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In the light of the 1997‐98 Asian Crises that revealed to the general public more about the modus operandi and "raison d'être" of the Bretton Woods IFIs, this paper reviews the criticisms coming from the Left and the Right against them. Both sides suggest closing or limiting the IFIs' role but for opposite motives. The paper assesses the respective merits of these critiques to determine whether the IFIs can be seen as a prelude of a new, democratic global international order or, conversely, as merely the instruments of the "old" conservative world.

In light of the 1997/98 Asian crises that revealed to the general public more about the modus operandi & "raison d'etre" of the Bretton Woods IFIs, this paper reviews the criticisms coming from the Left & the Right against them. Both sides suggest closing or limiting the IFIs' role but for opposite motives. The paper assesses the respective merits of these critiques to determine whether the IFIs can be seen as a prelude of a new, democratic global international order or, conversely, as merely the instruments of the "old" conservative world. 2 Figures, 1 Picture, 16 References. Adapted from the source document.

AbstractThis paper discusses the scope for international macroprudential policy coordination in a financially integrated world economy. It begins with a review of the transmission channels associated with, and the empirical evidence on, financial spillovers and spillbacks. Limitations of the existing literature are also identified. The potential gains associated with cross-border macroprudential coordination, dwelling on both recent analytical contributions and quantitative studies based on multi-country models with financial frictions, are then evaluated. The issue of whether coordination of macroprudential policies simultaneously requires some degree of monetary policy coordination is also discussed. The analysis focuses on the potential for policy coordination between major advanced economies and a group identified assystemically-important middle-income countries(SMICs). Next, practical ways to promote international macroprudential policy coordination are considered. Following a discussion of Basel III's Principle of reciprocity and ways to improve it, the paper advocates a further strengthening of the current statistical, empirical and analytical work conducted by international financial institutions to evaluate, and raise awareness of, the gains from international coordination of macroprudential policies.

A companion to the bestseller, The Impact of Economic Policies on Poverty and Income Distribution, this title deals with theoretical challenges and cutting-edge macro-micro linkage models. The authors compare the predictive and analytical power of various macro-micro linkage techniques using the traditional RHG approach as a benchmark to evaluate standard policies, such as, a typical stabilization package and a typical structural reform policy.

AbstractThe transmission of financial shocks and the gains from international macroprudential policy coordination are studied in a two‐region, core–periphery model with a global bank, a two‐level financial structure and imperfect financial integration. The model replicates the stylized facts associated with global banking shocks, with respect to output, credit, house prices and real exchange rate fluctuations in recipient countries, as documented empirically. Numerical experiments, based on a parametrized version of the model, show that the gains from coordination increase with the degree of financial integration, which raises the scope for spillback effects from the periphery to the core, through trade and private capital flows. However, even when coordination is Pareto‐improving, the resulting gains may be highly asymmetric across regions.