Managing Global Risks and Creating Prosperity: the Role of the IMF and Regional Financial Architectures
In this paper,following an evolutionary theory of international financial institutions-- called "the extended panda's thumb" approach-- the role of IMF under the present globalization moves is analyzed. It is shown that IMF must change in a direction which allows for greater national policy autonomy. It is also shown that the IMF needs complementary regional institutions of cooperation in order to create a stabilizing financial architecture. Thus regional financial architectures will need to be integral parts of any new global financial architecture(GFA).The tentative steps taken towards regional cooperation in Asia after the financial crisis are discussed to illustrate the opportunities and challenges posed by the need to evolve towards a hybrid GFA.
|Date of creation:||Aug 2002|
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- Velasco, A. & Chang, R., 1998.
"The Asian Liquidity Crisis,"
98-27, C.V. Starr Center for Applied Economics, New York University.
- Roberto Chang & Andres Velasco, 1998. "The Asian liquidity crisis," FRB Atlanta Working Paper 98-11, Federal Reserve Bank of Atlanta.
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- Jeffrey Sachs & Aaron Tornell & Andres Velasco, 1996. "Financial Crises in Emerging Markets: The Lessons from 1995," NBER Working Papers 5576, National Bureau of Economic Research, Inc.
- Jeffrey Sachs & Aaron Tornell & Andres Velasco, 1996. "Financial Crises in Emerging Markets: The Lessons from 1995," Harvard Institute of Economic Research Working Papers 1759, Harvard - Institute of Economic Research.
- Takuma Omori, 2002. ""Suffolk Banking System against the Crisis of 1837 - 39 --the Spontaneous Development of "Lender of Last resort" by a commercial bank--" (in Japanese)," CIRJE J-Series CIRJE-J-79, CIRJE, Faculty of Economics, University of Tokyo.
- Anne O. Krueger, 2000. "Conflicting Demands on the International Monetary Fund," American Economic Review, American Economic Association, vol. 90(2), pages 38-42, May. Full references (including those not matched with items on IDEAS)
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