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Crisis Financieras Internacionales, Prestamista de Última Instancia y Nueva Arquitectura Financiera Internacional

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  • Esteban Jadresic
  • Klaus Schmidt-Hebbel
  • Rodrigo Valdés

Abstract

The international financial system (IFS) has undergone a series of financial crises over the past decade.This paper analyzes the shortcomings of said system (that have contributed to the crises) and, with them in mind, reviews and evaluates the IFS reform proposals for a “New International Financial Architecture.” These proposals are intended to resolve IFS imperfections on three fronts: better crisis prevention, better crisis resolution, and better governance at the IMF, the international quasi lender of last resort. Although a number of the proposals are academic, they have been useful for the reforms that the IMF has either implemented or supported actively. These include adopting standards and codes in 12 key areas for domestic and international financial stability, such as improved country monitoring, stricter conditions for financial aid granted to countries in crisis, better IMF governance, and new collective action clauses in issuing sovereign bonds. In contrast, the IMF has found no significant support for its proposals of creating a contingent credit line and adopting mechanisms to restructure sovereign debts. But no IFS reform is a good substitute for good fundamentals at the country level, that reflect strong macroeconomic and structural policies, the best way to reduce the probability of occurrence of liquidity or solvency crises.

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Bibliographic Info

Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 212.

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Date of creation: Jun 2003
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Handle: RePEc:chb:bcchwp:212

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  1. Reinhart, Carmen & Kaminsky, Graciela, 1999. "The twin crises: The causes of banking and balance of payments problems," MPRA Paper 14081, University Library of Munich, Germany.
  2. Eichengreen, Barry & Mody, Ashoka, 1999. "Would Collective Action Clauses Raise Borrowing Costs?," CEPR Discussion Papers 2343, C.E.P.R. Discussion Papers.
  3. 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.
  4. Eichengreen, Barry & Mody, Ashoka, 2003. "Is Aggregation a Problem for Sovereign Debt Restructuring?," CEPR Discussion Papers 3771, C.E.P.R. Discussion Papers.
  5. Kenneth Rogoff, 1999. "International Institutions for Reducing Global Financial Instability," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 21-42, Fall.
  6. Raffer, Kunibert, 1990. "Applying chapter 9 insolvency to international debts: An economically efficient solution with a human face," World Development, Elsevier, vol. 18(2), pages 301-311, February.
  7. Guillermo Calvo, 2002. "Globalization Hazard and Delayed Reform in Emerging Markets," JOURNAL OF LACEA ECONOMIA, LACEA - LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION.
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