A counter-cyclical framework for a development-friendly international financial architecture / José Antonio Ocampo and Stephany Griffith-Jones
2007
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Полное описание
Условное обозначениеST/ESA/2007/DWP/39
ЗаглавиеA counter-cyclical framework for a development-friendly international financial architecture / José Antonio Ocampo and Stephany Griffith-Jones
ДоступFull text: wp39_2007 - PDF ;
Резюме
The major task of a development-friendly international financial architecture is to mitigate procyclical effects of financial markets and open "policy space" for counter-cyclical macroeconomic policies in the developing world. This paper explores a series of policy instruments for this purpose: counter-cyclical prudential regulatory and supervisory frameworks; market mechanisms that better distribute the risk faced by developing countries through the business cycle; multilateral instruments that encourage more stable private flows; and better provision of counter-cyclical official liquidity. It also suggests that regional macroeconomic consultation, and common reserve funds or swap arrangements among developing countries can play a role in this regard.
Capital account volatility in the developing world -- Implications of financial volatility for international cooperation -- Counter-cyclical prudential regulation and supervision -- Market instruments -- Counter-cyclical guarantee facilities -- The provision of counter-cyclical official liquidity -- Macroeconomic cooperation among developing countries -- Conclusions.
Capital account volatility in the developing world -- Implications of financial volatility for international cooperation -- Counter-cyclical prudential regulation and supervision -- Market instruments -- Counter-cyclical guarantee facilities -- The provision of counter-cyclical official liquidity -- Macroeconomic cooperation among developing countries -- Conclusions.
Шифр
ST/DESA(05)/D62/no.39
Серии
Дата[New York] : UN Dept. of Economic and Social Affairs, June 2007
Описание
19 p. : graphs
Примечания
Includes bibliographical references (p. 17-19).