Global governance

Beatrice Scheubel, Livio Stracca, Cédric Tille, 26 April 2019

More than ten years on from the start of the Global Crisis, policymakers are discussing the effectiveness of the global financial safety net – the combination of reserves, central bank swap lines, regional financial arrangements, and the IMF. This column evaluates the effectiveness of the use of IMF support and foreign reserves in globally driven crises. It finds that actual use of IMF support helps during currency crises – the type of crisis for which the support was originally designed. Use of reserves is of limited effectiveness and only during sudden stops. 

José Antonio Ocampo, 09 April 2019

The IMF will turn 75 this year. Updating and reforming of some aspects of its core functions should be considered to reflect the current global monetary context. This column analyses the IMF’s global reserve system, identifying three issues and suggesting two alternatives. Ultimately, greater use of the Fund’s Special Drawing Rights would mitigate several problems in the current system.

Dirk Schoenmaker, 05 April 2019

We're not short of policies intended to save us from catastrophic climate change, but should monetary policy be part of this effort? Dirk Schoenmaker of Erasmus University thinks so, and he tells Tim Phillips how it would work in practice.

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

Two decades ago the four authors of the CEPR's first Geneva Report on the World Economy examined the future of the IMF. This year, for the 20th report, they returned to see what progress has been made. Tim Phillips talks to Barry Eichengreen, Charles Wyplosz, José De Gregorio, and Takatoshi Ito about how the IMF has evolved, and the threats both to the IMF and the entire multilateral financial system.

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

Twenty years ago, ICMB and CEPR published the first Geneva Report on the World Economy. Over these last two decades, the world of international finance has changed and so too has the IMF. This column introduces the latest report, in which the same team of authors highlight seven key developments affecting the monetary and financial environment and their implications for the Fund. 

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