International Monetary Reform: A specific set of proposals PDF
Preview International Monetary Reform: A specific set of proposals
International Monetary Reform This volumeisacontributiontothedebatesurroundinginternational monetary reform. The author examines and analyses the workings of the International Monetary Fund (IMF) and suggests how the international monetary system could, primarily through changes to the IMF, be reshaped and reformed. Chapters examine the Palais-Royal Report, explain how the IMF could be granted unlimited bailout powers to confront a global crisis, propose an exchange rate-based mechanism by which the international community could disciplineexcessiveimbalances,examinealternativepossibilitiesforthesupply offuturereserves,advocate‘enthronementoftheSpecialDrawingRight’,and discuss the obstacles in the wayof such an ambitious reform agenda. This book offers an important contribution to global economic debate for economists,academics,graduatesandstudents,andanyonewithaninterestin international economics. John Williamson was, for the greater part of his career (1981–2012), a Senior Fellow at the Peterson Institute for International Economics, USA. Before that he was an academic at the Universities of York and Warwick in the United Kingdom, and Pontifícia Universidade Católica do Rio de Janeiro, Brazil, interrupted by spells at the UK Treasury (1968–70) and the Interna- tional Monetary Fund (1972–74). He was also a Visiting Professor at the London School of Economics and Political Science, UK, and Massachusetts Institute of Technology and Princeton University, USA, and took leave of absence from the Peterson Institute to serve as Chief Economist for South Asia in the World Bank (1996–99). His publications have mostly concerned international monetary economics, although he also achieved a certain notoriety in 1989 for inventing the phrase ‘Washington Consensus’. Europa Economic Perspectives Providing in-depth analysis with a global reach, this series from Europa examines a wide range of contemporary economic issues from areas around the world. Intended to complement the Europa Regional Surveys of the World series, Europa Economic Perspectives will be a valuable resource for academics, students, researchers, policymakers, business people and anyone with an interest in current world economic affairs. While the Europa World Year Book and its associated Regional Surveys inform on and analyse contemporary economic, political and social develop- ments, the Editors considered the need for more in-depth volumes written and/or edited by specialists in their field, in order to delve into a country’s or a region’s particular economic situation, or to examine economic theories in the context of current global economic affairs. Volumes in the series are not constrained by any particular template, but may explore any aspect of a country’s recent economic issues in order to increase knowledge. International Monetary Reform A specific set of proposals John Williamson International Monetary Reform fi A speci c set of proposals John Williamson Add Add Add AddAddAdd Add AddAdd AdAddd Firstpublished2016 byRoutledge 2ParkSquare,MiltonPark,Abingdon,OxonOX144RN andbyRoutledge 711ThirdAvenue,NewYork,NY10017 RoutledgeisanimprintoftheTaylor&FrancisGroup,aninformabusiness ©2016JohnWilliamsonforselectionandchaptersandRoutledgefor Appendix TherightofJohnWilliamsontobeidentifiedastheauthorofthisworkhas beenassertedbyhiminaccordancewithsections77and78ofthe Copyright,DesignsandPatentsAct1988. Allrightsreserved.Nopartofthisbookmaybereprintedorreproducedor utilisedinanyformorbyanyelectronic,mechanical,orothermeans,now knownorhereafterinvented,includingphotocopyingandrecording,orin anyinformationstorageorretrievalsystem,withoutpermissioninwriting fromthepublishers. Trademarknotice:Productorcorporatenamesmaybetrademarksor registeredtrademarks,andareusedonlyforidentificationandexplanation withoutintenttoinfringe. EuropaCommissioningEditor:CathyHartley EditorialAssistant:EleanorSimmons BritishLibraryCataloguinginPublicationData AcataloguerecordforthisbookisavailablefromtheBritishLibrary LibraryofCongressCataloginginPublicationData Williamson,John,1937-author. Internationalmonetaryreform:aspecificsetofproposals/John Williamson. pagescm.–(Europaeconomicperspectives) Includesbibliographicalreferencesandindex. 1.Internationalfinance.2.Financialinstitutions.3.Monetarypolicy.I. Title. HG3881.W493242016 332.4'5–dc23 2015028475 ISBN:978-1-85743-805-5(hbk) ISBN:978-1-31566-903-8(ebk) TypesetinTimesNewRoman byTaylor&FrancisBooks Contents List of illustrations vi Abbreviations vii Acknowledgement ix 1 Introduction 1 2 The context 6 3 The case for making the IMF the lenderof last resort 17 4 How to adjust 25 5 When to adjust 38 6 The question of reserves 49 7 A logical extension: SDRs as the only reserve asset 63 8 Negotiating the reforms 70 9 Legislating the reforms 78 10 The reformed system in action 89 11 Reform by US unilateralism? 98 12 Concluding remarks 103 Appendix 109 References 134 Index 137 List of illustrations Figure 4.1 Illustration of the Meade Theorem 26 Tables 3.1 IMF criteria for FCL and PLL qualification 19 10.1 Reserve changes following May 2011 (SDR million) 90 A.1 Quotas (SDR million, June 2015) 127 A.2 Board of Executive Directors (June 2015) 132 Box 9.1 Article IV: Obligations Regarding Exchange Arrangements 84 Abbreviations AFRITAC African Technical Assistance Center AIIB Asian Infrastructure Investment Bank AML anti-money-laundering ASEAN Association of Southeast Asian Nations BIS Bank for International Settlements BRICS Brazil, Russia, India, China, South Africa C-20 Committee of Twenty CCI countervailing currency intervention CGER Consultative Group on Exchange Rate Issues CFT countering the financing of terrorism CRU Composite Reserve Unit EBA External Balance Assessment ECB European Central Bank ECF Extended Credit Facility ECU European Currency Unit EMS European Monetary System ESR External Sector Report EU European Union FCL Flexible Credit Line FDI foreign direct investment FEER fundamental equilibrium exchange rate FSAP Financial Sector Assessment Programme FSSA Financial System Stability Assessment G3 Group of Three G4 Group of Four G8 Group of Eight G10 Group of 10 G20 Group of 20 GAB General Arrangements to Borrow GAC Global Advisory Committee GDDS General Data Dissemination System GDP gross domestic product HIPC heavily indebted poor country viii Abbreviations IDA International Development Association IEO Independent Evaluation Office IMF International Monetary Fund IMFC International Monetary and Financial Committee LDCs Least Developed Countries m. million MDRI Multilateral Debt Relief Initiative NAB New Arrangements to Borrow OFC offshore financial centre PCDR Post-Catastrophe Debt Relief PCL Precautionary Credit Line PLL Precautionary and Liquidity Line PRGF Poverty Reduction and Growth Facility RoW rest of the world S5 Systemic five SCF Standby Credit Facility SDDS Special Data Dissemination Standard SDR(s) Special Drawing Right(s) SIDS Small Island Developing States SLF Short-Term Liquidity Facility TTF Topical Trust Fund UK United Kingdom UN United Nations US(A) United States (of America) WTO World Trade Organization Acknowledgement Material in the Appendix is republished with permission from The Europa World Year Book, available in print and online (www.europaworld.com), published by Routledge.
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