Reforms in international finance after globalization
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This monograph describes the impact of globalization and the financial crises in 1990's. The author evaluates numerous proposals for reform ranging from transparency, managing exchange rates, the Tobin Tax, debt cancellation and reduction, and reform of the IMF, World Bank, and the WTO - 78 pages.
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Excerpts from Mr. Gershman's Conclusions:
Managing Exchange Rates -- Expand coordination among the three major currencies (dollar, yen, and euro) and begin moving towards an intermediate exchange rate regime for those currencies, such as a managed float or crawling band regime. That would reduce instability in the system and minimize negative effects on those countries whose economic fortunes are severely affected by exchange rate movements in the major currencies.
Remove all long-term lending operations from the IMF, including the new Poverty Reduction and Growth Facility. Reorient the IMF to focus on two core missions: enhanced transparency through surveillance and short-term lending to countries in economic crisis. Restructure the IMF's governance structure to expand the role for developing countries, eliminate the U.S. supermajority, and increase civil society access to IMF documents, consultations, and operations.
Restructure the governance of the World Bank to address the North-South inequality as well as the ongoing difficulty of insuring participation by civil society groups in the formulation of policy and the design and implementation of projects.
Expand opportunities for civil society to participate in WTO deliberations and discussions and NGOs to easily contact their delegations. Develop more systematic relationships with the ILO and begin discussions on a social clause under the auspices of a joint ILO, UNCTAD, and WTO process