International policy coordination and the roles of the IMF

IR Web Site

Bibliographic Information

Other Title
  • 国際的な政策協調を巡る問題とIMFの役割
  • コクサイテキ ナ セイサク キョウチョウ オ メグル モンダイ ト IMF ノ ヤクワリ

Search this article

Abstract

The ongoing financial crisis motivates a review of international policy coordination among relevant parties and of the role of the IMF in financial stability. The debate on this issue evolved and peaked around the mid-80's, and waned afterwards. There seems to have so far been no definite conclusion about either the need of, or effectiveness of, international coordination. In the academic circle, the dominant view even today may be that the quantitative effects of international macroeconomic policy coordination remain, if any, marginal.Under the present circumstance where economic activities, in particular financial transactions, are internationally highly correlated, contagion effects of the crisis are very substantial in its scale and velocity as compared with the previous era. Major industrial countries and the IMF have urgently dealt with the liquidity strain in financial markets caused by the current crisis. The policy response to the crisis also heightened the importance of coordination among national economic authorities and international organizations in order to achieve macro-prudential policies in a global perspective.The IMF, which is engaged in macro-economic analysis and surveillance, needs to enhance its role in making international policy coordination. For this, the IMF should commit itself to continuous collaboration with other policy groups and institutions such as G-7/G-20, the Bank for International Settlements and Financial Stability Board. In addition, the IMF should continue restructuring itself to fit in the current changing environment.

Article

Journal

Keywords

Details 詳細情報について

Report a problem

Back to top