Rules for International Monetary Stability

Rules for International Monetary Stability
Author: Michael D. Bordo
Publisher: Hoover Press
Total Pages: 381
Release: 2017-04-01
Genre: Business & Economics
ISBN: 0817920560

Since the end of the Great Recession in 2009 the central banks of the advanced countries have taken unprecedented actions to reflate and stimulate their economies. There have been significant differences in the timing and pace of these actions. These independent monetary policy actions have had significant spillover effects on the economies and monetary policy strategies of other advanced countries. In addition the monetary policy actions and interventions of the advanced countries have had a significant impact on the emerging market economies leading to the charge of 'currency wars.' The perceived negative consequences of spillovers from the actions of national central banks has led to calls for international monetary policy coordination. The arguments for coordination based on game theory are the same today as back in the 1980s, which led to accords which required that participant countries follow policies to improve global welfare at the expense of domestic fundamentals. This led to disastrous consequences. An alternative approach to the international spillovers of national monetary policy actions is to view them as deviations from rules based monetary policy. In this view a return to rules based monetary policy and a rolling back of the " global great deviation" by each country's central bank would lead to a beneficial policy outcome without the need for explicit policy coordination. In this book we report the results from a recent conference which brought together academics, market participants, and policy makers to focus on these issues. The consensus of much of the conference was on the need for a classic rules based reform of the international monetary system.

Reforming the International Financial System for Development

Reforming the International Financial System for Development
Author: Jomo Kwame Sundaram
Publisher: Columbia University Press
Total Pages: 390
Release: 2010
Genre: Business & Economics
ISBN: 0231157649

Jomo Kwame Sundaram is assistant secretary general for economic development at the United Nations and research coordinator for the G24 Intergovernmental Group on International Monetary Affairs and Development. In 2007 he was awarded the Wassily Leontief Prize for Advancing the Frontiers of Economic Thought. --Book Jacket.

A Retrospective on the Bretton Woods System

A Retrospective on the Bretton Woods System
Author: Michael D. Bordo
Publisher: University of Chicago Press
Total Pages: 692
Release: 2007-12-01
Genre: Business & Economics
ISBN: 0226066908

At the close of the Second World War, when industrialized nations faced serious trade and financial imbalances, delegates from forty-four countries met in Bretton Woods, New Hampshire, in order to reconstruct the international monetary system. In this volume, three generations of scholars and policy makers, some of whom participated in the 1944 conference, consider how the Bretton Woods System contributed to unprecedented economic stability and rapid growth for 25 years and discuss the problems that plagued the system and led to its eventual collapse in 1971. The contributors explore adjustment, liquidity, and transmission under the System; the way it affected developing countries; and the role of the International Monetary Fund in maintaining a stable rate. The authors examine the reasons for the System's success and eventual collapse, compare it to subsequent monetary regimes, such as the European Monetary System, and address the possibility of a new fixed exchange rate for today's world.

Corporate Income Taxes under Pressure

Corporate Income Taxes under Pressure
Author: Ruud A. de Mooij
Publisher: International Monetary Fund
Total Pages: 388
Release: 2021-02-26
Genre: Business & Economics
ISBN: 1513511777

The book describes the difficulties of the current international corporate income tax system. It starts by describing its origins and how changes, such as the development of multinational enterprises and digitalization have created fundamental problems, not foreseen at its inception. These include tax competition—as governments try to attract tax bases through low tax rates or incentives, and profit shifting, as companies avoid tax by reporting profits in jurisdictions with lower tax rates. The book then discusses solutions, including both evolutionary changes to the current system and fundamental reform options. It covers both reform efforts already under way, for example under the Inclusive Framework at the OECD, and potential radical reform ideas developed by academics.

Public Financial Management and Its Emerging Architecture

Public Financial Management and Its Emerging Architecture
Author: Mr. M. Cangiano
Publisher: International Monetary Fund
Total Pages: 468
Release: 2013-04-05
Genre: Business & Economics
ISBN: 1475512198

The first two decades of the twenty-first century have witnessed an influx of innovations and reforms in public financial management. The current wave of reforms is markedly different from those in the past, owing to the sheer number of innovations, their widespread adoption, and the sense that they add up to a fundamental change in the way governments manage public money. This book takes stock of the most important innovations that have emerged over the past two decades, including fiscal responsibility legislation, fiscal rules, medium-term budget frameworks, fiscal councils, fiscal risk management techniques, performance budgeting, and accrual reporting and accounting. Not merely a handbook or manual describing practices in the field, the volume instead poses critical questions about innovations; the issues and challenges that have appeared along the way, including those associated with the global economic crisis; and how the ground can be prepared for the next generation of public financial management reforms. Watch Video of Book Launch

Strengthening the International Monetary System—A Stocktaking

Strengthening the International Monetary System—A Stocktaking
Author: International Monetary Fund
Publisher: International Monetary Fund
Total Pages: 39
Release: 2016-02-22
Genre: Business & Economics
ISBN: 1498345956

In light of the changing contours of the global economy, this paper provides an overview of the challenges facing the International Monetary System (IMS). It seeks to forge a common understanding of the challenges facing the IMS and its shortcomings, and to lay the basis for discussing a possible roadmap for further work on reform areas.

Guidance Note For Developing Government Local Currency Bond Markets

Guidance Note For Developing Government Local Currency Bond Markets
Author: International Monetary Fund
Publisher: International Monetary Fund
Total Pages: 157
Release: 2021-03-12
Genre: Business & Economics
ISBN: 1513573926

This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.

Monetary and Exchange System Reforms in China

Monetary and Exchange System Reforms in China
Author: Mr.Bernard Laurens
Publisher: International Monetary Fund
Total Pages: 108
Release: 1996-09-26
Genre: Business & Economics
ISBN: 9781557755629

In 1978, China embarked on a gradual but far-reaching reform of its economic system. This paper focuses on the achievements so far in reforming the financial sector, the legal framework for financial transactions, the payments system, and the monetary policy and foreign exchange system. It also analyzes the tasks ahead to achieve the goals set in these areas for the year 2000.