Rethinking The International Monetary System

Rethinking The International Monetary System

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Overview

According to a recent World Bank study, the Asian crisis led to a significant rise in poverty and sharp declines in middle-class living standards in the countries most affected. Real public spending on health and education fell, with poor households experiencing the largest declines in access to these services. The impact of decreased investment in human capital will have consequences for individuals and whole societies for years to come. Because these external shocks occurred very shortly after these countries had liberalized their capital markets, they have engendered a growing distrust of globalization in many parts of the world. We owe it to the people of the developing countries, as well as to ourselves, to consider how institutional or policy changes could moderate such setbacks in the future. For all these reasons, this conference seemed a good time to pause and consider the implications of recent events, institutional changes, and new research for the evolution of the international monetary system.

Representing frontline countries and frontline instititutions, many of the conference participants had struggled firsthand with the dilemmas posed by the recent crises. Thus, they brought unique perspectives on the issues and offered thoughtful observations and useful ideas that could improve the workings of the international monetary system. It is our hope that this publication of their views will stimulate further discussion, research and, more than partial implementation.



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Product Details

ISBN-13: 9780898755930
Publisher: Press Holdings International
Publication date: 10/01/2001
Pages: 292
Product dimensions: 6.00(w) x 9.00(h) x 0.66(d)

Table of Contents

Forewordix
Rethinking the International Monetary System: an Overview1
A Historical Perspective on International Monetary Arrangements: Opening Address33
Why the Interest in Reform?41
Discussion89
General Discussion97
Exchange Rate Choices99
Discussion124
General Discussion136
International Capital Flows and Emerging Markets: Amending the Rules of the Game?137
Discussion158
General Discussion170
The Politics of the International Monetary System: An Address173
International Lender of Last Resort: What are the Alternatives?181
Discussion189
General Discussion202
Policymaking in an Integrated World: From Surveillance to...?205
Discussion227227
General Discussion241
Priorities in Reforming the International Monetary System: A Panel Discussion
Is Globalization Really to Blame?243
The Experience of Indonesia251
A View from the International Monetary Fund255
Points of Reference for Future Action260
A Perspective on Financial Crises264
About the Authors269
Conference Participants275

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