The Future of the IMF
The Future of the IMF
复制标题
国际货币基金组织的未来
DOI：
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发表时间：
2003
期刊：
影响因子：
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通讯作者：
Ricardo J. Caballero
中科院分区：
文献类型：
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作者：
Ricardo J. Caballero
流向新兴市场的资本仍然非常不稳定。这给发展中经济体带来了巨大的经济和社会代价。大多数关于国际金融结构、特别是国际货币基金组织改革的建议都是为了处理最极端的危机情况-类似挤兑的危机和破产。虽然这是件好事，但与资本流动逆转相关的成本中有很大一部分尚未得到解决。许多国家经历了严重的收缩，但没有出现公开的危机，许多最终陷入极端危机的国家首先经历了进入国际资本市场的机会大幅减少的长期时期。为了应对这些情况，本文提出了一个市场解决方案：针对资本流动波动的对冲和保险市场的创建。货币基金组织和其他国际金融机构在这方面的作用是促进这些市场的建立和运作，并监督/建议各国在这一大型保险范围内管理财政、货币和流动性要求政策。
Capital flows to emerging markets remain highly volatile. This has enormous economic and social costs for developing economies. Most of the proposals to reform the international financial architecture and the IMF in particular are aimed at dealing with the most extreme cases of crises - run-like crises and bankruptcy. While this is good, it leaves unaddressed a significant fraction of the costs associated to capital flow reversals. Many countries experience deep contractions but no open crises, and many of the countries that end up in extreme crises go first through a prolonged period of sharply reduced access to international capital markets. To deal with these situations, the paper proposes a market solution: The creation of hedging and insurance markets against capital flow volatility. The role of the IMF and other IFIs in this context is to facilitate the creation and functioning of these markets, and supervise/advise countries on the management of fiscal, monetary, and liquidity-requirement policies in this mega-insurance context.