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Challenges in IMS Reforms: A Global and Emerging Markets Perspective


  • Alok Sheel



The current global financial crisis has reopened an old debate on the international monetary system by baring weaknesses and flaws that have long been known. The debate is centred on both stability and equity. International co-operation is necessary to resolve a complex interplay of several interrelated problems. The G 20 seems to be better positioned than the IMF arrive at some international consensus on these issues. However, while there has been some progress, the big issues of moral hazard and inequities deriving from the global reserve currency seem intractable. With the macro-economic framework under great strain, we may indeed be poised for a leap into the dark going forward. Since solutions seem elusive, even as everybody is agreed that there is a major problem, discussion and debate are crucial. [Policy Series No. 11]. URL:[].

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  • Alok Sheel, 2012. "Challenges in IMS Reforms: A Global and Emerging Markets Perspective," Working Papers id:4702, eSocialSciences.
  • Handle: RePEc:ess:wpaper:id:4702
    Note: Institutional Papers

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    References listed on IDEAS

    1. Lown, Cara & Morgan, Donald P., 2006. "The Credit Cycle and the Business Cycle: New Findings Using the Loan Officer Opinion Survey," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(6), pages 1575-1597, September.
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    3. Christopher Kent & Patrick D'Arcy, 2001. "Cyclical prudence - credit cycles in Australia," BIS Papers chapters,in: Bank for International Settlements (ed.), Marrying the macro- and micro-prudential dimensions of financial stability, volume 1, pages 58-90 Bank for International Settlements.
    4. Kiyotaki, Nobuhiro & Moore, John, 1997. "Credit Cycles," Journal of Political Economy, University of Chicago Press, vol. 105(2), pages 211-248, April.
    5. Raghuram G. Rajan, 1994. "Why Bank Credit Policies Fluctuate: A Theory and Some Evidence," The Quarterly Journal of Economics, Oxford University Press, vol. 109(2), pages 399-441.
    6. Claudio Borio & Craig Furfine & Philip Lowe, 2001. "Procyclicality of the financial system and financial stability: issues and policy options," BIS Papers chapters,in: Bank for International Settlements (ed.), Marrying the macro- and micro-prudential dimensions of financial stability, volume 1, pages 1-57 Bank for International Settlements.
    7. Ronny Nilsson, 2006. "Composite Leading Indicators and Growth Cycles in Major OECD Non-Member Economies and recently new OECD Members Countries," OECD Statistics Working Papers 2006/5, OECD Publishing.
    8. Philip A. Klein & Geoffrey H. Moore, 1982. "The Leading Indicator Approach to Economic Forecasting--Retrospect and Prospect," NBER Working Papers 0941, National Bureau of Economic Research, Inc.
    9. Mohanty, Jaya & Singh, Bhupal & Jain, Rajeev, 2003. "Business cycles and leading indicators of industrial activity in India," MPRA Paper 12149, University Library of Munich, Germany.
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