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Reform of the International Monetary System: The Palais Royal Initiative

by Jack T Boorman and Andre Icard SAGE Publications Pvt. Ltd
Pub Date:
Hbk 388 pages
AU$119.00 NZ$124.35
Product Status: Title is Print on Demand - May take 4 weeks
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In fall 2010 and early weeks of 2011, an international group of former ministers, central-bank governors, and officials in national or international institutions convened the Palais Royal Initiative to discuss the causes and symptoms of the September 2008 global economic crisis. This book follows from that initiative. It highlights the failures of the international monetary system in the light of the crisis. The papers in the volume, contributed by leading global financial experts, discuss avenues of reform leading to a more cooperative and robust governance of the global monetary system. They elucidate the functioning of the international monetary system, the sources of its weaknesses and vulnerabilities, and the proposals for its change. The aim of the book is to stimulate a global discussion on the reforms to the international monetary system that are urgently needed. This important work initiated by the Palais Royal Group has been supported by the Emerging Markets Forum.

Preface - Harinder S Kohli and Jack T Boorman
1: The Report of the Palais Royal Initiative-Reform of the International Monetary System: A Cooperative Approach for the 21st Century
Introduction - Michel Camdessus and Alexandre Lamfalussy
Palais Royal Initiative-Reform of the International Monetary System: A Cooperative Approach for the 21st Century February 8, 2011
Discussions of the Palais Royal Initiative
Reconstructing a World Monetary Order - Michel Camdessus, Alexandre Lamfalussy, and Tommaso Padoa-Schioppa
Toward a New International Monetary System - Michel Camdessus
Reforming Exchange Rate Relationships - Tommaso Padoa-Schioppa
The Ghost of Bancor: The Economic Crisis and Global Monetary Disorder - Tommaso Padoa-Schioppa
Toward an Orderly Supply of Reserve Currencies - Michel Camdessus and André Icard
Strengthening IMF Surveillance - Jack T Boorman
The Debate on the International Monetary System - Isabelle Mateos y Lago, Rupa Duttagupta, and Rishi Goyal
Strengthening IMF Surveillance: A Comprehensive Proposal - Edwin M Truman
Some Thoughts on Surveillance for Global Stability - Y Venugopal Reddy
Thoughts on Reforming the International Monetary System and Enhancing the Role of the SDR - Xiaolian Hu
Enhancing the Role of the SDR as a Reserve Asset - André Icard
Making the SDR a More Attractive Reserve Asset: The Development of Private SDR Markets - Pietro Catte
An SDR Based Reserve System - Peter B Kenen
Global Liquidity: Where it Comes From and Why it Matters - Pietro Catte and Corrinne Ho
The IMF as International Lender of Last Resort - Edwin M Truman
Contribution by Michel Aglietta
Contribution by Peter Bofinger
What International Monetary System for a Fast-Changing World Economy? - Agnès Bénassy-Quéré and Jean Pisani-Ferry
Contribution by Joseph Yam
Contribution by Andrew Sheng
Contribution by John Williamson
Contribution by Peter B Kenen
Trade Imbalances: Causes, Consequences, and Policy Measures - Hans-Werner Sinn, Teresa Buchen, and Timo Wollmershäuser

A useful reading for economic policy-makers, central bankers, regulators and researchers...technically brilliant papers on a single theme, together with the report and its recommendations...indeed a novel concept.

Jack T. Boorman was the Director of the Policy Development and Review Department of the International Monetary Fund for more than a decade. In the latter years of his career with the Fund, he was Counsellor and Special Advisor to the Managing Director. He held several other positions in the Fund, including in the European and Asian Departments, and as Resident Representative in Indonesia. Before his career in the IMF, Mr. Boorman taught at the University of Southern California, from which he received his Ph.D. in Economics, and at the University of Maryland. He also served as a Financial Economist in the Research Department of The Federal Deposit Insurance Corporation. Mr. Boorman is the author of a number of books and many papers on diverse topics including development, structural adjustment, and developing country debt; emerging market country issues; international insolvency; governance; and IMF policies and country operations. Mr. Boorman currently serves as Advisor to the Director of the IMF Independent Evaluation Office, as a member of the Advisory Board of the Emerging Markets Forum, as the Chairman of the Investment Committee of the Board of Trustees of LeMoyne College, and continues to write on global governance, emerging markets, and other topics. AndrA© Icard is Honorary General Manager of the Banque de France and the former Deputy General Manager of the Bank for International Settlements. From 1964 to 1995, AndrA© Icard was at the Banque de France, where he was Member of the Inspection of the Bank and of the Banking Commission (1968a74), Manager of the Balance of Payments Division (1977a83), Manager of the Foreign Exchange Division (1984a86) and Manager of the Financial Markets division (1986a90) where he took part in the modernisation of the Paris money and financial markets. From 1990 to 1995, he was the General Manager of the Economic Department of the French central bank. From January 1996 to December 2005, he was Deputy General Manager of the Bank for International Settlements. He was member of the Board of the French Commission Bancaire in 2008a2010; in 2010 he was appointed to the new AutoritA© du ContrA´le Prudentiel (Commission des Sanctions).