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Out-Of-The-Box Thoughts About The International Financial Architecture

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  • BARRY EICHENGREEN

    ()
    (Department of Economics, University of California, Berkeley, CA 94720-3880, USA)

Abstract

This paper contemplates ambitious reforms of the international financial architecture. It proposes routinising 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. All this of course presupposes meaningful IMF governance reform so that the institution has the legitimacy and efficiency to assume these additional responsibilities.

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Bibliographic Info

Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal Journal of International Commerce, Economics and Policy.

Volume (Year): 01 (2010)
Issue (Month): 01 ()
Pages: 1-20

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Handle: RePEc:wsi:jicepx:v:01:y:2010:i:01:p:1-20

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Related research

Keywords: International finance; financial architecture; IMF; F32; F33; F53;

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  1. Holthausen, Cornelia & Rønde, Thomas, 2005. "Cooperation in International Banking Supervision," CEPR Discussion Papers, C.E.P.R. Discussion Papers 4990, C.E.P.R. Discussion Papers.
  2. Ramírez, Carlos D., 1999. "Did Glass-Steagall Increase the Cost of External Finance for Corporate Investment?: Evidence From Bank and Insurance Company Affiliations," The Journal of Economic History, Cambridge University Press, Cambridge University Press, vol. 59(02), pages 372-396, June.
  3. Bhidé Amar, 2009. "In Praise of More Primitive Finance," The Economists' Voice, De Gruyter, De Gruyter, vol. 6(3), pages 1-8, February.
  4. Liebowitz, S J & Margolis, Stephen E, 1990. "The Fable of the Keys," Journal of Law and Economics, University of Chicago Press, University of Chicago Press, vol. 33(1), pages 1-25, April.
  5. Dani Rodrik, 2008. "The Real Exchange Rate and Economic Growth," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 39(2 (Fall)), pages 365-439.
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Cited by:
  1. Mina Baliamoune-Lutz, 2012. "Do Institutions And Social Cohesion Enhance The Effectiveness Of Aid? New Evidence From Africa," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., World Scientific Publishing Co. Pte. Ltd., vol. 3(01), pages 1240003-1-1.
  2. Rana, Pradumna B., 2013. "From a Centralized to a Decentralized Global Economic Architecture: An Overview," ADBI Working Papers, Asian Development Bank Institute 401, Asian Development Bank Institute.
  3. Watanabe, Shingo & Ogura, Masanobu, 2010. "How far apart are the two ACUs from each other? Asian currency unit and Asian currency union," Emerging Markets Review, Elsevier, Elsevier, vol. 11(2), pages 152-172, June.
  4. Adalbert Winkler, 2010. "The Financial Crisis : A Wake-Up Call for Strengthening Regional Monitoring of Financial Markets and Regional Coordination of Financial Sector Policies?," Finance Working Papers 22022, East Asian Bureau of Economic Research.
  5. Joseph Joyce & Raul Razo-Garcia, 2011. "Reserves, quotas and the demand for international liquidity," The Review of International Organizations, Springer, Springer, vol. 6(3), pages 393-413, September.
  6. Steiner, Andreas, 2014. "Current account balance and dollar standard: Exploring the linkages," Journal of International Money and Finance, Elsevier, Elsevier, vol. 41(C), pages 65-94.
  7. Alexis Derviz & Jakub Seidler, 2012. "Coordination Incentives in Cross-Border Macroprudential Regulation," Working Papers IES, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies 2012/21, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Jul 2012.

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