Resetting the International Monetary (Non)System
Series: WIDER Studies in Development Economics;
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Product details:
- Publisher OUP Oxford
- Date of Publication 16 November 2017
- ISBN 9780198718116
- Binding Hardback
- No. of pages296 pages
- Size 241x164x24 mm
- Weight 614 g
- Language English 0
Categories
Short description:
This volume provides an analysis of the global monetary system and proposes a comprehensive yet evolutionary reform of the system aimed at creating better monetary cooperation for the twenty-first century.
MoreLong description:
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.
José Antonio Ocampo, one of the world class economists, offers us here the elements of a comprehensive yet evolutionary reform of the international monetary system. This book is a urgent read for the G20, and for all those who consider a stable system to be key to international public good.
Table of Contents:
A Brief History of the International Monetary System Since Bretton Woods
The Provision of Global Liquidity: The Global Reserve System
Global Monetary Cooperation and the Exchange Rate System
Capital Account Liberalization and Management
Resolution of Balanace of Payments Crises: Emergency Financing and Debt Workouts
The Governance of the International Monetary System
Reforming the (Non)System
