Reforming the International Financial System for Development

Reforming the International Financial System for Development

In: Initiative for Policy Dialogue at Columbia: Challenges in Development and Globalization

Edited by: Jomo Kwame Sundaram

Columbia University Press | 2011

https://doi.org/10.7312/kwam15764

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Contents

About this book

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.

Author information

Jomo Kwame Sundaram is assistant secretary general for economic development at the United Nations and research coordinator for the G24 Intergovernmental Group on International Monetary Affairs and Development. In 2007 he was awarded the Wassily Leontief Prize for Advancing the Frontiers of Economic Thought.

Frontmatter Free access PDF PDF	i
Contents Free access PDF PDF	vii
List of Tables Access restricted Content is available PDF PDF	ix
List of Figures Access restricted Content is available PDF PDF	x
Acknowledgements Access restricted Content is available PDF PDF	xi
Contributors Access restricted Content is available PDF PDF	xii
Foreword Access restricted Content is available PDF PDF	xv
1. Contemporary Reform of Global Financial Governance: Implications of and lessons from the past Eric Helleiner Access restricted Content is available PDF PDF	1
2. Global Liquidity and Financial Flows to Developing Countries: New trends in emerging markets and their implications C.P. Chandrasekhar Access restricted Content is available PDF PDF	25
3. The Global Financial and Economic Crisis and Its Impact on Development Jomo Kwame Sundaram Access restricted Content is available PDF PDF	55
4. The Unnatural Coupling: Food and global finance Jayati Ghosh Access restricted Content is available PDF PDF	84
5. Policy Responses to the Global Financial Crisis: Key issues for developing countries Yılmaz Akyüz Access restricted Content is available PDF PDF	105
6. Reforming Financial Regulation: What needs to be done Jane D’Arista and Stephany Griffith-Jones Access restricted Content is available PDF PDF	143
7. The Basel 2 Agenda for 2009: Progress so far Andrew Cornford Access restricted Content is available PDF PDF	169
8. Should Financial Flows Be Regulated? Yes Gerald Epstein Access restricted Content is available PDF PDF	194
9. Financial Services, the WTO and Initiatives for Global Financial Reform Chakravarthi Raghavan Access restricted Content is available PDF PDF	218
10. Cross-Border Tax Evasion and Bretton Woods II David Spencer Access restricted Content is available PDF PDF	243
11. Learning from the Crisis: Is there a model for global banking? C.P. Chandrasekhar Access restricted Content is available PDF PDF	271
12. The Report of the Commission of Experts on Reform of the International Monetary and Financial System and Its Economic Rationale Jan Kregel Access restricted Content is available PDF PDF	296
13. Special Drawing Rights and the Reform of the Global Reserve System José Antonio Ocampo Access restricted Content is available PDF PDF	314
Index Access restricted Content is available PDF PDF	343
Permissions Access restricted Content is available PDF PDF	357

Reforming the International Financial System for Development

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