FINANCE AND TRADE IN GLOBAL ECONOMIC GOVERNANCE: IMF – GATT/WTO COOPERATION AND EXCHANGE RATE REGIME – TRADE LINKAGE

Year 2024, Issue: 60, 129 - 151, 17.01.2024

Mustafa Göker , Ilkut Elif Kandil Goker

https://doi.org/10.30794/pausbed.1384293

Abstract

The health of the international trade flows depends on the existence of a sound international financial system. Therefore,
when designing the global economic governance order after the Second World War, money and trade issues were considered
as parts of a whole. Exchange rate stability was seen as a prerequisite for the functioning of the trading system, and therefore
an international monetary system based on fixed exchange rates remained in force until 1971. Besides, GATT established
a special form of co-operation between the GATT and the IMF, which was later extended to the WTO era in 1995. While
some of the co-operation is in traditional forms, some of it is unique in that it comes from the GATT era. The study aims,
by addressing these forms of co-operation, to present the state of play of the finance and trade nexus in global economic
governance. It finds that (i) with the abandonment of the fixed exchange rates of the Bretton Woods system, the legal and
institutional infrastructure of the finance-trade linkage weakened, especially in terms of the exchange rate regime and the
functions of the IMF; (ii) reforms within the IMF and the GATT/WTO and existing legal and institutional capacity are not
sufficient to eliminate this weakness; and (iii) in the current conjuncture, there is no international will to address the negative
impact caused by exchange rate misalignments on trade.

Keywords

Finance-Trade Linkage, Global Economic Governance, International Monetary Fund (IMF), World Trade Organization (WTO), Exchange Rate Regimes

KÜRESEL EKONOMİK YÖNETİŞİMDE FİNANS VE TİCARET: IMF – GATT/DTÖ İŞ BİRLİĞİ VE KUR REJİMİ – TİCARET BAĞLANTISI

Abstract

Ticaret akımlarının sağlığı, sağlam bir finans sisteminin varlığına bağlıdır. Bu nedenle, İkinci Dünya Savaşı sonrası küresel
ekonomik yönetişim düzeni tasarlanırken para ve ticaret konuları bir bütünün parçaları olarak ele alınmıştır. Kur istikrarı,
ticaret sisteminin işleyişi bakımından ön koşul olarak görülmüş ve bu nedenle oluşturulan sabit kurlara dayalı bir uluslararası
para sistemi 1971’e kadar yürürlükte kalmıştır. Bazı GATT hükümleri ile de, GATT ile IMF arasında özel bir iş birliği şekli tesis
edilmiştir. Bu iş birliği, kapsamı genişletilerek, 1995’te DTÖ dönemine taşınmıştır. İş birliğinin bir kısmı geleneksel şekillerde
iken, GATT döneminden gelen diğer bir kısmı özgün nitelikler arz etmektedir. Çalışma, bahse konu iş birliği şekillerini ele alarak,
küresel ekonomik yönetişimdeki finans ve ticaret bağlantısının mevcut durumunu ortaya koymayı amaçlamaktadır. Bretton
Woods sisteminin sabit kur uygulamalarının terk edilmesiyle finans-ticaret bağlantısının özellikle kur rejimi ve IMF’in işlevleri
bağlamında yasal ve kurumsal altyapısının zayıfladığını; IMF ve GATT/DTÖ bünyesindeki reformlar ile mevcut yasal ve kurumsal
kapasitenin bu zayıflığı gidermeye yeterli olmadığını; mevcut konjonktürde, yanlış kur uyarlamalarının ticaret üzerinde neden
olduğu olumsuzluğu ele almaya yönelik uluslararası bir iradenin mevcut bulunmadığını tespit etmektedir

Keywords

Finans-Ticaret Bağlantısı, Küresel Ekonomik Yönetişim, Uluslararası Para Fonu (IMF), Dünya Ticaret Örgütü (DTÖ), Kur Rejimleri

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