By Jose Antonio Ocampo
Utilizing the adventure of postwar Western Europe as a benchmark, this ebook assesses how neighborhood monetary associations will help constructing international locations - frequently at a drawback in the international monetary framework - finance their funding wishes, counteract the volatility of personal capital flows, and make their voices heard.
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Senior bankers, regulators, and famous teachers clarify the habit of alternative gamers. The booklet breaks new floor through exhibiting intimately how such habit has contributed to the decline of flows and their volatility. The e-book indicates what coping mechanisms constructing nations may perhaps undertake to house drawback events; what measures can be taken on the nationwide and foreign degrees to make recipient international locations much less susceptible to foreign monetary instability; how such instability should be decreased; and what will be performed at the resource international locations to motivate better extra reliable capital flows to constructing nations.
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Extra resources for Regional Financial Cooperation
5 trillion at the end of 2005). As noted above, this initiative is also a sign of East Asia’s frustration with the speed of reform of the international financial system. 61. Agosin (2001). qxd 10/5/06 3:05 PM experiences and challenges Page 33 33 The mechanism entitles countries to a disbursement of up to 20 percent of the maximum amount of drawings from the bilateral swaps without an IMF program. This limit, agreed to in May 2005, was an increase over the 10 percent originally set. When this limit is reached, the country would thus be placed under an IMF program.
See also United Nations, ESCAP (2004, 2005). 38. The eleven members of EMEAP are Australia, China, Hong Kong SAR, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, and Thailand. $2 billion, to invest in local-currency-denominated bonds of the EMEAP emerging economies, and to help create a convenient and cost-effective instrument fund and a new asset class for regional and institutional investors. As argued by Yung Chul Park and his coauthors, this new initiative has helped to introduce a new asset class (exchange-traded bond funds) and a new family of bond indexes; it has helped to remove some of the barriers to cross-border capital flows; and it has contributed to the adoption of new standards and to greater market transparency.
There is also the very ambitious (and probably unrealistic) project of forming a single continental currency area by 2025, which is enshrined in the African Monetary Cooperation Program. 52. The CFA franc is the common currency of fourteen African countries that are members of the franc zone. 53. See Boogaerde and Tsangarides (2005). 54. See Honohan and Lane (2000). 55 Other arrangements, such as liquidity financing to avoid regional contagion, seem less important in sub-Saharan Africa, given the absence of significant contagion in the region during past crises, but may become more important in the future.