The International Monetary and Financial System

International Monetary Fund and financial crises in the global economy

The rapidly evolving global economy as well as new challenges with economic and social implications make the problem of financial crises, including currency crises, extremely important in the current situation. Especially given the fact that the crises affect various countries and regions of the world. Serious currency crashes have occurred in developing countries with marked structural problem...

Money and the International Monetary System

I have a personal reason for choosing this topic. For many years it has troubled me that some of my friends and colleagues view themselves as monetarists and analyze domestic policy from that perspective, while another group of my friends maintains that fixed exchange rates are the glue that holds the world economy together. From the perspective of that group, the world would be a better place ...

Reforming the international financial system

Capital Flows and the International Financial System

It has become easier, with the passage of time, to forget what an extraordinary event the Asian financial crisis was. Before the crisis, the countries of east Asia had grown faster, for longer, than any other countries in recorded history. They had transformed their economies and the standard of living of their people in the course of a single generation. In 1960, some of the east Asian countri...

Monetary Policy, Fiscal Policy, and the Efficiency of Our Financial System: Lessons from the Financial Crisis

I am enormously grateful to Rich Clarida and Jeff Fuhrer for their kind and thoughtful initiative, first in conceiving the idea for this conference and then in organizing it so successfully; to Eric Rosengren and the Federal Reserve Bank of Boston for the marvelous hospitality we have all enjoyed these past two days; to the many fine economists who devoted their valuable time to writing papers ...