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Deals and Development
Eric Werker and Kunal Sen Lant Pritchett
2018
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"International financial crises have plagued the world in recent decades, including the Latin American debt crisis of the 1980s, the East Asian crisisof the late twentieth century, and the global financial crisis of 2007-09. One of the basic problems faced during these crises is the lack of adequatepreventive mechanisms, as well as insufficient instruments to finance countries in crisis and to overcome their over-indebtedness. Resetting theInternational Monetary (Non)System provides an analysis of the global monetary system and the necessary reforms that it should undergo to playan active role in the twenty-first century and proposes a comprehensive yet evolutionary reform of the system.Criticising the ad hoc framework- a ""(non)system""- that has evolved following the breakdown of the Bretton Woods arrangement in the early1970's, Resetting the International Monetary (Non)System places a special focus on the asymmetries that emerging and developing countries face,analysing the controversial management of crises by the International Monetary Fund and proposing a consistent set of reform proposals to designa better system of international monetary cooperation. Policy orientated and structured to deal in a sequential way with the issues involved, itsuggests provision of international liquidity through a system that mixes the multicurrency arrangement with a more active use of the IMF's SpecialDrawing Rights; stronger mechanisms of macroeconomic policy cooperation, including greater cooperation in exchange rate management andfreedom to manage capital flows; additional automatic balance-of-payments financing facilities and the complementary use of swap and regionalarrangements; a multilateral sovereign debt workout mechanism; and major reforms of the system's governance."
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Keywords
- Development economics & emerging economies
- economic growth
- Economics
- Economics, finance, business & management
- Ghana
- Gross Domestic Product
- Liberia
- Malaysia
- monetary economics
- Political Economy
- Politics & government
- Society & Social Sciences
- Thailand
- thema EDItEUR::J Society and Social Sciences::JP Politics and government
- thema EDItEUR::K Economics, Finance, Business and Management::KC Economics
- thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCG Economic growth
- thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCM Development economics and emerging economies
- thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCP Political economy
- uganda
Links
DOI: 10.1093/oso/9780198801641.001.0001Editions