Conflict between US-led and China-led economic architecture

Pradumna B. Rana 05 August 2014

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The Bretton Woods agreement – which is 70 years old this month – established three institutions to promote law and order in international economic relations:

  • The IMF to promote macroeconomic stability,
  • The GATT (and its successor, the WTO) to ensure an open trading environment, and
  • The World Bank to provide development finance for poverty reduction.

The smooth operation of this rules-based, US-led global economic architecture contributed to the unprecedented economic growth and worldwide prosperity of the post-WWII period.

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Topics:  Global governance

Tags:  US, China, IMF, global governance, World Bank, multilateralisation, troika

Capital controls in the 21st century

Barry Eichengreen, Andrew K Rose 05 June 2014

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Capital controls are back. The IMF (2012) has softened its earlier opposition to their use. Some emerging markets – Brazil, for example – have made renewed use of controls since the global financial crisis of 2008–2009. A number of distinguished economists have now suggested tightening and loosening controls in response to a range of economic and financial issues and problems. While the rationales vary, they tend to have in common the assumption that first-best policies are unavailable and that capital controls can be thought of as a second-best intervention.

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Topics:  International finance

Tags:  IMF, capital flows, global financial crisis, capital controls, capital, Macroprudential policy

The IMF’s preferred creditor status: Questions after the Eurozone crisis

Susan Schadler 28 April 2014

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Throughout the history of IMF lending, the institution has had preferred creditor status – that is, distressed countries borrowing from the IMF are expected to give priority to meeting their obligations to the IMF over those to other creditors. This status is a defining characteristic of the IMF’s role in financial crises – it provides a high degree of confidence that IMF resources are safe when other creditors face substantial uncertainty about full repayment.

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Topics:  Global crisis Global governance International finance

Tags:  IMF, Eurozone crisis, preferred creditor status

The Ukraine-Russia deal

Charles Wyplosz 24 December 2013

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As the price to deter a westward move of Ukraine, Russia has made an offer that the Ukrainian president has found impossible to turn down, if he ever contemplated seriously tying his country to the EU. This is generally hailed as a master coup by President Putin and a great relief for President Yanukovych. In fact, this coup is likely to end in tears for both countries.

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Topics:  International finance

Tags:  IMF, Ukraine

Smart governance: solutions for today’s global economy

Nemat Shafik 14 December 2013

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Making the case for smart governance

Global economic crises tend to reignite discussions of global governance and international cooperation. This is because crises lay bare the shortcomings of existing international rules and institutions. The recent crisis has been no different.

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Topics:  Global governance

Tags:  IMF, financial crisis, global crisis, global governance

Revisiting sovereign bankruptcy

Lee C. Buchheit , Beatrice Weder di Mauro, Anna Gelpern, Mitu Gulati, Ugo Panizza, Jeromin Zettelmeyer 12 November 2013

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Sovereign-debt crises occur regularly and often violently. The recent debt crisis in Greece almost led to the collapse of the euro. Yet, there is no legally and politically recognised procedure for restructuring the debt of bankrupt sovereigns.

Procedures of this type have been periodically debated – most recently, about a decade ago – when IMF management proposed a global sovereign debt restructuring mechanism (Krueger, 2002). Yet, they have so far been rejected.

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Topics:  EU institutions Global economy

Tags:  eurozone, IMF, sovereign debt crisis

Unemployment, labour-market flexibility and IMF advice: Moving beyond mantras

Olivier Blanchard, Florence Jaumotte, Prakash Loungani 18 October 2013

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Growth in advanced economies is gaining some speed. The IMF projects these economies will grow 2% next year, up from an expected 1.2% this year. The average unemployment rate in advanced economies is expected to inch down from its peak of 8.3% in 2010 to 8% next year. This is progress, but it is clearly not enough. The state of labour markets remains dismal for a number of reasons.

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Topics:  Labour markets Welfare state and social Europe

Tags:  unemployment, institutions, IMF, trust, Unemployment insurance, labour-market flexibility, EZ crisis, collective bargaining

The IMF and the legacy of the euro crisis

Susan Schadler 15 October 2013

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The IMF will live with the legacy of its role in the European debt crisis for years — if not decades.

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Topics:  Global governance International finance

Tags:  IMF, debt, EZ crisis

Who profits from trade-facilitation initiatives?

Bernard Hoekman, Ben Shepherd 03 June 2013

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Analyses continue to accumulate that demonstrate that the global gains from trade facilitation – understood as measures that reduce the overall costs of the international movement of goods – are potentially very large (Hufbauer et al 2012).

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Topics:  International trade

Tags:  IMF, trade facilitation

A pro-growth economic plan

Richard Wood 11 May 2013

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There are similarities in the nature of the economic problems facing affected economies around the world:

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Topics:  Global crisis

Tags:  IMF, recovery, Eurozone crisis, austerity

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