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Structural adjustment: Will the financial sector shrink and entrepreneurship boom?

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  • Bickenbach, Frank
  • Bode, Eckhardt
  • Dohse, Dirk
  • Hanley, Aoife
  • Schweickert, Rainer

Abstract

This paper argues for an ambitious but realistic approach to defining the future role of the International Monetary Fund (IMF). The IMF is the only international institution with the analytical capacity and political standing to hold all national governments accountable to the same standards for macroeconomic policies and financial sector regulation. By focusing on this task, the IMF will make a crucial contribution to the international coordination of macroeconomic and financial market policies and to preventing future financial crises. This paper makes specific proposals for empowering the IMF for this role. The IMF's independence from individual member state governments should be strengthened and its governance structure should be reformed to enhance ownership by all stakeholders.

Suggested Citation

  • Bickenbach, Frank & Bode, Eckhardt & Dohse, Dirk & Hanley, Aoife & Schweickert, Rainer, 2009. "Structural adjustment: Will the financial sector shrink and entrepreneurship boom?," Open Access Publications from Kiel Institute for the World Economy 32944, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkie:32944
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    File URL: https://www.econstor.eu/bitstream/10419/32944/1/621188158.pdf
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    References listed on IDEAS

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    1. Thomas Philippon & Ariell Reshef, 2009. "Wages and Human Capital in the U.S. Financial Industry: 1909-2006," NBER Working Papers 14644, National Bureau of Economic Research, Inc.
    2. Philippe Aghion & Thibault Fally & Stefano Scarpetta, 2007. "Credit constraints as a barrier to the entry and post-entry growth of firms [‘Dualism and macroeconomic volatility’]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 22(52), pages 732-779.
    3. Prashanth Mahagaonkar & Rainer Schweickert & Aditya S. Chavali, 2009. "Sectoral R&D intensity and Exchange Rate Volatility: A Panel Study on Economies of the OECD," Jena Economics Research Papers 2009-056, Friedrich-Schiller-University Jena.
    4. Mahagaonkar, Prashanth & Schweickert, Rainer & Chavali, Aditya S., 2009. "Sectoral R&D intensity and exchange rate volatility: a panel study for OECD countries," Kiel Working Papers 1531, Kiel Institute for the World Economy (IfW Kiel).
    5. Aghion, Philippe & Bacchetta, Philippe & Rancière, Romain & Rogoff, Kenneth, 2009. "Exchange rate volatility and productivity growth: The role of financial development," Journal of Monetary Economics, Elsevier, vol. 56(4), pages 494-513, May.
    6. Stefan Lachenmaier & Ludger Wößmann, 2006. "Does innovation cause exports? Evidence from exogenous innovation impulses and obstacles using German micro data," Oxford Economic Papers, Oxford University Press, vol. 58(2), pages 317-350, April.
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    Cited by:

    1. Gärtner, Stefan, 2014. "Den Pfadwandel einleiten: Von den Dilemmata präventiver Strukturpolitik," Forschung Aktuell 10/2014, Institut Arbeit und Technik (IAT), Westfälische Hochschule, University of Applied Sciences.

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