The IMF and its Critics: Reform of Global Financial Architecture

doi:10.1017/CBO9780511493362

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, while others argue almost the opposite: the IMF's well-intentioned actions induce other countries to take risks which increase their exposure from both universities and the multilateral agencies, combines rigourous economic analysis with insider perspectives on key policy debates. It analyses the Asian and Argentine financial crises of the late 1990s, 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.

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Contents

Frontmatter
pp i-vi
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Contents
pp vii-viii
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List of figures
pp ix-ix
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List of tables
pp x-x
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List of contributors
pp xi-xvi
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Acknowledgements
pp xvii-xviii
- By David Vines, Professor of Economics, Oxford University; Professor of Economics, Australian National University; Research Fellow, CEPR, Christopher L. Gilbert, Professor of Finance in the Department of Finance, Vrije University, Amsterdam; Professor of Econometrics, Università degli Studi di Trento; Fellow, Tinbergen Institute
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Introduction
pp 1-7
- By Christopher L. Gilbert, Professor of Finance in the Department of Finance, Vrije University, Amsterdam; Professor of Econometrics, Università degli Studi di Trento; Fellow, Tinbergen Institute, David Vines, Professor of Economics, Oxford University; Professor of Economics, Australian National University; Research Fellow, CEPR
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1 - The IMF and international financial architecture: solvency and liquidity
pp 8-35
- By David Vines, Professor of Economics, Oxford University; Professor of Economics, Australian National University; Research Fellow, CEPR, Christopher L. Gilbert, Professor of Finance in the Department of Finance, Vrije University, Amsterdam; Professor of Econometrics, Università degli Studi di Trento; Fellow, Tinbergen Institute
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2 - Progress towards greater international financial stability
pp 36-58
- By Andrew Crockett, General Manager, Bank for International Settlements (BIS); President, JP Morgan Chase International
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3 - International coordination of macroeconomic policies: still alive in the new millennium?
pp 59-105
- By Laurence H. Meyer, Distinguished Scholar, Center for Strategic and International Studies in Washington, DC; Senior Advisor and Director, Macroeconomic Advisors, Brian M. Doyle, Economist in the Division of International Finance, Federal Reserve Board, Joseph E. Gagnon, Assistant Director in the Division of International Finance, Federal Reserve Board, Dale W. Henderson, Senior Adviser in the Division of International Finance, Federal Reserve Board; Professor of Economics, Georgetown University
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4 - The Report of the International Financial Institution Advisory Commission: comments on the critics
pp 106-123
- By Allan H. Meltzer, Professor of Political Economy and Public Policy, Carnegie Mellon University; Visiting Scholar, American Enterprise Institute in Washington
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5 - Reforming the global financial architecture: just tinkering around the edges?
pp 124-155
- By Malcolm Knight, General Manager, Bank for International Settlements (BIS), Lawrence Schembri, Director of Research, International Department of the Bank of Canada; Professor of Economics, Carleton University, James Powell, Chief of the International Department, Bank of Canada
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6 - The IMF and capital account liberalisation
pp 156-180
- By Dominic Wilson, Senior Global Economist, Goldman Sachs & Co.
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7 - How should the IMF view capital controls?
pp 181-206
- By Gregor Irwin, Economic Advisor, HM Treasury, Christopher L. Gilbert, Professor of Finance in the Department of Finance, Vrije University, Amsterdam; Professor of Econometrics, Università degli Studi di Trento; Fellow, Tinbergen Institute, David Vines, Professor of Economics, Oxford University; Professor of Economics, Australian National University; Research Fellow, CEPR
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8 - The resolution of international financial crises: an alternative framework
pp 207-224
- By Andrew G. Haldane, Head of the Division of International Finance, Bank of England, Mark Kruger, Advisor to the Executive Director for Canada, Ireland and the Caribbean, International Monetary Fund
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9 - Whose programme is it? Policy ownership and conditional lending
pp 225-253
- By James M. Boughton, Assistant Director of the Policy Development and Review Department, International Monetary Fund (IMF), Alex Mourmouras, Deputy Chief of the European Division, IMF Institute
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10 - The IMF and East Asia: a changing regional financial architecture
pp 254-287
- By Gordon de Brouwer, Professor of Economics in the Asia Pacific School of Economics and Government, Australian National University
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11 - The role of the IMF in developing countries
pp 288-315
- By Graham Bird, Professor of Economics, University of Surrey; Director of the Surrey Centre, International Economic Studies, Paul Mosley, Professor and Head of the Department of Economics, Sheffield University
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12 - Argentina and the Fund: anatomy of a policy failure
pp 316-362
- By Michael Mussa, Senior Fellow, Institute for International Economics
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13 - Countries in payments' difficulties: what can the IMF do?
pp 363-395
- By Andrew Powell, Professor, Universidad Torcoauto Di Tella Business School; Director of graduate programmes, Finance in the Business School
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14 - Accountability, governance and the reform of the IMF
pp 396-416
- By Ngaire Woods, Director of the Global Economic Governance Programme and Fellow in Politics and International Relations, University College, Oxford.
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15 - The IMF at the start of the twenty-first century: what has been learned? On which values can we establish a humanised globalisation?
pp 417-432
- By Michel Camdessus, President, Board of the CEPII
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Index
pp 433-448
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The IMF and its Critics

Reform of Global Financial Architecture

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Contents

Frontmatter
pp i-vi

Contents
pp vii-viii

List of figures
pp ix-ix

List of tables
pp x-x

List of contributors
pp xi-xvi

Acknowledgements
pp xvii-xviii

Introduction
pp 1-7

1 - The IMF and international financial architecture: solvency and liquidity
pp 8-35

2 - Progress towards greater international financial stability
pp 36-58

3 - International coordination of macroeconomic policies: still alive in the new millennium?
pp 59-105

4 - The Report of the International Financial Institution Advisory Commission: comments on the critics
pp 106-123

5 - Reforming the global financial architecture: just tinkering around the edges?
pp 124-155

6 - The IMF and capital account liberalisation
pp 156-180

7 - How should the IMF view capital controls?
pp 181-206

8 - The resolution of international financial crises: an alternative framework
pp 207-224

9 - Whose programme is it? Policy ownership and conditional lending
pp 225-253

10 - The IMF and East Asia: a changing regional financial architecture
pp 254-287

11 - The role of the IMF in developing countries
pp 288-315

12 - Argentina and the Fund: anatomy of a policy failure
pp 316-362

13 - Countries in payments' difficulties: what can the IMF do?
pp 363-395

14 - Accountability, governance and the reform of the IMF
pp 396-416

15 - The IMF at the start of the twenty-first century: what has been learned? On which values can we establish a humanised globalisation?
pp 417-432

Index
pp 433-448

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The IMF and its Critics

Reform of Global Financial Architecture

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Contents

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