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Background Papers: FFD Multi-Stakeholder Consultation on Systemic Issues (Washington, DC)

November 16-17, 2004

dclogos

Co-sponsored by: Foreign Ministry of SwedenUN Financing for Development OfficeUN Foundation, New Rules for Global Finance

Venue: International Monetary Fund, 700 19th Street, NW, Room 2-530, Washington, DC

General Background

Priority Reading

Capital Account Liberalization and Poverty. Alex Cobbam. January 2001 (25 pages)

Who Needs Capital-Account Convertibility? Dani Rodrik. February 1998 (16 pages)

Also Recommended

International financial system and development (A/59/218). Report of the Secretary-General of the United Nations. August 2004. (18 pages)

Follow-up to and implementation of the outcome of the International Conference on Financing for Development (A/59/270). Report of the Secretary-General of the United Nations. August 2004. (25 pages) Read section VII on systemic issues, pages 16-17.

Globalization, Neoliberalism and Labour. Irfan ul Haque, July 2004. (22 pages)

Thematic Summary Report: Financial Liberalisation. C.P. Chadrasekhar. (60 pages)

Effect of Financial Globalization on Developing Countries: Some Empirical Evidence. Eswar Prasad, Kenneth Rogoff, Shan-Jin Wei and M. Ayhan Kose. March 2003 (86 pages)

Private Debt Finance for Developing Countries. Development Finance. 2004, Chapter 2, pgs 37-75. (Submitted by WB) (75 pages)

Private Capital Flows to Emerging Markets. Global Development Finance, Chapter 2, pgs. 31 – 53 (submitted by WB) (23 pages)

Session 1: Introduction and Background

Priority Reading

New, Innovative Sources of Financing: No Substitute for Aid, Investment, and Trade Speakers Say. Press Release from the United Nations General Assembly. October 2004. (11 pages)

The Future of Development Financing: Challenges, Scenarios and Strategic Choices. Francisco Sagasti, Keith Bezanson and Fernando Prada. October 2004. (175 pages)

Also Recommended

Financial Sector Assessment Program – Review, Lessons, and Issues Going Forward. Prepared by the Staffs of the World Bank and International Monetary Fund. February 2003. (50 pages)

Session 2: Evaluating the Official Reform Agenda for the International Financial Architecture

Priority Reading

Key financial codes and standards: different views of their role in a new financial architecture . Andrew Cornford. February 2004. (14 pages)

Issues In Implementing Standards and Codes. Benu Schneider. June 2002 (52 pages)

Also Recommended

International Standards for Strengthening Financial Systems: Can Regional Development Banks Address Developing Countries’ Concerns? Liliana Rojas-Suarez. (42 pages)

Basel II: The Revised Framework of June 2004 . Andrew Cornford. November 2004. (34 pages)

Financial Sector Assessment Program – Review, Lessons, and Issues Going Forward. Prepared by the Staffs of the World Bank and International Monetary Fund. February 2003. (50 pages)

International Standards: Strengthening Surveillance, Domestic Institutions, and International Markets. Prepared by the Staffs of the International Monetary Fund and the World Bank. March 2003. (Submitted by WB and IMF) (35 pages)

Report of the Managing Director to the International Monetary and Financial Committee on the IMF's Policy Agenda. September 2004. (Submitted by IMF) (33 pages)

Public Information Notice (PIN) No. 04/95: IMF Executive Board Reviews the Fund's Surveillance. (Submitted by IMF) (9 pages)

Public Information Notice (PIN) No. 03/43: IMF Executive Board Reviews International Standards: Strengthening Surveillance, Domestic Institutions, and International Markets. April 2003. (Submitted by IMF) (5 pages)

Session 3: Mechanisms For Crisis Prevention

Priority Reading

Debt Relief for Low Income Countries: Arbitration as the Alternative to Present Unsuccessful Debt Strategies. Kunibert Raffer. August 2001 (14 pages)

SDRM: Debt Restructuring or Liquidation? C.P. Chandrasekhar, Jayati Gosh and Smitha Francis (20 pages)

Also Recommended

An Alternative Approach to Financial Crises. Ariel Buira. February 1999 (38 pages)

Primer: Sovereign Debt Restructuring. Randall Dodd. 2002 (5 pages)

Sustainability and Justice: A Comprehensive Debt Workout for Poor Countries with An International Fair and Transparent Arbitration Process (FTAP). CIDSE-Caritas Internationalis. September 2004. (11 pages)

Banks' Interactions With Highly Leveraged Institutions. Basle Committee on Banking Supervision. January 1999. (27 pages)

Towards a Statutory Approach to Sovereign Debt Restructuring: Lessons from Corporate Bankruptcy Practice around the World. Patrick Bolton. January 2003 (36 pages)

IMF Discusses Status Report on Crisis Prevention and Precautionary Arrangements. October 2004 (Submitted by IMF) (3 pages)

Session 4: Provisions of Credit in Times of Crisis

Priority Reading

Read section II.2: Design of IMF Financial facilities and section IV.1 SDRs from What Progress on International Financial Reform? Why so Limited? Stephany Griffith-Jones and José Antonio Ocampo. 2002 (pages 11-13 and pages 21-22)

Read Section F - An International Lender of Last Resort from Capital Flows to Developing Countries and the Reform of the International Financial System. Yilmaz Akyüz and Andrew Cornford. November 1999. (pages 33-36) This document is also used in Session 6)

Also Recommended

Innovative sources of financing for development. (A59/272) Note by the Secretary General of the United Nations. August 2004. (17 pages)

IMF Concludes Discussion on Access Policy in the Context of Capital Account Crises; and Review of Access Policies in the Credit Tranches and the Extended Fund Facility. March 2003. (11 pages)

Session 5: Management of Capital Flows and Risk Exposure

Priority Reading

Capital Management Techniques in Developing Countries: An Assessment of Experiences from the 1990’s and Lessons For the Future. Gerald Epstein, Ilene Grabel and K.S. Jomo. April 2003 (43 pages)

Up From Sin: A Portfolio Approach to Financial Salvation. Randall Dodd and Shari Spiegel. August 2004 (29 pages)

Capital-account and counter-cyclical prudential regulations in developing countries. José Antonio Ocampo. February 2003. (37 pages)

Also Recommended

Domestic Financial Regulations in Developing Countries: Can they Effectively Limit the Impact of Capital Account Volatility? Liliana Rojas-Suarez. October, 2004. (31 pages)

Session 6: Institutional Matters: Are the Right Issues on the Agenda?

Priority Reading

Enhancing IMF Governance. Leo Van Houtven. (6 pages)

The Governance of the International Monetary Fund. Ariel Buira. 2003. (20 pages)

"The Reform of Global Financial Governance Arrangements" href="/storage/documents/ffd/griffithjones04.pdf">The Reform of Global Financial Governance Arrangements. Stephany Griffith-Jones and Jenny Kimmis (39 pages)

Also Recommended

Systemic Reform at a Standstill: A Flock of "Gs" in Search of Global Financial Stability. Roy Culpeper. June 2000 (28 pages)

Can More Representative Governance Improve Global Economic Performance? Ariel Buira. 2004 (24 pages)

Civil Society, Governance and Globalisation: World Bank Presidential Fellow Lecture. Dr. Kumi Naidoo. February 2003. (12 pages)

Governance of the IMF: Decision Making, Institutional Oversight, Transparency, and Accountability. Leo Van Houtven, IMF 2002, Pamphlet Series No. 53. (Submitted by IMF) (92 pages)

Note: Please check the agenda from the Expert Meetings for additional papers that were presented during the consultation.

 

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