Reforming the international financial architecture: consensus and divergence

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cepal.bibLevelDocumento Completo
cepal.callNumberINT UN/EC 92(1/99)
cepal.callNumberLC/L.1192-P
cepal.docTypeSeries
cepal.idSade4304
cepal.jobNumberS2000007 E
cepal.regionalOfficeSantiago
cepal.saleNumber99.II.G.6
cepal.topicEngMACROECONOMICS
cepal.topicSpaMACROECONOMÍA
cepal.workareaEngECONOMIC DEVELOPMENT
cepal.workareaSpaDESARROLLO ECONÓMICO
dc.contributor.authorOcampo, José Antonio
dc.contributor.entityNU. CEPAL
dc.coverage.spatialEngLATIN AMERICA AND THE CARIBBEAN
dc.coverage.spatialSpaAMERICA LATINA Y EL CARIBE
dc.date.accessioned2014-01-02T16:49:45Z
dc.date.available2014-01-02T16:49:45Z
dc.date.issued1999-04
dc.descriptionIncludes bibliography
dc.description.abstractAbstract 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.
dc.formatTexto
dc.format.extent32 páginas.
dc.format.mimetypeapplication/pdf
dc.identifier.unSymbolLC/L.1192-P
dc.identifier.urihttps://hdl.handle.net/11362/7459
dc.language.isoeng
dc.physicalDescription32 p.
dc.publisherECLAC
dc.publisher.placeSantiago
dc.relation.isPartOfSeriesSerie Temas de Coyuntura
dc.relation.isPartOfSeriesNo1
dc.rights.coarDisponible
dc.subject.unbisEngCAPITAL MARKETS
dc.subject.unbisEngDEBT MANAGEMENT
dc.subject.unbisEngDEVELOPING COUNTRIES
dc.subject.unbisEngEXTERNAL DEBT
dc.subject.unbisEngFINANCIAL CRISIS
dc.subject.unbisEngFINANCIAL MANAGEMENT
dc.subject.unbisEngFINANCIAL SERVICES
dc.subject.unbisEngINTERNATIONAL LIQUIDITY
dc.subject.unbisEngINTERNATIONAL MONETARY SYSTEM
dc.subject.unbisEngRULES AND REGULATIONS
dc.subject.unbisSpaADMINISTRACION FINANCIERA
dc.subject.unbisSpaCRISIS FINANCIERA
dc.subject.unbisSpaDEUDA EXTERNA
dc.subject.unbisSpaGESTION DE LA DEUDA
dc.subject.unbisSpaLIQUIDEZ INTERNACIONAL
dc.subject.unbisSpaMERCADOS DE CAPITAL
dc.subject.unbisSpaPAISES EN DESARROLLO
dc.subject.unbisSpaREGLAS Y NORMAS
dc.subject.unbisSpaSERVICIOS FINANCIEROS
dc.subject.unbisSpaSISTEMA MONETARIO INTERNACIONAL
dc.titleReforming the international financial architecture: consensus and divergence
dc.type.coarlibro
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