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Recasting the International Financial Agenda

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This paper argues that the agenda for international financial reform must be broadened in at least two senses. First of all, it should go beyond the issues of financial prevention and resolution to those associated with development finance for poor and small countries, and to the “ownership” of economic and development policies by countries. Secondly, it should consider, in a systematic fashion, not only the role of world institutions but also of regional arrangements and the explicit definition of areas where national autonomy should be maintained. These issues should be tabled in a representative, balanced negotiation process. In the area of financial crisis prevention and resolution, a balance must be struck between the need to improve the institutional framework in which financial markets operate and the still insufficient attention to the design of appropriate schemes to guarantee the coherence of macroeconomic policies worldwide, the enhanced provision of emergency financing during crises, and the creation of adequate debt standstill and orderly debt workout procedures. In the area of development finance, emphasis should be given to the need to increase funding to low-income countries. The role of multilateral development banks in counter-cyclical financing – including support to social safety nets during crises – must also be emphasized. The enhanced provision of emergency and development financing should be accompanied by a renewed international agreement on the limits of conditionality and a recognition of the central role of the “ownership” of development and macroeconomic policies by developing countries. Regional and subregional institutions should play an essential role in the supply of “global public goods” and other services in international finance. The required financial architecture should in some cases have the nature of a network of institutions that provide the services required in a complementary fashion (in the areas of emergency financing sur
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  • José Antonio Ocampo, 2000. "Recasting the International Financial Agenda," SCEPA working paper series. 2000-18, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    • Handle: RePEc:epa:cepawp:2000-18
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    References listed on IDEAS

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    1. Ocampo, José Antonio, 1999. "Reforming the international financial architecture: consensus and divergence," Series Históricas 7459, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
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    17. Tovar, Camilo Ernesto & Ocampo, José Antonio, 1997. "Flujos de capital, ahorro e inversión en Colombia, 1990-1996," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 30935, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
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    Cited by:

    1. Titelman Kardonsky, Daniel & Machinea, José Luis, 2007. "Less volatile growth?: the role of regional financial institutions," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
    2. Marco Ferroni & Ashoka Mody, 2002. "International Public Goods : Incentives, Measurement, and Financing," World Bank Publications - Books, The World Bank Group, number 15238, December.
    3. José Antonio Ocampo, 2003. "Les pays en développement et la gouvernance financière internationale," Revue d'Économie Financière, Programme National Persée, vol. 70(1), pages 193-208.
    4. Ffrench-Davis, Ricardo, 2003. "Financial crisis and national policy issues: an overview," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1785.
    5. José Ocampo, 2007. "The Instability and Inequities of the Global Reserve System," International Journal of Political Economy, Taylor & Francis Journals, vol. 36(4), pages 71-96.
    6. Kevin Gallagher, 2012. "The Myth of Financial Protectionism: The New (and old) Economics of Capital Controls," Working Papers wp278, Political Economy Research Institute, University of Massachusetts at Amherst.
    7. José Antonio Ocampo, 2003. "Developing countries' anti-cyclical policies in a globalized world," Chapters, in: Amitava Krishna Dutt (ed.), Development Economics and Structuralist Macroeconomics, chapter 19, Edward Elgar Publishing.
    8. Lisa Jordan & Keith Griffin & Jane D'Arista, 2001. "Democratizing Global Economic Governance: A PERI Symposium," Working Papers wp26, Political Economy Research Institute, University of Massachusetts at Amherst.
    9. Auboin, Marc, 2004. "The trade, debt and finance nexus: at the cross-roads of micro- and macroeconomics," WTO Discussion Papers 6, World Trade Organization (WTO), Economic Research and Statistics Division.
    10. Griffith-Jones, Stephany & Ocampo, José Antonio, 2003. "What progress on international financial reform? why so limited?," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 34941, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    11. Velloso, Helvia & Bustillo, Inés, 2000. "Bond markets for Latin American debt in the 1990s," Series Históricas 7687, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).

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