Reforming the international financial architecture: consensus and divergence
Includes bibliography
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ECLAC
2014
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| Acceso en línea: | http://hdl.handle.net/11362/7459 |
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oai-11362-74592020-03-03T20:03:42Z Reforming the international financial architecture: consensus and divergence Ocampo, José Antonio NU. CEPAL ADMINISTRACION FINANCIERA CRISIS FINANCIERA DEUDA EXTERNA GESTION DE LA DEUDA LIQUIDEZ INTERNACIONAL MERCADOS DE CAPITAL PAISES EN DESARROLLO REGLAS Y NORMAS SERVICIOS FINANCIEROS SISTEMA MONETARIO INTERNACIONAL CAPITAL MARKETS DEBT MANAGEMENT DEVELOPING COUNTRIES EXTERNAL DEBT FINANCIAL CRISIS FINANCIAL MANAGEMENT FINANCIAL SERVICES INTERNATIONAL LIQUIDITY INTERNATIONAL MONETARY SYSTEM RULES AND REGULATIONS Includes bibliography Abstract This paper reviews the current controversy on the reform of the international financial architecture. The paper first identifies some basic assumptions that must be taken into account in any meaningful reform. Then it identifies basic areas of consensus among different analysts: the need to maintain expansionary policies in industrialized countries as long as the current uncertainty prevails; to develop adequate contingency financing for countries in difficulties; to improve the institutional framework in which financial markets operate; to create appropriate mechanisms to internalize the externalities generated by national macroeconomic polities; and to design internationally sanctioned standstill provisions to ensure appropriate sharing of the burdens of adjustment. Next, it identifies certain areas of divergence and presents some proposals to overcome them: the need to use SDRs more actively as a financing mechanism during crises; to reach agreements on the coverage of IMF conditionality, restricting it to the macroeconomic policies that were its purview in the past; to preserve the autonomy of developing countries to manage the capital account; to maintain the freedom of countries to choose the exchange rate regime; and to strengthen regional institutions. It ends with a brief look at some complementary issues associated with the prevention and management of financial crises, which is the main focus of the paper. 2014-01-02T16:49:45Z 2014-01-02T16:49:45Z 1999-04 Texto Documento Completo http://hdl.handle.net/11362/7459 LC/L.1192-P en Serie Temas de Coyuntura 1 application/pdf AMERICA LATINA Y EL CARIBE LATIN AMERICA AND THE CARIBBEAN ECLAC |
| institution |
Cepal |
| collection |
Cepal |
| language |
English |
| topic |
ADMINISTRACION FINANCIERA CRISIS FINANCIERA DEUDA EXTERNA GESTION DE LA DEUDA LIQUIDEZ INTERNACIONAL MERCADOS DE CAPITAL PAISES EN DESARROLLO REGLAS Y NORMAS SERVICIOS FINANCIEROS SISTEMA MONETARIO INTERNACIONAL CAPITAL MARKETS DEBT MANAGEMENT DEVELOPING COUNTRIES EXTERNAL DEBT FINANCIAL CRISIS FINANCIAL MANAGEMENT FINANCIAL SERVICES INTERNATIONAL LIQUIDITY INTERNATIONAL MONETARY SYSTEM RULES AND REGULATIONS |
| spellingShingle |
ADMINISTRACION FINANCIERA CRISIS FINANCIERA DEUDA EXTERNA GESTION DE LA DEUDA LIQUIDEZ INTERNACIONAL MERCADOS DE CAPITAL PAISES EN DESARROLLO REGLAS Y NORMAS SERVICIOS FINANCIEROS SISTEMA MONETARIO INTERNACIONAL CAPITAL MARKETS DEBT MANAGEMENT DEVELOPING COUNTRIES EXTERNAL DEBT FINANCIAL CRISIS FINANCIAL MANAGEMENT FINANCIAL SERVICES INTERNATIONAL LIQUIDITY INTERNATIONAL MONETARY SYSTEM RULES AND REGULATIONS Ocampo, José Antonio Reforming the international financial architecture: consensus and divergence |
| description |
Includes bibliography |
| author2 |
NU. CEPAL |
| author_facet |
NU. CEPAL Ocampo, José Antonio |
| format |
Texto |
| author |
Ocampo, José Antonio |
| author_sort |
Ocampo, José Antonio |
| title |
Reforming the international financial architecture: consensus and divergence |
| title_short |
Reforming the international financial architecture: consensus and divergence |
| title_full |
Reforming the international financial architecture: consensus and divergence |
| title_fullStr |
Reforming the international financial architecture: consensus and divergence |
| title_full_unstemmed |
Reforming the international financial architecture: consensus and divergence |
| title_sort |
reforming the international financial architecture: consensus and divergence |
| publisher |
ECLAC |
| publishDate |
2014 |
| url |
http://hdl.handle.net/11362/7459 |
| work_keys_str_mv |
AT ocampojoseantonio reformingtheinternationalfinancialarchitectureconsensusanddivergence |
| _version_ |
1718440139341955072 |