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Global Financial Crises - Institutions and Incentives

Manmohan S. Kumar

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Description:Emerging market crises of the 1990s have led to wide-ranging scrutiny of the international monetary system and how it works. Stanley Fischer (1999, pp. 95) emphasized that the International Monetary Fund has increasingly come to play the role of crisis manager and international lender of last resort (LOLR) by lending to countries facing external payments crises. Lawrence Summers, Treasury Secretary of the United States, the largest shareholder of the IMF, stressed that the IMF should focus its finance on emergency operations-that it "must be a last, not a first, resort-and its facilities should reflect that role" (Summers 19992). A timely analysis of this speech, and of five recent reports on the role of the IMF in a reformed global financial architecture, is to be found in Williamson (2000). The latest proposal to redefine the IMF's role is that of the "Meltzer Commission" in the United States. The central recommendation is that the IMF should function as a LOLR only for countries that meet criteria related to the stability of their domestic financial systems. More precisely, it is to act as "quasi LOLR to emerging economies" (where the 'quasi' signifies that the IMF cannot "print money"). In this role, lending would be of short maturity, be at a penalty rate and "except in unusual circumstances, where the crisis poses a threat to the global economy, loans would only be made to countries that have met preconditions that establish financial soundness." In these circumstances, the Commission's Report concludes, "there would be no need for detailed conditionally." In other words, pre-qualification would replace ex-post conditionality as a check on moral hazard.We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with Global Financial Crises - Institutions and Incentives. To get started finding Global Financial Crises - Institutions and Incentives, you are right to find our website which has a comprehensive collection of manuals listed.
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Pages: 27

Format: PDF, EPUB & Kindle Edition

Publisher: Not Avail

Release: 2000

ISBN: 6613780715

Description: Emerging market crises of the 1990s have led to wide-ranging scrutiny of the international monetary system and how it works. Stanley Fischer (1999, pp. 95) emphasized that the International Monetary Fund has increasingly come to play the role of crisis manager and international lender of last resort (LOLR) by lending to countries facing external payments crises. Lawrence Summers, Treasury Secretary of the United States, the largest shareholder of the IMF, stressed that the IMF should focus its finance on emergency operations-that it "must be a last, not a first, resort-and its facilities should reflect that role" (Summers 19992). A timely analysis of this speech, and of five recent reports on the role of the IMF in a reformed global financial architecture, is to be found in Williamson (2000). The latest proposal to redefine the IMF's role is that of the "Meltzer Commission" in the United States. The central recommendation is that the IMF should function as a LOLR only for countries that meet criteria related to the stability of their domestic financial systems. More precisely, it is to act as "quasi LOLR to emerging economies" (where the 'quasi' signifies that the IMF cannot "print money"). In this role, lending would be of short maturity, be at a penalty rate and "except in unusual circumstances, where the crisis poses a threat to the global economy, loans would only be made to countries that have met preconditions that establish financial soundness." In these circumstances, the Commission's Report concludes, "there would be no need for detailed conditionally." In other words, pre-qualification would replace ex-post conditionality as a check on moral hazard.We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with Global Financial Crises - Institutions and Incentives. To get started finding Global Financial Crises - Institutions and Incentives, you are right to find our website which has a comprehensive collection of manuals listed.
Our library is the biggest of these that have literally hundreds of thousands of different products represented.

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Global Financial Crises - Institutions and Incentives

Global Financial Crises - Institutions and Incentives

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