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Full Description
September 2008 saw the United States financial system at the edge of collapse, with the tightly integrated global financial system following close behind. But that was only a symptom of the problems that generated the ensuing crisis. The more fundamental cause lay in some of the practices that had developed in many of the major financial institutions. The emergence of perverse incentives helped create a credit bubble that eventually burst. But even these failures of the financial system, by themselves, would have been unlikely to cause a crisis of the scale that the world confronted. The crisis was fostered by the massive expansion of liquidity that developed in the global financial system-and its inevitable impact on interest rates and the search for yield that those low rates created. That, in turn, was a result of failures within the International Monetary System.
The book will help anyone who is seeking to understand how the International Monetary System works, the sources of its weaknesses and vulnerabilities, and the proposals for the change. The Report of the Palais Royal Initiative and the other papers in this book will help stimulate a global discussion of the reforms to the International Monetary System that are so urgently needed.
Contents
Preface - Harinder S Kohli and Jack T Boorman
1: The Report of the Palais Royal Initiative-Reform of the International Monetary System: A Cooperative Approach for the 21st Century
Introduction - Michel Camdessus and Alexandre Lamfalussy
Palais Royal Initiative-Reform of the International Monetary System: A Cooperative Approach for the 21st Century February 8, 2011
2: BACKGROUND MATERIAL MOTIVATING THE INITIAL
Discussions of the Palais Royal Initiative
Reconstructing a World Monetary Order - Michel Camdessus, Alexandre Lamfalussy, and Tommaso Padoa-Schioppa
Toward a New International Monetary System - Michel Camdessus
Reforming Exchange Rate Relationships - Tommaso Padoa-Schioppa
The Ghost of Bancor: The Economic Crisis and Global Monetary Disorder - Tommaso Padoa-Schioppa
Toward an Orderly Supply of Reserve Currencies - Michel Camdessus and André Icard
Strengthening IMF Surveillance - Jack T Boorman
3: CONTRIBUTIONS FROM PARTICIPANTS IN THE PALAIS ROYAL GROUP
The Debate on the International Monetary System - Isabelle Mateos y Lago, Rupa Duttagupta, and Rishi Goyal
Strengthening IMF Surveillance: A Comprehensive Proposal - Edwin M Truman
Some Thoughts on Surveillance for Global Stability - Y Venugopal Reddy
Thoughts on Reforming the International Monetary System and Enhancing the Role of the SDR - Xiaolian Hu
Enhancing the Role of the SDR as a Reserve Asset - André Icard
Making the SDR a More Attractive Reserve Asset: The Development of Private SDR Markets - Pietro Catte
An SDR Based Reserve System - Peter B Kenen
Global Liquidity: Where it Comes From and Why it Matters - Pietro Catte and Corrinne Ho
The IMF as International Lender of Last Resort - Edwin M Truman
4: CONSIDERATIONS ON RECONSTRUCTING THE INTERNATIONAL MONETARY SYSTEM: CONTRIBUTIONS REQUESTED OF OTHER EXPERTS
Introduction
Contribution by Michel Aglietta
Contribution by Peter Bofinger
What International Monetary System for a Fast-Changing World Economy? - Agnès Bénassy-Quéré and Jean Pisani-Ferry
Contribution by Joseph Yam
Contribution by Andrew Sheng
Contribution by John Williamson
Contribution by Peter B Kenen
Trade Imbalances: Causes, Consequences, and Policy Measures - Hans-Werner Sinn, Teresa Buchen, and Timo Wollmershäuser
Index
