Toward a New International Financial Architecture

by Eichengreen, Barry J.

• ISBN13: 9780881322705
• ISBN10: 0881322709
• Format: Paperback
• Copyright: 1999-02-01
• Publisher: Peterson Inst for Intl Economics

Author Biography

Barry Eichengreen is John L. Simpson Professor of Economics and Political Science at the University of California, Berkeley; Research Associate at the National Bureau of Economic Research; and Research Fellow of the Centre for Economic Policy Research (London)

Table of Contents

Preface	xi
Acknowledgments	xv
Introduction	1	(8)
Outline of the Book	6	(3)
Summary of Recommendations	9	(10)
Crisis Prevention	10	(3)
Crisis Prediction	13	(1)
Crisis Management	14	(2)
Reforming the IMF	16	(3)
Standards for Crisis Prevention	19	(18)
The Standard Solution	21	(3)
Some Examples	24	(6)
Problems	30	(2)
The Role of the International Financial Institutions	32	(2)
Incentives for Compliance	34	(1)
Implications	35	(2)
Banks and Capital Flows	37	(22)
Causes and Consequences of Bank Fragility	38	(3)
Capital Mobility and Crises	41	(1)
Preventing Banking Crises	42	(9)
The Evidence on Chilean Capital-Inflow Taxes	51	(4)
The Importance of Not Confusing Inflow and Outflow Controls	55	(4)
Bailing in the Private Sector	59	(20)
The Need for Architectural Reform	61	(2)
Ex Ante Measures	63	(2)
Ex Post Measures	65	(14)
What Won't Work	79	(18)
Disclosure and Discipline as Solutions to All Problems	80	(4)
Leading Indicators	84	(2)
An International Debt Insurance Agency	86	(2)
A Tobin Tax	88	(2)
An International Court for Sovereign Debts	90	(3)
Global Moneys and Global Monetary Institutions	93	(4)
What the IMF Should Do (and What We Should Do about the IMF)	97	(74)
Why Radical Reform Won't Work	97	(6)
IMF Exchange Rate Advice	103	(6)
Fiscal and Monetary Policies	109	(4)
Measures to Encourage Debt Restructuring	113	(1)
Transparency	113	(2)
The Fund and the Capital Account	115	(3)
Is There Still a Case for Amending the Articles of Agreement?	118	(1)
Conclusion	119	(5)
Appendices
Appendix A Architecture Scorecard	124	(9)
Appendix B How Economists Understand Crises	133	(10)
Appendix C Understanding Asia's Crisis	143	(28)
References	171	(10)
Index	181