This paper proposes a comprehensive yet evolutionary reform of the global monetary non-system that evolved out of the breakdown of the original Bretton Woods arrangement in the early 1970s. It includes: (i) a global reserve system that mixes the multi-currency arrangement with an active use of...

What explains the US dollar's role in the global economy and the tensions affecting its likely persistence? Most analyses start from Triffin's dilemma, which accurately captured specific but partial tensions of a global monetary system based on essentially fixed exchange rates, gold backing for...

This paper analyses the history and effectiveness of the two major mechanisms of resolution of balance of payments crisis. It argues that IMF lending has met its counter-cyclical objectives through history and has been improving in terms of providing adequate lending facilities as well as...

The paper analyses how the IMF brought its experience gained in emerging market sovereign debt crises in the troika’s handling of the euro crisis. We link models of multiple equilibria with the IMF's experience made in Latin American crises in the 2000s. We examine subsequent changes in the...

Since their inception at the end of the Second World War, the sister organizations of the World Bank and the International Monetary Fund (IMF) have aimed to consistently speak with one voice vis-agrave;-vis their member governments. However, anecdotal evidence suggests that they often do not...

This paper investigates the determinants behind persistent and prolonged stays under the International Monetary Fund (IMF) program and its effectiveness, using panel data consisting of 70 countries that have requested IMF support multiple times, during the period 1980-2018. By employing panel...

The World Bank is to forgive $12.24 billion in IDA debt payments from HIPC borrowers. It has received $1 billion from the HIPC Trust Fund to help offset these losses, but still has a $11.6 billion unfunded liability. The IMF has gold worth $38 billion on hand for which it has no actual use. This...

This book, edited by Joaquín Muns, contains papers presented at a seminar in Viña del Mar, Chile, under the sponsorship of the Central Bank of Chile, the Federico Santa María University, and the IMF