International Business

IMF Essays from a Time of Crisis: The International by Stanley Fischer

By Stanley Fischer

Stanley Fischer served as First Deputy coping with Director of the foreign financial Fund from 1994 to 2001. IMF Essays from a Time of concern collects 16 essays written for the main half in the course of his time on the IMF, each one up to date with Fischer's later reflections at the concerns raised. The IMF drew a lot feedback for a few of its activities in the course of Fischer's tenure, and he vigorously defends the ''battlefield medicine'' practiced by means of the IMF in the course of a chain of financial crises, which integrated the issues of monetary transition within the former Soviet bloc and the Asian monetary predicament. Fischer addresses the next demands reform of the foreign economic system and makes the case for the IMF as a global lender of final inn. the 1st component to essays, ''The function of the IMF and the Reform of the overseas monetary System,'' considers the IMF's position within the foreign economy in mild of the crises of the Nineties. the second one part, ''Macroeconomic coverage, Stabilization, and Transition,'' examines such themes as trade price regimes, inflation, and jap Europe's relation to the eu Union. the ultimate part, ''Poverty and Development,'' displays Fischer's uncomplicated trust that fiscal guidelines should still explicitly aim poverty relief. those attractive and obtainable essays will allure not just to economics scholars, economists, and policymakers but additionally to the final reader attracted to the foreign financial procedure.

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15 Yet another suggestion, associated with Jeffrey Sachs, is the possibility of a mechanism which would formally impose or allow a stay on payments by a country in financial crisis, a proposal which is sometimes referred to as international bankruptcy. Some developing countries object that such measures would make it more expensive for them to borrow, but most likely that would reflect a more appropriate pricing of risks. Private sector involvement in external financing crises needs to be approached carefully, lest proposed solutions increase the frequency of crises.

For a related model in the international context, see Chang and Velasco (1998). 4. In private conversation, Meltzer has indicated that he sees no advantage to the rule that the central bank should lend only to the market rather than on occasion if necessary also to individual institutions. 5. Although some have pointed with approval to the role of clearinghouses in financial panics, note Kindleberger’s quotation (1996, p. 134) from Jacob Schiff in 1907: ‘‘The one lesson we should learn from recent experience is that the issuing of clearinghouse certificates in the different bank centers has also worked considerable harm.

It also acts as crisis manager. Kindleberger (1996, p. 188) complains that the Fund is too slow in emergencies, but in Korea in late 1997 the IMF has demonstrated an ability to move very rapidly, using the Emergency Financing Mechanism introduced after the Mexican crisis in 1994. The main constraint on the IMF’s ability to react speedily in a crisis is that governments suffering a financial crisis delay too long in approaching it, in part because excessive delay is a common characteristic of governments that experience financial crises, but also because they 22 Stanley Fischer hope to avoid taking the actions that would be needed in a Fund program.

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