Essays on the world economy and its financial system /
Saved in:
| Other Authors / Creators: | Granville, Brigitte. |
|---|---|
| Other Corporate Authors / Creators: | Tōkyō Kokusai Kenkyū Kurabu. Royal Institute of International Affairs. International Economics Programme. Brookings Institution. Ifo-Institut für Wirtschaftsforschung. Institut français des relations internationales. Nomura Sōgō Kenkyūjo. |
| Format: | Book |
| Language: | English |
| Imprint: | London : Royal Institute of International Affairs, International Economics Programme ; Washington, DC : Distributed worldwide by the Brookings Institution, 2000. |
| Subjects: | |
| Retention: | Retained for Eastern Academic Scholars' Trust (EAST) http://eastlibraries.org/retained-materials |
Table of Contents:
- Foreword
- Contributors
- Introduction
- Part I. Reflections on the Economies of Three Major Western Players
- 1. The European Economy: A Review
- 1.1. Introduction
- 1.2. Macroeconomic performance
- 1.3. The impact of the euro
- 1.4. European developments and the global system
- 2. The US Economy in the 1990s: Good Luck or Good Policies?
- 2.1. Introduction
- 2.2. Source of growth
- 2.3. Inflation
- 2.4. Fiscal policy
- 2.5. Current account deficits
- References
- 3. A Medium-Term Outlook for the Japanese Economy: Reform in the Context of an Ageing Population
- 3.1. Introduction
- 3.2. The need for reform
- 3.3. Macroeconomic effects of an ageing population
- 3.4. Reforming the Japanese public pension system
- 3.5. Conclusion
- Part II. Assessment of and Responses to Financial Turmoil
- 4. The Asian Financial Crisis of 1997-8: A Case of Market Failure, Government Failure or International Failure?
- 4.1. An eclectic model of the Asian financial crisis
- Market failure or government failure
- International failure
- 4.2. Financial systems and financial reforms
- 4.3. Building a new international financial architecture
- A 'new' IMF
- Control over short-term capital flows
- Exchange rate regime
- 4.4. Summary
- References
- 5. Capital Controls: A View from Malaysia
- 5.1. Introduction
- 5.2. The Malaysian economic situation
- 5.3. Responding to the challenges: policies for recovery and growth
- 5.4. Capital controls: the solution
- 5.5. Learning from other capital controls experiences
- The Chilean model
- The South Korean model
- The Taiwanese model
- 5.6. The Tobin tax
- 5.7. Conclusion
- Appendix
- References
- Part III. In Search of an Exchange Rate Regime
- 6. Practising Exchange Rate Flexibility
- 6.1. Introduction
- 6.2. The consensus revisited
- The end of fixed rates
- The challenges of flexibility
- Is monetary sovereignty still relevant?
- Beyond the consensus
- 6.3. The fourth option
- Elastic flexibility as an antidote against speculation
- A new class of fixed-but-adjustable rates: adjustable reference parties
- An attractive option for emerging countries
- 6.4. Learning how to manage floating rates
- Economic fundamentals in the FX market
- Monitoring the FX market
- The public sphere as an expectations coordinator
- 6.5. The institutional setting: the role of the IMF and G-7
- Multilateral surveillance of emerging markets' exchange rate policies
- G-7 exchange rate monitoring
- Beyond monitoring
- 6.6. Concluding remarks
- References
- 7. Asia in Search of a New Exchange Rate Regime
- 7.1. Introduction
- 7.2. The vulnerability of the dollar-peg system
- A widely fluctuating yen-dollar rate and macroeconomic instability
- Asymmetric shocks and loss of monetary independence
- Destabilizing capital flows and speculative attacks
- 7.3. Exchange rate regime alternatives
- Pegging to a basket of currencies
- Floating exchange rates
- Strengthening the dollar peg
- 7.4. Polar versus intermediate regimes
- Polar regimes
- Intermediate regimes
- Strengthening the institutional prerequisites to support intermediate regimes
- References
- 8. Exchange Rate Options for EU Applicant Countries in Central and Eastern Europe
- 8.1. Introduction
- 8.2. The case for participation in EMU
- 8.3. Institutional implications of EMU for EU candidate countries
- Meeting the convergence criteria
- 8.4. Meeting the institutional and legal requirements of EMU
- 8.5. Exchange rate regimes and the process of transition
- Different exchange rate regimes
- Equilibrium real exchange rates
- Competitiveness and the real exchange rate
- 8.6. Vulnerability to external events
- The strength of the banking system
- Capital flow reversals and banking stability
- Current account sustainability
- Measuring external vulnerability
- Determinants of current account sustainability: some general empirical results
- Evaluating the sustainability of the current account in the accession countries: conclusions from country case studies
- 8.7. Summary and conclusions
- References
- Part IV. Managing Risks in an Integrating World Financial System
- 9. The End of Moral Hazard? The 1998 Russian Debacle
- 9.1. Introduction
- 9.2. Why was the Russian debt default such a turning point?
- The Russian crisis
- Why the central bank chose to defend the exchange rate peg
- The Russian financial crisis in the global capital market
- 9.3. Moral hazard and burden-sharing
- 9.4. Conclusion
- Appendix
- References
- 10. Standards and Prudential Oversight for an Integrating World Financial System
- 10.1. Introductory remarks on reforming international financial architecture
- 10.2. Accounting, audit, data and legal systems: the main issues
- 10.3. Rationales for the prudential oversight of financial institutions
- 10.4. Prudential oversight: the main issues
- 10.5. General principles for standards and prudential oversight at the global level
- 10.6. The current status of international cooperation on standards and prudential oversight
- Accounting and auditing standards
- Standards for data collection and dissemination
- Standards for insolvency and bankruptcy
- The supervision and regulation of banks
- The supervision and regulation of securities markets
- The supervision and regulation of insurance
- Standards and supervision for payments systems
- The Joint Forum on Financial Conglomerates
- The Financial Stability Forum
- The BIS committee on the global financial system
- Corporate governance standards
- Core principles for fiscal policies and monetary financial policies
- 10.7. The allocation of responsibilities among international institutions
- 10.8. Some further controversial issues
- Adoption by individual nations of international accounting standards
- Collective-action clauses in bond contracts
- The evolution of capital adequacy requirements for banks
- 10.9. Conclusion
- References