02185cas a2200229 a 4500 AALejournalIMF022103 230101c9999 xx r poo 0 0eng d 9781498316514 0145-1707 BD-DhAAL BD-DhAAL International Monetary Fund. Communications Department. Finance and Development, June 2019 : The IMF at 75. Washington, D.C. : International Monetary Fund, 2019. 1 online resource (64 pages) Finance and Development <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This issue of Finance and Development presents success and works of IMF in the past 75 years since its formation. The IMF's financial firepower must be increased substantially, particularly in a world of relatively free capital flows. If the world of cooperative globalization is to survive and the IMF is to maintain its role within it, a great deal must change. Some of these changes are within the IMF's control. The most important challenges for the IMF of tomorrow are, however, those created by the changing world. Global cooperation is needed to reap the benefits and avoid the pitfalls of cross-border capital flows. Cross-border capital flows are neither an unmitigated blessing nor an undoubted curse. Used judiciously, they can be beneficial to recipient countries, making up deficiencies in the availability of long-term risk capital and reducing gaps in local corporate governance. Many emerging market economies have understood that they should build foreign exchange reserves. The IMF model suggests that fluctuations in the exchange rate are the main reason for fluctuations in corporate liquidity in receiving countries. Mode of access: Internet Finance and Development; Finance and Development ; No. 0056/002 Full text available on IMF http://elibrary.imf.org/view/journals/022/0056/002/022.0056.issue-002-en.xml IMF e-Library