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Reforming the International Financial System for Development (Initiative for Policy Dialogue at Columbia: Challenges in Development and Globalization) - Hardcover

Book 6 of 17: Initiative for Policy Dialogue at Columbia: Challenges in Development and Globalization

Sundaram, Jomo Kwame

 
9780231157643: Reforming the International Financial System for Development (Initiative for Policy Dialogue at Columbia: Challenges in Development and Globalization)
Hardcover
ISBN 10: 0231157649 ISBN 13: 9780231157643
Publisher: Columbia University Press, 2011

Synopsis

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.

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About the Author

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.

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Publisher
Columbia University Press
Publication date
2011
Language
English
ISBN 10 
0231157649
ISBN 13 
9780231157643
Binding
Hardcover
Number of pages
320