Developing Countries and the Global Financial System

by Griffith-Jones, Stephany; Bhattacharya, Amar

• ISBN13: 9780850926750
• ISBN10: 0850926750
• Format: Paperback
• Copyright: 2001-01-01
• Publisher: Commonwealth Secretariat

Summary

How will proposed reforms of the global financial system affect developing countries? Do the IMF and World Bank need to find a new role? Can international standards and regulatory bodies operate in such a way that they help rather than hinder development? This book looks at how these and other issues of global governance impact on the developing world.

Table of Contents

Foreword	vii
Introduction	1	(1)
Stephany Griffith-Jones
Amar Bhattacharya
Background	1	(3)
Issues for Discussion	4	(7)
PART 1 REPORT OF THE CONFERENCE	11	(24)
Developing Countries and the Global Financial System	13	(22)
Stephany Griffith-Jones
Amar Bhattacharya
Introduction	13	(1)
Overview	14	(3)
International Standards and Domestic Regulation	17	(2)
International Regulatory Challenges	19	(4)
Private Sector Involvement in Crisis Resolution	23	(3)
The Role of the IFIs in the New Financial Architecture	26	(3)
Issues of Global Governance	29	(2)
Capital Account Liberalisation and its Critique	31	(2)
Conclusions	33	(2)
PART 2 PAPERS PRESENTED AT THE CONFERENCE	35	(144)
New International Standards for Financial Stability: Desirable Regulatory Reform or a Runaway Juggernaut?	37	(12)
Shankar Acharya
What, Why, Who and When of Standards	37	(1)
The Recent Resurgence of Standards	38	(2)
Standards: The Official Indian View	40	(1)
Some Issues	41	(2)
Concluding Remarks	43	(2)
Annex	45	(4)
Speaking Notes on: International Standards and Domestic Regulation	49	(8)
Alastair Clark
Introduction	49	(1)
Why?	49	(1)
What?	50	(3)
How?	53	(2)
Conclusions	55	(2)
The Disturbing Interaction between the Madness of Crowds and the Risk Management of Banks	57	(10)
Avinash Persaud
Summary	57	(1)
A Cyclical Debate	57	(2)
How More Market-sensitive Risk Management Can Create Risk	59	(6)
What Should Policy-Makers and Regulators Do?	65	(2)
International Transparency and Regulatory Challenges	67	(10)
Stephany Griffith-Jones
Amar Bhattacharya
Better Transparency	67	(1)
Better Regulation	68	(9)
Crises and Global Financial Consolidation: Lessons for International Regulation?	77	(12)
Philip Turner
Introduction	77	(1)
Lessons from Crises	77	(9)
Coping with Global Banking Consolidation	86	(2)
Conclusion	88	(1)
The Future of the IMF and the World Bank	89	(8)
Montek S. Ahluwalia
The Future Role of the IMF	89	(5)
The Role of the World Bank	94	(3)
The Role of the IMF: A Guide to the Reports	97	(28)
John Williamson
Introduction	97	(1)
The Scope of the IMF	98	(3)
Surveillance	101	(2)
Lending	103	(4)
Governance	107	(2)
An Agenda for Reform of the IMF	109	(14)
Concluding Remarks	123	(2)
Future Role of the IMF: A Developing Country Point of View	125	(12)
Aziz Ali
Introduction	125	(2)
Issues Arising from Recent Policy Declarations and Reports	127	(10)
The World Bank in a `Globalising' World	137	(10)
Shahid Javed Burki
Systemic Reform at a Standstill: A Flock of `Gs' in Search of Global Financial Stability	147	(32)
Roy Culpeper
Introduction	147	(2)
The Context: Life after the `Asian Crisis'	149	(2)
The Evolution of Global Financial Governance	151	(9)
Systemic Reform: Architects v. Plumbers	160	(11)
Conclusion: The Unfinished Global Reform Agenda and Regional Alternatives	171	(8)
Appendix A Conference Programme	179	(2)
Appendix B List of Participants	181