The establishment in 1944 of the International Monetary Fund and the World Bank remains one of the most important achievements of international economic cooperation. Over the past six decades, the world has witnessed fundamental political and economic changes which have radically altered the environment in which the world's leading international financial institutions have had to operate. The wave of financial crises during the past decade has contributed to an emerging consensus that the international financial system, and the institutions underpinning it, are in need of reform.
The International Monetary Convention Project has sought to contribute to the debate on the key elements of such reforms by creating a platform for dialogue and deliberation, involving G-20 policy-makers as well as leading members of the private sector and the academic community.
The book offers a representative sampling of some of the thinking surrounding the fundamental questions being explored in this series of roundtables, held in 7 countries over 2 years. What new or improved arrangements are needed to ensure the smooth functioning of the international financial system in the 21st century, given the emergence of a wider range of important national actors and the increased role of private capital flows?
It is hoped that the papers in this volume, written by leading participants in this critical international debate, will stimulate further creative thinking in the field of global monetary and economic governance.
PART 1: RECONSTITUTION OF THE INTERNATIONAL MONETARY SYSTEM
What Prospects for the International Monetary System?; Patrick Artus
What Should We Think About When Refounding the International Monetary System?; J. Bradford DeLong
Reforming Bretton Woods to Promote World Harmony and Stability; Li Ruogu
The US Current Account Deficit and the Future of the World Monetary System; Robert Skidelsky
Implications of Structural Changes for Management of the Global Economy; Edwin M. Truman
PART 2: NEW PLAYERS, NEW RESPONSIBILITIES:
ASIA AND EMERGING MARKETS IN THE INTERNATIONAL MONETARY SYSTEM
The BRIC Dream: An Update; Michael Buchanan
Institutions to Promote Financial Stability: Reflections on East Asia and an Asian Monetary Fund; Gordon de Brouwer
East Asian Economic Regionalism: Update; Masahiro Kawai
The Role of ASEAN+3 in Regional Policy Surveillance in East Asia; Yung Chul Park
The Internationalization of Markets for Local Currency Bonds; Philip Turner
The Evolving Exchange Rate Regimes in East Asia; Yu Yongding
PART 3: GLOBAL IMBALANCES AND THEIR IMPLICATIONS FOR THE
INTERNATIONAL MONETARY SYSTEM
Understanding Global Imbalances; Richard N. Cooper
Remarks on Global Imbalances; Dietrich Domanski
Global Imbalances: The New Economy, the Dark Matter, the Savvy Investor, and the Standard Analysis; Barry Eichengreen
Ongoing Risks from the US Current Account Deficit; Brad Setser
Domestic Investment and External Imbalances in East Asia; Jong-Wha Lee and Warwick J. McKibbin
PART 4: A NEW IMF IN THE MAKING?
Sixty Years After Bretton Woods: Developing a Vision for the Future; Jack Boorman
Assessing the Future of the IMF: Its Role, Relevance, and Prospective Reform; John Lipsky
Reforms of the International Monetary System; John Williamson
The Future of the International Monetary Fund; Nouriel Roubini and Brad Setser
Rethinking the IMF Business Model: Proposals for Assessment and Reform of the
IMF's Medium-Term Strategy; Angel Ubide
(0 Comentarios)
