By Stanley Fischer
This publication includes sixteen essays, such a lot formerly released, on Fischer's considerable matters and judgments in the course of his stint as first deputy coping with director of the overseas financial Fund from 1994 to 2001. each one is observed by way of an creation that units the context and updates as invaluable. The heavily reasoned essays, all yet some of that are obtainable to nonspecialists, replicate Fischer's robust educational history, his earlier adventure on the global financial institution, and his thorough wisdom of monetary examine. They hide issues starting from the Asian monetary crises and the function of the IMF on the earth economic climate to capital-market liberalization, exchange-rate regulations, and the prices (and occasional advantages) of inflation. no longer unusually, Fischer is an enthusiastic supporter of the IMF, not just as a lender during periods of economic rigidity (its such a lot seen role), but in addition as a resource of technical tips to member international locations and as a discussion board for intergovernmental collaboration on finance and different issues of great value to all open economies.
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Additional info for IMF Essays from a Time of Crisis: The International Financial System, Stabilization, and Development
There are three reasons for a lender of last resort to spell out its rules to the extent possible. First, by specifying a good set of rules, the central bank reduces the likelihood of unnecessary self-justifying crises. This was Bagehot’s (1873) justiﬁcation. Second, by announcing and implementing a particular set of rules, the lender of last resort provides incentives for other stabilizing private sector behavior; for instance, in the holding of assets good for collateral. Third, by spelling out the rules in advance, the lender of last resort somewhat limits its own freedom of action after the event, which reduces risks of politically motivated or spur-of-the-moment actions.
5. Although some have pointed with approval to the role of clearinghouses in ﬁnancial panics, note Kindleberger’s quotation (1996, p. 134) from Jacob Schiff in 1907: ‘‘The one lesson we should learn from recent experience is that the issuing of clearinghouse certiﬁcates in the different bank centers has also worked considerable harm. ’’ 6. Accordingly, Schwartz (1988) argues that the central bank should act as lender of last resort only in the event of a run from banks into currency. 7. Of course, the question arises why any external ﬁnancing is needed in response to a currency shock if the rules of the currency board are strictly applied.
A full review of the institutional structure of the world economy would take all these organizations into account, ask why and whether they should exist, and whether there is a better way of achieving their goals. Such a review would have to distinguish between an optimal institutional structure designed from the ground up, which we can safely assume would not look like the present system, and the best improvements that can be made starting from the current structure rather than from the near tabula rasa of 1944.