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| Author: | Caballero, R. J. |
| Title: | The Future of the IMF |
| Journal: | American Economic Review
2003 : MAY, VOL. 93:2, p. 31-38 |
| Index terms: | IMF INTERNATIONAL MARKETING DEVELOPING COUNTRIES |
| Language: | eng |
| Abstract: | In spite of significant macroeconomic reforms over the last decades, capital flows to developing economies remain highly volatile. The Contingent-Markets Department should be in charge of all sources of capital-inflows volatility that are potentially contractible. The author's proposal is that there is much more that is potentially contractible than seems to have been acknowledged, and that the IMF has a crucial role in fostering the corresponding markets. Should these contingent markets be developed: (i) many crises would be stopped well before they develop; (ii) deep recessions experienced by emerging market economies would be reduced significantly; and (iii) much of the above would be done by the private rather than the official sector. |
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