The International Monetary Fund

国际货币基金组织

2011-2019 · Congressional Research Service (public domain) · 原文

The International Monetary Fund (IMF), conceived at the Bretton Woods conference in July 1944, is the multilateral organization focused on the international monetary system.

国际货币基金组织（IMF）于 1944 年 7 月在布雷顿森林会议上构想，是专注于国际货币体系的多边组织。

Created in 1946 with 46 members, it has grown to include 189 countries.

它成立于 1946 年，当时有 46 个成员，现已发展到包括 189 个国家。

The IMF has six purposes that are outlined in Article I of the IMF Articles of Agreement: promoting international monetary cooperation; expanding the balanced growth of international trade; facilitating exchange rate stability; eliminating restrictions on the international flow of capital; ensuring confidence by making the general resources of the Fund temporarily available to members; and adjusting balance-of-payments imbalances in an orderly manner.

《国际货币基金组织协定》第一条概述了国际货币基金组织的六大宗旨：促进国际货币合作；扩大国际贸易平衡增长；促进汇率稳定；消除对国际资本流动的限制；通过向成员国临时提供基金组织的一般资源来确保信心；有序调整国际收支失衡。

Congressional interest in IMF activities has increased since the onset of the international financial crisis in 2008.

自 2008 年国际金融危机爆发以来，国会对国际货币基金组织活动的兴趣有所增加。

IMF lending has surged in the past decade, particularly in light of large loans to Greece, Ireland, and Portugal.

过去十年，国际货币基金组织的贷款激增，特别是考虑到向希腊、爱尔兰和葡萄牙提供了大量贷款。

In 2009, major economies agreed to substantially increase the IMF’s resources and to move forward on several major reforms at the institution.

2009年，主要经济体同意大幅增加国际货币基金组织的资源，并推进该机构的几项重大改革。

These include increasing the voting share of emerging economies; revamping the IMF’s lending toolkit to introduce greater flexibility and create new facilities for low-income countries; and creating a road map for resolving the fast-growing economic imbalances in the global economy between surplus and deficit countries.

其中包括增加新兴经济体的投票权份额；修改国际货币基金组织的贷款工具包，以引入更大的灵活性并为低收入国家创造新的设施；制定解决全球经济中顺差国和逆差国之间快速增长的经济失衡问题的路线图。

In late 2010, IMF members agreed to a doubling of IMF quotas, which required congressional authorization and appropriations.

2010年底，国际货币基金组织成员国同意将国际货币基金组织配额增加一倍，这需要国会授权和拨款。

The United States was instrumental in creating the IMF and is its largest financial contributor.

美国在创建国际货币基金组织方面发挥了重要作用，并且是其最大的财政捐助国。

Since voting shares are based on financial contributions, the large U.S. voting share provides the United States veto power over major decisions at the IMF.

由于投票权份额基于财政贡献，美国的大量投票权使美国对国际货币基金组织的重大决策拥有否决权。

Both the IMF and its sister organization, the World Bank, are headquartered in Washington, DC.

国际货币基金组织及其姊妹组织世界银行的总部均位于华盛顿特区。

At the Bretton Woods conference, the IMF was tasked with coordinating the system of fixed exchange rates to help the international economy recover from two world wars and the instability in the interwar period caused by competitive devaluations and protectionist trade policies.

在布雷顿森林会议上，国际货币基金组织的任务是协调固定汇率制度，以帮助国际经济从两次世界大战以及两次世界大战期间竞争性贬值和保护主义贸易政策造成的不稳定中恢复过来。

From 1946 until 1973, the IMF managed the “par value adjustable peg” system.

从 1946 年到 1973 年，国际货币基金组织管理着“面值可调整挂钩”制度。

The U.S. dollar was fixed to gold at $35 per ounce, and all other member countries’ currencies were fixed to the dollar at different rates.

美元对黄金的汇率固定为每盎司35美元，所有其他成员国的货币则以不同的汇率对美元固定。

This system of fixed rates ended in 1973 when the United States removed itself from the gold standard.

1973 年，当美国退出金本位制时，这种固定利率体系就结束了。

The IMF has evolved significantly as an institution since it was created.

自成立以来，国际货币基金组织作为一个机构已经发生了重大发展。

Floating exchange rates and more open capital markets in the 1990s created a new role for the IMF—the resolution of frequent and volatile international financial crises.

20世纪90年代的浮动汇率和更加开放的资本市场为国际货币基金组织创造了新的角色——解决频繁且不稳定的国际金融危机。

The Asian financial crisis of 1997-1998 and subsequent crises in Russia and Latin America revealed many weaknesses of the world monetary system, which have only become more apparent in the wake of the 2008-2009 global financial crisis and the more recent sovereign debt crises in Europe.

1997-1998年的亚洲金融危机以及随后发生的俄罗斯和拉丁美洲危机暴露了世界货币体系的许多弱点，这些弱点在2008-2009年全球金融危机和最近的欧洲主权债务危机之后变得更加明显。

This report evaluates the purpose, membership, financing, and focus of the IMF’s activities.

本报告评估了国际货币基金组织活动的宗旨、成员资格、融资和重点。

It also discusses the role of Congress in shaping U.S. policy at the IMF.

它还讨论了国会在制定美国在国际货币基金组织政策方面的作用。

The International Monetary Fund (IMF), conceived at the Bretton Woods conference in July 1944, is the multilateral organization focused on the international monetary system.

国际货币基金组织（IMF）于 1944 年 7 月在布雷顿森林会议上构想，是专注于国际货币体系的多边组织。

Created in 1946 with 46 members, it has grown to include 189 countries.

它成立于 1946 年，当时有 46 个成员，现已发展到包括 189 个国家。

Congressional interest in IMF activities has increased since the onset of the international financial crisis in 2008.

自 2008 年国际金融危机爆发以来，国会对国际货币基金组织活动的兴趣有所增加。

IMF lending has surged in the past decade, particularly in light of large loans to Greece, Ireland, and Portugal.

过去十年，国际货币基金组织的贷款激增，特别是考虑到向希腊、爱尔兰和葡萄牙提供了大量贷款。

In 2009, major economies agreed to substantially increase the IMF's resources and to move forward on several major reforms at the institution.

2009年，主要经济体同意大幅增加国际货币基金组织的资源，并推进该机构的几项重大改革。

These include increasing the voting share of emerging economies; revamping the IMF's lending toolkit to introduce greater flexibility and create new facilities for low-income countries; and creating a road map for resolving the fast-growing economic imbalances in the global economy between surplus and deficit countries.

In late 2010, IMF members agreed to a doubling of IMF quotas, which required congressional authorization and appropriations.

2010年底，国际货币基金组织成员国同意将国际货币基金组织配额增加一倍，这需要国会授权和拨款。

The United States was instrumental in creating the IMF and is its largest financial contributor.

美国在创建国际货币基金组织方面发挥了重要作用，并且是其最大的财政捐助国。

Since voting shares are based on financial contributions, the large U.S. voting share provides the United States veto power over major decisions at the IMF.

由于投票权份额基于财政贡献，美国的大量投票权使美国对国际货币基金组织的重大决策拥有否决权。

Both the IMF and its sister organization, the World Bank, are headquartered in Washington, DC.

国际货币基金组织及其姊妹组织世界银行的总部均位于华盛顿特区。

From 1946 until 1973, the IMF managed the "par value adjustable peg" system.

从1946年到1973年，国际货币基金组织管理着“面值可调整挂钩”制度。

The U.S. dollar was fixed to gold at $35 per ounce, and all other member countries' currencies were fixed to the dollar at different rates.

美元对黄金的汇率固定为每盎司35美元，所有其他成员国的货币对美元的汇率也以不同的汇率固定。

This system of fixed rates ended in 1973 when the United States removed itself from the gold standard.

1973 年，当美国退出金本位制时，这种固定利率体系就结束了。

The IMF has evolved significantly as an institution since it was created.

自成立以来，国际货币基金组织作为一个机构已经发生了重大发展。

Floating exchange rates and more open capital markets in the 1990s created a new role for the IMF—the resolution of frequent and volatile international financial crises.

20世纪90年代的浮动汇率和更加开放的资本市场为国际货币基金组织创造了新的角色——解决频繁且不稳定的国际金融危机。

This report evaluates the purpose, membership, financing, and focus of the IMF's activities.

本报告评估了国际货币基金组织活动的宗旨、成员资格、融资和重点。

It also discusses the role of Congress in shaping U.S. policy at the IMF.

它还讨论了国会在制定美国在国际货币基金组织政策方面的作用。

This report provides background information for Congress concerning the International Monetary Fund (IMF, the Fund), the central multilateral organization for international monetary cooperation.

本报告向国会提供有关国际货币基金组织（IMF，基金组织）这一国际货币合作的核心多边组织的背景信息。

1 The United States is the largest financial contributor to the IMF and congressional interest in IMF activities has increased since the onset of the international financial crisis in 2008.

1 美国是国际货币基金组织最大的财政捐助国，自 2008 年国际金融危机爆发以来，国会对国际货币基金组织活动的兴趣有所增加。

IMF lending has surged during the past decade, including large loans to Greece, Ireland, and Portugal.

过去十年间，国际货币基金组织的贷款激增，其中包括向希腊、爱尔兰和葡萄牙提供的巨额贷款。

Potential policy issues for Congress include the role of the IMF as a lender of last resort, the adequacy of IMF resources, and the effectiveness of IMF surveillance of financial and monetary conditions in its member countries and of the world economy.

国会面临的潜在政策问题包括国际货币基金组织作为最后贷款人的作用、国际货币基金组织资源的充足性以及国际货币基金组织对其成员国和世界经济的金融和货币状况进行监督的有效性。

Prior to World War II, there was no negotiated international regime governing international monetary and trade relations.

第二次世界大战之前，并没有通过谈判建立管理国际货币和贸易关系的国际机制。

It was the shared view among the allied powers that many characteristics of the international financial system during the period between the first and second world wars, including competitive devaluations, unstable exchange rates, and protectionist trade policies, worsened the 1930s depression and accelerated the onset of the war.

同盟国一致认为，第一次世界大战和第二次世界大战期间国际金融体系的许多特征，包括竞争性贬值、不稳定的汇率和保护主义贸易政策，加剧了20世纪30年代的萧条并加速了战争的爆发。

2 To address these concerns, representatives of the 44 allied nations gathered in Bretton Woods, NH, in July 1944 for the United Nations Monetary and Financial Conference.

2 为了解决这些问题，44 个盟国的代表于 1944 年 7 月齐聚新罕布什尔州布雷顿森林召开联合国货币和金融会议。

Their goal was ambitious and largely successful—to create a cooperative and institutional framework for the global economy that would facilitate international trade and balanced global economic stability and growth.

他们的目标雄心勃勃，而且基本上是成功的——为全球经济创建一个合作和制度框架，以促进国际贸易和平衡的全球经济稳定和增长。

At the Bretton Woods conference, Articles of Agreement for the IMF and the International Bank for Reconstruction and Development (IBRD), later known as the World Bank, were drafted and adopted.

布雷顿森林会议起草并通过了国际货币基金组织和国际复兴开发银行（IBRD）（后来的世界银行）的协议条款。

They entered into force, formally creating the institutions, on December 27, 1945, following the adoption of implementing or authorizing legislation within member countries.

在成员国内通过实施或授权立法后，它们于 1945 年 12 月 27 日生效，正式创建了这些机构。

3 The Articles of Agreement of both institutions constitute an international treaty, imposing obligations on member states, which have changed over time.

3 两个机构的协议条款构成一项国际条约，对成员国规定了义务，但这些义务随着时间的推移而发生变化。

The third pillar of the postwar economic agenda, negotiation on multilateral rules to liberalize and govern international trade, was not completed until the 1947 General Agreement on Tariffs and Trade (GATT).

战后经济议程的第三个支柱，即关于自由化和管理国际贸易的多边规则的谈判，直到 1947 年关税及贸易总协定 (GATT) 才完成。

In 1995, the GATT was succeeded by the World Trade Organization (WTO).

1995年，关贸总协定被世界贸易组织（WTO）取代。

In the eyes of its founders, the IMF's purpose and contribution to postwar macroeconomic stability were threefold: (1) facilitate trade by restricting certain foreign exchange controls; (2) create monetary stability by managing a fixed (but flexible) exchange rate system; and (3) provide short-term financing to member countries to correct temporary balance-of-payments problems.

在其创始人看来，国际货币基金组织对战后宏观经济稳定的目的和贡献有三重：（1）通过限制某些外汇管制促进贸易； (2) 通过管理固定（但灵活）的汇率制度来创造货币稳定；（3）向成员国提供短期融资，以纠正暂时的国际收支问题。

The U.S. Senate agreed to the ratification (by the President) of the Fund and Bank Agreements in July 1945.

1945 年 7 月，美国参议院同意（由总统）批准基金组织和银行协议。

U.S. participation in both organizations is authorized by the United States Bretton Woods Agreement Act, as amended ( Bretton Woods Act ).

美国参与这两个组织是由经修订的美国布雷顿森林协定法（布雷顿森林法）授权的。

6 Unique among the founding members, the United States, in the Bretton Woods Act, requires specific congressional authorization to change the U.S. quota or "shares" in the Fund or for the United States to vote to amend the Articles of Agreement of the IMF or the World Bank.

6 美国在创始成员国中是独一无二的，它在《布雷顿森林法案》中要求国会特别授权才能改变美国在基金组织中的配额或“份额”，或者让美国投票修改国际货币基金组织或世界银行的协定条款。

The U.S. Congress, thus, has veto power over major decisions at both institutions.

因此，美国国会对这两个机构的重大决策拥有否决权。

From 1946 to 1971, the main purpose of the IMF was regulatory, ensuring IMF members' compliance with a par value exchange rate system.

从1946年到1971年，国际货币基金组织的主要目的是监管，确保国际货币基金组织成员国遵守票面价值汇率制度。

This was a two-tiered currency regime using gold and the U.S. dollar.

这是使用黄金和美元的两级货币制度。

Each IMF member government could choose to define the value of its currency in terms of gold or the U.S. dollar, which the U.S. government agreed to support at a fixed gold value of one ounce of gold being equal to $35.

每个国际货币基金组织成员国政府都可以选择以黄金或美元来定义其货币的价值，美国政府同意以一盎司黄金等于35美元的固定黄金价值来支持美元。

Unlike in the classic gold standard period (1880-1914), monetary policy was not strictly restricted by a country's holdings of gold.

与经典金本位时期（1880-1914）不同，货币政策并不受一个国家持有的黄金的严格限制。

Member countries were allowed to intervene in the currency market but were obligated to keep their exchange rates within a 1% band around their declared par value.

成员国被允许干预货币市场，但有义务将汇率保持在其宣布的面值附近 1% 的范围内。

When currencies (other than the U.S. dollar) came under pressure from short-term "balance of payments" imbalances that normally arose through international trade and finance exchanges, countries would receive short-term financial support from the IMF.

当货币（美元除外）受到通常通过国际贸易和金融交流产生的短期“国际收支”失衡的压力时，各国将获得国际货币基金组织的短期金融支持。

In cases where the currency "peg" was considered fundamentally misaligned, a country could devalue (or revalue) its currency.

如果货币“挂钩”被认为从根本上失调，一个国家可能会贬值（或重估）其货币。

By providing monetary independence limited by the peg, the Bretton Woods monetary system combined exchange rate stability, the key benefit of the 19 th century gold standard, with some of the virtues of floating exchange rates, principally independence to pursue domestic economic policies geared toward full employment.

通过提供受钉住汇率限制的货币独立性，布雷顿森林货币体系将汇率稳定（19世纪金本位制的主要好处）与浮动汇率的一些优点（主要是追求充分就业的国内经济政策的独立性）结合起来。

The balance of payments is an accounting of a country's international transactions with individuals, businesses, and government agencies in that country and those in the rest of the world.

国际收支平衡表是对一国与该国以及世界其他地区的个人、企业和政府机构的国际交易的核算。

It represents the sum of purely financial transactions (capital account) and those arising from the export and import of goods and services (current account), and other unilateral transfers (such as gifts or remittances).

它代表纯粹的金融交易（资本账户）和因货物和服务的进出口（经常账户）以及其他单方面转移（例如礼物或汇款）而产生的交易的总和。

A country's current account should be equal to the sum of the capital account and any unilateral transfers.

一国的经常账户应等于资本账户和任何单边转移的总和。

If a country spends more abroad on goods and services than it receives, it incurs a current account deficit.

如果一个国家在国外的商品和服务支出超过其收到的收入，就会出现经常账户赤字。

The shortfall, or deficit, can be financed by selling assets or borrowing, which involves a private capital inflow into the deficit country (a capital account surplus).

短缺或赤字可以通过出售资产或借款来融资，这涉及私人资本流入赤字国家（资本账户盈余）。

If, however, private sources do not cover the current account deficit, then it must be financed by the government through the sale of foreign exchange (official reserves), which is referred to as a balance-of-payments deficit.

然而，如果私人来源无法弥补经常账户赤字，则必须由政府通过出售外汇（官方储备）来融资，这被称为国际收支赤字。

With flexible exchange rates, the deficit (or surplus) is corrected by a market-driven adjustment to the exchange rate—that is, it depreciates or appreciates based on demand.

在灵活汇率的情况下，赤字（或盈余）可以通过市场驱动的汇率调整来纠正，即根据需求贬值或升值。

No purchase or sale of official reserves by the government is necessary to operate a floating exchange regime.

政府无需购买或出售官方储备来运行浮动汇率制度。

Under a pegged exchange rate system, however, countries cannot alter exchange rate values and so use their foreign exchange reserves to finance the balance-of-payments deficit, leaving the currency value intact.

然而，在钉住汇率制度下，各国无法改变汇率价值，因此可以利用其外汇储备来弥补国际收支赤字，从而保持货币价值不变。

When a country does not have adequate foreign exchange reserves to finance its balance-of-payments deficit, it can petition the IMF for financial assistance.

当一个国家没有足够的外汇储备来弥补其国际收支赤字时，它可以向国际货币基金组织请求财政援助。

The first major challenge to the postwar international monetary system came in the early 1960s.

战后国际货币体系面临的第一个重大挑战出现在 20 世纪 60 年代初。

The postwar expansion in international trade and economic growth required an increase in international liquidity, that is, an increase in central bank holdings of the two major international reserve assets, gold and the U.S. dollar.

战后国际贸易扩张和经济增长需要增加国际流动性，即央行增加持有黄金和美元两大国际储备资产。

With the economic recovery of Europe well advanced, the slow growth in gold supplies was hampering the growth of international reserve assets.

随着欧洲经济复苏的推进，黄金供应量的缓慢增长阻碍了国际储备资产的增长。

As early as 1960, global foreign dollar holdings exceeded the value of U.S. gold holdings (at $35 an ounce).

早在 1960 年，全球外汇持有量就超过了美国黄金持有量（每盎司 35 美元）。

The system could continue to function as long as countries were willing to settle their balance of payments in U.S. dollars instead of gold.

只要各国愿意以美元而不是黄金结算国际收支，该体系就可以继续发挥作用。

The international community's response was to create a new international reserve currency, the Special Drawing Right (SDR).

国际社会的反应是创造一种新的国际储备货币——特别提款权（SDR）。

9 The SDR also serves as the IMF's unit of account.

9 特别提款权也是国际货币基金组织的记账单位。

Initially defined as equivalent to 0.888671 grams of fine gold, the value of the SDR was switched to a basket of international currencies following the collapse of the Bretton Woods system of fixed parity exchange rates in 1973.

SDR 最初定义为相当于 0.888671 克纯金，1973 年布雷顿森林固定平价汇率体系崩溃后，SDR 的价值转为一篮子国际货币。

The value of the SDR is determined by summing the values in U.S. dollars, based on market exchange rates, of a basket of major currencies (the U.S. dollar, Euro, Japanese yen, pound sterling and the Chinese renminbi).

SDR的价值是根据一篮子主要货币（美元、欧元、日元、英镑和人民币）的美元价值根据市场汇率求和而确定的。

The SDR currency value is calculated daily and the valuation basket is reviewed and adjusted every five years.

SDR货币价值每天计算一次，计价篮子每五年审查和调整一次。

As of March 9, 2018, $1.00 was equivalent to 0.69 SDRs.

截至 2018 年 3 月 9 日，1 美元相当于 0.69 个特别提款权。

By 1970, a large and prolonged U.S. balance-of-payments deficit was mirrored by its counterpart, large balance-of-payments surpluses in the other major industrial countries.

到 1970 年，美国长期存在巨额国际收支赤字，而其他主要工业国家也出现巨额国际收支顺差。

As a result, much of the 1960s was characterized by substantial currency instability, as liberalized capital flows brought about repeated currency crises in the supposedly "fixed" exchange rate Bretton Woods system.

结果，20 世纪 60 年代的大部分时间都以严重的货币不稳定为特征，因为自由化的资本流动在所谓的“固定”汇率布雷顿森林体系中带来了反复的货币危机。

Amid declining confidence in the U.S. dollar, foreign central banks increasingly became reluctant holders of U.S. dollars and began exchanging their dollar reserves for U.S. gold holdings.

在对美元信心下降的情况下，外国央行越来越不愿意持有美元，并开始将其美元储备换成持有的美国黄金。

After several years of instability, the Bretton Woods system of fixed exchange rates finally collapsed in March 1973 when the United States severed the link between the dollar and gold, allowing the value of its currency to be determined by market forces.

经过几年的不稳定，布雷顿森林固定汇率体系最终于 1973 年 3 月崩溃，美国切断了美元与黄金之间的联系，允许其货币价值由市场力量决定。

A major purpose of the IMF as originally conceived at Bretton Woods—to maintain fixed exchange rates—was, thus, at an end.

布雷顿森林体系最初构想的国际货币基金组织的一个主要目的——维持固定汇率——就此结束。

Although the IMF had lost its motivating purpose, it adapted to the end of fixed exchange rates.

尽管国际货币基金组织失去了其激励目的，但它适应了固定汇率的终结。

In 1973, IMF members enacted a comprehensive rewrite of the IMF Articles.

1973年，国际货币基金组织成员国全面重写了国际货币基金组织章程。

IMF members condoned the floating-rate exchange rate system that was already in place; officially ended the international monetary role of gold (although gold remains an international monetary asset); and, nominally, but unsuccessfully, made the SDR the world's "principal reserve asset." Henceforth, member countries were allowed to freely determine their currency's exchange rate, and use private capital flows to finance trade imbalances.

国际货币基金组织成员国纵容已经实行的浮动汇率制度；正式结束黄金的国际货币角色（尽管黄金仍然是国际货币资产）；名义上使特别提款权成为世界“主要储备资产”，但并未成功。从此以后，成员国可以自由决定本国货币汇率，并利用私人资本流动为贸易失衡融资。

The IMF was also given two new functions, which became the foundation of its role in the post-Bretton Woods international monetary system.

国际货币基金组织还被赋予了两项新职能，这成为其在后布雷顿森林国际货币体系中发挥作用的基础。

The first was for the IMF to oversee the international monetary system to ensure its effective operation.

首先是国际货币基金组织监督国际货币体系，确保其有效运行。

The second was to oversee the compliance by member states with their new obligations to "collaborate with the Fund and other members to assure orderly exchange arrangements and to promote a stable system of exchange rates." 12 Consequently, the IMF transformed itself from being an international monetary institution focused almost exclusively on issues of foreign exchange convertibility and stability to being a much broader international financial institution, assuming a broader array of responsibilities and engaging on a wide range of issues including financial and capital markets, financial regulation and reform, and sovereign debt resolution.

第二个是监督成员国遵守“与国际货币基金组织和其他成员国合作，确保有序的汇率安排并促进稳定的汇率体系”的新义务。 12 因此，国际货币基金组织从一个几乎完全专注于外汇可兑换和稳定问题的国际货币机构转变为一个范围更广的国际金融机构，承担更广泛的责任，并参与包括金融和资本市场、金融监管和改革以及主权债务解决在内的广泛问题。

The IMF also increasingly relied on its lending powers, as floating exchange rates and the growth of international capital flows led to more frequent and increasingly severe financial crises.

由于浮动汇率和国际资本流动的增长导致金融危机更加频繁和日益严重，国际货币基金组织也越来越依赖其贷款权力。

Over the past several decades, the IMF has been involved in the oil crisis of the 1970s; the Latin American debt crisis of the 1980s; the transition to market-oriented economies following the collapse of communism; currency crises in East Asia, South America, and Russia; and, most recently, the global response to the 2008-2009 global financial crisis and the multiyear European sovereign debt crisis that began in 2010.

过去几十年来，国际货币基金组织卷入了20世纪70年代的石油危机； 20世纪80年代的拉丁美洲债务危机；共产主义崩溃后向市场经济转型；东亚、南美和俄罗斯的货币危机；最近，全球应对 2008-2009 年全球金融危机和 2010 年开始的多年欧洲主权债务危机。

The IMF Articles provide for a three-tiered governance structure with a Board of Governors, an Executive Board, and a Managing Director.

国际货币基金组织章程规定了三层治理结构，包括理事会、执行委员会和常务董事。

The Board of Governors is the highest policymaking authority of the IMF.

理事会是国际货币基金组织的最高决策机构。

All countries are represented on the Board of Governors, usually at the finance minister or central bank governor level.

所有国家都有代表参加理事会，通常是财政部长或央行行长级别。

The United States is represented by the Secretary of the Treasury.

美国由财政部长代表。

IMF Governors usually meet annually at the fall IMF meetings.

国际货币基金组织理事通常每年在国际货币基金组织秋季会议上举行会议。

A committee of the Governors, the International Monetary and Financial Committee (IMFC), meets twice annually to consider major policy issues affecting the international monetary system and makes recommendations to the full Board of Governors.

理事会的一个委员会，即国际货币和金融委员会（IMFC），每年举行两次会议，审议影响国际货币体系的重大政策问题，并向全体理事会提出建议。

The Development Committee, a joint committee of the Boards of Governors of the IMF and World Bank, also meets at the same time to consider development policy issues and other matters affecting developing countries.

发展委员会是国际货币基金组织和世界银行理事会的联合委员会，也同时举行会议，审议发展政策问题和影响发展中国家的其他事项。

The two committees generally issue communiqués at the close of their meetings, summarizing their findings and recommendations.

两个委员会通常在会议结束时发表公报，总结其调查结果和建议。

These often serve as policy guidance to the IMF and the World Bank and as a means for airing views and for coordinating or harmonizing country policies on issues of international concern.

这些通常作为国际货币基金组织和世界银行的政策指导，并作为就国际关注的问题发表意见和协调国家政策的手段。

Day-to-day authority over operational policy, lending, and other matters is vested in the Board of Executive Directors, a 24-member body that meets three or more times a week to oversee and supervise the activities of the IMF.

执行董事会拥有运营政策、贷款和其他事务的日常权力，该机构由 24 名成员组成，每周召开 3 次或以上会议，监督和指导国际货币基金组织的活动。

Until 2015, the five largest shareholders (United States, Japan, Germany, France, and the United Kingdom) were entitled to appoint their own Executive Director, while the remaining members were elected by groups of countries, generally on the basis of geographical or historical affinity.

2015年之前，五个最大股东（美国、日本、德国、法国和英国）有权任命自己的执行董事，而其余成员则由国家集团选举产生，一般根据地理或历史亲缘关系进行选举。

As part of a quota and governance reform package, agreed in 2010 and entered into force in 2015, the IMF has switched to an all-elected executive board.

作为 2010 年商定并于 2015 年生效的份额和治理改革方案的一部分，国际货币基金组织已改用全部选举产生的执行董事会。

While the size of the board remains the same, there are now two fewer directors for advanced European economies.

尽管董事会规模保持不变，但欧洲发达经济体的董事人数减少了两名。

The IMF Executive Board selects the Managing Director of the IMF, who serves as its chairman and chief executive officer.

国际货币基金组织执行董事会选举国际货币基金组织总裁，并兼任主席和首席执行官。

The Managing Director is elected for a five-year renewable term of office.

董事总经理当选后任期五年，可连任。

The Executive Board also approves the selection of the Managing Director's principal assistants, the First Deputy Managing Director and four Deputy Managing Directors.

执行董事会还批准任命董事总经理的首席助理、第一副董事总经理和四名副董事总经理。

The Managing Director manages the ongoing operations of the Fund (under the policy direction of the Executive Board); supervises some 2,800 staff members; and oversees the preparation of policy papers, loan proposals, and other documents that go before the Executive Board for its approval.

总经理负责管理基金的持续运营（在执行董事会的政策指导下）；管理约 2,800 名员工；并监督政策文件、贷款提案和其他提交执行委员会批准的文件的准备工作。

While any country can propose a candidate for IMF president, by tradition, the European candidate for IMF Managing Director is elected by the full IMF membership.

虽然任何国家都可以提名国际货币基金组织主席候选人，但按照传统，国际货币基金组织总裁的欧洲候选人是由国际货币基金组织全体成员国选举产生的。

14 The United States has a similar prerogative at the World Bank.

14 美国在世界银行也享有类似的特权。

The First Deputy Managing Director of the IMF is typically a U.S. citizen, currently the position is held by David Lipton.

国际货币基金组织第一副总裁通常是美国公民，目前由大卫·利普顿担任。

Leadership selection has been a long-standing issue of concern.

领导层的选拔一直是人们关注的问题。

Emerging economic powers argue that any agreement that grants the leadership position based on nationality limits the pool of potential candidates.

新兴经济大国认为，任何根据国籍授予领导职位的协议都会限制潜在候选人的范围。

During the most recent transition from Dominique Strauss-Kahn to Christine Lagarde, however, non-European countries were unable to coalesce on a candidate, securing the position for a European.

然而，在最近从多米尼克·斯特劳斯-卡恩到克里斯蒂娜·拉加德的过渡期间，非欧洲国家无法联合起来选出一名候选人，从而确保欧洲人的职位。

15 In February 2016, the IMF Executive Board selected MD Lagarde for a second five- year term, serving to July 2021.

15 2016 年 2 月，国际货币基金组织执行董事会选择拉加德担任第二个五年任期，任期至 2021 年 7 月。

Some analysts argue that calls for a non-European director from the emerging economies mask divides that make it difficult for emerging economies to unite behind one credible candidate.

一些分析人士认为，要求新兴经济体任命一位非欧洲董事的呼声掩盖了分歧，使新兴经济体难以团结在一位可信的候选人背后。

These calls, the argument goes, are part of the larger issue of the influence of emerging economies in the international financial institutions, and could ultimately lead to additional shifts toward emerging economies, despite Europe's hold on the top position.

该观点认为，这些呼吁是新兴经济体在国际金融机构中影响力这个更大问题的一部分，并且最终可能导致更多的资金转向新兴经济体，尽管欧洲仍占据主导地位。

Evidence suggests that some shifts are underway.

有证据表明一些转变正在发生。

In July 2011, new Managing Director Lagarde elevated Zhu Min, a Chinese national serving as an advisor to the Managing Director, to Deputy Managing Director.

2011年7月，新任总裁拉加德将担任总裁顾问的中国籍朱敏提升为副总裁。

In August 2016, Mr. Min was replaced with Tao Zhang, former Deputy Governor of China's Central Bank.

2016年8月，原央行副行长张涛接替了闵先生。

17 号

In addition to the official representation of the Board of Governors and the Executive Board, several other cross-cutting groups of countries are actively involved with the IMF.

除了理事会和执行董事会的官方代表外，其他几个跨领域的国家集团也积极参与国际货币基金组织的活动。

These include forums such as the Group of Seven (G-7) meeting of the finance ministers, 18 the Group of 20 major economies (G-20), 19 which in 2009 was declared by its members as the premier forum for international economic cooperation, 20 and the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24), 21 which coordinates the position of developing countries on monetary and development issues.

这些论坛包括七国集团 (G-7) 财政部长会议、18 20 个主要经济体集团 (G-20)、19 其成员于 2009 年宣布为国际经济合作的首要论坛、20 以及国际货币事务与发展政府间二十四国集团 (G-24)、21 协调发展中国家在货币和发展问题上的立场。

The IMF has three main financial sources (with the exception of special trust finds): subscriptions of members (quotas), multilateral borrowing arrangements (New Arrangements to Borrow (NAB) and General Arrangements to Borrow (GAB)), and bilateral borrowing arrangements, currently worth a combined total of SDR 963 billion (around $1.35 trillion) ( Table 1 ).

国际货币基金组织有三个主要资金来源（特殊信托基金除外）：成员认缴（配额）、多边借款安排（新借款安排（NAB）和借款总安排（GAB））和双边借款安排，目前总价值为9630亿特别提款权（约1.35万亿美元）（表1）。

Source: International Monetary Fund, Financial Statements for the Quarters ended October 31, 2017, and 2016.

资料来源：国际货币基金组织，截至 2017 年 10 月 31 日和 2016 年季度的财务报表。

Excluding reserves, prudential lending requirements, and outstanding programs, the IMF's available money to lend (known as the forward commitment capacity) was SDR 220.9 billion ($320.3 billion) as of March 2, 2018.

截至 2018 年 3 月 2 日，不包括准备金、审慎贷款要求和未完成的计划，国际货币基金组织的可用贷款资金（称为远期承诺能力）为 2,209 亿特别提款权（3,203 亿美元）。

Quotas are the primary national contribution to the IMF and are the foundation of country representation at the IMF.

配额是国家对国际货币基金组织的主要贡献，也是国家在国际货币基金组织中代表性的基础。

In December 2010, IMF members agreed to double IMF quotas to a combined SDR477 billion (about $677 billion) from about SDR 238 billion (about $339 billion).

2010 年 12 月，国际货币基金组织成员国同意将国际货币基金组织配额从约 2,380 亿特别提款权（约 3,390 亿美元）增加一倍，达到总计 4,770 亿特别提款权（约 6,770 亿美元）。

23 Total quota resources are SDR 475 billion (about $675 billion).

23 配额资源总额为 4,750 亿特别提款权（约合 6,750 亿美元）。

U.S. quota is SDR 83 billion (about $117 billion), 17.46% of the total.

美国配额为830亿特别提款权（约合1170亿美元），占总量的17.46%。

The IMF reviews quotas every five years and the fifteenth review of IMF quotas was originally scheduled to conclude in 2015.

国际货币基金组织每五年审查一次配额，第十五次配额审查原定于2015年结束。

However, given the extended period of time required to implement the most recent increase, IMF members agreed to delay the fifteenth review with the aim of completing it no later than the fall 2019 IMF annual meetings.

然而，鉴于实施最近一次加息所需的时间较长，国际货币基金组织成员国同意推迟第十五次审查，目标是在国际货币基金组织2019年秋季年会之前完成审查。

In addition to its regular quota resources, the IMF maintains two standing multilateral borrowing arrangements, the New Arrangements to Borrow (NAB) and the General Arrangements to Borrow (GAB) and several bilateral borrowing arrangements.

除了常规配额资源外，国际货币基金组织还维持两项常设多边借款安排，即新借款安排（NAB）和借款总安排（GAB）以及若干双边借款安排。

These are backstop resources intended to temporarily supplement available quota resources and borrowing.

这些是后备资源，旨在临时补充可用配额资源和借款。

If activated, participating creditor countries make loans to the IMF, and the IMF uses those funds to provide loans to eligible countries.

如果激活，参与的债权国向国际货币基金组织提供贷款，国际货币基金组织使用这些资金向符合条件的国家提供贷款。

The NAB is a set of credit arrangements between the IMF and 38 member countries and institutions, including advanced economies and a number of emerging market countries.

NAB是国际货币基金组织与38个成员国和机构（包括发达经济体和一些新兴市场国家）之间的一套信贷安排。

The NAB is the facility of first and principal recourse in circumstances in which the IMF needs to supplement its quota resources.

在国际货币基金组织需要补充其配额资源的情况下，国民银行是首要和主要的追索权。

As part of the agreement in December 2010 to double the IMF's quota resources, members agreed on a corresponding rollback of the NAB, resulting in a shift in the composition of the IMF's resources from NAB to quotas.

作为 2010 年 12 月将 IMF 配额资源增加一倍的协议的一部分，成员国同意相应缩减 NAB，导致 IMF 资源的构成从 NAB 转向配额。

Following the payments for quota increases in February 2016, the NAB has been rolled back from SDR 370 (about $536 billion) to SDR 182 billion (about $263 billion).

继 2016 年 2 月支付配额增加款项后，国民银行已从 370 特别提款权（约 5,360 亿美元）缩减至 1,820 亿特别提款权（约 2,630 亿美元）。

25 As of the end of FY2017, the IMF had commitments under the NAB of SDR 181 (about $254 billion, Table 2 ).

25 截至 2017 财年末，国际货币基金组织在 NAB 下承诺了 181 个特别提款权（约 2,540 亿美元，表 2）。

Source: International Monetary Fund, Financial Statements for the Quarters ended October 31, 2017, and 2016.

资料来源：国际货币基金组织，截至 2017 年 10 月 31 日和 2016 年季度的财务报表。

The NAB was renewed in November 2016 for a five-year period.

NAB 于 2016 年 11 月续签，为期五年。

26 Further renewal requires congressional authorization.

26 进一步更新需要国会授权。

U.S. contributions to the NAB are due to sunset in 2022.

美国对国民银行的捐款将于 2022 年停止。

The GAB, an earlier multilateral borrowing arrangement (established in 1962) of SDR 17 billion (around $25 billion) which has not been used in over 20 years, is set to be abolished at the end of 2018.

GAB 是一项较早的多边借款安排（成立于 1962 年），金额为 170 亿特别提款权（约合 250 亿美元），已 20 多年没有使用过，将于 2018 年底废除。

In 2012, the IMF entered into bilateral borrowing agreements with several members or their central banks.

2012年，国际货币基金组织与多个成员国或其中央银行签订了双边借款协议。

The 2012 agreements provided for an initial term of two years, with the option to extend the term for up to two additional years.

2012 年的协议规定初始期限为两年，并可选择将期限最多再延长两年。

These four-year terms began to expire in October 2016.

这些四年任期于 2016 年 10 月开始到期。

In August 2016, the IMF Executive Board approved a new framework for bilateral borrowing.

2016年8月，国际货币基金组织执行董事会批准了新的双边借款框架。

28 Agreements signed under the 2016 framework expire at end of 2019 and are extendable for another year with creditors' consents.

28 根据 2016 年框架签署的协议将于 2019 年底到期，经债权人同意可再延长一年。

They can only be activated if and when NAB resources have been expired.

仅当 NAB 资源过期时才能激活它们。

The United States does not have a bilateral borrowing relationship with the IMF.

美国与国际货币基金组织没有双边借款关系。

As of March 2018, bilateral agreements worth $435 billion were signed and effective.

截至2018年3月，已签署并生效价值4350亿美元的双边协议。

Another form of IMF borrowing is trust funds.

国际货币基金组织借款的另一种形式是信托基金。

These are voluntary contributions by member countries designated to be used for specific purposes.

这些是成员国指定用于特定目的的自愿捐款。

For example, the IMF's Catastrophe Containment and Relief (CCR) Trust allows the IMF to provide grants for debt relief for the poorest and most vulnerable countries hit by catastrophic natural disasters or public health disasters.

例如，国际货币基金组织的灾难遏制和救济（CCR）信托基金允许国际货币基金组织为遭受灾难性自然灾害或公共卫生灾难的最贫穷和最脆弱的国家提供债务减免赠款。

The Executive Board or Board of Governors of the IMF can approve loans, policy decisions, and many other matters by a simple majority vote.

国际货币基金组织执行委员会或理事会可以通过简单多数票批准贷款、政策决定和许多其他事项。

However, a supermajority vote is required to approve major IMF decisions.

然而，国际货币基金组织的重大决定需要绝对多数票才能批准。

The supermajority may require a 70% or 85% vote, depending on the issue.

根据问题的不同，绝对多数可能需要 70% 或 85% 的投票。

A 70% majority is required to resolve financial and operational issues such as the interest rate on IMF loans or the interest rate on SDR holdings.

需要 70% 的多数才能解决财务和运营问题，例如国际货币基金组织贷款利率或特别提款权持有利率。

An 85% majority is required for the most important decisions, such as the admission of new members, increases in quotas, allocations of SDRs, and amendments to the IMF's Articles of Agreement.

最重要的决定需要85%的多数票，例如接纳新成员、增加配额、分配特别提款权以及修改国际货币基金组织协定条款。

With a voting share of 16.52% ( Table 3 ), the United States is the only country able to unilaterally veto major IMF decisions (i.e., those requiring an 85% majority).

美国拥有16.52%的投票权（表3），是唯一能够单方面否决国际货币基金组织重大决策（即需要85%多数票的决策）的国家。

The United States also exercises a substantial amount of informal power at the IMF, given its large quota share and the location of the Fund in Washington, DC.

鉴于美国在国际货币基金组织的份额较大且该基金组织位于华盛顿特区，美国还在国际货币基金组织中行使大量非正式权力。

30 According to one analyst, "[t]here is no example that comes easily to mind of a position taken by the IMF on any systematic issue without the tacit, if not explicit, support of the United States and the other G-7 countries."

30 一位分析师表示，“国际货币基金组织在任何系统性问题上所采取的立场都没有得到美国和其他七国集团国家的默示（如果不是明确的）支持。”

As set forth in its Articles of Agreement, the purposes of the IMF are (1) to promote international cooperation on international monetary problems, (2) to facilitate the expansion and balanced growth of international trade, promoting high levels of employment and real income and the development of productive resources in all member countries, (3) to promote exchange rate stability and to avoid competitive exchange rate depreciation, (4) to help establish a multilateral system of payments among countries for current transactions and to help eliminate foreign exchange restrictions which hamper world trade, (5) to make loans to member countries on a temporary basis with adequate safeguards for repayment, "thus providing them with opportunity to correct maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity," and (6) to shorten with such loans the duration and to lessen the degree of disequilibrium in the international balances of payments of members.

根据其《协定》，国际货币基金组织的宗旨是：（1）促进国际货币问题上的国际合作；（2）促进国际贸易的扩大和平衡增长，促进所有成员国的高水平就业和实际收入以及生产资源的开发；（3）促进汇率稳定，避免汇率竞争性贬值；（4）帮助建立各国经常交易的多边支付体系，帮助消除阻碍世界贸易的外汇限制；（5）向世界各国提供贷款。为成员国提供临时的充分还款保障，“从而为它们提供了纠正国际收支失调的机会，而不采取破坏国家或国际繁荣的措施”，以及(6)缩短此类贷款的期限并减轻成员国国际收支不平衡的程度。

In practice, the IMF's mandate of promoting international monetary stability translates into three main functions: (1) surveillance of financial and monetary conditions in its member countries and in the world economy; (2) financial assistance to help countries overcome major balance-of-payments problems; and (3) technical assistance and advisory services to member countries.

实际上，国际货币基金组织促进国际货币稳定的使命转化为三个主要职能：（1）监督其成员国和世界经济的金融和货币状况； (2) 提供财政援助，帮助各国克服重大国际收支问题； (3) 向成员国提供技术援助和咨询服务。

IMF members agree, as a condition of membership (Article IV), that they will "collaborate with the Fund and other members to assure orderly exchange arrangements and to promote a stable system of exchange rates." In particular, they agree to pursue economic and financial policies that will produce orderly economic growth with reasonable price stability, to avoid erratic disruptions in the international monetary system, not to manipulate their exchange rates in order to attain unfair competitive advantage or shift economic burdens to other countries, and to follow exchange rate policies compatible with these commitments.

国际货币基金组织成员国同意，作为加入的条件（第四条），他们将“与基金组织和其他成员国合作，确保有序的汇率安排并促进稳定的汇率体系”。特别是，他们同意奉行经济和金融政策，以实现经济有序增长和合理的价格稳定，避免国际货币体系的不稳定扰乱，不操纵汇率以获得不公平的竞争优势或将经济负担转移给其他国家，并遵循与这些承诺相一致的汇率政策。

The main duties are comprised in Article VIII (convertibility) and Article IV (exchange arrangements).

主要职责包括第八条（可兑换性）和第四条（交换安排）。

If a country breaches these obligations, there are three escalating levels of punishment available: (1) ineligibility to borrow loans from the IMF, (2) temporary suspension of voting rights, and (3) expulsion from the Fund.

如果一个国家违反这些义务，将面临三种级别的惩罚：(1) 没有资格从国际货币基金组织借入贷款；(2) 暂时中止投票权；(3) 被驱逐出国际货币基金组织。

For example, in July 2011, Argentina was found in breach of its obligations under Article VIII, Section 5 due to its inaccurate provision of economic data to the IMF and was censured for several years.

例如，2011年7月，阿根廷因向国际货币基金组织提供不准确的经济数据而被认定违反了第八条第五款规定的义务，并受到多年的谴责。

32 Only one country, Czechoslovakia, was forced to withdraw from the IMF, in 1954 for its failure to provide the information required for an evaluation of exchange rate policy.

32 只有一个国家捷克斯洛伐克因未能提供评估汇率政策所需的信息而于 1954 年被迫退出国际货币基金组织。

Countries are required to provide the IMF with information and to consult with the IMF upon its request.

各国必须向国际货币基金组织提供信息，并根据国际货币基金组织的要求与国际货币基金组织进行磋商。

The IMF staff generally meets annually with each member country regarding the country's current fiscal and monetary policies, the state of its economy, its exchange rate situation, and other relevant concerns.

国际货币基金组织工作人员通常每年与每个成员国举行会议，讨论该国当前的财政和货币政策、经济状况、汇率状况以及其他相关问题。

The IMF's reports on its Article IV consultations with each country are presented to the IMF Executive Board, along with the staff's observations and recommendations about possible improvements in the country's economic policies and practices.

国际货币基金组织与各国的第四条磋商报告以及工作人员关于该国经济政策和实践可能改进的意见和建议均提交给国际货币基金组织执行董事会。

In pursuit of its multilateral surveillance function, the IMF publishes numerous reports each year on economic conditions and trends in the world economy.

为了履行其多边监督职能，国际货币基金组织每年发布大量有关世界经济状况和趋势的报告。

These include semiannual publications such as (1) the World Economic Outlook , which provides analysis of the state of the global economy; (2) the Global Financial Stability Report , which assesses global financial markets; and (3) the Fiscal Monitor , which surveys and analyzes the state of public finances in member countries.

其中包括半年刊，例如 (1) 《世界经济展望》，提供对全球经济状况的分析； (2) 《全球金融稳定报告》，评估全球金融市场； (3) 财政监测，调查和分析成员国的公共财政状况。

The IMF also prepares regional economic outlooks and a wide-range of analytical outputs across all IMF departments.

国际货币基金组织还准备区域经济前景以及国际货币基金组织所有部门的广泛分析成果。

The Fund is also required (Article VIII, Section 7) to publish an annual report on its operations, transactions, and resources and it is authorized (Article XII, Section 7) to publish "such other reports as it deems desirable for carrying out its purposes." These are available through its publications page, also available at the IMF website.

该基金还需要（第 VIII 条第 7 节）发布有关其运营、交易和资源的年度报告，并被授权（第 XII 条第 7 节）发布“其认为有助于实现其目的的其他报告”。这些内容可通过其出版物页面获取，也可在国际货币基金组织网站上获取。

The IMF's authority does not extend, however, to the publication of information about the internal conditions in member countries.

然而，国际货币基金组织的权力并不包括公布有关成员国内部状况的信息。

Countries are required (Article VIII, Section 5) to provide the IMF with information about their economic and monetary conditions and international economic and financial relationships.

各国必须（第八条第 5 节）向国际货币基金组织提供有关其经济和货币状况以及国际经济和金融关系的信息。

However, this information is generally deemed to be the property of the country which provided it and their consent is required for its release.

然而，这些信息通常被视为提供该信息的国家的财产，并且需要其同意才能发布。

The Fund may not publish reports involving changes in the fundamental structure of the economic organization of members (Article XII, Section 8) without their consent.

未经成员同意，基金组织不得发布涉及成员经济组织基本结构变化的报告（第十二条第 8 节）。

It may communicate its views informally to any member country about any relevant issue.

它可以就任何相关问题向任何成员国非正式地传达其观点。

A 70% vote of the executive board is required, however, before any report can be published on economic, monetary or balance of payments conditions in a country if the country in question does not want it released.

然而，如果有关国家不希望发布有关该国经济、货币或国际收支状况的任何报告，则需要获得执行委员会 70% 的投票才能发布该报告。

It does not appear that the IMF executive board has ever exercised this authority.

国际货币基金组织执行董事会似乎从未行使过这一权力。

When its member countries experience balance of payments difficulties, either through capital account or current account crises, the IMF can make loans designed to help them stabilize their international payments situation and adopt policy changes sufficient to reverse their situation and overcome their problems.

当其成员国因资本账户或经常账户危机而遇到国际收支困难时，国际货币基金组织可以提供旨在帮助它们稳定国际收支状况的贷款，并采取足以扭转其状况并克服其问题的政策变化。

In some cases, the IMF makes short-term loans to help prevent countries' economies from spiraling into financial crisis and to facilitate renewed inflows of private sector capital.

在某些情况下，国际货币基金组织提供短期贷款，以帮助防止各国经济陷入金融危机，并促进私营部门资本重新流入。

Many financial crises in developing countries in recent years were the result of a lack of confidence by the international financial markets and the "sudden stop" or reversal of capital inflows to developing countries which often occurs at the outset of a crisis.

近年来发展中国家发生的许多金融危机，都是由于国际金融市场缺乏信心，以及危机爆发时经常出现的资本流入“骤停”或逆转的结果。

In other cases, the IMF makes loans to help countries deal with crises but the loan repayment period is longer and the conditionality includes problems which are more deeply rooted and require more time than is usually possible in the IMF's usual timeline.

在其他情况下，国际货币基金组织提供贷款来帮助各国应对危机，但贷款偿还期较长，条件包括比国际货币基金组织通常时间表更根深蒂固且需要更多时间的问题。

The IMF's financial structure can best be characterized as that of a credit union (see box).

国际货币基金组织的金融结构最能被描述为信用社的金融结构（见方框）。

IMF member countries deposit hard currency and some of their own currency, from which they can draw the currencies of other countries if they face significant problems in managing their balance of payments.

国际货币基金组织成员国存有硬通货和部分本国货币，如果在管理国际收支方面遇到重大问题，它们可以从中提取其他国家的货币。

As noted above, supplemental resources are available from the NAB or GAB if quota resources are insufficient.

如上所述，如果配额资源不足，可以从 NAB 或 GAB 获得补充资源。

The IMF's financing mechanism is rooted in the credit facilities that existed between central banks prior to the IMF's creation.

国际货币基金组织的融资机制植根于国际货币基金组织成立之前各国央行之间存在的信贷安排。

Central banks would borrow from each other with the borrower purchasing the currency of the lender, and paying for it by crediting the lender's account with the borrower in the borrower's currency.

中央银行将相互借款，借款人购买贷款人的货币，并通过以借款人的货币记入贷款人的账户来支付贷款。

Thus, when borrowing from the IMF, a member purchases from the IMF the hard currency of another member in exchange for its own currency.

因此，当一个成员向国际货币基金组织借款时，一个成员从国际货币基金组织购买另一个成员的硬通货以换取自己的货币。

Repayment is effected through a reversal of the original transaction.

还款是通过撤销原始交易来实现的。

The member repays the loan by paying the IMF hard currency and repurchasing its own currency that the IMF had acquired.

成员国通过支付国际货币基金组织硬通货并回购国际货币基金组织已获得的本国货币来偿还贷款。

For the IMF to be able to lend, it has available, through members' quota subscriptions and NAB commitments, a pool of hard currency and SDRs.

为了使国际货币基金组织能够放贷，它可以通过成员国的配额认购和澳大利亚国民银行的承诺，获得硬通货和特别提款权池。

A quarter of a member's quota payment is normally paid in usable assets (SDRs or currencies of other members acceptable to the IMF), and the balance is paid in the member's own currency.

成员的配额付款的四分之一通常以可用资产（特别提款权或国际货币基金组织接受的其他成员的货币）支付，余额以成员本国货币支付。

When members borrow from the IMF, the pool contains more of debtor members' currencies and less of SDRs or currencies of creditor members.

当成员国向国际货币基金组织借款时，资金池中包含较多的债务国货币，较少的特别提款权或债权国货币。

The reverse takes place as members repay their borrowings from the IMF.

当成员国偿还国际货币基金组织的借款时，情况就会相反。

Operationally, the IMF decides quarterly, based on the expected pipeline of member borrowings and repayments, which currencies are to be used (and up to what amounts) to finance and repay its lending.

在运作上，国际货币基金组织根据成员国借款和还款的预期渠道，每季度决定使用哪些货币（以及最高金额）来融资和偿还贷款。

The amounts transferred and received by these members are managed to ensure that their creditor positions in the IMF remain broadly even in relation to their quota, which are reported by the IMF on a quarterly basis.

这些成员国转移和收到的金额得到妥善管理，以确保其在国际货币基金组织中的债权人头寸与其配额基本保持平衡，国际货币基金组织每季度报告一次。

The most recent report, covering transactions between August 1, 2017, and October 31, 2017, reported that the U.S. creditor position was 10% of total quota available to finance transactions.

最新报告涵盖了2017年8月1日至2017年10月31日期间的交易，报告称美国债权人头寸占可用于融资交易的总配额的10%。

The IMF is required by its Articles to ensure that countries' use of its resources will be temporary and that loans will be repaid.

国际货币基金组织的章程要求确保各国对其资源的使用是暂时的，并且贷款将得到偿还。

Failure of a borrowing country to repay the IMF reduces the availability of financing for all other IMF members.

借款国未能偿还国际货币基金组织的款项会减少国际货币基金组织所有其他成员国的融资机会。

In order to ensure that it gets repaid, the IMF imposes conditionality on its loans.

为了确保得到偿还，国际货币基金组织对其贷款施加了条件。

Conditionality is also intended to correct the borrower's current account deficit by bringing about macroeconomic stabilization and economic adjustment.

附加条件还旨在通过实现宏观经济稳定和经济调整来纠正借款人的经常账户赤字。

In the past, there have been debates about whether the austerity conditions that are often the core of IMF conditionality are productive in increasing economic growth.

过去，人们一直争论作为国际货币基金组织条件核心的紧缩条件是否能够有效促进经济增长。

In 2000, one heavily cited paper found that participating in IMF programs lowers growth rates during the program, as would be expected.

2000 年，一篇被大量引用的论文发现，正如预期的那样，参与国际货币基金组织的计划会降低计划期间的增长率。

In addition, however, the study found that once countries leave the program, they grow faster than if they had remained, but not faster than they would have without participating in the IMF program in the first place.

然而，此外，研究还发现，一旦国家退出该计划，它们的增长速度就会比留在该计划时快，但不会比不参与国际货币基金组织计划时的增长速度快。

35 Recent research upholds these findings.

35 最近的研究证实了这些发现。

A 2017 study, looking at IMF lending to low-income countries, found that IMF programs had a generally positive effect on economic growth for up to two years after the agreements were signed.

2017 年的一项研究研究了国际货币基金组织向低收入国家提供的贷款，发现国际货币基金组织的计划在协议签署后的两年内对经济增长总体上产生了积极影响。

After heavy criticism of the conditions attached to IMF loans to East Asia in the late 1990s, the IMF revamped its conditionality guidelines in 2002.

20 世纪 90 年代末，国际货币基金组织向东亚提供贷款的附加条件遭到严厉批评，随后国际货币基金组织于 2002 年修改了其附加条件准则。

37 Additional reforms, including new IMF lending instruments based on economic prequalification (ex-ante conditionality) rather than traditional structural adjustment (ex-post conditionality).

37 其他改革，包括基于经济资格预审（事前条件）而不是传统结构调整（事后条件）的新的国际货币基金组织贷款工具。

The IMF has several loan programs.

国际货币基金组织有多项贷款计划。

Table IV shows the financial terms of the major lending facilities.

表四显示了主要贷款机构的财务条款。

The Stand-By Arrangement (SBA), which provides the bulk of IMF assistance to middle-income countries, addresses short-term balance-of-payments problems and typically lasts one to two years.

备用安排（SBA）向中等收入国家提供国际货币基金组织的大部分援助，解决短期国际收支问题，通常持续一到两年。

The Extended Fund Facility (EFF) addresses longer-term balance-of-payments problems requiring fundamental economic reforms and generally runs for three years or longer.

延期基金安排（EFF）旨在解决需要进行根本性经济改革的长期国际收支问题，通常运行三年或更长时间。

The IMF provides loans to its poorest member countries on concessional repayment terms.

国际货币基金组织以优惠还款条件向最贫穷的成员国提供贷款。

These aim to help countries overcome balance-of-payments problems, but their conditionality puts less emphasis on cutting spending and more on economic growth-enhancing reforms.

这些旨在帮助各国克服国际收支问题，但其条件较少强调削减支出，而更多强调促进经济增长的改革。

Concessional lending to low-income countries is resourced through contributions from member countries and the IMF itself, rather than through quota subscriptions.

向低收入国家提供的优惠贷款的资金来自成员国和国际货币基金组织本身的捐款，而不是通过配额认购。

The IMF currently provides low-interest loans under the Poverty Reduction and Growth Trust (PRGT) (zero interest rate until 2018).

国际货币基金组织目前根据减贫与增长信托基金 (PRGT) 提供低息贷款（2018 年之前为零利率）。

Debt relief is provided under the Heavily Indebted Poor Countries (HIPC) Initiative and the Catastrophe Containment and Relief (CCR) Trust Fund.

债务减免是根据重债穷国（HIPC）倡议和灾难遏制和救济（CCR）信托基金提供的。

Finally, the Policy Support Instrument (PSI) supports low-income countries that do not want, or need, IMF lending, but seek IMF macroeconomic advice, and a "seal of approval" of their economic policies as a signal to international donors and financial markets.

最后，政策支持工具（PSI）支持那些不想或不需要国际货币基金组织贷款，但寻求国际货币基金组织宏观经济建议以及其经济政策“批准印章”的低收入国家，作为向国际捐助者和金融市场发出的信号。

39 In 2017, IMF members approved the creation of another non-financing instrument, the Policy Coordination Instrument (PCI).

39 2017 年，国际货币基金组织成员批准设立另一个非融资工具，即政策协调工具（PCI）。

The PCI is similar to the PSI but is eligible to the full IMF membership, has a more flexible review schedule.

PCI 与 PSI 类似，但有资格成为 IMF 的正式成员，并具有更灵活的审查时间表。

In 2009, following the financial crisis, the IMF created the Flexible Credit Line (FCL).

2009年金融危机爆发后，国际货币基金组织设立了灵活信贷额度（FCL）。

The FCL provides a credit line to countries that have strong economic fundamentals and policies, and that the credit line can be drawn on without new conditionalities being imposed.

FCL向经济基础和政策强劲的国家提供信贷额度，并且可以在不施加新条件的情况下提取信贷额度。

Unlike the SBA and the EFF, the FCL relies on ex-ante conditionality.

与 SBA 和 EFF 不同，FCL 依赖于事前条件。

As of March 2018, Colombia, Mexico, and Poland have used the FCL, although none of the three countries has drawn on the credit lines.

截至 2018 年 3 月，哥伦比亚、墨西哥和波兰已使用整箱集装箱，但这三个国家均未提取信贷额度。

41 In 2010, the IMF introduced the Precautionary Credit Line, now known as the Precautionary and Liquidity Line (PLL), for countries whose financial situations would make them ineligible for the FCL.

41 2010 年，国际货币基金组织针对财务状况不符合 FCL 资格的国家推出了预防性信贷额度，现称为预防性和流动性额度 (PLL)。

A country can request a PLL for six months with a limit of five times its quota.

一个国家可以请求为期六个月的 PLL，其限额为其配额的五倍。

To date, two countries, Macedonia and Morocco, have used the PLL.

迄今为止，马其顿和摩洛哥两个国家已经使用了 PLL。

42 A 2017 study found that these precautionary programs are among the least costly and most advantageous lending programs the IMF offers its members and recommended that more countries should seek precautionary lending from the Fund.

42 2017 年的一项研究发现，这些预防性计划是国际货币基金组织向其成员国提供的成本最低、最有利的贷款计划之一，并建议更多国家向基金组织寻求预防性贷款。

Short- to medium-term assistance for countries with short-term balance-of payments difficulties

向出现短期国际收支困难的国家提供中短期援助

Longer-term assistance to support members' structural reforms to address long-term balance-of-payments difficulties

提供长期援助，支持成员国进行结构性改革，解决长期国际收支困难

Bosnia and Herzegovina, Cote d'Ivoire, Egypt, Gabon, and Georgia, Jordan, Moldova, Mongolia, Sri Lanka, Tunisia, and Ukraine

波斯尼亚和黑塞哥维那、科特迪瓦、埃及、加蓬、格鲁吉亚、约旦、摩尔多瓦、蒙古、斯里兰卡、突尼斯和乌克兰

Flexible instrument in the credit tranches to address all balance-of-payments needs, potential or actual

信贷部分的灵活工具可满足所有潜在或实际的国际收支需求

125% of quota for 6 months; 250% of quota available upon approval of 1- to 2-year arrangements; total of 500% of quota after 12 months of satisfactory progress

配额的125%，为期6个月； 1至2年安排获批后可获得250%的配额； 12 个月取得令人满意的进展后，总计完成配额的 500%

Rapid financial assistance to all member countries facing an urgent balance of payments need

向所有面临紧急国际收支需求的成员国提供快速财政援助

Medium to long-term assistance to support low-income members' structural reforms to address long-term balance-of-payments difficulties

中长期援助，支持低收入成员进行结构性改革，解决长期国际收支困难

Afghanistan, Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Cote d'Ivoire, Ghana, Guinea, Guinea-Bissau, Kyrgyz Republic, Madagascar, Mali, Mauritania, Moldova, Niger, Sao Tome-Principe, Sierra Leone, Togo

阿富汗、贝宁、布基纳法索、喀麦隆、中非共和国、乍得、科特迪瓦、加纳、几内亚、几内亚比绍、吉尔吉斯共和国、马达加斯加、马里、毛里塔尼亚、摩尔多瓦、尼日尔、圣多美普林西比、塞拉利昂、多哥

Short-term and precautionary assistance to support low-income member's structural reforms to address long-term balance-of-payments difficulties

提供短期和预防性援助，支持低收入成员进行结构性改革，解决长期国际收支困难

Rapid and concessional financial assistance to low-income countries facing an urgent balance of payments need (such as a natural disaster), without ex post conditionality.

向面临紧急国际收支需求（例如自然灾害）的低收入国家提供快速和优惠的财政援助，且不附加任何事后条件。

Source: Weekly Report on Key Financial Statistics, International Monetary Fund , March 15, 2018

资料来源：国际货币基金组织关键金融统计周报，2018 年 3 月 15 日

Advanced economies accounted for over 75% of the IMF credit in 1970, during the waning days of the fixed exchange rate regime.

1970 年，在固定汇率制度的衰落时期，发达经济体占国际货币基金组织信贷的 75% 以上。

By 1990, their share of IMF credit had dropped to zero, before increasing in the late 1990s (loans to Korea and Russia), and then after the recent financial crisis.

到 1990 年，它们在国际货币基金组织信贷中的份额已降至零，然后在 90 年代末增加（向韩国和俄罗斯提供贷款），然后在最近的金融危机之后。

In 2010, due to several large European programs, IMF lending to advanced economies accounted for 17% of total lending.

2010年，由于欧洲的多项大型计划，国际货币基金组织对发达经济体的贷款占贷款总额的17%。

Loans to Latin America began rising in the 1970s, but did not increase sharply until the 1980s debt crises, peaking in 1990.

对拉丁美洲的贷款在 20 世纪 70 年代开始增加，但直到 80 年代债务危机才大幅增加，并于 1990 年达到顶峰。

Loans increased after 2000 because of three large programs (Argentina, Brazil, and Uruguay) and declined until the end of the decade and onset of the global financial crisis in 2008 followed by the ongoing economic turmoil within the Eurozone countries.

2000 年之后，由于三个大型计划（阿根廷、巴西和乌拉圭），贷款有所增加，但直到 2008 年全球金融危机爆发以及欧元区国家内部持续的经济动荡之后，贷款才有所下降。

In recent years, Greece has been the most persistent challenge facing the IMF.

近年来，希腊问题一直是国际货币基金组织面临的最持久的挑战。

45 The Greek crisis was rooted in concerns about its public debt and finances, although the crisis exposed broader issues with Greece's banking sector, structural policies, and membership in the Eurozone.

45 希腊危机的根源在于对其公共债务和财政的担忧，尽管这场危机暴露了希腊银行业、结构性政策和欧元区成员国身份等更广泛的问题。

The IMF approved two financial assistance programs for Greece, co-financed with European creditors, in 2010 and 2012.

国际货币基金组织于 2010 年和 2012 年批准了两项与欧洲债权人共同资助的希腊金融援助计划。

For the IMF as an institution, the stakes were high: the programs were among the largest in IMF history, Greece was the first advanced economy to borrow from the IMF in several decades, and failing to contain the crisis could have undermined recovery from the global financial crisis.

对于国际货币基金组织作为一个机构来说，风险很高：这些计划是国际货币基金组织历史上规模最大的计划之一，希腊是几十年来第一个向国际货币基金组织借款的发达经济体，如果未能遏制危机，可能会损害全球金融危机的复苏。

Another key trend is the increasing size of IMF loans compared to a country's quota.

另一个主要趋势是国际货币基金组织贷款规模与国家配额相比不断增加。

Officially, the amount a country is able to borrow from the IMF is related to the country's quota, its ownership and contribution share in the IMF.

按照官方规定，一个国家能够从国际货币基金组织借款的金额与该国在国际货币基金组织的份额、所有权和出资份额有关。

In most instances, countries may borrow several multiples of their quota in response to particular circumstances.

在大多数情况下，各国可能会根据特定情况借用数倍的配额。

The conditionality and performance standards attached to a loan become more rigorous and demanding as its size (relative to the borrower's quota) increases.

随着贷款规模（相对于借款人配额）的增加，贷款的条件和绩效标准变得更加严格和要求更高。

In many cases, deemed exceptional by the IMF executive board at the time, countries have received much larger loans from the IMF than are allowed under normal guidelines.

在许多情况下，各国从国际货币基金组织获得的贷款比正常指导方针允许的数额要大得多，当时的国际货币基金组织执行董事会认为这是特殊情况。

The 2010 loan to Greece, for example, was 3,212% of Greece's quota at the IMF.

例如，2010年向希腊提供的贷款占希腊在国际货币基金组织份额的3,212%。

The 2011 loan to Ireland was 2,322% of its quota.

2011年向爱尔兰提供的贷款占其配额的2,322%。

Access to technical assistance is one benefit of IMF membership, accounting for about 20% of the IMF's annual operating budget.

获得技术援助是国际货币基金组织成员资格的一项好处，约占国际货币基金组织年度运营预算的20%。

The IMF provides technical assistance in its core areas of expertise: macroeconomic policy; tax and revenue policies; expenditure management; exchange rates; financial sector sustainability; and economic statistics.

国际货币基金组织在其核心专业领域提供技术援助：宏观经济政策；税收和收入政策；支出管理；汇率；金融部门的可持续性；和经济统计。

IMF technical assistance supports the development of the productive resources of member countries by helping them to effectively manage their economic policy and financial affairs.

国际货币基金组织的技术援助通过帮助成员国有效管理经济政策和金融事务来支持成员国生产资源的开发。

The IMF helps these countries to strengthen their capacity in both human and institutional resources, and to design appropriate macroeconomic, financial, and structural policies.

国际货币基金组织帮助这些国家加强人力和机构资源的能力，并设计适当的宏观经济、金融和结构政策。

As the largest single shareholder of IMF quota (approximately $67.35 billion), and contributor to the NAB ($100 billion), the United States has a leading role in shaping the IMF's lending, surveillance, and advisory operations.

作为国际货币基金组织份额（约 673.5 亿美元）的最大单一股东和国民银行（1000 亿美元）的出资者，美国在塑造国际货币基金组织的贷款、监督和咨询业务方面发挥着主导作用。

While the statutory framework for U.S. participation in the IMF provides the President the authority to appoint the U.S. Governor, Alternate Governor, Executive Director, and Alternate Executive Director, the Department of the Treasury has been delegated responsibility to direct U.S. representatives at the IMF and to take a range of actions with respect to the IMF, including making contributions to capital increases and implementing congressional mandates.

虽然美国参与国际货币基金组织的法定框架赋予总统任命美国总督、副州长、执行董事和副执行董事的权力，但财政部被授权负责指导美国在国际货币基金组织的代表，并就国际货币基金组织采取一系列行动，包括为增加资本提供捐款和执行国会授权。

Congress is responsible for authorizing and appropriating all U.S. financial commitments to the IMF.

国会负责授权和拨款美国对国际货币基金组织的所有财政承诺。

The Senate has advise and consent authority over all persons nominated to represent the United States at the IMF.

参议院对所有被提名在国际货币基金组织代表美国的人员拥有建议和同意权。

U.S. participation in the IMF is authorized by the Bretton Woods Agreements Act of 1945.

1945 年布雷顿森林协定法案授权美国参与国际货币基金组织。

46 U.S. representatives at the Board of Governors and the Board of Executive Directors are appointed by the President, by and with the advice and consent of the Senate, to terms of five years and two years, respectively.

理事会和执行董事会的 46 名美国代表由总统根据参议院的建议和同意任命，任期分别为五年和两年。

They have the right to remain in office until a successor has been appointed.

他们有权继续留任直至任命继任者。

47 The Secretary of the Treasury, as a matter of practice, is nominated to serve as the U.S. Governor at the IMF.

47 实际上，财政部长被提名担任国际货币基金组织的美国理事。

The Chairman of the Federal Reserve customarily is nominated to serve as the U.S. Alternate Governor.

美联储主席通常被提名担任美国候补州长。

As discussed above, the Board of Governors has delegated substantial authority to the IMF's Executive Board, which carries out the IMF's day-to-day operations.

如上所述，理事会已将实质性权力授予国际货币基金组织执行委员会，由该委员会负责执行国际货币基金组织的日常运作。

The U.S. Executive Director and Alternate U.S. Executive Director serve as representatives of the United States to the IMF and present the U.S. government's positions.

美国执行董事和副执行董事作为美国驻国际货币基金组织的代表，代表美国政府的立场。

Executive Directors at the IMF, including those of those of the United States, are employees of the IMF.

国际货币基金组织的执行董事，包括美国的执行董事，都是国际货币基金组织的雇员。

When the United States joined the IMF, Congress made an interagency group of executive branch agencies, the National Advisory Council on International Monetary and Financial Problems (NAC), responsible for instructing the U.S. IMF representative, under the general direction of the President.

美国加入国际货币基金组织时，国会成立了一个由行政部门组成的跨部门小组，即国际货币和金融问题国家咨询委员会（NAC），在总统的总体指导下负责指导美国国际货币基金组织的代表。

Unless the President overrode their recommendations, policy was determined by a majority vote of agencies involved.

除非总统推翻他们的建议，否则政策由相关机构的多数票决定。

The initial interagency procedure did not work well, and in 1965, Congress approved a reorganization act that abolished the NAC as a statutory committee and transferred all of its responsibilities and authority to the President, including the responsibility for instructing U.S. representatives at the IMF.

最初的跨部门程序运作不佳，1965年，国会批准了一项重组法案，废除了国家审计委员会这一法定委员会，并将其所有职责和权力移交给总统，包括指导美国在国际货币基金组织代表的责任。

In 1966, President Lyndon Johnson delegated the responsibility to direct U.S. representatives at the IMF to the Treasury Department, where it continues to reside today.

1966 年，林登·约翰逊总统将指导美国在国际货币基金组织代表的职责委托给了财政部，至今该部门仍驻扎于此。

49 The President reconstituted the NAC by executive order, but it became solely a forum where other agencies could advise the Treasury Department about policy concerns regarding U.S. participation in the international financial institutions.

49 总统通过行政命令重组了 NAC，但它只是一个论坛，其他机构可以在此论坛就美国参与国际金融机构的政策问题向财政部提供建议。

Unlike in a U.S. government department or agency, changes in the IMF's operations cannot be brought about simply by changing U.S. law.

与美国政府部门或机构不同，国际货币基金组织运作的变化不能仅仅通过改变美国法律来实现。

As a result, congressional proposals for policy changes in the IMF are formulated as directives to the Secretary of the Treasury to instruct the representative of the U.S. government in the IMF, the U.S. Executive Director, to promote the desired change.

因此，国会关于国际货币基金组织政策变革的提案被制定为对财政部长的指示，指示美国政府在国际货币基金组织中的代表、美国执行董事推动所期望的变革。

These have often been formulated as an instruction to use the "voice and vote" of the United States to achieve the desired goal.

这些往往被制定为利用美国的“声音和选票”来实现预期目标的指令。

Consequently, the term "voice and vote" has become something of a generic or descriptive term for those amendments to U.S. law that seek to bring about specific changes within the IMF.

因此，“发言权和投票权”一词已成为美国法律修正案的通用或描述性术语，这些修正案试图在国际货币基金组织内部带来具体的变化。

Over the years, "voice and vote" amendments have increased.

多年来，“声音和投票”修正案有所增加。

In the context of the current debate over IMF funding for advanced European economies, questions have arisen over the extent to which congressional policy, as embodied in the "voice and vote" amendments, has been carried out.

在当前关于国际货币基金组织为欧洲发达经济体提供资金的争论中，人们对“发言权和投票”修正案所体现的国会政策的执行程度产生了疑问。

Voice and vote amendments can be organized in three broad categories: "policy," "directed vote," and "reporting." Policy mandates seek to foster or advocate certain policies at the IMF by directing the Treasury Department to instruct the U.S. Executive Director to use his or her "voice" and/or "vote" on behalf of the United States at the IMF Executive Board.

声音和投票修正案可以分为三大类：“政策”、“定向投票”和“报告”。政策授权旨在通过指示财政部指示美国执行董事在国际货币基金组织执行董事会上代表美国使用他或她的“声音”和/或“投票权”来促进或倡导国际货币基金组织的某些政策。

For example, the U.S. Executive Director is directed to (1) encourage the IMF to adopt internationally recognized worker rights for borrowing countries; (2) encourage and promote the integration of women into the national economies of IMF member countries and into professional positions within the IMF organization; and (3) urge the IMF to encourage member countries to pursue macroeconomic stability while promoting environmental protection.

例如，美国执行董事的指示是：（1）鼓励国际货币基金组织为借款国采用国际公认的工人权利； (2) 鼓励和促进妇女融入基金组织成员国的国民经济和基金组织内的专业职位；（3）敦促国际货币基金组织鼓励成员国在促进环境保护的同时追求宏观经济稳定。

The second category, directed voting mandates, require that the U.S. Executive Director oppose an IMF loan when a country meets or does not meet certain criteria.

第二类是定向投票授权，要求当一个国家满足或不满足某些标准时，美国执行董事反对国际货币基金组织的贷款。

In practice, U.S. opposition can take the form of abstaining from voting on, or voting against, the IMF loan under consideration.

实际上，美国的反对可以采取对正在考虑的国际货币基金组织贷款投弃权票或反对票的形式。

Examples include when a country has been determined by the President to violate religious freedom, provide support for acts of international terrorism, or engage in the proliferation of nuclear weapons.

例如，总统认定一个国家侵犯宗教自由、支持国际恐怖主义行为或从事核武器扩散。

Reporting requirements, the third category, require Treasury to report to Congress on various issues related to U.S. participation in the IMF.

第三类报告要求要求财政部就与美国参与国际货币基金组织有关的各种问题向国会报告。

Congress enacted legislation in 2010, for example, that requires the Treasury Department to report regularly to Congress about economic conditions in heavily indebted advanced economies receiving IMF assistance.

例如，国会在 2010 年颁布了立法，要求财政部定期向国会报告接受国际货币基金组织援助的重债发达经济体的经济状况。

51 These reports are to discuss the debt status of the borrower country, economic conditions affecting its vulnerability and its ability to repay, and its debt management status.

51 这些报告旨在讨论借款国的债务状况、影响其脆弱性和偿还能力的经济状况以及债务管理状况。

Increased attention to the IMF since the financial crisis has revived long-standing debates about the institution's role in the global economy and the future of U.S. support for the institution.

自金融危机以来，人们对国际货币基金组织的关注日益增加，重新引发了关于该机构在全球经济中的作用以及美国对该机构未来支持的长期争论。

Some analysts argue that with the end of the pegged-exchange rate system, the IMF is no longer needed and it should be abolished.

一些分析人士认为，随着钉住汇率制度的结束，国际货币基金组织不再需要，它应该被废除。

52 Others say the IMF is still vital, but needs to be restructured and refocused.

52 其他人则表示，国际货币基金组织仍然至关重要，但需要进行重组和重新调整重点。

53 Still others suggest that new functions should be added to the IMF and its role in the international monetary system should be expanded.

53 还有人建议国际货币基金组织应增加新的职能，并扩大其在国际货币体系中的作用。

Events since 2008 have shown that substantial risks remain in the global economy.

2008年以来的事件表明，全球经济仍然存在重大风险。

Global imbalances, exchange rate misalignment, volatile capital flows and exchange rate movements, and the accumulation of large stockpiles of foreign exchange reserves have led many analysts to question the functioning of the international monetary system, and by extension, the future of the IMF.

全球失衡、汇率失调、资本流动和汇率变动波动以及大量外汇储备的积累，导致许多分析师对国际货币体系的运作以及国际货币基金组织的未来提出质疑。

While many emerging and some advanced economies drew on IMF resources during the recent financial crisis, the majority resorted to an ad hoc network of central bank swap arrangements.

虽然许多新兴经济体和一些发达经济体在最近的金融危机期间利用了国际货币基金组织的资源，但大多数经济体诉诸于央行互换安排的临时网络。

At the height of the crisis, in the face of a massive global shortage of dollars, the U.S. Federal Reserve deployed over $600 billion in global liquidity to many other advanced and emerging economies, double the available resources of the IMF.

在危机最严重的时候，面对全球大规模的美元短缺，美联储向许多其他发达经济体和新兴经济体部署了超过 6000 亿美元的全球流动性，是国际货币基金组织可用资源的两倍。

The European Central Bank (ECB) set up €250 ($360) billion in swap lines, of which about €200 ($288) billion was with the U.S. Fed.

欧洲央行 (ECB) 设立了 250 亿欧元（3600 亿美元）的互换额度，其中约 200 亿欧元（2880 亿美元）是在美联储的。

In October 2008, the Fed also authorized swap lines of $30 billion each to four emerging economies with large exposure to U.S. financial institutions, Brazil, South Korea, Mexico, and Singapore.

2008年10月，美联储还授权向巴西、韩国、墨西哥和新加坡这四个对美国金融机构有大量敞口的新兴经济体各提供300亿美元的互换额度。

Thus, the Fed, and not the IMF, was the de facto lender of last resort for major economies.

因此，美联储，而不是国际货币基金组织，是主要经济体事实上的最后贷款人。

At the same time, several other countries, primarily in Asia, relied on their accumulation of foreign exchange reserves built up during the 2000s to prevent their economies from collapsing due to the liquidity crisis.

与此同时，其他几个国家（主要是亚洲国家）依靠2000年代积累的外汇储备来防止经济因流动性危机而崩溃。

While central bank swap lines and self-insurance through reserve accumulation were effective in mitigating the effects of the crisis, and restoring liquidity in the global economy, the costs associated with these mechanisms are substantial, both for individual countries and for the system as a whole.

虽然央行互换额度和通过储备积累实现的自我保险有效地减轻了危机的影响，恢复了全球经济的流动性，但与这些机制相关的成本对于个别国家和整个体系来说都是巨大的。

55 By their very nature, the Fed and ECB swap lines were selective, and subject to domestic monetary policy, as well as political pressure.

55 就其本质而言，美联储和欧洲央行的互换额度是有选择性的，并受到国内货币政策和政治压力的影响。

It is uncertain whether the United States will be willing to play this role again in the future.

美国未来是否愿意再次扮演这一角色尚不确定。

Large accumulation of foreign exchange reserves is expensive, since they typically earn little interest and are susceptible to exchange rate risk.

大量积累外汇储备的成本很高，因为它们通常赚取的利息很少，而且容易受到汇率风险的影响。

They also contribute to systemic instability, by creating excessive demand for reserve currencies, thus putting downward pressure on interest rates in the economies of reserve currencies, such as the U.S. dollar.

它们还造成对储备货币的过度需求，从而导致系统性不稳定，从而给美元等储备货币经济体的利率带来下行压力。

Large swings in official portfolios of foreign exchange reserves can also have significant impact on exchange rates and the price of sovereign bonds.

官方外汇储备投资组合的大幅波动也会对汇率和主权债券价格产生重大影响。

Some analysts have proposed improving the Fund's lender of last resort function.

一些分析师建议完善基金组织的最后贷款人职能。

For example, one recent study proposed three main elements of what such reform could look like: (1) an automatic trigger to access the facility; (2) unilateral country prequalification to the facility during Article IV consultations; and (3) liquidity funded by the world's "issuers of last resort." 56

例如，最近的一项研究提出了此类改革的三个主要要素：（1）自动触发访问该设施； (2) 在第四条磋商期间单方面对设施进行国家资格预审； (3) 由全球“最后发行人”提供资金的流动性。 56

When considering expanding the role of the IMF, however, the concept of moral hazard has often been considered.

然而，在考虑扩大国际货币基金组织的作用时，人们经常考虑道德风险的概念。

As IMF lending increased after the financial crisis, especially after the large loans to Greece, Ireland, and Portugal, many observers, including some Members of Congress, raised concerns that financing by the IMF, particularly emergency financing provided during financial crises, encouraged the very behavior that it sought to prevent.

随着金融危机后国际货币基金组织贷款的增加，特别是在向希腊、爱尔兰和葡萄牙提供大笔贷款之后，包括一些国会议员在内的许多观察家担心，国际货币基金组织的融资，特别是在金融危机期间提供的紧急融资，助长了其试图阻止的行为。

Simply put, IMF lending may send the wrong signals to government officials.

简而言之，国际货币基金组织的贷款可能向政府官员发出错误的信号。

According to this view, in the best-case scenario, countries are spared the worst consequences of their poor economic decisions.

根据这种观点，在最好的情况下，各国不会因糟糕的经济决策而遭受最坏的后果。

In other cases, the IMF program may not stabilize the crisis, further indebting the crisis-afflicted country.

在其他情况下，国际货币基金组织的计划可能无法稳定危机，从而使受危机影响的国家进一步负债。

Other analysts argue that, as the 1994-1995 Mexican crisis, the 1997-1999 Asian crisis, and the more recent 2008 crisis have demonstrated, residents of IMF-recipient countries suffer painful consequences of a forced economic adjustment.

其他分析人士认为，正如 1994-1995 年墨西哥危机、1997-1999 年亚洲危机以及最近的 2008 年危机所表明的那样，国际货币基金组织受援国的居民承受着被迫经济调整的痛苦后果。

The policy question is whether economic pain is mitigated by external financial support tied to a conditional economic adjustment program.

政策问题是，与有条件的经济调整计划相关的外部金融支持是否可以减轻经济痛苦。

A different type of "moral hazard" also arises with regard to investors.

对于投资者来说，还出现了另一种不同类型的“道德风险”。

Does the existence of an emergency financial mechanism encourage private investors to take on risks that they might otherwise shun in an attempt to reap greater financial returns?

紧急金融机制的存在是否会鼓励私人投资者承担原本可能避免的风险，以获取更大的财务回报？

In this context, some are troubled that, as a by-product of a "bailout," professional investors, who took on higher risks and were probably rewarded with higher returns, are made whole.

在这种背景下，一些人担心，作为“救助”的副产品，承担更高风险并可能获得更高回报的专业投资者却得到了弥补。

IMF conditionality and pre-qualification of IMF loans might reduce concerns about moral hazard.

国际货币基金组织的附加条件和国际货币基金组织贷款的资格预审可能会减少对道德风险的担忧。

Edwin Truman at the Peterson Institute for International Economics argues that the IMF's role can be improved, addressing moral hazard at the same time, through a "comprehensive prequalification" process where the Fund presents "policy terms for lending" to every member country potentially eligible to borrow from the IMF, based on the IMF's bilateral and multilateral economic surveillance.

彼得森国际经济研究所的埃德温·杜鲁门认为，国际货币基金组织的作用可以得到改善，同时解决道德风险，通过“全面的资格预审”程序，根据国际货币基金组织的双边和多边经济监督，国际货币基金组织向每个可能有资格从国际货币基金组织借款的成员国提出“贷款政策条款”。

For a brief treatment, see CRS In Focus IF10676, The International Monetary Fund , by [author name scrubbed].

有关简要说明，请参阅国际货币基金组织的 CRS In Focus IF10676，作者：[作者姓名已删除]。

Eichengreen, Barry, Globalizing Capital: A History of the International Monetary System (Princeton, NJ: Princeton University Press, 1996).

Eichengreen, Barry，全球化资本：国际货币体系史（新泽西州普林斯顿：普林斯顿大学出版社，1996 年）。

Lastra, Rosa Maria, International Financial and Monetary Law (Oxford, England: Oxford University Press, 2015).

Lastra, Rosa Maria，《国际金融和货币法》（英国牛津：牛津大学出版社，2015 年）。

CRS In Focus IF10002, The World Trade Organization , by [author name scrubbed] and [author name scrubbed].

CRS 聚焦 IF10002，世界贸易组织，作者：[作者姓名已删除] 和 [作者姓名已删除]。

See also, Bagwell, Kyle, Bown, Chad P., and Staiger, Robert W., "Is the WTO Passe?" Journal of Economic Literature , vol. 54, no. 4 (2016), pp.

另请参阅 Bagwell、Kyle、Bown、Chad P. 和 Staiger、Robert W.，“WTO 已经过时了吗？”经济文献杂志，卷。 54，没有。 4（2016 年），第 17 页。

1125-1231.

1125-1231。

James, Harold, International Monetary Cooperation since Bretton Woods (Oxford, England: Oxford University Press, 1996).

James, Harold，《布雷顿森林体系以来的国际货币合作》（英国牛津：牛津大学出版社，1996 年）。

P.L.

79-171, 22 U.S.C.

79-171，22 美国法典

286 et.

286等。

seq.

序列。

Lavelle, Kathryn C., Legislating International Organizations: The U.S. Congress, the IMF, and the World Bank (Oxford, England: Oxford University Press, 2011).

Lavelle, Kathryn C.，《国际组织立法：美国国会、国际货币基金组织和世界银行》（英国牛津：牛津大学出版社，2011 年）。

James, Harold, International Monetary Cooperation since Bretton Woods (Oxford, England: Oxford University Press, 1996).

James, Harold，《布雷顿森林体系以来的国际货币合作》（英国牛津：牛津大学出版社，1996 年）。

Triffin, Robert, Gold and the Dollar Crisis: the future of convertibility (New Haven, CT: Yale University Press, 1960).

罗伯特·特里芬，《黄金与美元危机：可兑换的未来》（康涅狄格州纽黑文：耶鲁大学出版社，1960 年）。

Wilkie, Christopher, Special Drawing Rights (SDRs): The First International Money (Oxford, England: Oxford University Press, 2012).

Wilkie, Christopher，特别提款权 (SDR)：第一个国际货币（英国牛津：牛津大学出版社，2012 年）。

CRS In Focus IF10327, The IMF's Special Drawing Right and China's Renminbi , by [author name scrubbed].

CRS 焦点 IF10327，国际货币基金组织的特别提款权和中国的人民币，作者：[作者姓名已删除]。

Bordo, Michael D., The Operation and Demise of the Bretton Woods System; 1958 to 1971 , National Bureau of Economic Research, NBER Working Paper No. 23189, February 2017.

迈克尔·D·博尔多（Bordo，Michael D.），《布雷顿森林体系的运作与消亡》； 1958 年至 1971 年，国家经济研究局，NBER 工作文件第 23189 号，2017 年 2 月。

International Monetary Fund, The Funds Mandate—An Overview , January 22, 2010; International Fund, The Fund's Mandate—The Legal Framework, February 22, 2010.

国际货币基金组织，《基金组织授权——概述》，2010 年 1 月 22 日；国际基金组织，《基金组织的使命——法律框架》，2010 年 2 月 22 日。

Frank A.

弗兰克·A.

Southard Jr., "The Evolution of the International Monetary Fund," North Carolina Journal of International Law and Commercial Regulation , vol. 5, no. 3 (Summer 1980).

小索萨德，“国际货币基金组织的演变”，北卡罗来纳州国际法和商业监管杂志，卷。 5、没有。 3（1980 年夏季）。

For more information, see CRS Report R41828, International Monetary Fund: Selecting a Managing Director , by [author name scrubbed].

欲了解更多信息，请参阅 CRS 报告 R41828，国际货币基金组织：选择董事总经理，作者：[作者姓名已删除]。

"What Makes Christine Lagarde the Front Runner?" Institutional Investor , June 9, 2011.

“是什么让克里斯蒂娜·拉加德成为领跑者？” 《机构投资者》，2011 年 6 月 9 日。

International Monetary Fund, " IMF Executive Board Selects Christine Lagarde to Serve a Second Term as Managing Director," Press Release No. 16/63, February 19, 2016.

国际货币基金组织，“国际货币基金组织执行董事会选择克里斯蒂娜·拉加德连任总裁”，新闻稿第 16/63 号，2016 年 2 月 19 日。

International Monetary Fund, "IMF Managing Director Christine Lagarde Proposes Appointment of Mr. Tao Zhang as Deputy Managing Director," Press Release No. 16/324, July 8, 2016.

国际货币基金组织，“国际货币基金组织总裁克里斯蒂娜·拉加德提议任命张涛先生为副总裁”，新闻稿第 16/324 号，2016 年 7 月 8 日。

The members of the G-7 are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

七国集团成员包括加拿大、法国、德国、意大利、日本、英国和美国。

The members of the G-20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Korea, Turkey, the United Kingdom, the United States, and the European Union, which is represented at the leaders' level by the presidents of the European Union and the European Commission and at the finance level by the rotating presidency of the European Council and the European Central Bank.

二十国集团成员包括阿根廷、澳大利亚、巴西、加拿大、中国、法国、德国、印度、印度尼西亚、意大利、日本、墨西哥、俄罗斯、沙特阿拉伯、南非、韩国、土耳其、英国、美国和欧盟，领导人层面由欧盟和欧盟委员会主席代表，金融层面由欧洲理事会和欧洲央行轮值主席代表。

CRS Report R40977, The G-20 and International Economic Cooperation: Background and Implications for Congress , by [author name scrubbed].

CRS 报告 R40977，《20 国集团与国际经济合作：背景和对国会的影响》，作者：[作者姓名已删除]。

The members of the G-24 are Algeria, Argentina, Brazil, Colombia, Côte d'Ivoire, the Democratic Republic of Congo, Egypt, Ethiopia, Gabon, Ghana, Guatemala, India, Iran, Lebanon, Mexico, Nigeria, Pakistan, Peru, Philippines, South Africa, Sri Lanka, Syria, Trinidad and Tobago, and Venezuela.

24国集团成员包括阿尔及利亚、阿根廷、巴西、哥伦比亚、科特迪瓦、刚果民主共和国、埃及、埃塞俄比亚、加蓬、加纳、危地马拉、印度、伊朗、黎巴嫩、墨西哥、尼日利亚、巴基斯坦、秘鲁、菲律宾、南非、斯里兰卡、叙利亚、特立尼达和多巴哥和委内瑞拉。

International Monetary Fund, Weekly Report on Key Financial Statistics, March 2, 2018.

国际货币基金组织，《主要金融统计数据周报》，2018 年 3 月 2 日。

CRS In Focus IF10134, IMF Quota and Governance Reforms , by [author name scrubbed] and [author name scrubbed].

CRS 焦点 IF10134，国际货币基金组织配额和治理改革，作者：[作者姓名已删除] 和 [作者姓名已删除]。

International Monetary Fund, Fifteenth General Review of Quotas - Report of the Executive Board to the Board of Governors , November 2, 2016.

国际货币基金组织，第十五次配额总审查 - 执行委员会向理事会提交的报告，2016 年 11 月 2 日。

International Monetary Fund, "IMF Standing Borrowing Arrangements," October 13, 2017

国际货币基金组织，“国际货币基金组织常备借款安排”，2017 年 10 月 13 日

International Monetary Fund, "IMF Executive Board Approves Renewal of New Arrangements to Borrow," IMF Press Release No. 16/502, November 11, 2016.

国际货币基金组织，“国际货币基金组织执行董事会批准更新新的借款安排”，国际货币基金组织新闻稿第 16/502 号，2016 年 11 月 11 日。

International Monetary Fund, "IMF General Arrangements to Borrow to Lapse on December 25, 2018," IMF Press Release No. 17/522, December 26, 2017.

国际货币基金组织，“国际货币基金组织借款总安排将于 2018 年 12 月 25 日失效”，国际货币基金组织新闻稿第 17/522 号，2017 年 12 月 26 日。

International Monetary Fund, Guidelines for Borrowing by the Fund As of August 29, 2016.

国际货币基金组织，截至 2016 年 8 月 29 日的基金借款指南。

The IMF has bilateral agreements with the Central Bank of Algeria, Australia, Central Bank of Austria, Central Bank of Belgium, Central Bank of Brazil, Brunei Darussalam, Canada, Central Bank of Chile, Central Bank of China, Central Bank of Denmark, Central Bank of Finland, France, Central Bank of Germany, Central Bank of Italy, Japan, South Korea, Luxembourg, Central Bank of Malaysia, Central Bank of Malta, Central Bank of Mexico, Central Bank of the Netherlands, New Zealand, Central Bank of Norway, Central Bank of Peru, Central Bank of Poland, Central Bank of Russia, Saudi Arabia, Central Bank of Singapore, Slovak Republic, Central Bank of Slovenia, Central Bank of South Africa, Central Bank of Sweden, Central Bank of Thailand, Central Bank of Turkey, and the United Kingdom.

国际货币基金组织与阿尔及利亚中央银行、澳大利亚中央银行、奥地利中央银行、比利时中央银行、巴西中央银行、文莱达鲁萨兰国、加拿大、智利中央银行、中国中央银行、丹麦中央银行、芬兰中央银行、法国、德国中央银行、意大利中央银行、日本、韩国、卢森堡、马来西亚中央银行、马耳他中央银行、墨西哥中央银行、荷兰中央银行、新西兰、挪威中央银行、秘鲁、波兰中央银行、俄罗斯中央银行、沙特阿拉伯、新加坡中央银行、斯洛伐克共和国、斯洛文尼亚中央银行、南非中央银行、瑞典中央银行、泰国中央银行、土耳其中央银行和英国。

IMF financial statements do not provide the value of individual bilateral agreements.

国际货币基金组织的财务报表不提供个别双边协议的价值。

Randall W.

兰德尔·W.

Stone, Controlling Institutions: International Organizations and the Global Economy (New York: Cambridge University Press, 2011).

Stone，控制机构：国际组织和全球经济（纽约：剑桥大学出版社，2011 年）。

International Monetary Fund, Articles of Agreement of the International Monetary Fund—2016 Edition , April 2016.

国际货币基金组织，《国际货币基金组织协定条款》——2016 年版，2016 年 4 月。

International Monetary Fund, "IMF Executive Board Removes Declaration of Censure on Argentina," Press Release No. 16/497, November 9, 2016.

国际货币基金组织，“国际货币基金组织执行董事会删除对阿根廷的谴责声明”，新闻稿第 16/497 号，2016 年 11 月 9 日。

John Horsefield and Margaret Garritsen De Vries, The International Monetary Fund, 1945-1965 :Twenty Years of International Monetary Cooperation (Washington, D.C.: International Monetary Fund, 1969).

约翰·霍斯菲尔德 (John Horsefield) 和玛格丽特·加里森·德弗里斯 (Margaret Garritsen De Vries)，《国际货币基金组织，1945-1965 年：国际货币合作二十年》（华盛顿特区：国际货币基金组织，1969 年）。

International Monetary Fund, Financing IMF Transactions Quarterly Report: August 1, 2017 - October 31, 2017 , February 1, 2018.

国际货币基金组织，国际货币基金组织交易融资季度报告：2017年8月1日至2017年10月31日、2018年2月1日。

Adam Przeworski and James Vreeland, "The effect of IMF programs on economic growth," Journal of Development Economics , vol. 62 (2000).

Adam Przeworski 和 James Vreeland，“国际货币基金组织计划对经济增长的影响”，《发展经济学杂志》，第 1 卷。 62（2000）。

Graham Bird and Dane Rowlands, "The Effect of IMF Programmes on Economic Growth in Low Income Countries: An Empirical Analysis," Journal of Development Studies , vol. 53, no. 12 (2017).

Graham Bird 和 Dane Rowlands，“国际货币基金组织计划对低收入国家经济增长的影响：实证分析”，发展研究杂志，卷。 53，没有。 12（2017）。

International Monetary Fund, Revised Operational Guidance to IMF Staff on the 2002 Conditionality Guidelines , August 2014.

国际货币基金组织，修订后的基金组织工作人员关于 2002 年条件性准则的操作指南，2014 年 8 月。

International Monetary Fund, "IMF Executive Board Discusses Proposals for Toolkit Reform, Concludes Review of the Flexible Credit Line and Precautionary and Liquidity Line," Press Release No. 17/507, December 19, 2017.

国际货币基金组织，“国际货币基金组织执行董事会讨论工具包改革提案，结束对灵活信贷额度以及预防性和流动性额度的审查”，新闻稿第 17/507 号，2017 年 12 月 19 日。

International Monetary Fund, "Policy Support Instrument (PSI)," Fact Sheet, March 8, 2018.

国际货币基金组织，“政策支持工具 (PSI)”，情况说明书，2018 年 3 月 8 日。

International Monetary Fund, "IMF Executive Board Approves Proposal for a New Policy Coordination Instrument," Press Release No. 17/229, July 2017.

国际货币基金组织，“国际货币基金组织执行董事会批准新政策协调工具的提案”，新闻稿第 17/229 号，2017 年 7 月。

International Monetary Fund, "IMF Flexible Credit Line (FCL)," Factsheet, March 6, 2018.

国际货币基金组织，“国际货币基金组织灵活信贷额度 (FCL)”，情况说明书，2018 年 3 月 6 日。

International Monetary Fund, "IMF Precautionary and Liquidity Line (PLL)," Factsheet, March 6, 2018.

国际货币基金组织，“国际货币基金组织预防性和流动性额度 (PLL)”，情况说明书，2018 年 3 月 6 日。

Nancy Birdsall, Liliana Rojas-Suarez, and Anna Diofasi, Expanding Global Liquidity Insurance: Myths and Realities of the IMF's Precautionary Credit Lines , Center for Global Development, Working Paper 449, Washington, D.C., February 2017.

Nancy Birdsall、Liliana Rojas-Suarez 和 Anna Diofasi，《扩大全球流动性保险：国际货币基金组织预防性信贷额度的神话与现实》，全球发展中心，第 449 号工作文件，华盛顿特区，2017 年 2 月。

CRS Report R42377, The Eurozone Crisis: Overview and Issues for Congress , coordinated by [author name scrubbed].

CRS 报告 R42377，欧元区危机：国会概述和问题，由 [作者姓名已删除] 协调。

CRS Report R41167, Greece's Debt Crisis: Overview, Policy Responses, and Implications , coordinated by [author name scrubbed].

CRS 报告 R41167，希腊债务危机：概述、政策应对和影响，由 [作者姓名已删除] 协调。

Federal law limits the salaries that IMF may pay the U.S. representatives, capping them at the rate of level IV of the Executive Schedule for the U.S. Executive Director and level V for the Alternate U.S. Executive Director.

联邦法律限制了国际货币基金组织向美国代表支付的工资，美国执行董事的工资上限为执行表第四级，美国候补执行董事的工资上限为第五级。

Executive Order 11269 of February 14, 1966, as amended, specifically delegates to the Secretary of the Treasury the President's authority to instruct representatives of the United States to the international financial organizations and to provide the U.S. government's consent with respect to IMF decisions.

经修订的 1966 年 2 月 14 日第 11269 号行政命令具体授权财政部长指示美国驻国际金融组织的代表，并就国际货币基金组织的决定提供美国政府的同意。

In addition, 22 U.S.C.

此外，22 U.S.C.

6593 specifically provides the Department of the Treasury with the primary responsibility to continue to coordinate "activities relating to United States participation in international financial institutions and relating to organization of multilateral efforts aimed at currency stabilization, currency convertibility, debt reduction, and comprehensive economic reform programs."

6593号特别规定财政部的首要责任是继续协调“与美国参与国际金融机构有关的活动以及与组织旨在货币稳定、货币可兑换、债务削减和全面经济改革计划的多边努力有关的活动”。

Since 1999, Congress has required that Treasury, as Chairman of the NAC, annually report to Congress on several topics related to U.S. participation in the international financial institutions, including an assessment of the effectiveness of the major policies and operations of the international financial institutions; the major issues affecting United States participation; progress made and steps taken to achieve U.S. policy goals (including major policy goals embodied in current law).

自1999年以来，国会要求财政部作为NAC主席，每年向国会报告与美国参与国际金融机构有关的若干议题，包括评估国际金融机构主要政策和运作的有效性；影响美国参与的主要问题；为实现美国政策目标（包括现行法律中体现的主要政策目标）所取得的进展和采取的步骤。

For more information, see CRS Report R41239, Frequently Asked Questions about IMF Involvement in the Eurozone Debt Crisis , coordinated by [author name scrubbed].

欲了解更多信息，请参阅 CRS 报告 R41239，《关于 IMF 参与欧元区债务危机的常见问题》，由 [作者姓名已删除] 协调。

Amar Bhide and Edmund Phelps, "More Harm Than Good: How the IMF's Business Model Sabotages Properly Functioning Capitalism," Newsweek , July 11, 2011.

阿马尔·拜德 (Amar Bhide) 和埃德蒙·菲尔普斯 (Edmund Phelps)，“弊大于利：国际货币基金组织的商业模式如何破坏资本主义的正常运作”，《新闻周刊》，2011 年 7 月 11 日。

Edwin Truman, On What Terms is the IMF Worth Funding?

埃德温·杜鲁门，国际货币基金组织在什么条件下值得资助？

, Peterson Institute for International Economics, WP 08-11, Washington, DC, December 2008.

，彼得森国际经济研究所，WP 08-11，华盛顿特区，2008 年 12 月。

Barry Eichengreen, Out-of-the-Box Thoughts on the International Financial System , International Monetary Fund, Working Paper no. 09-116, Washington, DC, May 2009.

巴里·艾兴格林 (Barry Eichengreen)，《关于国际金融体系的创新思维》，国际货币基金组织，工作论文第 1 号。 09-116，华盛顿特区，2009 年 5 月。

Maurice Obstfeld, Jay C.

莫里斯·奥布斯特菲尔德、杰伊·C.

Shambaugh, and Alan M.

沈博，艾伦·M.

Taylor, Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008 , National Bureau of Economic Research, NBER Working Paper No. 14826, March 2009.

Taylor，《2008 年恐慌中的金融不稳定、储备和央行互换额度》，国家经济研究局，NBER 工作文件第 14826 号，2009 年 3 月。

Eduardo Fernandez-Arias and Eduardo Levy Yeyati, Global Financial Safety Nets: Where Do We Go from Here?

Eduardo Fernandez-Arias 和 Eduardo Levy Yeyati，《全球金融安全网：我们何去何从？》

, Inter-American Development Bank, IDB Working Paper 231, November 2010.

，美洲开发银行，美洲开发银行工作文件 231，2010 年 11 月。

Edwin Truman, The IMF as International Lender of Last Resort , Peterson Institute for International Economics, Real Time Economic Issues Watch, October 12, 2010.

Edwin Truman，国际货币基金组织作为国际最后贷款人，彼得森国际经济研究所，实时经济问题观察，2010 年 10 月 12 日。

中文为机器翻译，仅供参考。