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) debt restructuring, and on the cross-border resolution of insolvent, internationally active financial firms for fair burden … powerful Financial Stability Board, and augmenting the financial resources of the IMF. However, the international financial … architecture remains inadequate for the needs of many emerging market economies. The effectiveness of IMF surveillance …
Persistent link: https://www.econbiz.de/10003901587
The rise of regional monetary arrangements poses a challenge for the International Monetary Fund (IMF)'s global … surveillance efforts. This paper reviews how the IMF has responded to earlier regional initiatives, from the European Payments …
Persistent link: https://www.econbiz.de/10009667240
Persistent link: https://www.econbiz.de/10012233424
Persistent link: https://www.econbiz.de/10011673382
This paper asks how Asia should prepare for the disorderly correction of global imbalances. It recommends tightening monetary policy and allowing Asian currencies to appreciate as a way of achieving a better balance between internal and external demand. Leaving the overall level of demand...
Persistent link: https://www.econbiz.de/10011281490
This paper reviews experience with currency convertibility on both the current and capital accounts, with particular attention to the Fund`s concepts and policy implications. After discussing the basic concepts of convertibility, the paper reviews the experience with convertibility in three...
Persistent link: https://www.econbiz.de/10012782096
Large dollar reserves in Asian EMEs accompany large US fiscal and current account deficits. Analysis of strategic sales by Asian EMEs suggests that an attack on the dollar is not certain but is possible. A unique equilibrium where Asian EMEs sell their reserves does not exist but there are...
Persistent link: https://www.econbiz.de/10014065639
The IMF began to play a prominent role in low-income countries in the late 1970s and 1980s when many countries faced …-income countries no longer face these problems and do not need classic IMF programs. This paper explores options for the role of the … IMF in well-performing low-income countries that no longer require IMF financing. It argues that in these countries the …
Persistent link: https://www.econbiz.de/10014050984
This paper assesses whether the international monetary system is already tri-polar and centred around the US dollar, the euro and the Chinese renminbi (RMB). It focuses on what we call China’s" dominance hypothesis", i.e. whether the renminbi is already the dominant currency in Asia, exerting...
Persistent link: https://www.econbiz.de/10009371469
This paper, writen primarily for economists, but also for historians, attemps to explain why the thought of Jacques Rueff on the international monetary system and the role it played today deserve interest. Rueff is a prominent figure in the inter-war and post-war, he participated in major...
Persistent link: https://www.econbiz.de/10010891051