Rethinking Bretton Woods | Tue, Nov 2, 2010
A book titled "Regional and Global Liquidity Arrangements," a co-publication of German Development Institute / Deutsches Institut für Entwicklungspolitik (DIE) and Center of Concern, has been released.
Regional and bilateral liquidity arrangements have gained increasing prominence over the past decades, not least during the recent global financial crisis. This has important consequences for the role of the International Monetary Fund (IMF) as a crisis lender and raises questions regarding the relationship between these arrangements and Fund lending.
Together with the Korean G20 presidency, the International Monetary Fund has set out ambitious plans for establishing a “Global Financial Safety Net”. Part of this agenda deals with proposals for a “Global Stabilisation Mechanism.” But also, in response to the increasing importance of RFAs, the Fund has also started “working on establishing synergies in terms of lending and surveillance with key regional financing arrangements.” Many of these reform ideas, however, still have to materialise, and uncertainties remain concerning what form the interplay between the Fund and RFAs could and should take.
The contributions in this publication address a wide range of topics dealing with regional and global liquidity arrangements, including reform proposals for IMF lending facilities; experiences with, and reform proposals for RFAs; the relationship between the IMF and RFAs, including overlaps or complementarities that exist or may emerge among them; comparative advantages and/or disadvantages in the relationship between regional arrangements and the Fund; and guidelines for ensuring an efficient division of labour between regional arrangements and the Fund.
By laying out those ideas the publication hopes to make a useful contribution to the ongoing debate.
The book features contributions by the following authors: Graham Bird, Edwin M. Truman, Pedro Páez Pérez,Raj M. Desai, James Raymond Vreeland, José Antonio Ocampo, Julie McKay, Ulrich Volz, Kati Suominen, C. Randall Henning, Barry Eichengreen, Daniel Gros, Jomo K. S., Masahiro Kawai, Aldo Caliari, Oscar Ugarteche.
Download Table of Contents.
Download Introduction, by Ulrich Vols and Aldo Caliari.