Regional Financing Arrangements and the Stability of the International Monetary System PDF Download
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Author: Julie McKay
Publisher:
ISBN: 9783889855213
Category : Economic assistance
Languages : en
Pages : 34
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Book Description
Author: Julie McKay
Publisher:
ISBN: 9783889855213
Category : Economic assistance
Languages : en
Pages : 34
Get Book Here
Book Description
Author: Masahiro Kawai
Publisher: Springer
ISBN: 9784431562429
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
By providing a comprehensive overview of policy proposals for the international monetary system from an Asian perspective, this book aims to identify what innovations are needed to reform the international monetary and financial system to promote financial stability and sustainable economic growth for emerging economies. The book is organized into four parts. Part 1 discusses major theoretical and empirical issues related to reform of the international monetary system. Part 2 includes two chapters that present the recent developments and challenges for managing capital flows. Part 3 presents different perspectives on regional currency cooperation in Asia and Europe by assessing the evidence supporting increased currency coordination in Asia and by review issues of policy cooperation in the Euro area after the global financial crisis and their implications for Asia. Part 4 discusses emerging issues for regional/global cooperation and financial safety nets. The main inference of the book is that, in light of the drawbacks of the existing international monetary system exposed in the global financial crisis, along with other countries, Asian emerging economies should work cooperatively to reform and strengthen international monetary and financial policy. To do so, regional and global monetary cooperation is needed and financial safety nets should be strengthened to alleviate the impact of possible global financial crises. This will be one of the first books written about the global financial crisis and the on going the European sovereign debt crisis to comprehensively address the issues related to currency cooperation, based on the Euro area experience, with the specific implications for Asia.
Author: Sonsoles Gallego Herrero
Publisher:
ISBN:
Category :
Languages : en
Pages : 16
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Book Description
Given the growing real and financial integration of economies worldwide, there is a need for the presence of supranational mechanisms to address crisis situations. The International Monetary Fund (IMF) is the multilateral institution at the core of the global financial safety net (GFSN). The swift development of other elements of this net since the last global financial crisis, such as the regional financing arrangements, has made the system sounder but also poses fresh challenges. The broad membership of the IMF, the volume of its resources and its accumulated global experience in crisis management make the organisation key to shoring up global monetary and financial stability. However, the IMF is subject to recurrent discussions about its governance and lending policies, including the size and composition of its resources, and the distribution of power within the organisation. The IMF is currently immersed in the Fifteenth General Review of Quotas. The backdrop to this negotiation is the risk that, in the absence of a satisfactory agreement on the size and distribution of its resources, the IMF's financial sufficiency and its degree of representativeness among its members may be diminished in the coming years. This might significantly undermine the stabilising capacity of the GFSN.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498345956
Category : Business & Economics
Languages : en
Pages : 39
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Book Description
In light of the changing contours of the global economy, this paper provides an overview of the challenges facing the International Monetary System (IMS). It seeks to forge a common understanding of the challenges facing the IMS and its shortcomings, and to lay the basis for discussing a possible roadmap for further work on reform areas.
Author: Barry Eichengreen
Publisher: Brookings Institution Press
ISBN: 9780815791423
Category : Business & Economics
Languages : en
Pages : 212
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Book Description
Recent events have reignited the debate over the future of the international monetary system. This book, part of the Integrating National Economic series, examines international monetary options of the twenty-first century. Barry Eichengreen argues that it will not be possible for governments to prevent exchange rates from exceeding prespecified limits. Changes in technology, market structure, and politics will force countries that have traditionally pegged their exchange rates to choose between floating rates and monetary unification. Eichengreen describes the various international monetary arrangements with which policymakers have experimented in the past. He introduces the requirements that an international monetary system must satisfy and illustrates how these requirements have been met over time. He analyzes which preconditions for the smooth operation of international monetary systems in the past will be impossible to achieve in the next century and creates a list of feasible options for future policymakers. These feasible options, he concludes, will be limited to some form of floating exchange rates and monetary unions. In which direction countries should move is not obvious. The choice between floating and monetary unification depends on a host of economic and political factors. The book provides an in-depth analysis of Western Europe's experience and the dramatic international monetary initiatives currently under way, and compares options for Asia, Africa, the former Soviet Union, and the Western Hemisphere. A volume of Brookings' Integrating National Economies Series
Author: Jose Antonio Ocampo
Publisher: Rowman & Littlefield
ISBN: 0815764189
Category : Business & Economics
Languages : en
Pages : 386
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Book Description
A Brookings Institution Press and Economic Commission for Latin America and the Caribbean (ECLAC) publication Using the experience of postwar Western Europe as a benchmark, José Antonio Ocampo and his colleagues assess how regional financial institutions can help developing countries—often at a disadvantage within the global financial framework— finance their investment needs, counteract the volatility of private capital flows, and make their voices heard. The 1997 Asian financial crisis generated extensive debate on the international financial architecture. Through this discussion, it became clear that services by financial institutions— including adequate mechanisms for preventing and managing financial crises, and instruments for safeguarding global macroeconomic and financial stability—are undersupplied. Furthermore, private international capital markets provide finance to developing countries in a way that effectively reduces the ability of those nations to undertake countercyclical macroeconomic policies. International capital markets ration out many developing countries, particularly the poorest, from private global capital markets. While these deficiencies in the financial architecture are clear, the post-1997 debate has done little to evaluate the role that regional institutions could play in improving global financial arrangements. Regional Financial Cooperation aims to fill that important gap. Contributors include Ernest Aryeetey (Institute of Statistical, Social and Economic Research, University of Ghana), Georges Corm (Saint Joseph University, Beirut), Roy Culpeper (North-South Institute, Ottawa), Ana Teresa Fuzzo de Lima (Institute of Development Studies, University of Sussex), Stephany Griffith-Jones (Institute of Development Studies, University of Sussex), Julia Leung (Hong Kong Monetary Authority), José Luis Machinea (ECLAC), Jae Ha Park (Korean Institute of Finance),Yung Chul Park (Korea University), Fernando Prada (FORO Nactional/International, Lima), Guillermo Rozenwurcel (School of Politics and Government, University of San Martin, Argentina)
Author: Diana Barrowclough
Publisher: Springer Nature
ISBN: 3030645762
Category : Political Science
Languages : en
Pages : 361
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Book Description
This book shows how regional cooperation and integration have increased massively in scale and scope in recent years, as developing countries seek new ways to shield themselves from economic turbulence and to kick-start their economies in the face of stagnant global demand. The trend is partly a defense mechanism against the limitations of the international financial system, but also reflects a wider search for new and different growth paths more appropriate with developing countries’ increasing economic and political voice. As a consequence, the landscape of financial and monetary mechanisms has changed dramatically, especially in the ten years since the economic crisis of 2007–2008.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498346278
Category : Business & Economics
Languages : en
Pages : 27
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Book Description
history of exchanging documents with other international organizations and currency unions. The practice of exchanging documents with individual organizations dates back to the 1940s, mostly conducted through bilateral arrangements with other international organizations and currency unions. In 1990, the Fund introduced a framework (the “Transmittal Policy”) for the transmittal of certain Board documents (relating to Article IV consultations, use of Fund resources and, later, technical assistance). The Transmittal Policy has served the institution well, but some gaps have emerged over time. Many of the current bilateral document sharing arrangements were adopted in response to individual organizations’ requests, thus document sharing arrangements have not always been applied uniformly to similar organizations or kept pace with the mandates and needs of the organizations. This has resulted in similar organizations having uneven access to Fund documents. Moreover, the Fund’s Transparency Policy has also evolved and prompt publication of most Board documents is now the norm. The proposals set forth in this paper seek to ensure a consolidated, evenhanded approach to the transmittal of Fund documents to international organizations and currency unions. In particular, this paper proposes several changes that would allow international organizations and currency unions to receive a wider range of documents. This paper also presents a proposal responding to requests by Executive Directors of European Union (EU) countries to expand access to documents and information prior to Board consideration for the European Commission (EC). Staff proposes that access be granted uniformly to the EC and other executive bodies of currency unions that have executive decision-making power over the common economic and monetary policies of currency unions. There is also an interest in more expanded sharing of Fund documents with regional financing arrangements (RFAs) in view of their importance in the Global Financial Safety Net. However, given the unique structure of RFAs and the need to develop a policy framework suited for the needs of both the Fund and RFAs, a proposal for such sharing will be put forward in a separate paper for consideration by the Board.
Author: Lucía Satragno
Publisher: BRILL
ISBN: 9004508732
Category : Law
Languages : en
Pages : 225
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Book Description
The open access publication of this book has been published with the support of the Swiss National Science Foundation. In Monetary Stability as a Common Concern in International Law, Lucía Satragno argues that monetary stability is a global public good that must be promoted and protected at all levels of governance. In doing so, the book accomplishes two tasks. On one hand, it provides an up to date analysis of the role of law and institutions in the international monetary field since the collapse of the Bretton Woods system. On the other hand, it applies the methodological approach proposed by the novel doctrine of Common Concern of Humankind to monetary stability as a case study. Accordingly, the book examines not only the status quo of the international monetary system, but also looks at the ‘new and different realism’ that would be envisaged in monetary affairs in the case of a fully-fledged principle of Common Concern.
Author: International Monetary Fund. Monetary and Capital Markets Department
Publisher: International Monetary Fund
ISBN: 1498324029
Category : Business & Economics
Languages : en
Pages : 109
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Book Description
The October 2019 Global Financial Stability Report (GFSR) identifies the current key vulnerabilities in the global financial system as the rise in corporate debt burdens, increasing holdings of riskier and more illiquid assets by institutional investors, and growing reliance on external borrowing by emerging and frontier market economies. The report proposes that policymakers mitigate these risks through stricter supervisory and macroprudential oversight of firms, strengthened oversight and disclosure for institutional investors, and the implementation of prudent sovereign debt management practices and frameworks for emerging and frontier market economies.
