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Out-Of-The-Box Thoughts About The International Financial Architecture



    (Department of Economics, University of California, Berkeley, CA 94720-3880, USA)

This paper contemplates ambitious reforms of the international financial architecture. It proposes routinising the expansion of IMF quotas and the conduct of exchange rate surveillance. It contemplates an expanded role for the SDR in international transactions, which would require someone — like the IMF — to act as market maker. It considers proposals for reimposing Glass–Steagall-like restrictions on commercial and investment banking, something that will have to be coordinated internationally to be feasible. All this of course presupposes meaningful IMF governance reform so that the institution has the legitimacy and efficiency to assume these additional responsibilities.

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Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal Journal of International Commerce, Economics and Policy.

Volume (Year): 01 (2010)
Issue (Month): 01 ()
Pages: 1-20

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Handle: RePEc:wsi:jicepx:v:01:y:2010:i:01:p:1-20
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  1. Holthausen, Cornelia & Rønde, Thomas, 2005. "Cooperation in International Banking Supervision," CEPR Discussion Papers 4990, C.E.P.R. Discussion Papers.
  2. Bhidé Amar, 2009. "In Praise of More Primitive Finance," The Economists' Voice, De Gruyter, vol. 6(3), pages 1-8, February.
  3. Ramírez, Carlos D., 1999. "Did Glass-Steagall Increase the Cost of External Finance for Corporate Investment?: Evidence From Bank and Insurance Company Affiliations," The Journal of Economic History, Cambridge University Press, vol. 59(02), pages 372-396, June.
  4. Liebowitz, S J & Margolis, Stephen E, 1990. "The Fable of the Keys," Journal of Law and Economics, University of Chicago Press, vol. 33(1), pages 1-25, April.
  5. Dani Rodrik, 2008. "The Real Exchange Rate and Economic Growth," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 39(2 (Fall)), pages 365-439.
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