

n

Can

ada

Uni

ted

Stat

es

Ger

man

y

Fran

ce

Italy

Russ

ia

Chi

na

Uni

ted

Kin

gdom

Saud

i A

rabi

a

(percent of total quotas)

[Source: IMF]

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Pre-Viewing Activities1. Provide students with the glossary and

the guide’s synopsis of the program, thebackground information on the IMF, andthe charts. Ask students if they haveheard of the IMF. If so, ask them whatthe initials stand for.

2. Have several students explain their per-ceptions of the IMF’s role in the worldeconomy. Discuss their ideas about howthe IMF is funded and who controls it.

3. Introduce the video as an example ofone role the IMF plays in the worldeconomy. ▼▼

The IMF—Key Facts Current membership 184 countries

Managing director Rodrigo de Rato, a Spanish national

Staff approximately 2,800 from 141 countries

Total quotas $313 billion (as of May 31, 2004)

Loans outstanding $107 billion to 87 countries, of which$10 billion to 60 on concessional terms(as of December 31, 2003)

Technical assistance provided 194 person years during FY2003

Surveillance consultations concluded 136 countries during FY2003, of which100 voluntarily published their staffreports

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P o s t - V i e w i n g - A c t i v i t i e s

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Post-Viewing Activities1. Ruritania is a fictional country with very

real problems. These include:

• An economy that is growing too slowly(or not at all).

• Falling living standards.

• Shrinking tax revenues.

• A growing budget deficit.

• A high external debt.

• Diminishing foreign currency reserves.

• Rising inflation.

Review these factors with the students anddiscuss how each of them feeds on theothers, creating a dangerous economicdownward spiral.

2. The key factor leading to Ruritania’s economic crisis appears to be excessivespending by the government. In the video,the announcer notes that some of thisspending is going to fund unproductivejobs and to provide wasteful subsidies forcertain industries and companies. Such ascenario is sometimes associated with gov-ernment corruption problems. This exces-sive spending leads to budget deficits,without increasing the country’s productiv-ity or output.

Review the key factors that led toRuritania’s economic crisis: excessgovernment spending—which leads tobudget deficits; too much currency incirculation; and its balance of paymentsdeficit—which indicates that Ruritanians arebuying foreign products, while not as muchincome is coming to Ruritania from externalsources.

3. From the video it is clear that Ruritania’sbaseline scenario—the outlook withoutpolicy changes—is not at all a healthy pic-ture. The key macroeconomic variables inthe baseline scenario include:

• Balance of payments. Ruritania’s balance of payments with its tradingpartners is in deficit. It is spending morefor goods from other countries than it isreceiving from those countries for goodsfrom Ruritania.

• National income accounts. An assess-ment of the growth rate of output inthe economy. In Ruritania growth iseither very low or negative.

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• Monetary system. This includes interestrates and the growth of money in circu-lation. In Ruritania’s case, the baselinescenario would show too rapid growthof money in circulation, with too littleoutput from the Ruritanian economy,resulting in inflation.

• The government budget. It is clear thereis a political aspect to the economic crisis. The Ruritaniangovernment is spending more on unnec-essary jobs and other unproductive activ-ities than it can afford to.

Review the baseline scenario and itscomponents with the students.

4. The three Ruritanian officials in the videoare from three divisions of governmentand represent three perspectives on howto solve the economic economic crisis:

• The President. Concerned with reelec-tion and her popularity, the President ishesitant to adopt strong economic policymeasures, which could meet with opposi-tion from the public. The reason is thatinterest rates likely will have to rise andspending on other services will have tobe curtailed. Her instinct then, is to avoidthe painful “belt-tightening” and bor-row more money from abroad to financethe budget deficit.

• The Central Banker. Less concerned withpopularity, he is responsible for themoney supply and the control of infla-tion. He is focused on the key instru-ment he can use to curtail inflation andspending: interest rates. He knows thatby raising interest rates, access to moneywill be tighter, and that such an eco-nomic move should help to attract for-eign investors looking for a higherreturn for their investments. He is not,however, immune from political pres-sures. He may feel pressure to print moremoney; but he knows in the current eco-nomic situation that this will increaseinflation, devalue the currency, and per-haps cause foreign investors to pull outtheir funds.

• The Finance Minister. Like the head ofthe Central Bank, he does not have theability to manipulate the money supply.His focus is on Ruritania’s existing debtwith its trading partners and interna-tional finance entities. If he can convincecreditors to reschedule Ruritania’sdebt—to consolidate its loans and

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spread them out over a longer period—he knows this will free up funds for thedomestic economy.

Discuss with students which of the threeofficials is mostly likely to resist the IMFreform plan? Why?

5. Although Ruritania is a fictional country,its economic problems are not far removedfrom reality. Examples include:

• Pakistan. Ruritania’s economic situation was paralleled by Pakistan attimes in the 1990s. Economic growth washampered by lack of investment in man-ufacturing, inefficient tax collection, andin the late 1990s by an external debt cri-sis. This deepened the level of poverty,and the country’s social services andinfrastructure suffered.

Under pressure from the public, thePakistani government for a time aban-doned adjustment and reform effortsthat had been supported by the IMF.After a new government came to powerin 1999, it committed itself to economicreforms that had been ignored in the1990s. An agreement between the IMFand the Pakistani government was con-cluded in November 2000. And inSeptember 2001, the IMF announced thesuccess of the government’s economicreform initiatives over a twelve-monthperiod.

A three-year IMF economic reform planwas initiated in October 2001 extendingto September 2004. As in Ruritania, theplan included fiscal adjustment and insti-tutional reforms within the governmentto achieve the objectives of economicgrowth and improving social conditions.To combat poverty, the plan alsoincluded a restructuring of public expen-ditures, with greater support for rural


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development, job creation, and socialwelfare programs.

Despite challenges related to securityissues and the volatility of the region,Pakistan has made substantial progressin implementing these objectives. RealGDP growth accelerated to 4.2 percentin 2002, and further to 5.6 percent in2003 while inflation declined to 2.9 per-cent in 2003, one of the lowest rates inPakistan’s history. In addition, its balanceof payments has improved, and the cen-tral bank has built up foreign currencyreserves. Tax administration reform andprivatization initiatives are strengthen-ing the country’s financial system and economic condition. Encouraged by theIMF’s assessment of the country’s com-mitment to reform, in December 2001other international lenders agreed toreschedule Pakistan’s debt.

• South Korea. In 1997 South Korea expe-rienced its most serious economic crisis

in 50 years. Like Ruritania, its foreignexchange reserves were almostdepleted. The South Korean currency,the won, depreciated sharply against theU.S. dollar. These conditions led thecountry to seek help from the IMF.

When President Kim Dae-Jung tookoffice in February 1998, he promisedeconomic reform and his governmentreached agreement with the IMF on athree-year policy program. The IMFextended $21 billion in loans to assistKorea adjust and reform its economy,restructure its financial and corporatesectors, and recover from recession. Asin Ruritania, South Korea had to under-take strict difficult economic reforms. Bythe winter of 1999 the economy hadmade a significant recovery. At the endof 2000 the IMF declared the country’spolicy program a success.

• Mexico is another country with difficulties in its economic history similar

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to those in Ruritania. With an economythat relies on petroleum exports, thecountry suffered when petroleum pricesdeclined in the mid-1980s. Mexico’seconomy then suffered from the factorsRuritania faces in the video: capitalflight, a depreciating currency, shrinkingforeign currency reserves, and a largebalance of payments deficit. After theinitial shock, Mexico undertook taxreform and economic liberalization ini-tiatives. It was not enough, however, toavert a further financial crisis.

In the mid-1990s the peso droppeddramatically in value, prompting theneed for international help and strin-gent economic measures to curb infla-tion. By the late 1990s, with the help ofincreased productivity in the manufac-turing sector and banking reforms(removing all restrictions on ownershipof foreign banks) the country’s economybegan to turn around. In September

2000 the outgoing Zedillo administra-tion repaid, ahead of schedule, its out-standing debt to the IMF.

The IMF subsequently noted Mexico’sstrong economic performance in 1999and 2000, while warning that continuedhigh consumer demand could causeinflation. An October 2002 IMF reportpraised the government’s fiscal strategy.Mexico’s economy is in a healthier statethan it was in the 1980s and 1990s.

Discuss these examples with students,pointing out that each country is unique,and that adjustment and reform programsare sometimes more successful than atother times, depending on the situation of the country.

6. Ask students to summarize what theylearned from the video about 1, 2, 3, 4, 5. ▼▼

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1. Divide students into four groups. Haveeach group go to the IMF Web site, begin-ning with the student page:http://www.imf.org/external/np/exr/center/action/eng/index.htm.

Have each group report on one of the following:

• Why the world needs the IMF.

• The daily business of the IMF.

• How the IMF can help in an economiccrisis.

• The faces behind the institution.

Have each group report to the class on twoor three persons featured on the page “Whois the IMF?” http://www.imf.org/external/np/exr/center/action/eng/profiles/index.htm.

Have students familiarize themselves moreextensively with the IMF by going to the sitemap at http://www.imf.org/external/map.htm.

2. Have each group select a member countryof the IMF and determine whether it is adeveloping country, an advanced economy,or a country in transition.

When groups have picked a country, havethem determine whether the country iscurrently participating in an IMF-supported

program by going to the country’s page athttp://www.imf.org/external/country/index.htm. From this page students may goto Article IV reports. While these may betechnically difficult for the students, asgroups they should be able to determinewhether the country is currently implement-ing an IMF-supported policy program.

3. Encourage students who want to learnmore to access the “About the IMF” Website to learn more about the institution.http://www.imf.org/external/about.htm

Research Activities

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G l o s s a r y

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GlossaryAdjustment programA detailed economic program, which may besupported by an IMF loan, that is based on ananalysis of the economic problems of themember country and specifies the policiesbeing implemented or that will be imple-mented by the country in the monetary, fiscal,external, and structural areas, as necessary, toachieve economic stabilization and set thebasis for self-sustained economic growth.

Article IV reportA report, usually annual, written by IMF staff,that assesses the state of a country’ s economy.

Balance of paymentsThe relationship between how much a countryspends, lends, and donates abroad and theincome, borrowing, and grants it receivesfrom other countries. This includes not only acountry’s balance of trade, but also debts,investments, and other movements of capitalbetween countries.

Conditionality Economic policies that IMF members agree tofollow as a condition for an IMF loan. Theseare often expressed as performance criteria(for example, monetary and budgetary targets)or benchmarks, and are intended to ensurethat the use of IMF credit is temporary andconsistent with the adjustment program

designed to correct a member’s external payments imbalance.

Debt reliefReduction or forgiveness (cancellation) by acreditor of the debt owed by a country.

Debt servicePayments of principal and interest on debt.

Developing countryLow and middle income countries in whichmost people have a lower standard of livingwith access to fewer goods and services thando most people in high income countries.There are currently about 125 developingcountries with populations over 1 million; in1997 their total population was 4.9 billion.

Good governanceGovernment and corporate policies that reflectfairness, openness, and impartiality.

Low income countryA country having an annual gross nationalproduct (GNP) per capita equivalent to $760 or less in 1998. The standard of living is lowerin these countries; there are few goods andservices; and many people cannot meet theirbasic needs. In 2003 the cutoff for low incomecountries was adjusted to $745 or less. At thattime, there were about 61 low income coun-tries with a combined population of about2.5 billion people.

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Middle income countryA country having an annual GNP per capitaequivalent to more than $760 but less than$9,360 in 1998. The standard of living ishigher than in low income countries, and people have access to more goods andservices, but many people still cannot meettheir basic needs. In 2003 the cutoff formiddle income countries was adjusted to more than $745, but less than $9,206. At that time, there were about 65 middle incomecountries with populations of one million ormore. Their combined population was approx-imately 2.7 billion.

Monetary policyPolicy relating to the money supply, interestrates, and other factors affecting the cost andavailability of credit within an economy.

Multilateral organizationAn international organization, such as the IMFor the World Bank, that is run by the countriesthat are members. The IMF and the WorldBank have 184 member countries.

SurveillanceAn essential aspect of the IMF’s responsibilitiesassociated with overseeing the policies of itsmembers in complying with their obligationsspecified in the Articles of Agreement toensure the effective operation of the interna-tional monetary system.

TransparencyOpenness, honesty, and accountability in pub-lic and private transactions.

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Online ResourcesIMF Resources

What is the IMF?http://www.imf.org/external/pubs/ft/exrp/what.htm

Information for studentshttp://www.imf.org/external/np/exr/center/action/eng/index.htm

About the IMF—more detailshttp://www.imf.org/external/about.htm

IMF glossary of financial termshttp://www.imf.org/external/np/exr/glossary/index.asp

A list of IMF educational videoshttp://www.imf.org/external/mmedia/index.asp

The IMF at a glancehttp://imf.org.external/np/exr/facts/glance.htm

World Bank Glossary Pagewww.worldbank.org/html/schools/glossary.htm

World Bank Students (Kids) Pagehttp://web.worldbank.org/WBSITE/EXTERNAL/NEWS/KIDSNEWS/0,,pagePK:107703~theSitePK:106839,00.html

O n l i n e R e s o u r c e s

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© 2004 International Monetary Fund

The study guide for “Inside Money: Cooperative Solutions from the IMF,” was developed for the International Monetary Fund

by Communications Development Incorporated.

Project manager and editor Bruce Ross-LarsonWriter Clif Wiens

Produced by the External Relations Department of the International Monetary Fund

Executive Producer Frances Anne HardinAssociate Producer Rani VedurumudiDesign and Layout Julio R. PregoCover Massoud EtemadiComposition Vicki McGillAnimation/images 422 Limited

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