The new financial architecture: from substantive to procedural rules
The new international financial architecture is investigated through the works of leading American economists, the Cologne G7 decisions, the implementing work of the IMF (and the World Bank). However, the Washington-consensus policies and the definition of standards and codes have not avoided foreign exchange, banking and debt crises, the therapy of which has been hotly contested as ineffective or unduly harsh. Many critics have proposed to transform the IMF radically. Although no such reform has taken place, the institution set up at Bretton Woods to look after the fixed exchange rate system with substantive rules has turned into a sort of supervisor of macroeconomic, structural and, above all, financial policies aiming to ensure stability through procedural rules. The latter are the product of many institutions and organisations with or without legitimacy, which makes the international monetary andfinancial system ever more dependent on soft law.
Volume (Year): 57 (2004)
Issue (Month): 231 ()
|Contact details of provider:|| Web page: http://www.economiacivile.it|
|Order Information:||Web: http://www.economiacivile.it|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Curzio Giannini, 2002. "Promoting Financial Stability in Emerging-Market Countries: The Soft Law Approach and Beyond1," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 44(2-3), pages 125-167, September.
- Giancarlo Corsetti & Paolo Pesenti & Nouriel Roubini, 1998.
"What Caused the Asian Currency and Financial Crisis?,"
Temi di discussione (Economic working papers)
343, Bank of Italy, Economic Research and International Relations Area.
- Corsetti, Giancarlo & Pesenti, Paolo & Roubini, Nouriel, 1999. "What caused the Asian currency and financial crisis?," Japan and the World Economy, Elsevier, vol. 11(3), pages 305-373, October.
- Corsetti, G. & Pesenti, P. & Roubini, N., 1998. "What Caused the Asian Currency and Financial Crisis?," Papers 343, Banca Italia - Servizio di Studi.
- Kenneth Rogoff, 1999.
"International Institutions for Reducing Global Financial Instability,"
NBER Working Papers
7265, National Bureau of Economic Research, Inc.
- Kenneth Rogoff, 1999. "International Institutions for Reducing Global Financial Instability," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 21-42, Fall.
- Michel Aglietta, 2000. "The International Monetary Fund and the International Financial Architecture," Working Papers 2000-08, CEPII research center.
- Allan H. Meltzer, 1998. "Asian Problems and the IMF," Cato Journal, Cato Journal, Cato Institute, vol. 17(3), pages 264-274, Winter.
- Krasner, Stephen D., 1982. "Regimes and the limits of realism: regimes as autonomous variables," International Organization, Cambridge University Press, vol. 36(02), pages 497-510, March.
- Morris Goldstein (ed.), 1999. "Safeguarding Prosperity in a Global Financial System: The Future International Financial Architecture," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 50, January.
- Michael Mussa, 2002.
"Argentina and the Fund: From Triumph to Tragedy,"
Peterson Institute Press: Policy Analyses in International Economics,
Peterson Institute for International Economics, number pa67.
- Lorenzo Bini Smaghi, 2004. "A Single EU Seat in the IMF?," Journal of Common Market Studies, Wiley Blackwell, vol. 42(2), pages 229-248, 06.
- Steven Radelet & Jeffrey D. Sachs, 1998. "The East Asian Financial Crisis: Diagnosis, Remedies, Prospects," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 1-90.
- Andrew Berg & Eduardo Borensztein & Catherine A Pattillo, 2004.
"Assessing Early Warning Systems; How Have they Worked in Practice?,"
IMF Working Papers
04/52, International Monetary Fund.
- Andrew Berg & Eduardo Borensztein & Catherine Pattillo, 2005. "Assessing Early Warning Systems: How Have They Worked in Practice?," IMF Staff Papers, Palgrave Macmillan, vol. 52(3), pages 5.
- Ayhan Kose & Kenneth Rogoff & Eswar S Prasad & Shang-Jin Wei, 2003. "Effects of Financial Globalization on Developing Countries; Some Empirical Evidence," IMF Occasional Papers 220, International Monetary Fund.
- Stanley Fischer, 1999. "On the Need for an International Lender of Last Resort," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 85-104, Fall.
- Bird, Graham, 2001. "IMF Programs: Do They Work? Can They be Made to Work Better?," World Development, Elsevier, vol. 29(11), pages 1849-1865, November.
- Giannini, C., 1998. ""Enemy of None but a Common Friend of All"? An International Perspective on the Lender-of-Last-Resort Function," Papers 341, Banca Italia - Servizio di Studi.
- Ales Bulir & Marianne Schulze-Gattas & Atish R. Ghosh & Alex Mourmouras & A. Javier Hamann & Timothy D. Lane, 2002. "IMF-Supported Programs in Capital Account Crises; Design and Experience," IMF Occasional Papers 210, International Monetary Fund.
- Catherine A Pattillo & Andrew Berg, 2000. "The Challenge of Predicting Economic Crises," IMF Economic Issues 22, International Monetary Fund.
When requesting a correction, please mention this item's handle: RePEc:psl:bnlqrr:2004:41. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Carlo D'Ippoliti)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.