摘要：The paper analyses the rapid growth of borrowing of the International Monetary Fund during the global financial and economic crisis.According to the Articles of Agreement of the IMF,the basis of its financial resources consists of its own funds created from paid-in capital (quotas) by the Member States.Only if it appears to be that those resources are not sufficient for its ongoing financial operations,the Fund has a possibility to borrow.However,due to the large growth of demand for the Fund’s resources induced by the global financial and economic crisis since 2008,the dominant position in the structure of its financial resources has been overtaken by borrowing on bilateral and multilateral grounds.The aim of this paper is to examine the reasons why borrowing has by far overgrown the role of supplementary source of the IMF resources during the crisis.The paper starts from the hypothesis that the reasons are of institutional nature since the very method of decision making on overall quota increase did not leave any room for a rapid reaction.Namely,the IMF could only respond quickly and effectively to the sharply increased demand of the Member States hit by the crisis by relying on borrowing.The one hundred percent increase in credit potential of the Fund,its scale unprecedented in the seventy-year long history of the IMF operations,would not have been possible had it waited for the realization of the decision on general quotas increase within their,fourteenth in the row,review.
其他摘要：U radu se analizira pojava naglog rasta zaduživanja Međunarodnog monetarnog fonda za vreme globalne finansijske i ekonomske krize.Prema Statutu MMF-a,osnovu njegovih finansijskih resursa čine sopstvena sredstva formirana od uplaćenih udela (kvota) zemalja članica.Samo ukoliko se pokaže da mu ova sredstva nisu dovoljna za tekuće finansijske operacije,Fond ima mogućnost da se zaduži.Međutim,zbog velikog porasta tražnje za sredstvima Fonda,izazvane globalnom finansijskom i ekonomskom krizom 2008.godine,u strukturi njegovih izvora finansiranja dominantnu poziciju zauzele su pozajmice na bilateralnoj i multilateralnoj osnovi.Cilj rada je da se ispitaju razlozi iz kojih je za vreme krize zaduživanje daleko prevazišlo ulogu dopunskog izvora resursa MMF-a.U radu se polazi od hipoteze da se radi o razlozima institucionalne prirode jer sam način odlučivanja o povećanju ukupnih kvota nije davao prostora za brzo delovanje.Naime,MMF je mogao brzo i efikasno da odgovori na naglo uvećanu tražnju za finansijskom podrškom krizom ugroženih zemalja članica jedino oslanjanjem na zaduživanje.Stoprocentni rast kreditnog potencijala Fonda,razmera bez presedana u sedamdeset godina dugoj istoriji njegovog funkcionisanja,ne bi bio moguć da se čekalo na realizaciju odluke o generalnom povećanju kvota u okviru njihove,četrnaeste po redu,revizije.
关键词：IMF borrowing;global financial crisis;General Arrangements to Borrow (GAB);New Arrangements to Borrow (NAB);Bilateral Loan Agreements (BLA)
