Reforming the IMF for the 21st century / Edwin M. Truman, editor.

Format:

Book

Contributor:

Truman, Edwin M.

Series:

Special reports (Institute for International Economics (U.S.)) ; 19.

Special report ; 19

Language:

English

Subjects (All):

Financial institutions, International.

International finance.

International Monetary Fund.

Physical Description:

1 online resource (574 p.)

Edition:

1st ed.

Place of Publication:

Washington, DC : Institute for International Economics, c2006.

Language Note:

English

Summary:

Based on a conference held in September 2005 on the future of the International Monetary Fund, this important new book includes an overview of the challenges facing the IMF today. In addition, the authors offer a wide range of views on four areas: the international monetary system and the IMF (with an emphasis on enforcing and reforming the rules), governance (including representation), financial resources (the need for additional resources and how they should be supplied), and financing (including the role of IMF financing and the need for new facilities).

Contents:

Cover

Contents

Preface

Acknowledgments

Chapter 1 Introduction and Summary

The IMF and the International Monetary System

Governance of the IMF

IMF Lending Facilities

IMF Financial Resources

References

Chapter 2 Overview on IMF Reform

IMF Activities and Reform Efforts

The IMF's Role in the International Monetary System

Governance

Lending Facilities

Financial Resources

Concluding Remarks

Chapter 3 The IMF View on IMF Reform

Chapter 4 The IMF: Back to Basics

Quota and Representation Reform

Exchange Rate Surveillance

Public Debt Sustainability

Crisis Resolution

Low-Income Countries

Conclusion

I THE IMF AND THE INTERNATIONAL MONETARY SYSTEM

Chapter 5 Currency Manipulation and Enforcing the Rules of the International Monetary System

Discouraging Beggar-Thy-Neighbor Exchange Rate Policies

Fallacies about Currency Manipulation

Enforcing the Rules: The IMF as an Umpire for the Exchange Rate System

A Modest Proposal for Discouraging Currency Manipulation

Chapter 6 Revamping the International Monetary System

Reference Rates

Selecting the Reference Rates

Uses of Reference Rates

Another Potential Fund Role

Chapter 7 Regional Arrangements and the International Monetary Fund

Regional Monetary and Financial Arrangements

Membership

Surveillance

Principles for Regional Facilities

Objections and Responses

Conclusions

Chapter 8 The IMF and the Capital Account

The Capital Account and Articles of Agreement

Evolution of the IMF's Approach to the Capital Account

Conclusions and Recommendations

II GOVERNANCE OF THE IMF

Chapter 9 Rearranging IMF Chairs and Shares: The Sine Qua Non of IMF Reform.

Chairs

Representation on the IMF Executive Board

Shares

Voting Power

Chapter 10 IMF Governance and the Political Economy of a Consolidated European Seat

Measuring Voting Power

Voting Power in the IMF

Toward a Single EU-Euro Area Seat

Appendix 10A

Chapter 11 Internal Governance and IMF Performance

Limiting the Power of Large Shareholders

Management and Staff: Qualifications and Capacity

Legitimacy and Effectiveness at the IMF

Chapter 12 A Latin American View of IMF Governance

Governance Issues on Trade and Financial Regulation

IMF Governance and Performance

Chapter 13 A New Steering Committee for the World Economy?

The Basic Problem

The (Il)legitimacy of the G-7

The Reform Options

Evolution or Big Bang?

What Difference Would It Make?

III IMF LENDING FACILITIES

Chapter 14 The Case for a Lender-of-Last-Resort Role for the IMF

LLR Lending and Repayment

LLR Results

The Resources Issue

The Global Environment in the 1990s Versus Today

The Impact of Argentina

The Sovereign Debt Restructuring Mechanism

Collective Action Clauses, Codes, and Private-Sector Involvement

Principles for Future Policy

Chapter 15 The Case Against the IMF as a Lender of Final Resort

Compromise or Compromised?

Assessing the Case for Large-Scale IMF Lending

Policy Conclusions

Chapter 16 A Stability and Social Investment Facility for High-Debt Countries

Debt Burden in a Group of Emerging-Market Economies

A Bretton Woods Stability and Social Investment Facility for Highly Indebted Emerging-Market Economies

Chapter 17 The Case for an IMF Insurance Facility

Available Insurance Options

A New Country Insurance Facility

Final Remarks.

References

Chapter 18 A Shock-Smoothing Facility for the IMF

Structure of the SSF

Impact of the SSF on Borrowing Countries and on the IMF

Questions about the SSF

Final Thoughts

Chapter 19 The Policy Support Instrument: A Key Component of the Recent IMF Reform Movement

Advantages of a Nonborrowing Program

Concerns about Nonborrowing Programs

The PSI as Part of a Broader IMF Reform Movement

International Cooperation in Implementing and Internalizing the Reforms

Chapter 20 IMF Facilities for Poststabilization Low-Income Countries

All Low-Income Countries Are Not Alike

IMF Facilities in Mature Poststabilization Countries

Increasing Flexibility in PRGF and PSI Programs

Should the IMF Provide Grants?

Chapter 21 Reflections on the Function and Facilities for IMF Lending

The Purpose of IMF General Resources Lending

The Flexible Stand-By Arrangement and Other Fund Facilities

Concessional Lending Facilities

IV IMF FINANCIAL RESOURCES

Chapter 22 Does the IMF Need More Financial Resources?

Conditionality

The Hardening of Conditionality

Chapter 23 How Should IMF Resources Be Expanded?

Sources of the IMF's Resources

The IMF's Lending Operations and Interest Charges

The Cost of Subsidized IMF Lending

Private-Sector Borrowing

Gold Sales

Streamlining the IMF

Chapter 24 Is the SDR a Monetary Dodo? This Bird May Still Fly

Still Alive and Kicking

A Looming Dollar Crisis?

Does the SDR Have a Role in a Meltdown Scenario?

V MOVING FORWARD

Chapter 25 The IMF Adrift on a Sea of Liquidity

Chapter 26 IMF Reform: Attaining the Critical Mass

A Simplified Characterization

The Global "Stable Disequilibrium.

The IMF's Role

Actual and Desirable

Specifying the Deliverables

Some Operational Aspects

Chapter 27 The IMF in Perspective

Chapter 28 IMF Reform: A Chinese View

Chapter 29 An IMF Reform Package

Substantial Progress on IMF Governance

Policies of Systemically Important Members

Central Role of the Fund in External Financial Crises

Refocused Engagement with Low-Income Members

Attention to the Capital Account and the Financial Sector

Additional Financial Resources

Final Comments

About the Contributors

Index.

Notes:

"April 2006."

Includes bibliographical references and index.

ISBN:

9786611060985

9781281060983

1281060984

9780881324419

0881324418

9781435609129

1435609123

OCLC:

216947288