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Mananging Financial Instability: Why Prudence is not Enough?

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Author Info
Yilmaz Akyüz
Abstract

This paper argues that developing countries have limited arsenal at the national level to manage financial instability. The solutions have to be sought mainly at the multilateral level and these include: provision of adequate international liquidity at appropriate terms for current account financing to countries facing foreign exchange shortages as a result of trade and financial shocks; and orderly debt workout procedures designed to stem attacks on currencies, check capital outflows and involve the private sector in the resolution of crises. Multilateral policy surveillance and advice should also be used to help countries to manage surges in capital inflows.

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File URL: http://www.un.org/esa/desa/papers/2009/wp86_2009.pdf
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Publisher Info
Paper provided by United Nations, Department of Economics and Social Affairs in its series Working Papers with number 86.

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Length: 39 pages
Date of creation: Nov 2009
Date of revision:
Handle: RePEc:une:wpaper:86

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Related research
Keywords: capital movement; foreign exchange regime; current account; capital account; international monetary system; debt problems; financial crises;

Find related papers by JEL classification:
F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
F31 - International Economics - - International Finance - - - Foreign Exchange
F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
F34 - International Economics - - International Finance - - - International Lending and Debt Problems
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
G01 - Financial Economics - - General - - - Financial Crises

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This page was last updated on 2009-11-23.

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