By David Vines, Christopher L. Gilbert
Written via prime economists together with Nobel laureate Joseph Stiglitz, this assortment combines rigorous fiscal research with insider views on key coverage debates surrounding the way forward for the foreign financial Fund. because the position of the IMF and the "Washington Consensus" have come below severe scrutiny, this assortment bargains a useful wide-ranging assessment of the talk, making it an important reference for someone attracted to the function of foreign monetary associations in our globalized economic climate.
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If there is no additional financing and just a standstill, the size of investment activity will have to be curtailed, making it less likely that all borrowing costs will be able to be recovered. For this reason, standstills alone will reduce, but not eliminate, the range over which liquidity crises occur. A solution to this problem could be found if, at the same time as the standstill is called, IMF lending into arrears provided the extra funding. This would require a greater willingness by the IMF to engage in lending into arrears than appears to be the case at present.
Progress on the SDRM and Collective Action Mechanisms for countries will be needed. But, in addition, the IMF will need 16 See IMF (2002a, 2002b) and the discussion of this issue in nn. 5 and 7. See also Blejer et al. (2002) for a discussion of how to modify IMF conditionality, traditionally specified in terms of monetary aggregates and international reserves, for economies with open international financial markets. 30 David Vines and Christopher L. Gilbert to commit credibly to assisting a debtor with liquidity support, beyond a certain limit, only in truly exceptional circumstances.
But this may not always be possible; a lack of timely information might make this judgement subjective and probabilistic. A mistake could have consequences more serious than those already discussed. It will be the case that dealing with a liquidity crisis speedily is important – to prevent a worsening of the fundamentals and so make a future solvency crisis less likely. Such arguments have been used recently in the case of Brazil. But if the perceived liquidity crisis is in fact an emerging solvency crisis, then dealing with it as a liquidity crisis may delay the onset of the solvency crisis and may make the cost much worse.
The IMF and its Critics: Reform of Global Financial Architecture by David Vines, Christopher L. Gilbert