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Managing Global Risks and Creating Prosperity: the Role of the IMF and Regional Financial Architectures

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Haider Ali Khan (GSIS, University of Denver and CIRJE, Faculty of Economics, University of Tokyo)

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Abstract

In this paper,following an evolutionary theory of international financial institutions-- called "the extended panda's thumb" approach-- the role of IMF under the present globalization moves is analyzed. It is shown that IMF must change in a direction which allows for greater national policy autonomy. It is also shown that the IMF needs complementary regional institutions of cooperation in order to create a stabilizing financial architecture. Thus regional financial architectures will need to be integral parts of any new global financial architecture(GFA).The tentative steps taken towards regional cooperation in Asia after the financial crisis are discussed to illustrate the opportunities and challenges posed by the need to evolve towards a hybrid GFA.

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File URL: http://www.e.u-tokyo.ac.jp/cirje/research/dp/2002/2002cf166.pdf
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Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-166.

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Length: 29 pages
Date of creation: Aug 2002
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Handle: RePEc:tky:fseres:2002cf166

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  3. Menzie D. Chinn, 1998. "Before the Fall: Were East Asian Currencies Overvalued?," NBER Working Papers 6491, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. Malcolm D. Knight, 1998. "Developing Countries and the Globalization of Financial Markets," IMF Working Papers 98/105, International Monetary Fund.
  5. Anne O. Krueger, 2000. "Conflicting Demands on the International Monetary Fund," American Economic Review, American Economic Association, vol. 90(2), pages 38-42, May. [Downloadable!] (restricted)
  6. Lawrence H. Summers, 2000. "International Financial Crises: Causes, Prevention, and Cures," American Economic Review, American Economic Association, vol. 90(2), pages 1-16, May. [Downloadable!] (restricted)
  7. Knight, Malcolm, 1998. "Developing Countries and the Globalization of Financial Markets," World Development, Elsevier, vol. 26(7), pages 1185-1200, July. [Downloadable!] (restricted)
  8. Chang, Ha-Joon, 1998. "Korea: The misunderstood crisis," World Development, Elsevier, vol. 26(8), pages 1555-1561, August. [Downloadable!] (restricted)
  9. Baig, Taimur & Goldfajn, Ilan, 2002. "Monetary Policy in the Aftermath of Currency Crises: The Case of Asia," Review of International Economics, Blackwell Publishing, vol. 10(1), pages 92-112, February. [Downloadable!] (restricted)
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  10. Janine Berg & Lance Taylor, 2000. "External Liberalization, Economic Performance, and Social Policy," SCEPA Working Papers 2000-02, Schwartz Center for Economic Policy Analysis (SCEPA), The New School. [Downloadable!]
  11. Guillermo A. Calvo & Enrique G. Mendoza, 1999. "Regional Contagion and the Globalization of Securities Markets," NBER Working Papers 7153, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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