Resetting the International Monetary (Non)System

Höfundur: José Antonio Ocampo (Útgáfa: 0)
Resetting the International Monetary (Non)System

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This is an open access title available under the terms of a CC BY-NC-SA 3. 0 IGO licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. International financial crises have plagued the world in recent decades, including the Latin American debt crisis of the 1980s, the East Asian crisis of the late twentieth century, and the global financial crisis of 2007-09.

One of the basic problems faced during these crises is the lack of adequate preventive mechanisms, as well as insufficient instruments to finance countries in crisis and to overcome their over-indebtedness. Resetting the International Monetary (Non)System provides an analysis of the global monetary system and the necessary reforms that it should undergo to play an active role in the twenty-first century and proposes a comprehensive yet evolutionary reform of the system.

Criticising the ad hoc framework- a "(non)system"- that has evolved following the breakdown of the Bretton Woods arrangement in the early 1970's, Resetting the International Monetary (Non)System places a special focus on the asymmetries that emerging and developing countries face, analysing the controversial management of crises by the International Monetary Fund and proposing a consistent set of reform proposals to design a better system of international monetary cooperation.

Policy orientated and structured to deal in a sequential way with the issues involved, it suggests provision of international liquidity through a system that mixes the multicurrency arrangement with a more active use of the IMF's Special Drawing Rights; stronger mechanisms of macroeconomic policy cooperation, including greater cooperation in exchange rate management and freedom to manage capital flows; additional automatic balance-of-payments financing facilities and the complementary use of swap and regional arrangements; a multilateral sovereign debt workout mechanism; and major reforms of the system's governance.

Nánar um bókina

Útgefandi
Oxford University Press Academic UK
ISBN
9780191027956
Print ISBN
9780198718116
Format
ePub
Útgáfa
0
Höfundar
José Antonio Ocampo
Tungumál
English
Útgefið
2017-11-10
Prent takmörkun á líftíma
100
Prent takmörkun
2
Afritunar takmörkun
2
Flokkar
Hagfræði

Kaflar

  • Cover page
  • Halftitle page
  • Series page
  • Title page
  • Copyright page
  • Dedication page
  • Foreword
  • Preface
  • Contents
  • List of Figures
  • List of Tables
  • List of Abbreviations
  • (a) Institutions
  • (b) Other Abbreviations
  • 1. A Brief History of the International Monetary System since Bretton Woods
  • 1.1 Introduction
  • 1.2 The Bretton Woods Monetary System
  • 1.3 Increasing Tensions and Collapse of the Bretton Woods Arrangements
  • 1.4 The Collapse of the System, the Failure to Reform, and the Resulting Non-System
  • 1.5 Maturing of the New Arrangements
  • 1.6 The North Atlantic Crisis and its Aftermath
  • 2. The Provision of Global Liquidity: The Global Reserve System
  • 2.1 Introduction
  • 2.2 Major Problems of the Current System
  • 2.3 Special Drawing Rights
  • 2.4 Reforming the System
  • 3. Global Monetary Cooperation and the Exchange Rate System
  • 3.1 Introduction
  • 3.2 The Changing Nature of Global Imbalances
  • 3.3 Macroeconomic Policy Cooperation
  • 3.4 The Exchange Rate Non-System
  • 4. Capital Account Liberalization and Management
  • 4.1 Introduction
  • 4.2 The Return of Global Finance and Capital Account Liberalization
  • 4.3 Effects of Capital Account Liberalization
  • 4.4 Capital Account Regulations
  • 5. Resolution of Balance-of-Payments Crises: Emergency Financing and Debt Workouts
  • 5.1 Introduction
  • 5.2 IMF Emergency Financing
  • 5.3 The Need for an International Debt Workout Mechanism
  • 6. The Governance of the International Monetary System
  • 6.1 Introduction
  • 6.2 The Apex Organization
  • 6.3 Reforming the Governance of the IMF and Other International Financial Institutions
  • 6.4 Regional Arrangements
  • 7. Reforming the (Non)System
  • 7.1 The Major Issues
  • 7.2 Reforming the Global Reserve System
  • 7.3 Macroeconomic Cooperation
  • 7.4 Crisis Resolution
  • 7.5 Governance of the System
  • References
  • Index