The paper shows that an IMF-like coinsurance arrangement among countries can play a useful role in the global financial system. The operation of the coinsurance arrangement is examined under different loan contracts. It shows that, if the IMF?s objective is to safeguard its resources and be...

The paper shows that an IMF-like coinsurance arrangement among countries can play a useful role in the global financial system. The operation of the coinsurance arrangement is examined under different loan contracts. It shows that, if the IMF's objective is to safeguard its resources and be...

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...

In this paper I argue that middle powers that are members of the G20 can extract substantial benefit from their participation in the G20 if they have both a clear long term vision of global economic governance and a plan of action that is based on obtainable short term objectives. In the article...

There is nothing more fundamental to or characteristic of a constitutional system than the techniques it adopts and employs for the selection of its decision makers, be they executive, legislative, or judicial officials. Such techniques can be based on a variety of principles and can be codified...

For hundreds of years, European states have waged war with one another. Only since the XIX century, more than 40 wars (including 3 global wars) have devastated the continent and decimated its population. The European Union has provided the longest period of peace and prosperity that the citizens...

Before boarding a plane on Saturday the 18th of October 2008 to meet President George W. Bush, French President Nicolas Sarkozy proclaimed, "Europe wants it. Europe demands it. Europe will get it." The "it" here is global financial regulation reform, which was seen to be necessary to stave off...

It is a rare privilege for an academic who has specialized in international economic institutions to get a chance to put what he researched into practice. I had this privilege when I became the first head of the South African Reserve Bank's (SARB) new International Economic Relations and Policy...

This is the material for a 4-part on-line course on global financial governance offered by the United Nations Institute for Training and Research (UNITAR). The course, which is offered over 4 weeks, is designed to help participants understand international financial governance and the challenges...