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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. Guillermo Calvo, 2002. "Globalization Hazard and Delayed Reform in Emerging Markets," Journal of LACEA Economia, LACEA - LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION.
  2. Ricardo J. Caballero, 2003. "The Future of the IMF," American Economic Review, American Economic Association, vol. 93(2), pages 31-38, May.
  3. Barry Eichengreen & Ashoka Mody, 2003. "Is Aggregation a Problem for Sovereign Debt Restructuring?," American Economic Review, American Economic Association, vol. 93(2), pages 80-84, May.
  4. 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.
  5. Barry Eichengreen & Ashoka Mody, 2000. "Would Collective Action Clauses Raise Borrowing Costs?," NBER Working Papers 7458, National Bureau of Economic Research, Inc.
  6. Graciela L. Kaminsky & Carmen M. Reinhart, 1996. "The twin crises: the causes of banking and balance-of-payments problems," International Finance Discussion Papers 544, Board of Governors of the Federal Reserve System (U.S.).
  7. Sebastian Edwards, 1998. "Capital Flows, Real Exchange Rates, and Capital Controls: Some Latin American Experiences," NBER Working Papers 6800, National Bureau of Economic Research, Inc.
  8. Becker, Torbjorn & Richards, Anthony & Thaicharoen, Yunyong, 2003. "Bond restructuring and moral hazard: are collective action clauses costly?," Journal of International Economics, Elsevier, vol. 61(1), pages 127-161, October.
  9. Reinhart, Carmen & Calvo, Guillermo, 2000. "When Capital Inflows Come to a Sudden Stop: Consequences and Policy Options," MPRA Paper 6982, University Library of Munich, Germany.
  10. Kenneth Rogoff, 1999. "International Institutions for Reducing Global Financial Instability," NBER Working Papers 7265, National Bureau of Economic Research, Inc.
  11. Kenneth Kletzer, 2003. "Sovereign Bond Restructuring: Collective Action Clauses and Official Crisis Intervention," IMF Working Papers 03/134, International Monetary Fund.
  12. Kenen, Peter B, 2002. "The International Financial Architecture: Old Issues and New Initiatives," International Finance, Wiley Blackwell, vol. 5(1), pages 23-45, Spring.
  13. 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.
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