The International Financial Architecture: What's New? What's Missing?Institute for International Economics, 2001 - 186 pagine Shortly after the Mexican crisis of 1994-95, the major industrial countries undertook to strengthen the international financial architecture. They sought to reduce the risk of future crises by increasing the availability of information about economic conditions in emerging-market countries and strengthening the financial systems of those countries. They sought better ways to manage future crises, including ways to involve private-sector creditors in crisis management. In this book, Peter B. Kenen reviews the reform effort and assesses the results. He shows how the effort was influenced by the Asian, Russian, and Brazilian crises. He compares the results of the effort with the more radical recommendations of outside experts and of the Meltzer Report, and examines the implications of the reform effort for the role of the International Monetary Fund (IMF). Kenen finds that there have been useful innovations but calls for bolder efforts aimed at five objectives: (1) increasing the usefulness of IMF surveillance by focusing it sharply on the sustainability of national policies, exchange rates, and debt profiles; (2) narrowing the scope of IMF conditionality by ceasing to treat acute crises as opportunities to achieve fundamental reforms; (3) providing incentives to foster financial reform in emerging-market countries and, in the interim, encouraging them to limit short-term foreign borrowing by their banks and corporations; (4) using the IMF's resources more effectively by making less money available but disbursing it more rapidly; and (5) enlisting the private sector in crisis management by introducing roll-over clauses into short-term debt contracts and collective-action clauses into long-term debt contracts. |
Dall'interno del libro
Risultati 1-3 di 31
... claims on their Thai affiliates . There was a more comprehensive effort to roll over and restructure the short - term debts of Korean banks . Even after the first tranche of official financing had arrived in Seoul , foreign banks ...
... claims on Thailand , they might have begun to withdraw from other Asian countries . Second , the Rey Report had ... claims on their own Thai branches — but those promises were not honored fully , and Thailand obtained no such promises ...
... claims — and urged those banks to do that quickly . In a matter of days , the banks agreed and rolled over their interbank claims for three months , through the end of March , in exchange for a commitment by the Korean government to ...
Sommario
Introduction | 1 |
Causes and Consequences of the Recent Crises | 13 |
What Happened Thereafter | 43 |
Copyright | |
7 sezioni non visualizzate
Altre edizioni - Visualizza tutto
The International Financial Architecture: What's New? What's Missing? Peter B. Kenen Anteprima limitata - 2001 |
The International Financial Architecture: What's New? What's Missing? Peter B. Kenen Visualizzazione estratti - 2001 |
No More Bashing: Building a New Japan-United States Economic Relationship C. Fred Bergsten Anteprima non disponibile - 2001 |
Parole e frasi comuni
Riferimenti a questo libro
Bailouts Or Bail-Ins?: Responding to Financial Crises in Emerging Economies Nouriel Roubini,Brad Setser Anteprima limitata - 2004 |
Development Centre Studies Policy Coherence Towards East Asia Development ... OECD Development Centre Visualizzazione completa - 2005 |