By David Vines, Christopher L. Gilbert
ISBN-10: 0511266235
ISBN-13: 9780511266232
ISBN-10: 0521821541
ISBN-13: 9780521821544
Written via best economists together with Nobel laureate Joseph Stiglitz, this assortment combines rigorous financial research with insider views on key coverage debates surrounding the way forward for the foreign financial Fund. because the function of the IMF and the "Washington Consensus" have come lower than severe scrutiny, this assortment bargains a priceless wide-ranging review of the talk, making it a necessary reference for somebody attracted to the position of foreign monetary associations in our globalized economic climate.
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Extra info for The IMF and its Critics: Reform of Global Financial Architecture
Example text
This involves not merely one-off advice, but continuing policy assistance. If only the first feature were important, then there might be a temptation to provide aid resources for governments of poorer countries so that they could purchase from private suppliers. But the second, third and fourth features imply that it is difficult to see how private suppliers could effectively provide this technical assistance to the required degree if it were not provided by the Fund. Learning-by-doing, economies of scale and scope and the need for a continuing relationship suggest that any attempt to substitute in this way would be dogged by market failure.
Unlimited liquidity support will enable the borrower to postpone adjustment, in the hope of a better outcome, but risking the development of further debt which may lead to a need for sovereign debt crisis in subsequent periods. This is the analysis of Mussa (chapter 12 15 Matters are even more complex if, as discussed above, the question as to whether a crisis is a solvency crisis partly depends on the government’s response on whether to meet the outstanding interest obligations of domestic firms.
The current resources of the IMF – between $125 billion and $150 billion, depending on how they are measured – are wholly inadequate for an international LOLR. It is clear that the IMF does not have the resources to make loans, of the size made in the East Asian crisis, in the face of future crises. 14 This suggests that, in the case of a liquidity crisis, there may not be the capability for the continued lending which would be desirable. Instead there may be a need for standstills and lending into arrears (rather than the write-down which, it has been argued, is what is required in the case of a solvency crisis).
The IMF and its Critics: Reform of Global Financial Architecture by David Vines, Christopher L. Gilbert
by Christopher
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