Out of the box thoughts about the international financial architecture / prepared by Barry Eichengreen.

The Global Credit Crisis of 2008-09 has underscored the urgency of reforming the international financial architecture. While a number of short-term reforms are already in train, this paper contemplates more ambitious reforms of the international financial architecture that might be implemented over...

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Bibliographic Details
Main Author: Eichengreen, Barry J. (Author)
Corporate Author: International Monetary Fund. Strategy, Policy, and Review Department
Format: eBook
Language:English
Published: [Washington, D.C] : International Monetary Fund, ©2009.
Series:IMF working paper ; WP/09/116.
Subjects:
Online Access:Click for online access

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245 1 0 |a Out of the box thoughts about the international financial architecture /  |c prepared by Barry Eichengreen. 
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520 3 |a The Global Credit Crisis of 2008-09 has underscored the urgency of reforming the international financial architecture. While a number of short-term reforms are already in train, this paper contemplates more ambitious reforms of the international financial architecture that might be implemented over the next ten years. It proposes routinizing the expansion of IMF quotas and the conduct of exchange rate surveillance. It contemplates an expanded role for the SDR in international transactions, which would require someone--like the IMF-- to act as market maker. It considers proposals for reimposing Glass-Steagall-like restrictions on commercial and investment banking, something that will have to be coordinated internationally to be feasible. Other proposals would require banks to purchase capital insurance; here the question is who would be on the other side of the market. Again there is likely to be a role for the IMF. Then there are arguments for a new agency or institution to deal with cross-border bank insolvencies. Any such entity will require staff support, which might plausibly come from the Fund. Finally, some insist that international colleges of regulators are not enough- -that it is desirable to create a World Financial Organization (WFO) with the power to sanction members whose national regulatory policies are not up to international standards. A WFO will similarly need staff support, of which the IMF would be one possible source. All this of course presupposes meaningful IMF governance reform so that the institution has the legitimacy and efficiency to assume these additional responsibilities. The paper therefore concludes with some conventional and unconventional proposals for IMF governance reform. 
504 |a Includes bibliographical references (pages 24-26). 
588 0 |a Print version record. 
505 0 |a I. Introduction; II. Eight Out Of The Box Ideas; A. Countercyclical IMF Capital Charges; B.A Price-Based Scarce Currency Clause; C. Convertible SDRs; D. Global Glass-Steagall; E.A Global Systemic Risk Facility; F.A Multilateral Insolvency Trust for International Banks; G.A World Financial Organization; H. IMF Governance; III. Conclusion 
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650 0 |a Global Financial Crisis, 2008-2009. 
650 0 |a Banking law. 
650 0 |a Foreign exchange rates. 
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776 0 8 |i Online version:  |a Eichengreen, Barry J.  |t Out of the box thoughts about the international financial architecture.  |d [Washington, D.C] : International Monetary Fund, ©2009  |w (OCoLC)1420103021 
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