Possible Means And Solutions For Avoiding Currency Wars
What is needed is a coordinated plan of action, involving all trading partners to ensure a balanced global recovery. The plan must address three interconnected issues: the exchange rate system, global imbalances and excessive reserve accumulation. Few solutions in response to these issues: - create an emergency markets reserve fund, from which member countries would be able to withdraw with no conditionality; - create a global governance mechanism to prevent countries from running excessive current account imbalances; - give surplus countries greater exchange rate flexibility; - enhance the role of the renminbi as an international currency; - strengthen the capacity of IMF to act as a lender of last resort, allowing it to lend to solvent countries against collaterals.
Volume (Year): 1 (2011)
Issue (Month): 39 ()
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- Giovanni Dell'Ariccia & Pau Rabanal & Christopher W. Crowe & Deniz Igan, 2011. "Policies for Macrofinancial Stability; Options to Deal with Real Estate Booms," IMF Staff Discussion Notes 11/02, International Monetary Fund.
- Botman, Dennis & Edison, Hali & N'Diaye, Papa, 2009.
"Strategies for fiscal consolidation in Japan,"
Japan and the World Economy,
Elsevier, vol. 21(2), pages 151-160, March.
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