06453oam 22014054 450 991097077880332120250426110533.0978661284331097814623850341462385036978145278740414527874099781282843318128284331197814518726371451872631(CKB)3170000000055266(EBL)1608296(SSID)ssj0000943002(PQKBManifestationID)11479820(PQKBTitleCode)TC0000943002(PQKBWorkID)10975128(PQKB)11164421(OCoLC)645515735(MiAaPQ)EBC1608296(IMF)WPIEE2009116(IMF)WPIEA2009116WPIEA2009116(EXLCZ)99317000000005526620020129d2009 uf 0engurcn|||||||||txtccrOut of the Box Thoughts about the International Financial Architecture /Barry Eichengreen1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (28 p.)IMF Working PapersDescription based upon print version of record.9781451916935 1451916930 Includes bibliographical references.Contents; I. Introduction; II. Eight Out Of The Box Ideas; A. Countercyclical IMF Capital Charges; B. A Price-Based Scarce Currency Clause; C. Convertible SDRs; D. Global Glass-Steagall; E. A Global Systemic Risk Facility; F. A Multilateral Insolvency Trust for International Banks; G. A World Financial Organization; H. IMF Governance; III. ConclusionThe Global Credit Crisis of 2008-09 has underscored the urgency of reforming the international financial architecture. While a number of short-term reforms are already in train, this paper contemplates more ambitious reforms of the international financial architecture that might be implemented over the next ten years. It proposes routinizing the expansion of IMF quotas and the conduct of exchange rate surveillance. It contemplates an expanded role for the SDR in international transactions, which would require someone-like the IMF-to act as market maker. It considers proposals for reimposing Glass-Steagall-like restrictions on commercial and investment banking, something that will have to be coordinated internationally to be feasible. Other proposals would require banks to purchase capital insurance; here the question is who would be on the other side of the market. Again there is likely to be a role for the IMF. Then there are arguments for a new agency or institution to deal with cross-border bank insolvencies. Any such entity will require staff support, which might plausibly come from the Fund. Finally, some insist that international colleges of regulators are not enough-that it is desirable to create a World Financial Organization (WFO) with the power to sanction members whose national regulatory policies are not up to international standards. A WFO will similarly need staff support, of which the IMF would be one possible source. All this of course presupposes meaningful IMF governance reform so that the institution has the legitimacy and efficiency to assume these additional responsibilities. The paper therefore concludes with some conventional and unconventional proposals for IMF governance reform.IMF Working Papers; Working Paper ;No. 2009/116International financeGlobal Financial Crisis, 2008-2009Actuarial StudiesimfBankingimfBanks and BankingimfBanks and bankingimfBanksimfBusiness and FinancialimfCurrenciesimfDepository InstitutionsimfFinanceimfFinance: GeneralimfFinancial regulation and supervisionimfFinancial risk managementimfFinancial services industryimfFinancial services law & regulationimfGeneral Financial Markets: Government Policy and RegulationimfGovernment and the Monetary SystemimfInsurance & actuarial studiesimfInsurance CompaniesimfInsuranceimfLaw and legislationimfMicro Finance InstitutionsimfMonetary economicsimfMonetary SystemsimfMoney and Monetary PolicyimfMoneyimfMortgagesimfPayment SystemsimfRegimesimfStandardsimfSystemic riskimfUnited StatesimfInternational finance.Global Financial Crisis, 2008-2009.Actuarial StudiesBankingBanks and BankingBanks and bankingBanksBusiness and FinancialCurrenciesDepository InstitutionsFinanceFinance: GeneralFinancial regulation and supervisionFinancial risk managementFinancial services industryFinancial services law & regulationGeneral Financial Markets: Government Policy and RegulationGovernment and the Monetary SystemInsurance & actuarial studiesInsurance CompaniesInsuranceLaw and legislationMicro Finance InstitutionsMonetary economicsMonetary SystemsMoney and Monetary PolicyMoneyMortgagesPayment SystemsRegimesStandardsSystemic risk332.1/52Eichengreen Barry318418International Monetary Fund.DcWaIMFBOOK9910970778803321Out of the Box Thoughts about the International Financial Architecture4372379UNINA