Following an analysis of the forces behind the global capital flows paradoxʺ observed in the era of advancing financial globalization, this paper sets out to investigate the opportunity costs of self-insurance through precautionary reserve holdings. We reject the idea of reserves as low-cost...

The remarkable growth of Asian economies and their integration in global trade and finance has given them considerable potential clout in international forums and institutions. However, Asia's influence in the International Monetary Fund and the Group of Twenty (G-20) – the most important...

The main strength of today's international monetary system – its flexibility and adaptability to the different needs of its users – can also become its weakness, as it may contribute to unsustainable growth models and imbalances. The global financial crisis has shown that the system cannot...

I study central supervision of local financial regulators in an economic union. Regulators each privately observe benefits from lenient local macroprudential policies. Separate deposit insurance funds allow no discretion to set policies because, with integrated financial markets, regulators...

The global financial crisis dominated the international financial landscape during the first 20 years of the 21st century. This paper assesses the contribution of the international coordination of economic policies to contain the crisis. The paper evaluates international efforts to diagnose the...

Rethinking Regulation of International Finance encapsulates the most important aspects of the development and operation of the international financial system. This book questions the fundamental basis of the existing international financial architecture (soft law) and explores the need for a...

The asymmetries created by the non-conventional threats tend to lean the international security toward its human approach. Nevertheless, we now have to deal with the need for international cooperation and with finding complex solution to complex global issues. The international scene can be...

The so-called Troika, consisting of the EU-Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF), was supposed to support the member states of the euro area which had been hit hard by a sovereign debt crisis. For that purpose, economic adjustment programs were...

This paper will propose a plan to reform international finance – the World Financial Authority (WFA) Plan. Under such a plan, the IMF and other existing international financial institutions would be reformed and coordinated around a newly created WFA. The WFA would have two core functions....

Argentina, once a prominent example of the ‘Washington consensus,' took dramatic steps to reduce its integration in the world economy in the aftermath of the peso crisis in 2001. This pattern might suggest that the Argentine government would turn aggressively to contingent protection measures...