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The new financial architecture: from substantive to procedural rules

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  • Mario Sarcinelli

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    (Università degli Studi di Roma "La Sapienza", Dipartimento di Scienze Economiche, Roma)

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    Abstract

    The new international financial architecture is investigated through the works of leading American economists, the Cologne G7 decisions, the implementing work of the IMF (and the World Bank). However, the Washington-consensus policies and the definition of standards and codes have not avoided foreign exchange, banking and debt crises, the therapy of which has been hotly contested as ineffective or unduly harsh. Many critics have proposed to transform the IMF radically. Although no such reform has taken place, the institution set up at Bretton Woods to look after the fixed exchange rate system with substantive rules has turned into a sort of supervisor of macroeconomic, structural and, above all, financial policies aiming to ensure stability through procedural rules. The latter are the product of many institutions and organisations with or without legitimacy, which makes the international monetary andfinancial system ever more dependent on soft law.

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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/9831/9716
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    Bibliographic Info

    Article provided by Banca Nazionale del Lavoro in its journal BNL Quarterly Review.

    Volume (Year): 57 (2004)
    Issue (Month): 231 ()
    Pages: 337-363

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    Handle: RePEc:psl:bnlaqr:2004:41

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    Related research

    Keywords: Foreign Exchange; IMF; World Bank;

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    1. Stanley Fischer, 1999. "On the Need for an International Lender of Last Resort," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 85-104, Fall.
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    8. Ales Bulir & Marianne Schulze-Gattas & Atish R. Ghosh & Alex Mourmouras & A. Javier Hamann & Timothy D. Lane, 2002. "IMF-Supported Programs in Capital Account Crises: Design and Experience," IMF Occasional Papers 210, International Monetary Fund.
    9. Andrew Berg & Eduardo Borensztein & Catherine A. Pattillo, 2004. "Assessing Early Warning Systems: How Have They Worked in Practice?," IMF Working Papers 04/52, International Monetary Fund.
    10. Lorenzo Bini Smaghi, 2004. "A Single EU Seat in the IMF?," Journal of Common Market Studies, Wiley Blackwell, vol. 42(2), pages 229-248, 06.
    11. Krasner, Stephen D., 1982. "Regimes and the limits of realism: regimes as autonomous variables," International Organization, Cambridge University Press, vol. 36(02), pages 497-510, March.
    12. Allan H. Meltzer, 1998. "Asian Problems and the IMF," Cato Journal, Cato Journal, Cato Institute, vol. 17(3), pages 264-274, Winter.
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