The International Monetary System and the Available International Policy Options for Emerging Countries
1
조회
0
다운로드
1
인용
0
참고문헌
키워드
초록
This paper discusses how the available international monetary policy options for emerging countries changed over time during the post- Bretton Woods era in view of the trilemma. Upon the liberalization of the emerging countries’ capital account, emerging countries suffered from excess volatility and economic crisis. They piled up reserves to survive in the region of free international capital mobility, but further reserve accumulation might not be sustainable in the future. Preventing the negative consequences of highly volatile international capital flows by providing global liquidity properly will dictate the available policy combinations for emerging countries. A fundamental reform on the international monetary and global liquidity provision systems will assist emerging countries in coping with liberalized capital accounts. However, the implementation of such a reform will take a long time. In this case, properly developed financial safety nets may help emerging countries in the interim. Otherwise, emerging countries have no choice but to impose capital controls. Advanced countries should understand the emerging countries’ options and strive with these countries to implement an international monetary system reform that can reflect the recent worldwide developments.
Abstract
This paper discusses how the available international monetary policy options for emerging countries changed over time during the post- Bretton Woods era in view of the trilemma. Upon the liberalization of the emerging countries’ capital account, emerging countries suffered from excess volatility and economic crisis. They piled up reserves to survive in the region of free international capital mobility, but further reserve accumulation might not be sustainable in the future. Preventing the negative consequences of highly volatile international capital flows by providing global liquidity properly will dictate the available policy combinations for emerging countries. A fundamental reform on the international monetary and global liquidity provision systems will assist emerging countries in coping with liberalized capital accounts. However, the implementation of such a reform will take a long time. In this case, properly developed financial safety nets may help emerging countries in the interim. Otherwise, emerging countries have no choice but to impose capital controls. Advanced countries should understand the emerging countries’ options and strive with these countries to implement an international monetary system reform that can reflect the recent worldwide developments.
참고문헌 (26)
- Assessing the Emerging Global Financial Architecture: Measuring the Trilemma’s Configurations over Time, "Aizenman, Joshua", ~, pp.NBER Working Paper No. 14533 (2008)
- Aizenman, Joshua, "International Reserves: Precautionary versus Mercantilist Views, Theory and Evidence", Open Economies Review, 18(2), pp.191~214 (2007)
- Backus, David K., "International Real Business Cycles", Journal of Political Economy, 100(4), pp.745~775 (1992)
- Backus, David K., "Consumption and Real Exchange Rates in Dynamic Economies with Non-Traded Goods", Journal of International Economics, 36(3-4), pp.297~316 (1993)
- Bautista, Maria S. G., "Capital Controls", Forum on Capital Controls, ADB (2011)
- Carney, Mark., "The Evolution of the International Monetary System", Speech to the Foreign Policy Association, ~ (2009)
- Dominguez, Ketherine, "In : Lucrezia Reichlin and Kenneth West(eds", NBER International Seminar on Macroeconomics 2009, pp.193~221 (2010), University of Chicago Press for the NBER
- Too Much for Self-Insurance? Asian Foreign Reserves, "Hashimoto, Yuko", ~, pp.HKIMR Working Paper No. 6 (2008), 2008
- McKinnon, Ronald, "The Rules of the Game: International Money in Historical Perspective", Journal of Economic Literature, 31(1), pp.1~44 (1993)
- Feldstein, Martin, "Domestic Saving and International Capital Flows", The Economic Journal, 90, pp.314~329 (1980)
- Are Leading Indicators of Financial Crises Useful for Assessing Country Vulnerability? Evidence from the 2008-09 Global Crisis, "Frankel, Jeffrey A.", ~, pp.NBER Working Paper 16047 (2010)
- French, Kenneth R., "Investor Diversification and International Equity Markets", American Economic Review, 81(2), pp.222~226 (1991)
- G20 Finance Ministers, "G20 Coherent Conclusions for the Management of Capital Flows Drawing on Country Experiences", ~ (2011)
- Ito, Takatoshi, "Can Asia Overcome the IMF Stigma?", American Economic Review, 102(3), pp.198~202 (2012)
- Kaminsky, Garciela, "Leading Indicators of Currency Crisis", IMF Staff Papers, 45(1), pp.1~48 (1998)
- Kim, Soyoung, "Macroeconomic Effects of Capital Account Liberalization: the Case of Korea", Review of Development Economics, 8(4), pp.624~639 (2004)
- Kim, Soyoung, "Financial Integration and Consumption Risksharing in East Asia", Japan and the World Economy, 18(2), pp.143~157 (2006)
- Kim, Soyoung, "Saving, Investment, and International Capital Mobility in East Asia", Japan and the World Economy, 19(2), pp.279~291 (2007)
- Kim, Soyoung, "China, Asia and the New World Economy" (2008), Oxford University Press
- Kim, Soyoung, "Real and Financial Integration in East Asia", Review of International Economics, 20(2), pp.332~349 (2012)
- Kim, Soyoung, "The Impact of Capital Inflows on Asset Prices in Emerging Asian Economies: Is Too Much Money Chasing Too Little Good?”", Open Economies Review, 22(2), pp.293~315 (2011)
- 김소영, "Financial and Monetary Cooperation in Asia: Challenges after the Global Financial Crisis", International Economic Journal, 25(4), pp.573~587 (2011), 한국국제경제학회
- Kim, Soyoung, "Korea’s Choice in the Future, Global Coexistance", pp.136~191 (2012), Dong-A Daily Newspaper
- Obstfeld, Maurice, "Risk, Diversification, and Growth", American Economic Review, 84(5), pp.1310~1329 (1994)
- The International Monetary System: Living with Asymmetry, "Obstfeld, Maurice", UC Berkeley, ~ (2011)
- Obstfeld, M., "Financial Stability, the Trilemma, and International Reserves", American Economic Journal: Macroeconomics, 2, pp.57~94 (2010)