The Future of the International Monetary System

Marc Uzan
2005
364 pages

Contents
List of contributors viii
1. The International Monetary Convention Project: the search for
a new equilibrium in the international monetary system 1



PART I THE FUTURE EVOLUTION OF THE
INTERNATIONAL MONETARY AND FINANCIAL
SYSTEM
2. The IMF and the challenge of relevance in the international
financial architecture 7
Martin Parkinson and Adam McKissack
3. The future of the international monetary system: how long
is the long run? 30


PART II THE FUTURE SOURCE OF FINANCE FOR THE
DEVELOPING WORLD AND THE FUTURE OF THE
SOVEREIGN DEBT MARKET
4. Emerging market crises: exchange rate regimes, bond
restructurings and the IMF 55
Michael Buchanan
5. The future of the sovereign debt market and its implication
for the international financial institutions 86
Sergio Edeza
6. Sovereign debt restructuring: the future case of Argentina 90
Daniel Marx


PART III THE EVOLVING DEBATE ON CAPITAL
ACCOUNT LIBERALIZATION
7. Should capital controls have a place in the future international
monetary system? 135
Stephany Griffith-Jones, John Williamson and Ricardo Gottschalk
8. Is democracy incompatible with international economic
stability? 168
David Leblang
9. Capital flows and capital controls 199
Harold James
10. Exchange rates and capital controls in developing countries 206



PART IV EXCHANGE RATE REGIME AND FUTURE
MONETARY ARRANGEMENTS
11. Exchange rate system for ‘mature’ economies in a global
economy 227



PART V THE AFTERMATH OF THE SDRM DEBATE: CACs
IN PRACTICE, ACCESS LIMITS AND THE
CONCEPT OF A CODE OF GOOD CONDUCT
13. How can the cost of debt crises be reduced? 261
Jeromin Zettelmeyer
14. Who is the cheapest-cost avoider in the sovereign debt market?
Restating the case for the SDRM and greater restraint in IMF
lending 271
Curzio Giannini
15. Towards a code for sovereign debt restructuring 294
Pierre Jaillet


PART VI GOVERNANCE OF THE INTERNATIONAL
FINANCIAL SYSTEM: THE IMF, THE G7, G10
AND G20
16. The governance of the international financial system 323
Lorenzo Bini Smaghi
17. Governance issues: the IMF, the role of the G7 and some
related issues 339
Wouter Raab
Index 349