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International financial reform: the broad agenda

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  • Ocampo, José Antonio

Abstract

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, which should overcome some of the adverse political economy features that characterize the current debate. After some initial considerations of the nature of the problems that the current system faces and political economy issues, it considers: (1) the reforms associated to financial crisis prevention and resolution; (2) the role of development finance, including the use of multilateral development finance to support increased participation of low-income and small middle-income countries in private capital markets and the financing of social safety nets during crises; (3) the need to reach a renewed international agreement on the limits of conditionality and a full recognition of the central role of the "ownership" of development and macroeconomic policies by developing countries; (4) the role of regional and subregional institutions in increasing the supply of "global public goods" and other services in the area of international finance; and (5) the need to maintain several realms of national autonomy, including capital account regulations and the choice of exchange rate regimes. The paper argues that regional institutions and national autonomy are particularly important for the smaller players in the international arena, which will gain significantly from competition in the services provided to them and from the mainten
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  • Ocampo, José Antonio, 1999. "International financial reform: the broad agenda," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
    • Handle: RePEc:ecr:col070:10694
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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).
    2. Manuel Agosin & Ricardo French-Davis, 1997. "Managing capital inflows in Chile," Estudios de Economia, University of Chile, Department of Economics, vol. 24(2 Year 19), pages 297-326, December.
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    4. Ocampo, José Antonio, 1999. "International financial reform: the broad agenda," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
    5. -, 1999. "Finding solutions to the debt problems of developing countries: report of the Executive Committee on Economic and Social Affairs of the United Nations (New York, 20 May 1999)," Series Históricas 7480, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    6. -, 1999. "Towards a new international financial architecture: report of the Task Force of the Executive Committee on Economic and Social Affairs of the United Nations, 21 January 1999 = Hacia una nueva arquitec," Libros y Documentos Institucionales, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 3216 edited by Cepal.
    7. Guillermo Larraín & Helmut Reisen & Julia von Maltzan, 1997. "Emerging Market Risk and Sovereign Credit Ratings," OECD Development Centre Working Papers 124, OECD Publishing.
    8. José Antonio Ocampo & Camilo Ernesto Tovar, 1999. "Price-based capital account regulations: the Colombian experience," Documentos de Investigación 3372, Cepal Naciones Unidas.
    9. -, 1995. "Latin America and the Caribbean: policies to improve linkages with the global economy," Libros de la CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 2141 edited by Cepal, September.
    10. Cornia, Giovanni Andrea, "undated". "Social Funds in Stabilization and Adjustment Programmes," WIDER Working Papers 295343, United Nations University, World Institute for Development Economic Research (UNU-WIDER).
    11. Stephany Griffith-Jones, 1998. "Global Capital Flows," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-26912-9, August.
    12. Yilmaz AKYÜZ & Andrew CORNFORD, 1999. "Capital Flows To Developing Countries And The Reform Of The International Financial System," UNCTAD Discussion Papers 143, United Nations Conference on Trade and Development.
    13. Ocampo, José Antonio, 2000. "A broad agenda for international financial reform," Libros de la CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 2222, September.
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    1. Ocampo, José Antonio, 1999. "International financial reform: the broad agenda," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
    2. Torres, Miguel & Hofman, André A., 2008. "ECLAC thinking in the CEPAL Review (1976-2008)," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
    3. García Arias, Jorge, 2008. "International finance and development: opportunity or threat?," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
    4. Velloso, Helvia & Bustillo, Inés, 2002. "United States interest rates, Latin American debt and financial contagion," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.

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