At a time when the world is moving toward the market, the bureaucratic response to government induced financial turmoil makes matters worse. The market is far more effective in enforcing conditions, promoting reform, and minimizing the risk of a crisis spreading in the near term or far into the future. The United States and other major donors should reject further funding for the IMF and in that way vote for a more stable and free global economy. That would send a signal to the world that the fund’s resources are not, in fact, unlimited.

More on IMF and the World Bank


The IMF Experts Flunk, Again

By Steve H. Hanke. Globe Asia. July 30, 2015.

Into the Economic Abyss: Foolish Europeans Give Irresponsible Greeks Third Bailout

By Doug Bandow. Forbes. July 22, 2015.

Greece Is Being Taxed to Death

By Alan Reynolds. Politico. July 17, 2015.

Cato Studies

An International Monetary Fund Currency to Rival the Dollar? Why Special Drawing Rights Can’t Play That Role

By Swaminathan S. Anklesaria Aiyar. Development Policy Analysis No. 10. July 7, 2009.

The False Promise of Gleneagles: Misguided Priorities at the Heart of the New Push for African Development

By Marian L. Tupy. Development Policy Analysis No. 9. April 24, 2009.

Foreign Aid and the Weakening of Democratic Accountability in Uganda

By Andrew Mwenda. Foreign Policy Briefing No. 88. July 12, 2006.


Bretton Woods Transcripts Discovered

Jacques de Larosière and Steve H. Hanke. Swiss Derivatives Review. No. 51. Spring 2013.


Steve H. Hanke. The Bretton Woods Transcripts. 2012. Schuler and Andrew Rosenberg, eds. New York: Center for Financial Stability (2012).

A Framework for the ex ante Analysis of Monetary Reforms

Steve H. Hanke. The Journal of Policy Reform. Vol. 8. No. 2. June 2005.

Public Filings

The International Monetary Fund: Challenges and Contradictions

By Ian Vásquez. Testimony. September 28, 1999.

The International Monetary Fund: Has Congressional Conditionality Made It More Effective?

By Ian Vásquez. Testimony. March 9, 1999.

The IMF and U.S. International Policy

By William A. Niskanen. Testimony. May 5, 1998.

Cato Reviews & Journals

IMF Subsidies, Cancellations, and Resumptions: New Empirical Evidence

Adrian Urbaczka and Roland Vaubel. Cato Journal. Winter 2013.


The 27th Annual Monetary Conference: Restoring Global Financial Stability

Featuring Mark A. Calabria, William Poole, Lawrence H. White, Ian Vásquez, Swaminathan S. Anklesaria Aiyar, Richard W. Rahn, & James A. Dorn. November 19, 2009. Conference.

Dead Aid: Why Aid Is Not Working and How There Is a Better Way for Africa

Featuring Ian Vásquez. April 3, 2009. Book Forum.

Two Views on Global Development: Revive the Invisible Hand or Strengthen a “Society of States”?

Featuring Deepak Lal. June 7, 2006. Book Forum.