English, Article, Journal or magazine article edition: Financial Crises and International Architecture: A “Eurocentric” Perspective Jorge Braga de Macedo

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Bookmark: http://trove.nla.gov.au/version/85723
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Financial Crises and International Architecture: A “Eurocentric” Perspective
Author
  • Jorge Braga de Macedo
Physical Description
  • preprint
Notes
  • Can devaluations and exchange controls be co-ordinated at the regional or global level, to lessen their beggar-thy-neighbour character? Probably not without co-ordination mechanisms among monetary and fiscal authorities like the ones found in the EU. How precisely the mechanisms may apply to CEFTA, ASEAN or Mercosul remains to be thoroughly investigated. The claim of this paper is that there does not seem to be a better perspective that the one defended here. Over and above the parallels between the 1997-99 emerging markets crisis and the Mexican devaluation of December 1994, the lessons from the crises in the ERM may thus be helpful in designing a new international financial architecture. In effect, the crises were overcome by the ERM code of conduct. With the experience gathered during the first year of the euro, a new code of conduct may be developing, which acknowledges the importance of international banking supervision, including better risk management along the lines proposed ... Est-il possible de coordonner les dévaluations et les mesures de contrôle des changes au niveau régional ou mondial, afin de limiter leur aspect de concurrence entre pays ? Vraisemblablement non en l’absence de mécanismes de régulation entre les autorités monétaires et budgétaires, comparables à ceux mis en œuvre au sein de l’Union européenne. Il reste toutefois à étudier de près la manière dont de tels mécanismes pourraient être transposés au CEFTA, à l’ANSEA ou au Mercosur. Ce Document propose une approche qui est peut-être la meilleure. Par-delà les parallèles possibles entre la crise des marchés émergents de 1997-99 et la dévaluation mexicaine de décembre 1994, il peut être utile de tirer les leçons des crises qui ont touché le système monétaire européen, dans la perspective de l’élaboration d’une nouvelle architecture financière internationale. En effet, les crises ont pu être surmontées grâce au code de conduite du mécanisme de change européen. L’expérience acquise au cours de ...
  • RePEc:oec:devaaa:162-en
Language
  • English
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