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Toward a New International Financial Architecture : A Practical Post-Asia Agenda :  A Practical Post-Asia Agenda - Barry Eichengreen

Toward a New International Financial Architecture : A Practical Post-Asia Agenda

A Practical Post-Asia Agenda

Paperback Published: 1999
ISBN: 9780881322705
Number Of Pages: 216
For Ages: 22+ years old

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The Asian financial crisis and the global economic turmoil that followed it have highlighted the need to avert financial crises and resolve them quickly if they do occur. This book addresses current concerns that existing institutional arrangements, including the Bretton Woods institutions, can no longer adequately cope with today's world of high capital mobility. It provides a critical assessment of competing proposals to better predict, forestall, and resolve international financial crises and outlines a practical and pragmatic agenda for reform. The recommendations are based on the belief that financial markets can malfunction, creating a compelling case for a financial safety net (and therefore a role for the IMF), but also creating problems of moral hazard that must be addressed.

Skillful and comprehensive... [the book] offers an especially lucid account of the Asian financial crisis. -- Richard N. Cooper Foreign Affairs The details of the straightforward approach (to reforming the international financial architecture) are laid out with admirable clarity. -- Clive Crook, National Journal It offers a concise analysis of the main problems ailing today's international financial system and a host of modest, but useful, suggestions for reform. The Economist

Prefacep. xi
Acknowledgmentsp. xv
Introductionp. 1
Outline of the Bookp. 6
Summary of Recommendationsp. 9
Crisis Preventionp. 10
Crisis Predictionp. 13
Crisis Managementp. 14
Reforming the IMFp. 16
Standards for Crisis Preventionp. 19
The Standard Solutionp. 21
Some Examplesp. 24
Problemsp. 30
The Role of the International Financial Institutionsp. 32
Incentives for Compliancep. 34
Implicationsp. 35
Banks and Capital Flowsp. 37
Causes and Consequences of Bank Fragilityp. 38
Capital Mobility and Crisesp. 41
Preventing Banking Crisesp. 42
The Evidence on Chilean Capital-Inflow Texasp. 51
The Importance of Not Confusing Inflow and Outflow Controlsp. 55
Bailing in the Private Sectorp. 59
The Need for Architectural Reformp. 61
Ex Ante Measuresp. 63
Ex Post Measuresp. 65
What Won't Workp. 79
Disclosure and Discipline as Solutions to All Problemsp. 80
Leading Indicatorsp. 84
An International Debt Insurance Agencyp. 86
A Tobin Taxp. 88
An International Court for Sovereign Debtsp. 90
Global Moneys and Global Monetary Institutionsp. 93
What the IMF Should Do (and What We Should Do about the IMF)p. 97
Why Radical Reform Won't Workp. 97
IMF Exchange Rate Advicep. 103
Fiscal and Monetary Policiesp. 109
Measures to Encourage Debt Restructuringp. 113
Transparencyp. 113
The Fund and the Capital Accountp. 115
Is There Still a Case for Amending the Articles of Agreement?p. 118
Conclusionp. 119
Architecture Scorecardp. 124
How Economists Understand Crisesp. 133
Understanding Asia's Crisisp. 143
Referencesp. 171
Indexp. 181
Growth, inflation, equity prices, and current-account balance, 1990-97p. 144
Short-term debt, second quarter of 1997p. 148
Short-term borrowing as a percentage of total capital inflowp. 156
Foreign liabilities of the banking system, 1990-96p. 159
Bank credit to the private sector, 1981-97p. 161
Chile's short-term external debt, 1988-97p. 52
Evolution of exchange rate regimes, 1975-97p. 108
Evolution of exchange rate regimes, 1975-96p. 108
Short-term interest rates, January 1997-March 1998p. 111
Growth of export markets of the East Asian economies, January 1992-July 1997p. 146
Thai baht real exchange rate, January 1990-October 1998p. 148
Thai equity index, January 1996-March 1998p. 149
Table of Contents provided by Syndetics. All Rights Reserved.

ISBN: 9780881322705
ISBN-10: 0881322709
Audience: Professional
For Ages: 22+ years old
Format: Paperback
Language: English
Number Of Pages: 216
Published: 1999
Publisher: The Peterson Institute for International Economics
Country of Publication: US
Dimensions (cm): 0.9 x 0.6  x 1.5
Weight (kg): 0.06