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Reforming the International Financial System for Development

Jomo Kwame Sundaram (Editor)

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The 1944 Bretton Woods conference created new institutions for international economic governance. Though flawed, the system led to a golden age in postwar reconstruction, sustained economic growth, job creation, and postcolonial development. Yet financial liberalization since the 1970s has involved deregulation and globalization, which have exacerbated instability, rather than sustained growth. In addition, the failure of Bretton Woods to provide a reserve currency enabled the dollar to fill the void, which has contributed to periodic, massive U.S. trade deficits.

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ISBN13: 978-0231157643
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The 1944 Bretton Woods conference created new institutions for international economic governance. Though flawed, the system led to a golden age in postwar reconstruction, sustained economic growth, job creation, and postcolonial development. Yet financial liberalization since the 1970s has involved deregulation and globalization, which have exacerbated instability, rather than sustained growth. In addition, the failure of Bretton Woods to provide a reserve currency enabled the dollar to fill the void, which has contributed to periodic, massive U.S. trade deficits.

Our latest global financial crisis, in which all these weaknesses played a part, underscores how urgently we must reform the international financial system. Prepared for the G24 research program, a consortium of developing countries focused on financial issues, this volume argues that such reforms must be developmental. Chapters review historical trends in global liquidity, financial flows to emerging markets, and the food crisis, identifying the systemic flaws that contributed to the recent downturn. They challenge the effectiveness of recent policy and suggest criteria for regulatory reform, keeping in mind the different circumstances, capacities, and capabilities of various economies. Essays follow ongoing revisions in international banking standards, the improved management of international capital flows, the critical role of the World Trade Organization in liberalizing and globalizing financial services, and the need for international tax cooperation. They also propose new global banking and reserve currency arrangements.

About the Editor

Jomo Kwame Sundaram
Assistant Secretary General for Economic Development
United Nations

Jomo Kwame Sundaram has been Assistant Director General and Coordinator for Economic and Social Development (ADG-ES), Food and Agriculture Organization of the United Nations since 2012. He was Assistant Secretary General for Economic Development in the UN Department of Economic and Social Affairs (DESA) from 2005 until 2012, and Research Coordinator for the G24 Intergovernmental Group on International Monetary Affairs and Development from 2006 until 2012. He has received several honours and awards for his work including the 2007 Wassily Leontief Prize for Advancing the Frontiers of Economic Thought.

About the Authors

Yilmaz Akyüz
Former Director, Globalization and Development Strategies (retired)
United Nations Conference on Trade and Development

Dr. Yilmaz Akyuz is the Special Economic Advisor of South Centre. Until his retirement in 2003, he was Director of the Division on Globalization and Development Strategies as well as Chief Economist at the United Nations Conference on Trade and Development (UNCTAD). He has published extensively in macroeconomics, finance, growth and development. His current activities include policy research for international organizations, and advising governments on development policy issues, and the Third World Network on research in trade, finance and development.

Eric Helleiner
CIGI Chair
International Political Economy
University of Waterloo

C.P. Chandrasekhar
Professor
Centre for Economic Studies and Planning
Jawaharlal Nehru University

Andrew Cornford
Research Fellow
Financial Markets Center

Jane D'Arista
Research Associate
Political Economy Research Institute

Jan Allen Kregel
Professor, Levy Economics Institute
Bard College

Jan Kregel is a senior scholar at the Levy Economics Institute of Bard College and director of its Monetary Policy and Financial Structure program. He also holds the positions of professor of development finance at Tallinn University of Technology, Estonia and Distinguished Research Professor in the University of Missouri, Kansas City. In 2009, Kregel served as Rapporteur of the President of the UN General Assembly’s Commission on Reform of the International Financial System. He previously directed the Policy Analysis and Development Branch of the UN Financing for Development Office and was deputy secretary of the UN Committee of Experts on International Cooperation in Tax Matters. He is a former professor of political economy at the Università degli Studi di Bologna and a past professor of international economics at Johns Hopkins University’s Paul Nitze School of Advanced International Studies, where he was also associate director of its Bologna Center from 1987 to 1990.

Gerald Epstein
Professor of Economics
University of Massachusetts, Amherst

David Spencer
Attorney

Jayati Ghosh
Professor
Department of Economics
Jawaharlal Nehru University

Chakravarthi Raghavan
Editor Emeritus
South-North Development Monitor (SUNS)

Stephany Griffith-Jones
Financial Markets Program Director
Initiative for Policy Dialogue (IPD)

Stephany Griffith-Jones is an economist specialising in international finance and development, with emphasis on reform of the international and national financial system, especially in relation to financial regulation and global governance. She is Financial Markets Director at the Initiative for Policy Dialogue, Columbia University. Previously she was Professorial Fellow at the Institute of Development Studies at Sussex University. She was Director of International Finance at the Commonwealth Secretariat and worked at UN DESA and ECLAC. She was senior consultant to governments in Eastern Europe, Latin America and Africa and many international agencies, including the World Bank, the IADB, the European Commission, UNDP and UNCTAD. She was a member of the Warwick Commission on financial regulation. She currently is theme leader on finance in the ESRC /DFID growth programme for LICs, especially African ones. She has published over 20 books and many scholarly and journalistic articles. Her books include Time for the Visible Hand, Lessons from the 2008 crisis, edited jointly with José Antonio Ocampo and Joseph Stiglitz.

José Antonio Ocampo
Co-President
Initiative for Policy Dialogue (IPD)

Jose Antonio Ocampo is Co-President of IPD, Professor of Professional Practice in the School of International and Public Affairs, and Fellow of the Committee on Global Thought at Columbia University. Prior to his appointment at Columbia, Professor Ocampo served as the United Nations Under-Secretary-General for Economic and Social Affairs, and head of UN Department of Economic and Social Affairs (DESA), as Executive Secretary of the UN Economic Commission for Latin America and the Caribbean (ECLAC), and has held a number of high-level posts in the Government of Colombia, including Minister of Finance and Public Credit, Director of the National Planning Department, and Minister of Agriculture . Professor Ocampo is author or editor of over 30 books and has published over 200 scholarly articles on macroeconomic theory and policy, international financial issues, economic development, international trade, and Colombian and Latin American economic history.

Jomo Kwame Sundaram
Assistant Secretary General for Economic Development
United Nations

Jomo Kwame Sundaram has been Assistant Director General and Coordinator for Economic and Social Development (ADG-ES), Food and Agriculture Organization of the United Nations since 2012. He was Assistant Secretary General for Economic Development in the UN Department of Economic and Social Affairs (DESA) from 2005 until 2012, and Research Coordinator for the G24 Intergovernmental Group on International Monetary Affairs and Development from 2006 until 2012. He has received several honours and awards for his work including the 2007 Wassily Leontief Prize for Advancing the Frontiers of Economic Thought.

1

Contemporary Reform of Global Financial Governance: Implications of and lessons from the past

1

2

Global Liquidity and Financial Flows to Developing Countries: New trends in emerging markets and their implications

25

3

The Global Financial and Economic Crisis and Its Impact on Development

55

4

The Unnatural Coupling: Food and global finance

84

5

Policy Responses to the Global Financial Crisis: Key issues for developing countries

105

6

Reforming Financial Regulation: What needs to be done

143

7

The Basel 2 Agenda for 2009: Progress so far

169

8

Should Financial Flows Be Regulated? Yes

194

9

Financial Services, the WTO and Initiatives for Global Financial Reform

218

10

Cross-Border Tax Evasion and Bretton Woods II

243

11

Learning from the Crisis: Is there a model for global banking?

271

12

The Report of the Commission of Experts on Reform of the International Monetary and Financial System and Its Economic Rationale

296

13

Special Drawing Rights and the Reform of the Global Reserve System

314

Publication Information

Type Book
Program Financial Markets Reform
Posted 01/01/11
Download Not Available
# Pages 392
Publisher Columbia University Press
Year 2011