Reforming The International Monetary And Financial System
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Reforming The International Monetary And Financial System
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Author : Mr.Alexander K. Swoboda
language : en
Publisher: International Monetary Fund
Release Date : 2000-12-18
Reforming The International Monetary And Financial System written by Mr.Alexander K. Swoboda and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-12-18 with Business & Economics categories.
This volume examines the implications of greater financial integration on the international monetary and financial system, and how it should be reformed. Various experts consider the most disruptive manifestations of instability and the appropriate policy responses, including exchange rate volatility and misalignments; unstable capital flows to emerging market economies; abrupt capital flow reversals; and private sector involvement in crisis resolution. The IMF’s role in crisis prevention and resolution is also examined.
Reforming The International Financial System For Development
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Author : Jomo Kwame Sundaram
language : en
Publisher: Columbia University Press
Release Date : 2011-01-17
Reforming The International Financial System For Development written by Jomo Kwame Sundaram and has been published by Columbia University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-17 with Business & Economics categories.
The 1944 Bretton Woods conference created new institutions for international economic governance. Though flawed, the system led to a golden age in postwar reconstruction, sustained economic growth, job creation, and postcolonial development. Yet financial liberalization since the 1970s has involved deregulation and globalization, which have exacerbated instability, rather than sustained growth. In addition, the failure of Bretton Woods to provide a reserve currency enabled the dollar to fill the void, which has contributed to periodic, massive U.S. trade deficits. Our latest global financial crisis, in which all these weaknesses played a part, underscores how urgently we must reform the international financial system. Prepared for the G24 research program, a consortium of developing countries focused on financial issues, this volume argues that such reforms must be developmental. Chapters review historical trends in global liquidity, financial flows to emerging markets, and the food crisis, identifying the systemic flaws that contributed to the recent downturn. They challenge the effectiveness of recent policy and suggest criteria for regulatory reform, keeping in mind the different circumstances, capacities, and capabilities of various economies. Essays follow ongoing revisions in international banking standards, the improved management of international capital flows, the critical role of the World Trade Organization in liberalizing and globalizing financial services, and the need for international tax cooperation. They also propose new global banking and reserve currency arrangements.
Sequencing Financial Sector Reforms
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1991-03-15
Sequencing Financial Sector Reforms written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-03-15 with Business & Economics categories.
Financial sector liberalization can spur economic growth and development, but reforms to liberalize the financial sector can also entail risks if they are not properly designed and implemented. One of the central questions for countries reforming their financial systems is how to sequence the reforms so as to maximize the benefits of liberalization and contain its risks. Edited by R. Barry Johnston and V. Sundararajan of the IMF's Monetary and Exchange Affairs Department, this book attempts to answer this and related questions by drawing lessons from financial sector reforms in selected countries. In particular, the book surveys financial sector reforms in Indonesia, Thailand, and Korea between the mid-1980s and mid-1990s.
The Stiglitz Report
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Author : Joseph E. Stiglitz
language : en
Publisher: ReadHowYouWant.com
Release Date : 2011-03
The Stiglitz Report written by Joseph E. Stiglitz and has been published by ReadHowYouWant.com this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-03 with Business & Economics categories.
The fact that our global economy is broken may be widely accepted, but what precisely needs to be fixed has become the subject of enormous controversy. In 2008, the president of the United Nations General Assembly convened an international panel, chaired by Nobel Prize - winning economist Joseph Stiglitz and including twenty leading international experts on the international monetary system, to address this crucial issue. The Stiglitz Report, released by the committee in late 2009, sees the recent financial crisis as the latest and most damaging of several concurrent crises-of food, water, energy, and sustainability-that are tightly interrelated. The analysis and recommendations in the report cover the gamut from short-term mitigation to deep structural changes, from crisis response to lasting reform of the global economic and financial architecture. The report establishes a bold agenda for policy change, both broad in scope and profound in its ambitions, that is sure to be the gold standard for understanding and contending with the international economy for many years to come.
Reforming The Global Financial Architecture
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Author : Yilmaz Akyuz
language : en
Publisher: Zed Books
Release Date : 2002-04
Reforming The Global Financial Architecture written by Yilmaz Akyuz and has been published by Zed Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-04 with Business & Economics categories.
Instability has become global and systemic. Strengthening international institutions and arrangements would reduce the threat of crises and allow those that do occur to be better managed. These proposals take the developing world into account.
Reforming The International Monetary System
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Author : Emmanuel Farhi
language : en
Publisher: CEPR
Release Date : 2011
Reforming The International Monetary System written by Emmanuel Farhi and has been published by CEPR this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.
This report presents a set of concrete proposals of increasing ambition for the reform of the international monetary system. The proposals aim at improving the international provision of liquidity in order to limit the effects of individual and systemic crises and decrease their frequency. The recommendations outlined in this report include: / Develop alternatives to US Treasuries as the dominant reserve asset, including the issuance of mutually guaranteed European bonds and (in the more distant future) the development of a yuan bond market. / Make permanent the temporary swap agreements that were put in place between central banks during the crisis. Establish a starshaped structure of swap lines centred on the IMF. / Strengthen and expand existing IMF liquidity facilities. On the funding side, expand the IMF's existing financing mechanisms and allow the IMF to borrow directly on the markets. / Establish a foreign exchange reserve pooling mechanism with the IMF, providing participating countries with access to additional liquidity and, incidentally, allowing reserves to be recycled into productive investments.To limit moral hazard, the report proposes the setting up of specific surveillance indicators to monitor international funding risks associated with increased insurance provision. The report discusses the role of the special drawing rights (SDRs) and the prospects for turning this unit of account into a true international currency, arguing that it would not solve the fundamental problems of the international monetary system. The report also reviews the conditions under which emerging market economies may use temporary capital controls to counteract excessive and volatile capital flows. The potential for negative externalities requires mutual monitoring and international cooperation in terms of financial regulation and suggests that the mandate of the IMF should be extended to the financial account.
Reform Of The International Monetary System And Internationalization Of The Renminbi
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Author : Ruogu Li
language : en
Publisher: World Scientific
Release Date : 2015-11-09
Reform Of The International Monetary System And Internationalization Of The Renminbi written by Ruogu Li and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-11-09 with Business & Economics categories.
"This book argues that only by reforming the international monetary system can we prevent financial crises in the future and the internationalization of the Renminbi, China's national currency, will be an important step in the process. Just as the old saying goes, "An old building needs to be demolished before a new one can be erected in its place," there will be no construction without destruction. The commencement of the dismantling of the old monetary system is also the beginning of the construction of the new one. Contrary to Western rhetoric, which portrays China as part of the cause of the recent financial crisis, the author contends that China is actually a victim of the current unjust international economic and monetary system. To address the imbalance and break the dollar-dominated international monetary system, the author calls for the internationalization of the Renminbi and diversification of the international monetary system. Written by one of the foremost financial practitioners in China, this book is thought-provoking and provides a unique Chinese perspective on how the international monetary system should be reformed, what the future system should look like and the role China should play in the process. It is a required reading for anyone interested in understanding China's own vision in its rise in the global political, economic and financial systems."--
Reforming The Imf For The 21st Century
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Author :
language : en
Publisher: Peterson Institute
Release Date : 2006
Reforming The Imf For The 21st Century written by and has been published by Peterson Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Electronic books categories.
Globalization And The International Financial System
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Author : Peter Isard
language : en
Publisher: Cambridge University Press
Release Date : 2005
Globalization And The International Financial System written by Peter Isard and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
Economic globalization has given rise to frequent and severe financial crises in emerging market economies. Other countries are also unsuccessful in their efforts to generate economic growth and reduce poverty. This book provides perspectives on various aspects of the international financial system that contribute to financial crises and growth failures, and discusses the remedies that economists have proposed for addressing the underlying problems. It also sheds light on a central feature of the international financial system that remains mysterious to many economists and most non-economists: the activities of the International Monetary Fund and the factors that influence its effectiveness. Dr Isard offers policy perspectives on what countries can do to reduce their vulnerabilities to financial crises and growth failures, and a number of general directions for systemic reform. The breadth of the agenda provides grounds for optimism that the international financial system can be strengthened considerably without revolutionary change.
Shaping The New Financial System
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Author : Aditya Narain
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2010-10-01
Shaping The New Financial System written by Aditya Narain and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-10-01 with categories.
Three years after the onset of the global financial crisis, much has been done to reform the global financial system, but there is much left to accomplish. The regulatory reform agenda agreed by G-20 leaders in 2009 has elevated the discussions to the highest policy level and kept international attention focused on establishing a globally consistent set of rules. Comprehensive reform, once agreed and implemented in full, will have far-reaching implications for the global financial system and the performance of the world economy. In designing the reforms, it is imperative that policymakers keep their focus on the overarching objective of creating a financial system that provides a solid foundation for strong and sustainable economic growth. This paper argues that the current reforms are moving in the right direction, but many policy choices lie ahead—nationally and internationally?which are both urgent and challenging. Policies need to address not only the risks posed by individual banks but also, importantly, those posed by nonbanks and the system as a whole. The recent proposals of the Basel Committee on Banking Supervision (BCBS) represent a substantial improvement in the quality and quantity of bank capital, but these apply only to a subset of the financial system.