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A counter-cyclical framework for a development-friendly international financial architecture

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  • José Antonio Ocampo
  • Stephany Griffith-Jones
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    Abstract

    The major task of a development-friendly international financial architecture is to mitigate pro-cyclical effects of financial markets and open “policy space” for counter-cyclical macroeconomic policies in the developing world. This paper explores a series of policy instruments for this purpose: counter-cyclical prudential regulatory and supervisory frameworks; market mechanisms that better distribute the risk faced by developing countries through the business cycle; multilateral instruments that encourage more stable private flows; and better provision of counter-cyclical official liquidity. It also suggests that regional macroeconomic consultation, and common reserve funds or swap arrangements among developing countries can play a role in this regard.

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    File URL: http://www.un.org/esa/desa/papers/2007/wp39_2007.pdf
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    Bibliographic Info

    Paper provided by United Nations, Department of Economics and Social Affairs in its series Working Papers with number 39.

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    Length: 21 pages
    Date of creation: Jul 2007
    Date of revision:
    Handle: RePEc:une:wpaper:39

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    Web page: http://www.un.org/en/development/desa/working-papers.html
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    Keywords: volatility; contagion; financial crises; counter-cyclical macroeconomic policies; counter­cyclical prudential regulation; GDP-indexed and local currency bonds; regional macroeconomic cooperation.;

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    1. Reinhart, Carmen & Kaminsky, Graciela & Vegh, Carlos, 2004. "When it rains, it pours: Procyclical capital flows and macroeconomic policies," MPRA Paper 13883, University Library of Munich, Germany.
    2. Barry Eichengreen, 2004. "Global Imbalances and the Lessons of Bretton Woods," NBER Working Papers 10497, National Bureau of Economic Research, Inc.
    3. Hausmann, Ricardo & Panizza, Ugo, 2003. "On the determinants of Original Sin: an empirical investigation," Journal of International Money and Finance, Elsevier, vol. 22(7), pages 957-990, December.
    4. Serge Jeanneau & Camilo E Tovar, 2006. "Domestic bond markets in Latin America: achievements and challenges," BIS Quarterly Review, Bank for International Settlements, June.
    5. José Antonio Ocampo, 2005. "A Broad View of Macroeconomic Stability," Working Papers 1, United Nations, Department of Economics and Social Affairs.
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    Cited by:
    1. José Antonio Ocampo, 2007. "The Instability and Inequities of the Global Reserve System," Working Papers 59, United Nations, Department of Economics and Social Affairs.

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