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 53
... regime is a choice of the individual country . Yet at the center of each recent crisis has been a rigid exchange rate regime that proved ultimately unsustainable . The costs of failed regimes can be significant , not only for the ...
... regime . That said , members should be able to choose a regime that is appropriate to their particular circumstances and longer- term strategy . The choice of exchange rate regime and the implementation of supporting policies are ...
... regime : Did it confer more autonomy on Chilean monetary policy ? 11. See , e.g. , Blinder ( 1999 ) , Caprio and ... regime . The 30 percent reserve requirement was suspended in 1998 , but the regime was not dismantled until 2001 . Did ...
Sommario
Introduction | 1 |
Causes and Consequences of the Recent Crises | 13 |
Myths and Metaphors | 49 |
Copyright | |
10 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 |