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Global Governance for Financial Stability and Development

Griffith-Jones, Stephany; Ocampo, Jose A.

This paper analyzes the central issues of global governance to guarantee a development-friendly international financial architecture. It is divided in five sections. The first analyzes the effects of capital account volatility and proposes that a development-friendly architecture should have a strong counter-cyclical focus. The second section examines crisis prevention, particularly the role of prudential and capital account regulations. Section III looks at better management of crises: IMF lending facilities, debates surrounding conditionality, and debt workouts. Section IV examines the reform of the Global Reserve System. Throughout the paper, we discuss ongoing reform efforts and point out the areas where far deeper reforms in the international financial architecture are needed.

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More About This Work

Academic Units
Initiative for Policy Dialogue
Publisher
Initiative for Policy Dialogue
Series
Initiative for Policy Dialogue Working Paper Series
Published Here
October 17, 2012
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