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Balance-of-payments financing: evolution of a regime

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  • Cohen, Benjamin J.

Abstract

The regime for payments financing embedded in the postwar Bretton Woods system was based on the principle, formally articulated in the Charter of the International Monetary Fund (IMF), that nations should be assured of an adequate but not unlimited supply of supplementary financing for balance-of-payments purposes. Norms included the obligation to avoid policies inconsistent with the IMF Charter (i.e., to play by the agreed rules of the game). In the 1970s the regime seemingly underwent profound change, as the private credit markets emerged as an increasingly important rival to the IMF as a source of payments financing. Nonetheless, this change fell short of a transformation of kind, insofar as the Fund continues to play a role as informal certifier of creditworthiness in the markets. Rather, it represents an example of ‘norm-governed change.’ Despite greater ambiguity in rules and decision-making procedures, a strong element of continuity in basic principles and norms remains.

Suggested Citation

  • Cohen, Benjamin J., 1982. "Balance-of-payments financing: evolution of a regime," International Organization, Cambridge University Press, vol. 36(2), pages 457-478, April.
  • Handle: RePEc:cup:intorg:v:36:y:1982:i:02:p:457-478_01
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    Cited by:

    1. Russell Jesse R., 2012. "Disequilibrium in the International Balance of Payments," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 18(1), pages 1-17, May.
    2. Yong Kyun Kim, 2017. "Inequality and Sovereign Default under Democracy," Journal of Economics and Financial Analysis, Tripal Publishing House, vol. 1(1), pages 81-115.
    3. Peter Carroll & Aynsley Kellow, 2011. "The OECD," Books, Edward Elgar Publishing, number 4266.
    4. Robert Wood, 1985. "The Aid Regime and International Debt: Crisis and Structural Adjustment," Development and Change, International Institute of Social Studies, vol. 16(2), pages 179-212, April.
    5. Mathieu Segers, 2019. "Eclipsing Atlantis: Trans‐Atlantic Multilateralism in Trade and Monetary Affairs as a Pre‐History to the Genesis of Social Market Europe (1942–1950)," Journal of Common Market Studies, Wiley Blackwell, vol. 57(1), pages 60-76, January.
    6. Barry Eichengreen, 1987. "Hegemonic Stability Theories of the International Monetary System," NBER Working Papers 2193, National Bureau of Economic Research, Inc.
    7. Mehmet Hecan, 2016. "Dynamics of Institutional Proliferation in Financing for Development: The birth of the AIIB," Development, Palgrave Macmillan;Society for International Deveopment, vol. 59(1), pages 158-166, June.
    8. Jérôme Sgard, 2000. "La gestion des crises de liquidité internationale : logique de faillite, prêteur en dernier ressort et conditionnalité," Working Papers 2000-16, CEPII research center.

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