IMF Reform: The Unfinished Agenda

José De Gregorio, Barry Eichengreen, Takatoshi Ito, Charles Wyplosz 11 September 2018

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Table of contents

Executive summary

1 Introduction

2 How the world has changed

2.1 Capital flow volatility
2.2 Sudden stops
2.3 Exchange rates, capital accounts and IMF programmes
2.4 Inflation targets
2.5 Capital controls
2.6 Reserve accumulation
2.7 New instruments: Flexible credit lines and agreements
2.8 Conclusions

3 How the IMF has changed

3.1 Improved bilateral and multilateral surveillance
3.2 Capital controls
3.3 Debt sustainability
3.4 Exchange rates
3.5 IMF resources
3.6 Precautionary arrangements
3.7 A fast qualification facility
3.8 Streamlined structural conditionality
3.9 Transparency

4 The emergence of regional funds

4.1 Pros and cons of regional funds
4.2 Chiang Mai
4.3 Fondo Latino Americano de Reservas (FLAR)
4.4 The European Stability Mechanism
4.5 The IMF’s response
4.6 Dealing with disagreements 53
Appendix: List of regional funds 56

5 China

5.1 The rise of China
5.2 Challenging the dollar and renminbi internationalisation
5.3 New international institutions
5.4 Implications for the IMF: Many questions and few certainties

6 Governance

6.1 Independent decision makers
6.2 Selection procedures
6.3 Accountability

Discussions

Professor of Economics, University of Chile

Professor of Economics and Political Science at the University of California, Berkeley; and formerly Senior Policy Advisor at the International Monetary Fund. CEPR Research Fellow

Professor of International and Public Affairs, Columbia University; Professor, GRIPS; CEPR Research Fellow

Emeritus Professor of International Economics, Graduate Institute, Geneva; CEPR Research Fellow

Events

  • 17 - 18 August 2019 / Peking University, Beijing / Chinese University of Hong Kong – Tsinghua University Joint Research Center for Chinese Economy, the Institute for Emerging Market Studies at Hong Kong University of Science and Technology, the Guanghua School of Management at Peking University, the Stanford Center on Global Poverty and Development at Stanford University, the School of Economics and Management at Tsinghua University, BREAD, NBER and CEPR
  • 19 - 20 August 2019 / Vienna, Palais Coburg / WU Research Institute for Capital Markets (ISK)
  • 29 - 30 August 2019 / Galatina, Italy /
  • 4 - 5 September 2019 / Roma Eventi, Congress Center, Pontificia Università Gregoriana Piazza della Pilotta, 4, Rome, Italy / European Center of Sustainable Development , CIT University
  • 9 - 14 September 2019 / Guildford, Surrey, UK / The University of Surrey

CEPR Policy Research