In this article I offer a possible framework for our discussions (both written and verbal) in the Journal-sponsored Fall 2007 Symposium on "Law and Policy in International Financial Institutions." I am pleased to have been helping to organize the symposium, mainly because the issues at play are...

This article makes the case for strengthening co-operation between regional financing arrangements (RFAs) and the International Monetary Fund (IMF), and examines ways to do so. It argues that ex ante co-operation between RFAs and the IMF is needed to reduce the risk of cooperation failing in the...

Central bank or International Monetary Fund lending should be regarded as a line of credit, analogous to private line-of-credit products. Contractual provisions in private line-of-credit arrangements are designed to control managerial moral hazard and provide a means for profit-maximizing...

This consideration of central bank lending as a publicly provided line of credit begins by describing how private line-of-credit contracts control moral hazard and limit lending to insolvent borrowers. The fundamental problem for a central bank is to credibly commit to limit its lending. Failure...

The global economy has built a tangled and tortuous financial system model at a pace arduous to manage. After the financial crisis which was widely recognized in 2008, the International Monetary Fund (IMF) made several attempts to create an effective financial system. However, the organization...

Episodes of sovereign default are typically associated with significant economic costs. The International Monetary Fund can help to mitigate these costs in a variety of ways, including by lending into arrears. Careful design of the broad policy framework governing the Fund's involvement can help...

The global financial crisis led to the world-wide economic and financial uncertainty and instability. Currencies throughout the world got disbalanced and became unstable. This research paper is designed in a respect of promotion of currency stability with reference to International Monetary Fund...

This work provides a comparative analysis of international financial institutions' transparency policies and denounces their shortcomings and excessive prudence, and in the case of less formal cooperation bodies (such as the G-20 or the Financial Stability Board), the lack of attention to basic...

The role of the Official Sector institutions as lenders in crisis situations has evolved over time, and, particularly in the context of the current euro area debt crisis, into something akin to a lender of last resort. Institutions like the International Monetary Fund regularly provide...