Download or read book Strengthening the International Monetary System Taking Stock and Looking Ahead written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2011-03-23 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current IMS has survived for over forty years, underpinning strong growth in GDP and in the international exchange of goods and capital, one of its core objectives. As a result, interdependence among the world’s economies has grown dramatically, making the existence of a sound system ever more important. At the same time, the system has exhibited many symptoms of instability—frequent crises, persistent current account imbalances and exchange rate misalignments, volatile capital flows and currencies, and unprecedentedly large reserve accumulation. These symptoms have come to a head since the 2008 crisis and brought renewed international momentum to the idea of attempting to reform the IMS. Yet the debate so far suggests little consensus on the underlying problems, let alone on the solutions. This paper identifies four root causes to these problems: inadequate global adjustment mechanisms to prevent inconsistent or imprudent policies among systemic countries; lack a comprehensive oversight framework for growing cross-border capital flows, covering both source and recipient countries; inadequate systemic liquidity provision mechanisms; and structural challenges in the supply of safe assets.

Download or read book Enhancing International Monetary Stability A Role for the SDR written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2011-07-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: The SDR has enjoyed renewed attention lately in the context of debates on international monetary reform. To be sure, the term SDR has been used to refer to three different concepts—(i) a composite reserve asset created in 1969: the “official SDR” as defined in the Fund’s Articles; (ii) a potential new class of reserve assets: tradable SDRdenominated securities issued by the Fund or an investment vehicle backed by a subset of the Fund’s membership; and (iii) a unit of account, which could be used to price internationally traded assets (e.g., sovereign bonds) and goods (e.g., commodities), to peg currencies, and to report balance of payments data. All three are discussed in this paper.

Download or read book Strengthening the International Monetary System A Stocktaking written by International Monetary Fund and published by International Monetary Fund. This book was released on 2016-02-22 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: In light of the changing contours of the global economy, this paper provides an overview of the challenges facing the International Monetary System (IMS). It seeks to forge a common understanding of the challenges facing the IMS and its shortcomings, and to lay the basis for discussing a possible roadmap for further work on reform areas.

Download or read book Resetting the International Monetary Non System written by José Antonio Ocampo and published by Oxford University Press. This book was released on 2017 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation Provides an analysis of the global monetary system and proposes a comprehensive yet evolutionary reform of the system aimed at creating better monetary cooperation for the twenty-first century.

Download or read book Reserve Currency Blocs A Changing International Monetary System written by Mr.Camilo E Tovar Mora and published by International Monetary Fund. This book was released on 2018-01-25 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is the extent of currency diversification in the international monetary system? How has it evolved over time? In this paper, we quantify the degree of currency diversification using regression methods of currency co-movements to determine the extent to which national currencies across the world belong to a reserve currency bloc. We then use these estimates to calculate the economic size of each currency bloc. A key contribution of our paper is that we quantify the size of the Chinese renminbi bloc. Our analysis suggests that the international monetary system has transitioned from a bi-polar system - consisting of the U.S. dollar and the euro - to a tri-polar one that includes the renminbi. The dollar bloc is estimated to continue to dominate, having the largest share in global GDP (40 percent), followed by the renminbi (30 percent) and the euro blocs (20 percent). The geographical area of influence for the RMB bloc appears to be most evident among the BRICS’ currencies. The British pound and the Japanese yen blocs appear to play minor roles.

Download or read book Against the Consensus written by Justin Yifu Lin and published by Cambridge University Press. This book was released on 2013-07-04 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unique analysis of the global financial crisis by Justin Yifu Lin, Chief Economist of the World Bank (2008-12).

Download or read book Natural Economic Theory New general economic theory of positive nature and global scope written by Gonzalo Pérez-Seoane and published by BibliotecaOnline SL. This book was released on 2021-07-16 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Natural Economic Theory is a new general theory of economics. Theory of general equilibrium, positive in nature and global in scope. Understanding economic functioning is a great puzzle. Natural theory unites all the pieces from the same theoretical, mathematical and empirical unit, opening a new window for the understanding of the economic phenomenon. Books published (edition and private diffusion): i) El Equilibrio de las Naciones (1998), ii) Modelo Macroeconómico Natural (1999), iii) Natural Macroeconomic Model (2000), iv) The World Stock Market and the Natural Price Theory (2002), v) Teoría Económica Natural (2017). Papers, reviewed and approved by the Scientific Committees of more than 50 international conferences on economics and finance : “The Natural Value Theory: Empirical Evidences of the Purchasing Power Parity and the Long Term Stock Market Function” (december 19, 2002); “Natural Value Theory: Empirical Evidences of the Long Term World Financial Market Function” (september 27, 2004); “Empirical Evidences of Long Term World Exchange Rate Market Function” (january 26, 2008); “World Financial Market Function: Empirical Evidence of Long Term Stock Market Function” (2008); “The World Gold Coeficient: Proposal for the Reform of the Internacional Monetary System” (december 12, 2011); “Stochastic Monetary Policy Paradigm?, Empirical Evidences of a Monetary Optimum: The Natural Monetary Policy Model” (2012); “Natural Price Theory and Positive Economics” (june 30, 2014).

Download or read book The New Global Political Economy written by Riccardo Fiorentini and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2008 financial crisis is arguably the most dramatic outcome of globalization. International economic integration, if unregulated, can bring about huge inequalities and the destruction of the environment. This thought provoking book illustrates why the ïoldÍ international order is unable to provide crucial global public goods such as monetary and financial stability in the fight against mass poverty and climate change. The expert authors provide an in-depth analysis of the causes of the financial crisis and the political economy measures required to build a safer and more stable international order. They show how the financial crisis is deeply rooted in the flaws of the dollar standard and explain why the dollar and globalization should be considered together to understand the present challenges. By way of conclusion, the authors propose the creation of a ïWorld Eco-Monetary UnionÍ with the power to regulate the global economy and to promote sustainable development. This new macroeconomic approach presented contributes to the development of a more comprehensive supranational political economy. As such, this challenging book will prove a stimulating read for academics, researchers and students with an interest in economics, heterodox economics, and international economics.

Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Download or read book Analytics of Systemic Crises and the Role of Global Financial Safety Nets written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2011-05-31 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: In response to the global crisis, the Fund overhauled its lending toolkit and boosted its resources, strengthening its ability to pre-empt financial crises. This paper—with the companion paper on Mapping Cross-Border Financial Linkages—takes another look at the recent global crisis in the context of a broader review of past systemic crises to (i) assess whether rising linkages across countries is a source of latent systemic instability and (ii) ascertain whether the global financial safety net (GFSN) is adequate to contain crisis and contagion risks arising from such systemic instability. This paper develops a new methodology to identify systemic crises and reviews associated policy responses from a global, rather than country-level, perspective

Download or read book The Tierra Solution written by Frans C. Verhagen and published by Cosimo, Inc.. This book was released on 2012-05-01 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A visionary and immensely practical approach to reforming today's bubble finance and taming its global casino. Verhagen [...] illuminates the win-win solutions possible when we combine monetary transformation with low-carbon, renewable resource strategies and equitable approaches to sustainable development." -Hazel Henderson, President of Ethical Markets Media, author and creator of The Green Transition Scoreboard As climate change continues to threaten the earth and as the global financial crisis lingers, governments and communities need to take charge of their own and global monetary systems. Sustainability sociologist Frans Verhagen proposes a solution-the Tierra Solution-to repair the present global monetary, financial, and economic systems that enrich the few, impoverish the many, and imperil the planet. Verhagen calls for transformational changes in order to advance climate-resilient economic development. The Tierra Solution proposes: -A credit-based financial system governed by a Global Central Bank, -A banking system without the privilege of money creation, and most importantly, -A carbon standard for the international monetary system with the Tierra as the unit of account. The Tierra Solution is an in-depth and thought-provoking read that shows an innovative path for global citizens who want to combat climate change, the economic crisis and poverty, and for public officials, economists, international development experts, and climate scientists who want to be part of an integrated solution to the dual challenges of climate change and financial crises. "Whether you agree or disagree, The Tierra Solution challenges us with an innovative proposal. No tinkering here. Verhagen is out to lay a new foundation for environmental and climate justice, with an overhaul of the international monetary system that builds the cost of environmental degradation into economic calculations." -Rev. Arthur Simon, President Emeritus and founder of Bread for the World "This plan for a carbon-based international monetary standard that addresses both climate change and global economic inequities is bold, visionary, and truly transformative. It is a must-read for everyone who cares about the fate of the earth." -Sheila D. Collins, Professor of Political Science Emerita, William Paterson University FRANS C. VERHAGEN is a sustainability sociologist with a Ph.D. in the sociology of international development from Columbia University. He founded the Queens Green Party, the Riverside Church Ecology Task Force, and the Ecolinguistics Commission. He has worked around the world and online teaching environmental policies and sustainability.

Download or read book Monetary Stability as a Common Concern in International Law written by Lucía Satragno and published by BRILL. This book was released on 2022-02-28 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: The open access publication of this book has been published with the support of the Swiss National Science Foundation. In Monetary Stability as a Common Concern in International Law, Lucía Satragno argues that monetary stability is a global public good that must be promoted and protected at all levels of governance. In doing so, the book accomplishes two tasks. On one hand, it provides an up to date analysis of the role of law and institutions in the international monetary field since the collapse of the Bretton Woods system. On the other hand, it applies the methodological approach proposed by the novel doctrine of Common Concern of Humankind to monetary stability as a case study. Accordingly, the book examines not only the status quo of the international monetary system, but also looks at the ‘new and different realism’ that would be envisaged in monetary affairs in the case of a fully-fledged principle of Common Concern.

Download or read book Mapping Cross Border Financial Linkages A Supporting Case for Global Financial Safety Nets written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-01-06 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper maps cross-border financial linkages and identifies factors that drive them, contributing to the discussion on the appropriate design of a global financial safety net (GFSN). It builds on previous staff work and complements the findings of the companion paper on the Analytics of Systemic Crises and the Role of Global Financial Safety Nets. This paper notes the growing roles of financial linkages and complexity in injecting latent instability into the global financial system, underscoring the value of a GFSN design that is effective in forestalling the risk that a localized liquidity shock propagates through the global financial network turning into a large-scale systemic crisis.

Download or read book Finance Development September 2014 written by International Monetary Fund. External Relations Dept. and published by International Monetary Fund. This book was released on 2014-08-25 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality by Jonathan Ostry and Andrew Berg are also illustrated. Since the 2008 global crisis, global economists must change the way they look at the world.

Download or read book Global Financial Stability Report October 2019 written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2019-10-16 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt: The October 2019 Global Financial Stability Report (GFSR) identifies the current key vulnerabilities in the global financial system as the rise in corporate debt burdens, increasing holdings of riskier and more illiquid assets by institutional investors, and growing reliance on external borrowing by emerging and frontier market economies. The report proposes that policymakers mitigate these risks through stricter supervisory and macroprudential oversight of firms, strengthened oversight and disclosure for institutional investors, and the implementation of prudent sovereign debt management practices and frameworks for emerging and frontier market economies.

Download or read book Global Financial Stability Report April 2021 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-04-06 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: Extraordinary policy measures have eased financial conditions and supported the economy, helping to contain financial stability risks. Chapter 1 warns that there is a pressing need to act to avoid a legacy of vulnerabilities while avoiding a broad tightening of financial conditions. Actions taken during the pandemic may have unintended consequences such as stretched valuations and rising financial vulnerabilities. The recovery is also expected to be asynchronous and divergent between advanced and emerging market economies. Given large external financing needs, several emerging markets face challenges, especially if a persistent rise in US rates brings about a repricing of risk and tighter financial conditions. The corporate sector in many countries is emerging from the pandemic overindebted, with notable differences depending on firm size and sector. Concerns about the credit quality of hard-hit borrowers and profitability are likely to weigh on the risk appetite of banks. Chapter 2 studies leverage in the nonfinancial private sector before and during the COVID-19 crisis, pointing out that policymakers face a trade-off between boosting growth in the short term by facilitating an easing of financial conditions and containing future downside risks. This trade-off may be amplified by the existing high and rapidly building leverage, increasing downside risks to future growth. The appropriate timing for deployment of macroprudential tools should be country-specific, depending on the pace of recovery, vulnerabilities, and policy tools available. Chapter 3 turns to the impact of the COVID-19 crisis on the commercial real estate sector. While there is little evidence of large price misalignments at the onset of the pandemic, signs of overvaluation have now emerged in some economies. Misalignments in commercial real estate prices, especially if they interact with other vulnerabilities, increase downside risks to future growth due to the possibility of sharp price corrections.

Download or read book Monetary Stability as a Common Concern in International Law written by Lucía Satragno and published by BRILL. This book was released on 2022-02-28 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: The open access publication of this book has been published with the support of the Swiss National Science Foundation. In Monetary Stability as a Common Concern in International Law, Lucía Satragno argues that monetary stability is a global public good that must be promoted and protected at all levels of governance. In doing so, the book accomplishes two tasks. On one hand, it provides an up to date analysis of the role of law and institutions in the international monetary field since the collapse of the Bretton Woods system. On the other hand, it applies the methodological approach proposed by the novel doctrine of Common Concern of Humankind to monetary stability as a case study. Accordingly, the book examines not only the status quo of the international monetary system, but also looks at the ‘new and different realism’ that would be envisaged in monetary affairs in the case of a fully-fledged principle of Common Concern.