Goyal, Ashima (2002): Reform proposals from developing Asia: finding a win-win strategy. Published in: Chapter 7 from DEBATING THE GLOBAL FINANCIAL ARCHITECTURE (2002)
Download (162kB) | Preview
Recipient countries and creditors have different perspectives on proposals for reform of the international financial architecture. The difference arises from varying perceptions of the causes of the East Asian crisis. Creditors emphasize inappropriate policies of borrowing countries, and inadequacies in financial sectors. Recipient countries point to evidence of incorrect monetary policy advice, of contagion and herd behavior. If reforms include items from both sets this would maximize future benefits from financial flows. Statements from Asian policy makers and academics indicate that these countries remain committed to globalization and financial reform and are willing to adopt policies from the first set. If the balance of global power allows creditors to escape policies from the second set, it will harm them in the long run. Greater understanding of these technical aspects, stronger Asian regional groups and coalitions with other reformist groups and academics increase the chances of a more balanced set of reforms.
|Item Type:||MPRA Paper|
|Original Title:||Reform proposals from developing Asia: finding a win-win strategy|
|Keywords:||International financial architecture, East Asian crisis, creditor view, debtor view, balanced reform, crisis warning|
|Subjects:||F - International Economics > F5 - International Relations, National Security, and International Political Economy > F53 - International Agreements and Observance ; International Organizations
F - International Economics > F3 - International Finance > F33 - International Monetary Arrangements and Institutions
F - International Economics > F3 - International Finance > F36 - Financial Aspects of Economic Integration
|Depositing User:||ashima goyal|
|Date Deposited:||01 May 2011 00:36|
|Last Modified:||08 Mar 2017 04:27|
Aghion, Philippe, Philippe Bacchetta, Abhijit Banerjee. 2000. A Simple Model of Monetary Policy and Currency Crises. European Economic Review 44: 728-738.
Agosin, M.R., and R. Ffrench-Davis. 1999. Managing Capital Inflows in Chile. In Global Financial Turmoil and Reform: A United Nations Perspective, ed. Barry Herman. Tokyo: United Nations University Press.
Armijo, Leslie Elliott. 2000. Skewed Incentives to Liberalize: Trade, Production and the Capital Account. Revision of paper prepared for the Annual Meeting of the International Studies Association, Los Angeles, California, March 15-18.
Asian Development Bank Institute (ADBI). 2000. New Exchange Rate Regimes for Emerging Economies(online). ADBI Newsletter (Tokyo) 2, no. 1. Available from <www.adbi.org/news/news3.htm>
Asian Policy Forum (APF). 2000. Policy Recommendations for Preventing Another Capital Account Crisis. Tokyo: ADBI (Forum Secretariat).
Association of Southeast Asian Nations (ASEAN). 2000. The Joint Ministerial Statement of the Fourth ASEAN Finance Ministers Meeting. Bandar Seri Begawan, Brunei Darussalam, March 15-26.
Bagehot, W. 1873. Lombard Street: A Description of the Money Market. London: William Clowes and Sons. Quoted in Colin Mayer, The Assessment: Financial Instability, Oxford Review of Economic Policy 15, no. 3:6.
Binmore, Ken. 1991. Fun and Games. San Francisco: D.C. Heath.
Bergsten, C. Fred.1998. How to Target Exchange Rates. Financial Times, November 20.
---------. 2000. Reforming the International Financial Architecture (online). Testimony before the Committee on Banking and Financial Services, US House of Representatives, March 23. Available from: (http://www.iie.com).
Chang, Roberto, and Andres Velasco. 1999. Liquidity Crises in Emerging Markets Theory and Policy. NBER Macroeconomics Annual 1999. Cambridge, Mass.: MIT Press.
Cho, Yoon Je, and Changyong Rhee. 1999. Macroeconomic Adjustments of the East Asian Economies after the Crisis: A comparative Study. Seoul Journal of Economics. 12, no. 4: 347-390.
Cole, David C., and Betty F. Slade. 1998. Why has Indonesia's Financial Crisis Been so Bad? Bulletin of Indonesian Economic Studies 34, no. 2: 61-66.
Collier, Paul, and Jan Willem Gunning. 1999. The IMF's Role in Structural Adjustment. The Economic Journal. 109, no. 459: 634-651.
Drysdale, Peter. 2000. APEC offering Asian-Pacific Economies a Fresh Solution to Current WTO Impasse (online). Presentation delivered during APEC Forum on Shared Prosperity and Harmony, reported in The Korea Herald, April 1. Available from <www.koreaherald.co.kr>.
Eichengreen, Barry. 1999, Towards a New International Financial Architecture: A Practical Post-Asia Agenda, Washington, D.C: Institute for International Economics.
Fernandez-Arias, Eduardo, and Ricardo Hausmann. 1999. What's Wrong with International Financial Markets? Paper presented at the Tenth International Forum on Latin American Perspectives, Inter-American Development Bank and OECD Development Center, Paris, November 25-26.
Fischer, Stanley. 1999. Reforming the International Financial System. The Economic Journal 109, no. 459:F557-F576.
Furman, Jason, and Joseph E. Stiglitz. 1999. Economic Crises: Evidence and Insights from East Asia. Brookings Papers on Economic Activity 2:1-114.
Gilbert, Christopher, Andrew Powell and David Vines. 1999. Positioning the World Bank. Economic Journal 109, no. 459:F598-F633.
Goyal, Ashima. 1997. Inflation, Exchange and Interest Rates; A Macroeconomic 'Rashomon.' In India Development Report 1997, ed. Kirit S. Parikh. Mumabi: Indira Gandhi Institute of Development Research and Oxford University Press.
----- 1999. The Impact of Structure and Openness on the Causal Ordering of Inflation, Exchange and Interest Rates in India. Discussion Paper No. 156. Indira Gandhi Institute of Development Research.
Goyal, Ashima, and Shridhar K. Dash. 1998. Arbitrage: An Explanation for Southeast Asian Crisis and Indian Immunity. Economic and Political Weekly (August 1):33, 31, 2098-2104.
----- 2000. Real and Financial Sector Interaction under Liberalisation in an Open Developing Economy. Meteroeconomica 15, no.3:257-283.
Group of Twenty-Two (G22). 1998. Report of the Working Group on Transparency and Accountability (online). Available from: http://www.imf.org/external/np/g22.
Haley, Mary Ann. 1999. Emerging Market Makers: The Power of Institutional Investors. In Financial Globalization and Democracy in Emerging Markets, ed. Leslie Elliott Armijo. London: Palgrave/Macmillan.
Hayami, Masaru. 2000. Globalization and Regional Cooperation in Asia (online). Presentation to Asian Pacific Bankers Club, March 17, 2000. Available from: <http://www.boj.or.jp/en/index.htm>.
Hirschman, Albert O. 1998. Crossing Boundaries. New York: Zone Books
Hussin, Awang Adek. 1999. The Recent Exchange Control Policy and Its Impact (online). MCA Seminar, Currency Stabilization: An Assessment after Six Months, Bank Negara Malaysia, Kuala Lumpur, February r. Available from <http://www.bnm.gov.my>
Institute of International Finance (IIF). 1999. Data Release Practices of Emerging Market Economies: 1999 Assessment (online). Available from <www.iif.com>.
International Monetary Fund (IMF). 1999. Involving the Private Sector in Forestalling and Resolving Financial Crises (online). Available from: <www.imf.org/external/pubs/ft/series/01/index.html>.
----- 2000a. Statement by the Acting Managing Director to the International Monetary and Financial Committee on Progress in Reforming the IMF and Strengthening the Architecture of the International Financial System (online). April 12. Available from: www.imf.org/external/ex/np/omd/2000/state.html.
----- 2000b. Press Conference on Exchange Rate Regimes in an Increasingly Integrated World Economy (online). April 14. Available from: www.imf.org/external/np/tr/2000/TR000414.htm.
----- 2000c. US and the IMF (online). July 28. Available from: www.imf.org/external/ex/country/USA/index.html.
Jha, Raghbendra, and Mridul K. Saggar. 2000. Towards a More Rational Quota Structure: Suggestions for the Creation of a New International Financial Architecture. Development and Change. 31:579-604.
Kim, Dae Jung. 2000. Opening Address to the APEC Forum on Shared Prosperity and Harmony at the Onset of the New Millenium, Hilton Hotel, Seoul, April 1.
The Korea Herald. 1999. Joint Statement on East Asia Cooperation (online). Available from: www.koreaherald.co.kr.
Kremenyuk, Victor, Gunnar Sjostedt, and I. William Zartman. 2000. International Economic Negotiation: Research Tasks and Approaches. In International Economic Negotiation: Models versus Reality, ed. Victor Kremenyuk and Gunnar Sjostedt. Cheltenham, U.K.: Edward Elgar.
Marjolin, Robert. 1986. Le Travail d’une Vie, Paris: Robert Laffont. Quoted in Albert Hirschman, Crossing Boundaries (New York: Zone Booms, 1998), 217-218.
Mayer, Colin. 1999. The Assessment: Financial Instability. Oxford Review of Economic Policy, 15, no.3:1-8.
Meltzer, A. 1998. Asian Problems and the IMF. Testimony prepared for the Joint Economic Committee. U.S. Congress, Washington, D.C., February 4.
Miller, Marcus, and Lei Zhang. 2000. Sovereign Liquidity Crises: The Strategic Case for a Payments Standstill. Economic Journal 110 (January):335-362.
Muthoo, Abhinay. 1999. Bargaining Theory with Applications. Cambridge, U.K.: Cambridge University Press.
Obstfeld, Maurice. 1996. Models of Currency Crises with Self-fulfilling Features. European Economic Review 40:1037-1047.
Obstfeld, Maurice, and Alan M. Taylor. 1997. The Great Depression as a Watershed: International Capital Mobility over the Long Run. NBER Working Paper no. 5690. Cambridge, Mass.: National Bureau of Economic Research.
Ocampo, Jose Antonio. 1999. Reforming the International Financial Architecture: Consensus and Divergence (online). Santiago, Chile:United Nations Economic Commission for Latin America and the Caribbean (ECLAC). Available from: www.eclac.cl..
Organization for Economic Co-operation and Development (OECD). 2000. Towards Global Tax Co-operation (online). Report to the 2000 Ministerial Council Meeting and Recommendations by the Committee on Fiscal Affairs. Available from: <www.oecd.org/daf/fa/harm_tax/Report_En.pdf>.
Parikh, Kirit S. and Ajay Shah. 1999. “Second Generation Reforms.” In India Development Report 1999-2000, ed. Kirit S. Parikh. Mumbai: IGIDR (Indira Gandhi Institute of Development Research) and Oxford University Press.
Reddy, Y.Venugopal. 2000. Bretton Woods Institutions in 2000 (online). Dr. V.S. Krishna Memorial Lecture, March 18, Reserve Bank of India, Mumbai. Available from: www.rbi.org.
Reserve Bank of India (RBI). 1997. Report of the Committee on Capital Account Convertibility. Mumbai: Reserve Bank of India.
Rose, Andrew. 1999. Is There a Case for an Asian Monetary Fund? FRBSF Economic Letter (December 17):99-37.
Sakakiabara, Eisuke. 1999. Post-Crisis Financial Architecture. Speech at Conference on the 2nd Anniversary of the Asian Development Bank Institute, Tokyo, December s10.
----- 2000. Asia in the 21st Century: The Role of India and Japan (online). Exim Bank Commencement Day Annual Lecture, Mumbai, March 29. Available from: <www.eximbankindia.com>.
Sinha, Yashwant. 2000. Statement by the Honorable Mr. Yashwant Sinha, Finance Minister of India, to the International Monetary and Financial Committee (online). April 16. Available from: www.imf.org/external/spring/2000/imfc/ind.htm.
Snowden, Nicholas. 1999. The New International Financial Architecture and National Development: Uplifting or Oppressive? Journal of International Development, 11, no. 6:837-842.
Stiglitz, Joseph E. 1998. Knowledge for Development: Economic Science, Economic Policy, and Economic Advice. In Annual bank Conference on Development Economics 1998, 9-58, Washington, D.C.: World Bank.
-----1999. The World Bank at the Millenium. The Economic Journal 109, no. 459:F577-F597.
Stiglitz, Joseph E., and Amar Bhattacharya. 1999. The Underpinnings of a Stable and Equitable Global Financial System. In Annual World Bank Conference on Development Economics 1999, 91-130. Washington D.C.: World Bank.
Summers, Lawrence, H. 2000. Statement by US Treasury Secretary, Lawrence H. Summers, to the International Monetary and Financial Committee (online). April 16. Available from: www.imf.org/external/spring/2000/imfc/usa.htm.
Tagore, Rabindranath.  1994. The English Writings of Rabindranath Tagore, Vol.1, Poems. Edited by Sisir Kumar Das, New Delhi: Sahitya Academi.
Tobin, James. 1998. Financial Globalization: Can National Currencies Survive? In Annual Bank Conference on Development Economics 1998, 9-58, Washington, D.C.: World Bank.
White, L. 1994. A Summary and Overview of the Financial Sector in Developing Countries: The Experiences of Seven Asian Countries. Asian Development Bank. Tokyo, Unpublished paper.
World Bank. 1998. Global Development Finance 1998. Washington, D.C.: World Bank.