The IMF and its Critics: Reform of Global Financial Architecture

by Edited by David Vines , Christopher L. Gilbert

• ISBN13: 9780521821544
• ISBN10: 0521821541
• Format: Hardcover
• Copyright: 2004-04-05
• Publisher: Cambridge University Press

Summary

The IMF is the first economic institution in line to protect countries from the effects of financial crises and to insulate the world economy from possible systemic risk. However, many argue that the IMF is insufficiently equipped to do this job, whilst others argue almost the opposite: the IMF's well-intentional actions induce other countries to take risks which increase their exposure to the same problems. This book, written by leading economists from both universities and the multilateral agencies, combines rigorous economic analysis with insider perspectives on key policy debates. It analyses the Asian and Argentine financial crises, issues of policy ownership, the more general quest for financial stability and governance of the IMF. It is an essential reference for anyone interested in the role of international financial institutions in our globalised economy.

Table of Contents

Introduction Christopher L. Gilbert and David Vines

1. The IMF and international financial architecture: solvency and liquidity David Vines and Christopher L. Gilbert

2. Progress towards greater international financial stability Andrew Crockett

3. International coordination of macroeconomic policies: still alive in the new millennium? Laurence H. Meyer, Brian M. Doyle, Joseph E. Gagnon and Dale W. Henderson

4. The report of the International Financial Institution Advisory Commission: comments on the critics Allan H. Meltzer

5. Reforming the global financial architecture: just tinkering around the edges? Malcolm Knight, Lawrence Schembri and James Powell

6. The IMF and capital account liberalisation Dominic Wilson

7. How should the IMF view capital controls? Gregor Irwin, Christopher L. Gilbert and David Vines

8. The resolution of international financial crises: an alternative framework Andrew G. Haldane and Mark Kruger

9. Whose programme is it? Policy ownership with conditional lending James M. Boughton and Alex Mourmouras

10. Should the IMF discontinue its long term lending role in developing countries? Graham Bird and Paul Mosley

11. The IMF and East Asia: a changing regional financial architecture Gordon de Brouwer

12. Argentina and the Fund: anatomy of a policy failure Michael Mussa

13. Countries in payments' difficulties: what can the IMF do? Andrew Powell

14. Accountability, governance and the reform of the IMF Ngaire Woods

15. The IMF at the start of the 21st century: what has been learned? On which values can we establish a humanised globalisation? Michel Camdessus.