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Benedikt Zanker - On the Viability of an International Lender of Last Resort

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Benedikt Zanker

On the Viability of an International Lender of Last Resort

Series: Aktuelle Materialien zur Internationalen Politik

Volume 73 2007

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IMF Induced Moral Hazard S. 230-233

„… 230 9. Moral Hazard A central reason why the IMF continues to abide by ex-post conditionality …” „… problems. Issues of moral hazard and adverse incentives have been at the core of critique on IMF lending …” „… problems IMF interventions during the 1990s have actually increased both number and scale of financial …”

IMF Voting Weights S. 260-264

„… Fund’s dominant members15. Fears among both developing and smaller industrial countries that IMF …” „… frequent contact between G-7 representatives and IMF management outside of Board of Governors meetings and …” „… own agendas at the Fund is limited. In an address at the IMF Governance Seminar in October 2004, Li …”

Changes Inside the IMF S. 341-344

„… the largest part of these facilities still requires consent by the IMF, these developments highlight …” „… . 13.2.2 Changes Inside the IMF Support for a gradual reform of the Fund’s operational procedures also …” „… appears to build inside the IMF and even U.S. policy making circles. On the one hand, the Fund’s …”

Evidence on IMF Lending Arrangements S. 259-260

„… 259 ments, at least by themselves, wield no such universal power. But dominant IMF members clearly …” „… influence IMF lending decisions to a great extent. Although individual power is limited by the institutional …” „… design of the IMF and thus may be smaller than often claimed, in coalition G-7 countries can block all …”

Voting Power at the IMF S. 264-275

„… Voting Power at the IMF Analysing voting power underscores the dominant position of the United States at …” „… the IMF. Voting power differs from voting shares as it considers not only voting weights but also …” „… winning coalitions. For determining the distribution of voting power at the IMF, the use of a similar …”

Current Funding Needs of the IMF S. 146-153

„… currently available to the IMF would be sufficient. Arguing that lending freely must not be understood …” „… available to the IMF were under considerable strain given the large rescue packages it had previously …” „… did not allow for an alternative course of action: The IMF had depleted its resources leaving it …”

The IMF as International Lender of Last Resort S. 111-113

„… The IMF as International Lender of Last Resort Another argument suggests that there already is an …” „… international lender of last resort for the international monetary system: The IMF, acting as lender of last …” „… disbursements of emergency loans even to countries in arrears, claims that the IMF is moving towards becoming an …”

Evidence on Creditor-side Moral Hazard S. 233-241

„… argument, Eichengreen & Mody distinguish between two interpretations of IMF-induced changes in yield …” „… the effects on IMF-related news on stock returns in Indonesia, Korea, Argentina, Brazil, Pakistan and …” „… anticipation of the actions of the IMF in the near future20. On average, IMF-related news were found to go …”

Empirical Evidence on Catalytic Finance S. 244-249

„… pursued by debtor country governments is not necessarily detrimental. IMF-induced moral hazard can have …” „… . “Effectiveness of IMF-supported Stabilization Programs in Developing Countries.” Journal of International Money …” „… effects of IMF-supported programs during the 1990s emerging market crises. The authors concede that at …”

Evidence on Debtor-side Moral Hazard S. 241-244

„… . IMF-induced moral hazard can have negative effects when leading international creditors to refrain from a …” „… Evrensel, Ayse. 2002. “Effectiveness of IMF-supported Stabilization Programs in Developing Countries …” „… and currency prices, Brealey and Kaplanis assessed the wealth effect produced by news regarding IMF …”

Bibliography S. 347-374

„… IMF-supported Stabilization Programs in Developing Countries.” Journal of International Money and Finance 21 …” „… . 2002. IMF-Supported Programs in Capital Account Crises. Washington, DC: International Monetary Fund …” „… , Javier Hamann, Steven Phillips, Marianne Schulze-Ghattas, and Tsidi Tsikata. 1999. IMF-supported Programs …”

Creditor Country Interests S. 255-259

„… existence of IMF rescue programs provides private international lenders with a form of complementary credit …” „… that enhances their profit opportunities. Financial institutions can influence IMF lending decisions …” „… representative at the Fund’s Executive Board. Nevertheless, financial institutions can also influence IMF lending …”

Opposition by Developed Countries and the G-7 S. 331-336

„… that the IMF—rather than official creditor governments—is responsible for providing large scale loan …” „… IMF – Panacea for Every Illness? Speech given at the Joint IMF-Bundesbank Symposium “The IMF in a …” „… political environment must concede that a comprehensive reform of the IMF along the lines of this proposal …”

Governance Reform Proposals S. 275-279

„… IMF-approved stability programs were largely neglected. By having granted developing countries’ concerns more …” „… countries’ limited influence on IMF policy is less that G-7 countries can pass policies detrimental to …” „… themselves than to the Fund’s major shareholders. 10.3 The Case for Reforming IMF Governance Structures …”

The Meltzer Report S. 84-86

„… funding for the IMF24. Its mandate consisted in advising U.S. policy makers on improving the functioning …” „… of seven international financial institutions: The IMF, World Bank, Inter-American Development Bank …” „… . Strongest emphasis was put on adapting the IMF and the World Bank to an environment fundamentally different …”

General Membership S. 315-317

„… IMF In alignment with the principles indicated above a restructured IMF would remain an inclusive …” „… General Membership General membership at the IMF would require countries to meet two conditions in …” „… as defined by the IMF under the Special Data Dissemination Standard4. Second, all members must commit …”

Regional Monetary Cooperation S. 337-341

„… . The skewed distribution of quotas and votes at the IMF prevents developing countries and emerging …” „… ’ influence on IMF policy will remain limited. As a re-allocation of quotas requires the consent of the Fund’s …” „… largest shareholders, the likelihood of significant change in the balance of power within the IMF is …”

Principles for Effective Monitoring and Supervisory Work S. 313-315

„… levels. In the majority of cases such efforts will prove futile as inevitable limits on IMF funding would …” „… render countries’ commitment to specific currency pegs incredible. Only if the IMF restricts the …” „… , restructuring the IMF to allow for more effective liquidity assistance must not impede its ability to fulfil its …”

Interests of Borrowing Countries S. 253-255

„… assistance. Although countries have to commit to IMF-supported stability programs in return for emergency …” „… Bretton Woods in particular are prone to significant principal-agent problems. At the IMF, the most …” „… important principal-agent problems arise because the interests of the collective IMF membership and …”

The Köhler Approach: Procedural Changes S. 86-88

„… ability in acting as quasi international lender of last resort, IMF loans should be given repayment …” „… exempt the IMF from the application of potential negative pledge clauses for all sovereign debt issues …” „… and ensure that borrowers defaulting on IMF loans automatically disqualify for assistance by …”

The Asian Financial Crisis S. 131-138

„… was conditional on commitment by Thai authorities to an IMF-designed adjustment program aimed at …” „… Phillips, Marianne Schulze-Ghattas, and Tsidi Tsikata. 1999. IMF-supported Programs in Indonesia, Korea …” „… rate devaluation on domestic inflation. As in other IMF-supported programs, measures resembled those in …”

The Report by the Independent Task Force S. 80-84

„… IMF and World Bank on the mandates there are best suited to achieve, to allow for international …” „… members’ economic policies, the IMF would contribute to the creation of an environment where countries …” „… the report’s publication in 1999, the IMF has come a long way in implementing many of the suggestions …”

Access to Large-scale Liquidity Assistance S. 317-322

„… achieve World Bank rather than IMF objectives. As both facilities’ effectiveness in weathering financial …” „… Congress that all long-term facilities offered by the IMF should be abolished to avoid mission-creep and …” „… Fund can continue to discharge its supervisory and monitoring function: To maintain the IMF as an …”

The Fund’s Record as Crisis Manger S. 113-116

„… motivation to repay them as soon as possible. In contrast to this principle, the majority of IMF loans are …” „… advanced at the Fund’s cost of capital and thus at subsidized interest rates. As a consequence, IMF loans …” „… negotiate a stability program. Demand for IMF loans is thus not limited to countries in severe liquidity …”

Governance Reform and Pre-qualification S. 281-282

„… , the reluctance of industrialised countries to embrace a reform of IMF governance rests primarily on …” „… increase the influence of emerging economies and developing countries on IMF decision-making and curtail …” „… the ability of industrial countries to employ IMF funds as foreign policy instrument. Furthermore …”

Instruments Mitigating Moral Hazard Problems S. 249-252

„… empirical evidence to prove its existence suggest that the size of IMF-related moral hazard problems may be …” „… policies. And finally, moral hazard effects given implicit IMF insurance are likely to have some impact on …” „… correlation between IMF lending and movements in related asset prices. As such, it seems likely that IMF …”

Introduction S. 15-20

„… currencies came under pressure nevertheless, the newly created IMF provided foreign currency loans until the …” „… exchange rate adjustment given consent by the IMF. Today, the international monetary system is …” „… problems the IMF effectively contributed to maintain the system of fixed exchange rates that lasted until …”

Principles for Effective Liquidity Assistance S. 311-313

„… 311 12. A Proposal The IMF can be no International Lender of Last Resort as defined by Walter …” „… crunch or a solvency problem. However, IMF procedures and lending policies can be reformed in a way …” „… stability of the global financial system. In adherence to Bagehot’s principles a restructured IMF would not …”

The Lacking Clout of Developing Economies S. 336-337

„… IMF – Panacea for Every Illness? Speech given at the Joint IMF-Bundesbank Symposium “The IMF in a …” „… particularly emerging market economies would benefit from reforming the IMF into a quasi international lender …” „… partners that follow unsound economic policies the current IMF lending policies seem preferable. Countries …”

Advantages of Pre-qualification S. 203-206

„… programs require lengthy negotiations between IMF and the crisis country, a timely disbursal of liquidity …” „… countries to pursue prudent economic and financial policies than current IMF lending policy. Moreover …” „… terms and conditions imposed by the IMF during negotiations on stability packages, pre-qualification …”

Titelei/Inhaltsverzeichnis S. 2-12

„… ...................................................................................... 75 3.2 Proposals Addressing the Role of the IMF ............................................. 76 …” „… ..................................................................................... 109 4.3.4 The IMF as International Lender of Last Resort ...................................... 111 …” „… ............................................................................ 147 6.1.1 Current Funding Needs of the IMF …”

The Asian Crisis’ Aftermath S. 138-143

„… stabilisation program devised by the IMF consequently put curbing inflation at the top of its agenda and …” „… . The IMF supported Russia’s efforts to maintain the overvalued exchange rate as it feared devaluation …” „… rouble. Under the program arranged by the IMF under strong pressure from the Treasury51, a consortium …”

Political Difficulties S. 279-281

„… proposal that would diminish their influence over IMF policies. Accordingly, reforms can only succeed if …” „… 40 See Carlo Cottareli. 2005. Efficiency and Legitimacy: Trade-Offs in IMF Governance. IMF Working …” „… Democracy in IMF, World Bank.” Lusaka, Zambia: The Post. September 25, 2004 280 industrialised countries …”

A Sovereign Debt Restructuring Mechanism S. 76-78

„… Addressing the Role of the IMF A number of proposals to enhance global financial stability attempt to improve …” „… Working Paper 7265. Cambridge, MA: National Bureau of Economic Research 77 currently performed by the IMF …” „… later, the idea re-entered the debate when it was taken up by IMF First Deputy Managing Director Anne …”

Fundamental Differences between International and Domestic Settings S. 109-111

„… IMF to issue SDRs is limited and SDRs are not a common medium of exchange. Although the world’s major …” „… have to be authorised by all of them; at the IMF most important decisions require a supermajority of 85 …” „… international lender of last resort impossible. 4.3.4 The IMF as International Lender of Last Resort Another …”

The Calomiris Proposal S. 78-80

„… 78 set in motion on the request of the debtor country and be subject to endorsement by the IMF …” „… important objection stems from the prominent role the IMF would take under the proposal. Not only would the …” „… will rest with creditors and debtors and not the IMF or any other international body, without strong …”

Structure of the Analysis S. 42-46

„… to the role of the IMF as crisis manager. In this context Anne Krueger’s proposal to create a …” „… Meltzer Commission and highlights recent procedural changes at the IMF under the directorship of Horst …” „… resort since current IMF policies contradict the essential principles Bagehot defined for an effective …”

Liquidity Gaps in the Past S. 166-170

„… : Own Calculations based on IMF-BIS-OECD- World Bank Debt Statistics Data However, one qualification is …” „… 200 developing countries, most of which are members of the IMF, the number of developing countries …” „… . 25 See IMF. 2005. World Economic Outlook 2005. Washington, DC: International Monetary Fund and the …”

Lending Rules Governing ELA Facilities S. 323-327

„… last resort. IMF funds may not be used by central banks to intervene in the currency markets for the …” „… freely and to say so. The same applies to a restructured IMF: Bank runs and violent capital outflows will …” „… crises, substituting it by pre-qualification substantially strengthens its capabilities. As IMF …”

The Concept of Collateral S. 173-176

„… and Adam Lerrick. 2001. Beyond IMF Bailouts: Default without Disruption. Quarterly International …” „… , conditionality policy as practiced by the IMF makes timely assistance almost impossible and often proved …” „… financial panics. Consequently, Calomiris and Meltzer advocate that the IMF should start to provide …”

Funding Issues S. 327-328

„… borrowers’ sovereign debt one week before it applied for IMF assistance. To uphold the attractiveness for …” „… Transition Period A proposal to restructure the IMF into an institution operating similarly to an …” „… the question of how much funding a restructured IMF would require to fulfil its mandate. The second is …”

A Sovereign Debt Restructuring Mechanism S. 300-303

„… meet its debt obligations would approach the IMF acting as a kind of sovereign bankruptcy court and …” „… , and essentially the IMF, would judge the applicant’s debt burden unsustainable and acknowledge that …” „… before default and resorting to the formal procedures becomes inevitable. The IMF would provide the …”

Problems Arising from the Imposition of Strict Collateral Requirements S. 199-201

„… Monetary Fund http://www. imf.org/external/np/speeches/2000/020200.htm 41 IFIAC (2000): 44–45 201 plished …” „… . Compared to the rescue packages negotiated by the IMF during the 1990s which involved amounts in the range …” „… collateral requirement would thus contradict the policies the IMF has preached over the last decades …”

Estimating Short-term External Obligations in the Developing World S. 161-166

„… economies, particularly by their public and financial sectors. Financial statistics collected by IMF, BIS …” „… . Although the joint BIS-IMF-OECD-World statistics on external debt is the most comprehensive source of data …” „… international reserves. It is chaired by the IMF and includes representatives of the BIS, World Bank, OECD …”

Transparency Criteria S. 206-211

„… become unnecessary. Calomiris concurs that The current IMF formula of taking weeks or months to negotiate …” „… IMF is to focus on liquidity assistance, and if liquidity assistance is to be effective, there is no …” „… Calomiris. 2000. “When Will Economics Guide IMF and World Bank Reforms?” Cato Journal. Vol. 20, No. 1: 87 …”

Lending Rules Governing PRGF and SBA Facilities S. 322-323

„… Conditions for Advanced IMF Membership Condition 1 Members must not surpass more than one of the four …” „… applicable three-year average maximum sustainability thresholds of sovereign indebtedness as defined in IMF …” „… allow for foreign investment into local financial institutions. 12.3 Lending Rules Governing IMF …”

Lending-in-last-resort as Input in Monetary Policy S. 153-157

„… 153 scriptions are fully adequate for the IMF to continue its current approach to crisis management …” „… international lender of last resort, the IMF would require resources substantially above its current commitment …” „… of member countries to provide the increase in funding necessary for the IMF to assume the …”

Interests of International Investors S. 255

„… existence of IMF rescue programs provides private international lenders with a form of complementary credit …” „… that enhances their profit opportunities. Financial institutions can influence IMF lending decisions …” „… representative at the Fund’s Executive Board. Nevertheless, financial institutions can also influence IMF lending …”

Lessons from Emerging Market Crises S. 143-145

„… remaining amount of USD 35 billion in foreign debt maturing in the short-term. The IMF package temporarily …” „… the swelling of Argentine debt increased pressure in 2001 and led to a further USD 8 billion of IMF …” „… experienced since the Mexican Crisis in 1995. While stability programs arranged by the IMF were by no means as …”

The Crisis S. 125-128

„… billion with the IMF. A month later, swap lines in a volume of USD 500 million were arranged with several …” „… further billion dollars was drawn from the IMF in December16, which on this occasion for the first time …” „… IMF by drawing the remaining USD 1.4 billion in May to repay obligations from the swap agreements …”

Criteria Indicating Sustainable Sovereign Indebtedness S. 222-228

„… sustainable levels. Analysing the effects of recent IMF rescue packages Roubini and Setser report that the …” „… . 2004. Sovereign Debt Structure for Crisis Prevention. IMF Research Paper. Washington, DC: International …” „… developed jointly by IMF staff and the World Bank’s International Development Association47. The framework …”

Improved Transparency and Higher Regulatory Standards S. 68-71

„… reforming the IMF into an international lender of last resort. While some of the proposals described below …” „… IMF into an international lender of last resort. For the sake of clarity, the proposals presented …” „… stability; the other, proposals specifically addressing the role of the IMF1. 3.1 General Proposals to …”

Collective Action Clauses S. 297-300

„… Costly? IMF Working Paper WP/01/92. Washington, DC: International Monetary Fund 26 See Lee Buchheit and …” „… initial proposal a country struggling to meet its debt obligations would approach the IMF acting as a kind …” „… be approved if the bankruptcy court, and essentially the IMF, would judge the applicant’s debt burden …”

Transition Period S. 328-330

„… the IMF to enable the central banks of qualified members to act as effective lenders of last resort to …” „… credibility. As argued in chapter 6 an estimate of required funding for the IMF to enable developing country …” „… banks of major industrial economies. Via consecutive quota increases IMF commitment capacity should be …”

Securitisation of Future Flow Receivables S. 188-199

„… and periods of financial distress. However, the IMF has been highly critical of securitised future …” „… Application to the Philippines. IMF Working Paper. Washington, DC: International Monetary Fund 26 See …” „… outcome is widely attributed to the fast and efficient response by IMF, BIS and particularly the United …”

Financial Assets S. 176-181

„… pledges is already possible under current IMF statutes. The Articles of Agreement explicitly mention the …” „… exchange for the advancement of IMF funds. Regarding a potential weaver of limitations on IMF transactions …” „… Allan Meltzer. 1998. What’s Wrong with the IMF? What Would Be Better? Paper prepared at the “Asia: An …”

Necessary Funding for an International Lender of Last Resort S. 160-161

„… nor restructured into an international lender of last resort is the IMF likely to have access to …” „… simultaneously. Publications by the Bank of International Settlements and Joint BIS-IMF-OECD-World Bank …” „… last resort, only the debt figures for developing countries are relevant. In line with contemporary IMF …”

Public Choice Theory S. 25-33

„… of particular relevance when analysing whether the IMF could be restructured into an international …” „… highlights the importance of two sets of issues in the analysis of whether the IMF could operate as …” „… financial crises the IMF has exacerbated moral hazard problems and so made future crises more likely. Two …”

Conclusion S. 88-89

„… 88 IMF liquidity support substantially surpassed its traditional limits on lending. Exceptional …” „… implemented into IMF decision-making, these minimum criteria for exceptional access would go a long way …” „… only by 29 See IMF. 2004. Review of Exceptional Access …”

An International Credit Insurance S. 71-72

„… suggested the creation of an international credit insurance corporation (ICIC) alongside the IMF7. Its task …” „… sustainability framework developed by IMF and IDA could address this issue10. More difficult would be to …” „… proposal, worldwide lobbying for a 10 See IDA and IMF. 2004 …”

Criteria Ensuring Financial Sector Stability S. 211-222

„… . 14 See Piti Disyatat. 2001. Currency Crises and the Real Economy: The Role of Banks. IMF Working …” „… in advanced industrial economies. IMF research suggests that the less effective supervisory …” „… . Liberalization, Prudential Supervision, and Capital Requirements: The Policy Trade-Offs. IMF Working Paper WP …”

Financial Market Theory S. 33-42

„… area of international monetary relations specifically. Regarding principal-agent problems at the IMF …” „… the Fund and that between executive board and IMF staff40. Tirole models the problems of global …” „… problems at the IMF, member countries represented by their executive directors are modelled as agents …”

The Tobin Tax S. 72-74

„… 72 work along the lines of the debt sustainability framework developed by IMF and IDA could address …” „… 10 See IDA and IMF. 2004. Debt Sustainability in Low-Income Countries – Proposal for an Operational …” „… Jeffrey Garten16. His suggestion is based on the belief that the IMF cannot deal with several crises …”

The Case for an International Lender of Last Resort S. 107-109

„… of IMF emergency loans during the crisis in 1997–98. As the central task of an domestic lender of …” „… follow policies increasing own power and influence. The IMF is an exemplary case: Its multiple mandate …” „… international or world currency34. The ability of the IMF to issue SDRs is limited and SDRs are not a common …”

Lending-in-last-resort as Input in Banking Policy S. 157-160

„… into an international lender of last resort is the IMF likely to have access to unlimited funding. But …” „… simultaneously. Publications by the Bank of International Settlements and Joint BIS-IMF-OECD-World Bank …” „… last resort, only the debt figures for developing countries are relevant. In line with contemporary IMF …”

Four Types of Currency Crises S. 47-52

„… Integration and Macroeconomic Volatility. IMF Working Paper No. 03/50. Washington, DC: International Monetary …” „… : IMF World Economic Outlook 2002, 2003, 2005. Particularly countries with relatively underdeveloped …” „… Disyatat. 2001. Currency Crises and the Real Economy: The Role of Banks. IMF Working Paper No. 01/49 …”

Conclusion: Pre-qualification Is the Way Forward S. 228-229

„… Economies: How High Liquidity Can Offset Weak Fundamentals and Effects of Contagion. IMF Working Paper 99/88 …” „… to IMF Special Data Dissemination Standard. Condition 2 Members must not surpass more than one of the …”

Empirical Evidence S. 62-63

„… . Leading Indicators of Currency Crises. IMF Working Paper No. 97/79. Washington, DC: International Monetary …” „… Currency Crises Predictable? A Test. IMF Staff Paper 46/2. Washington, DC: International Monetary Fund 44 …”

Lessons of the Sterling Crisis S. 128-129

„… specified period, the initiating counterpart would draw on its IMF quota to meet its obligations. The swap …” „… contributed financial resources, the IMF coordinated all rescue efforts and put together the rescue packages …”

Concerns on the Effectiveness of Collective Action Clauses S. 303-309

„… Schwartz, for example, not only strictly opposes IMF proposals to create a formal SDRM, but argues that the …” „… . Remarks at the Conference on the IMF’s Sovereign Debt Proposal. October 7, 2002. Washington, DC: American …” „… . Although initially opposed, the private sector in a letter to then IMFC Chairman Gordon Brown in April 2003 …”

Enhancing Access to Foreign Currency S. 90-92

„… commercial banks, the IMF or other forms of external assistance. Foreign currency reserves enable governments …” „… resort during liquidity crises. At Bretton Woods the IMF was created to fulfil a similar function for the …”

The Mexican Peso Crisis S. 129-131

„… breed of financial crisis. While various institutions contributed financial resources, the IMF …” „… were provided by the IMF, USD 10 billion by European central banks and USD 5 billion by World and …”

New Money Approach S. 283-286

„… (SDRM) as advocated by IMF First Deputy Managing Director Anne Krueger. As in the case of an …” „… debt service payments, restructuring agreements were dependent on IMF approved adjustment programs, the …”

Third Generation Models S. 58-62

„… , Contagion and the Emerging Market Crises. IMF Working Paper No. 99/164. Washington, DC: International …” „… Crises. IMF Working Paper No. 97/79. Washington, DC: International Monetary Fund 42 Jeffrey A. Frankel …”

Regime Theory S. 20-25

„… empirical studies undertaken by researchers at universities, the IMF, and other economic or financial …” „… Regime Theory Analysing whether restructuring the IMF into an international lender of last resort could …”

Collateralising Equity S. 181-188

„… even during liquidity crunches and periods of financial distress. However, the IMF has been highly …” „… Application to the Philippines. IMF Working Paper. Washington, DC: International Monetary Fund 26 See …”

Abbreviations S. 345-346

„… Position IMF International Monetary Fund IMFC International Monetary and Financial Committee IRB Internal …”

Implications for the Viability of an International Lender of Last Resort S. 201-202

„… conditionality approach currently employed by the IMF. Experiences made in a number of emerging economies have …”

A Global Central Bank S. 74-75

„… based on the belief that the IMF cannot deal with several crises simultaneously and cooperation between …”

A World Currency S. 75-76

„… the IMF A number of proposals to enhance global financial stability attempt to improve the Fund’s …”

Conclusion and Implications S. 170-172

„… similar development agencies are the institutions best suited to provide such services. The IMF lacks …”

Second Generation Models S. 56-58

„… See Paul R. Masson. 1999. Multiple Equilibria, Contagion and the Emerging Market Crises. IMF Working …”

Evaluation S. 63-66

„… Currency Crises Predictable? A Test. IMF Staff Paper 46/2. Washington, DC: International Monetary Fund 44 …”

Theoretical Considerations S. 104-107

„… has been the dominant use of IMF emergency loans during the crisis in 1997–98. As the central task of …”

Successful Restructurings S. 287-290

„… , the acceptance level of 76 percent is far below the threshold of 90 percent expected by the IMF for a …”

Problems due to Renegade Creditors S. 290-293

„… level of 76 percent is far below the threshold of 90 percent expected by the IMF for a successful …”

Henry Thornton (1760–1815) S. 92-98

„… resort during liquidity crises. At Bretton Woods the IMF was created to fulfil a similar function for the …”

doi.org/10.5771/9783845201122

Christian Macht - Der Baseler Ausschuss für Bankenaufsicht und Basel II

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Christian Macht

Der Baseler Ausschuss für Bankenaufsicht und Basel II

Series: Studien zum Bank-, Börsen- und Kapitalmarktrecht

Volume 64 2007

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Anhang A: Output-Analyse auf Basis der IMF / Weltbank-Untersuchungen S. 187-190

„… 187Anhang A: Output-Analyse auf Basis der IMF / Weltbank-UntersuchungenLand EinschätzungAntigua und …”

Legalistische Dimension S. 42-49

„… (2001); IMF/WORLDBANK (2002); WORLDBANK (2004)119 Zum FSAP sei allgemein auf HILBERS (2001 …” „… ); INTERNATIONAL MONETARY FUND/THEWORLD BANK (2003) und für die BCP im Besonderen auf IMF/WORLDBANK (2002 …” „… ) verwiesen. Die jüngsten Erfahrungen sind in IMF/WORLBANK (2005) zusammengefasst.120 Die Berichte sind auf …”

Literaturverzeichnis S. 191-211

„… (2001). The IMF/World Bank Financial Sector Assessment Program – An Article by PaulHilbers, Deputy …” „… ., IMF.http://www.imf.org/external/pubs/ft/scr/2003/cr0381.pdf, Erstelldatum: 9. Februar 2004.INTERNATIONAL MONETARY FUND (2003c). Ukraine …” „… Calariand Stefan Ingves, IMF/Worldbank. http://www.imf.org/external/np/fsap/2003/022403a.pdf,Erstelldatum: 6 …”

Titelei/Inhaltsverzeichnis S. 2-8

„… Klassifizierung 1746.5 Ergebnis 1797 Schlussbetrachtung und Ausblick 182Anhang A: Output-Analyse auf Basis der IMF …”

Grundsätze für eine wirksame Bankenaufsicht S. 33-35

„… prägnanteDarstellung bieten IMF/WORLDBANK (2002), mit einen guten Überblick auf S. 8, Box 1,sowie RENDÓN (2001) und …”

Der Baseler Ausschuss als nichtstaatlicher Akteur S. 54-58

„… Organisationen BIS, EBRD, IBRD, IMF und der OECD gegründet wurde.161 Nicht nur werden allerdings unzählige andere …”

Die Baseler Vorschläge und quellenübergreifendes universales Recht S. 164-170

„… auch außerhalb desMitgliedskreises.482 Ebenfalls begutachten internationale Organisationen wie derIMF …” „… .492 Entscheidend ist, an wen sich die einseitige Erklärung richtet. Sie kann sich – wovon imFall von …”

Säule I – Mindestkapital-Anforderungen S. 68-91

„… aufdie mechanisch beurteilte Einhaltung der Regeln des IMF (Special Data DisseminationStandards), der …”

Entstehung des Baseler Ausschusses S. 20-25

„… Sitzung fand imFebruar 1975 statt. Der Baseler Ausschuss tritt in der Regel alle drei Monate beider Bank …”

Zwischenfazit Effektivität S. 51-52

„… Sammelbegriff für eine Bewegung bzw. Art von Organisation eingeprägt. Dabei wird imFolgenden keine …”

Nichtstaatliche Akteure und globale Herausforderungen S. 52-54

„… Organisation eingeprägt. Dabei wird imFolgenden keine Unterscheidung zwischen Nichtregierungsorganisationen …”

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Stuart S. Yeh - The End of Corruption and Impunity

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The End of Corruption and Impunity

2022

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Chapter 7: The World Bank/IMF View S. 109-126

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Thomas Gerassimos Riedel - Rechtsbeziehungen zwischen dem Internationalen Währungsfonds und der Welthandelsorganisation

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Thomas Gerassimos Riedel

Rechtsbeziehungen zwischen dem Internationalen Währungsfonds und der Welthandelsorganisation

2008

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Literaturverzeichnis S. 269-280

„… Report, Washington D.C. 2007 dies.: Strengthening IMF-World Bank Collaboration on Country Programs and …” „… Welthandelsorganisation und die Europäische Gemeinschaft, Berlin2003Siegel, Deborah E. – Legal Aspects of the IMF/WTO …” „… Institutions (IMF, WorldBank and WTO), Journal of World Trade, August 2000, 1 Ahn, Dukgeun/Matsushita, Mitsuo …”

Frühere und derzeitige Aufgaben und Handlungsmöglichkeiten S. 80-99

„… IMF Gets its Money, 23. Oktober 2007; IMF, IMFMembers’ Quotas and Voting Power, and IMF Board of …” „… for all members as of December 31, 2004; IMF, IMFCredit Outstanding for all members as of January 31 …” „… International Monetary Fund under Constraint, S. 348.279 Gianviti, Decision making in the IMF, S. 62.280 Gold …”

Entscheidungsverfahren – Quoten und Abstimmungen – S. 74-80

„… Bundesbank, Quoten und Stimmrechtsanteile im IWF, September 2002, S. 65. 254 IMF, Press Release No. 06/205 …” „… , 18. September 2006, Webseite: Stand 24. März 2007.255 IMF, Press Release No. 08/93, 29. April 2008 …” „… , Webseite: Stand 12. Mai 2008.256 Siehe IMF, Report of the Executive Board to the Board of Governors, Reform …”

Organisatorischer Aufbau des IWF S. 59-65

„… Währungs- und Finanzausschuss.176 Gianviti, Decision making in the IMF, S. 39.60Abbildung 1: Die …” „… Organisationsstruktur des IWF (Quelle: www.imf.org)177 a) Der GouverneursratDer Gouverneursrat, in den jedes der 185 …” „… Oktober seine Jahresversammlung ab und be-177 IMF, IMF Organization Chart, Webseite: Stand 1. März …”

Rechtsquellen und Rechtsordnung des IWF S. 65-74

„… ausdrücklich empfahl (IMF-Survey vom 13. Januar 1997, IMF and WTO Sign Cooperation Agreement, S. 9).217 …” „… konkretisieren die Bestimmungender IMF-Charta und werden deshalb oft auch als »Soft Law« bezeichnet.233 SoftLaw …” „… Rechtsetzung ermächtigt. Dieser Gründungsvertrag (Articles ofAgreement/IMF-Charta/IWF-Ü)202 ist innerhalb der …”

Die Zusammenarbeit mit der Weltbank: der »ungleiche Zwilling« von Bretton Woods S. 99-105

„… , S. 31f; IMF/World Bank, Strengthening IMF-WorldBank Collaboration on Country Programs and …” „… eineverstärkte Zusammenarbeit, S. 19f.391 IMF/Worldbank, Report of the External Review Committee on Bank Fund …” „… weiterentwickeln, um die Finanzmärkte zu stabilisieren.402 399 IMF/Worldbank, Report of the External Review …”

Unterschiede und Gemeinsamkeiten im Rechtsvergleich S. 141-148

„… 2006, Webseite: Stand 24. März 2007 (http://www.imf.org); IMF,Press Release No. 06/205, 18. September …” „… IWF»institution driven« und seine Systeme basieren auf dem Gedanken der Verpflich-551 IMF, A Supplement of the IMF …” „… Survey, IMF in Focus, S.11; IMF, IMF Members’ Quotasand Voting Power, and IMF Board of Governors, 19 …”

Stellungnahme S. 148-150

„… .06/189, 1. September 2006, Webseite: Stand 24. März 2007 (http://www.imf.org); IMF,Press Release No …” „… wichtigen Industrienationen eine zu563 Meltzer, in: Vines/Gilbert (Hrsg.), The IMF and its Critics, S. 106 …” „… ); Deutsche Bundesbank,Quoten und Stimmrechtsanteile im IWF, September 2002, S. 65f; IMF, Press Release No …”

Kohärenz und Zusammenarbeit nach Unterzeichnung des WTO-IWF-VA S. 170-171

„… Paragraph 16 WTO-IWF-VA vergleichbar. 640 WTO, WT/GC/W/68 (13. November 1997).641 Siehe: IMF, Survey, Volume …” „… 2003).644 Siehe IMF, A Factsheet, The IMF and the World Trade Organization, 6. September 2006;WTO …” „… , WT/TF/COH/S/11 (16. Februar 2006).645 IMF, Review of Fund Work on Trade, S. 30; WTO, WT/TF/COH/S/8 (12. Febr …”

Probleme bei den Subventionen und Ausgleichsmaßnahmen S. 221-233

„… = Subsidies andCountervailing Measures Dok. Nr. 16).848 Siehe IMF, A Factsheet, The IMF´s Response to the …” „… Asian Crisis, 17. Januar 1999.849 WGTDF=Working Group on Trade, Debt and Finance.850 Raghavan, IMF´s …” „… hierzu: LOI vom 10. März 1999 (http://www.imf.org/external/np/loi/1999/031099.htm). 852 Raghavan, IMF´s …”

Einführung S. 171-173

„… 2003).644 Siehe IMF, A Factsheet, The IMF and the World Trade Organization, 6. September 2006;WTO …” „… , WT/TF/COH/S/11 (16. Februar 2006).645 IMF, Review of Fund Work on Trade, S. 30; WTO, WT/TF/COH/S/8 (12. Febr …” „… .Februar 2008), Ziff. 25-27.648 IMF, Review of Fund Work on Trade, S. 34; Vitzthum, Reformvorschläge für …”

Aufgaben und Ziele der »Bretton Woods Zwillinge« im GATT S. 152-163

„… hierzu insbesondere: IMF, Balance of Payment Manual, S. 43f (Leistungsbilanzen= Current Account …” „… Grundstrukturen der Behandlung nichttarifärer Handelshemmnisse inder WTO/GATT-Rechtsordnung, S. 306f.603 Siehe IMF …” „… , IMF Credit Outstanding for all members as of December 31, 2004; IMF CreditOutstanding for all members …”

Das Verwaltungsabkommen zwischen der WTO und dem IWF S. 164-170

„… der größte Unterschied in der635 IMF-Survey vom 13. Januar 1997, IMF and WTO Sign Cooperation …” „… Streitbeilegungsorgans (Paragraph 7 WTO-IWF-VA).628 Siehe IMF, A Factsheet, The IMF and the World Trade Organization, 6 …” „… , WT/GC/W/68 (13. November 1997).641 Siehe: IMF, Survey, Volume 33, Number 10, S. 160. So traf sich am 26 …”

Erste Bemühungen der Kooperation S. 151-152

„… IMF).570 U.N. Doc. ICITO/EC.2/SC.3/6 vom 4. September 1948 (Agreement on Relations betweenITO and IMF …” „… hierzu insbesondere: IMF, Balance of Payment Manual, S. 43f (Leistungsbilanzen= Current Account …”

Probleme bei den Handelsmaßnahmen zum Schutz der Zahlungsbilanz S. 206-221

„… is imposed »in accordance with« Articles of Agreement of the IMF; and (v) whether the measureis …” „… Articles of Agreement ofthe IMF and hence justified under Article XV:9(a) of the GATT 1994. 846 Bericht des …” „… (SCM Agreement = Subsidies andCountervailing Measures Dok. Nr. 16).848 Siehe IMF, A Factsheet, The …”

Handels- und Zahlungsverkehrsmaßnahmen S. 173-185

„… , AmJIntL 2002, 561 (588).688 Vgl. hierzu die Pressekonferenz von Thomas Dawson (IMF-Direktor/External …” „… ), http://www.imf.org; Ahn, Journal of World Trade (08/2000),1 (9); Ebke, Internationales Devisenrecht, S. 60. 656 Ebke …” „… und 4 IWF-Ü.679 Decision No. 1034-(60/27), http://www.imf.org.680 Siegel, AmJIntL 2002, 561 (586).681 …”

Die Säulen der Nachkriegsarchitektur: das Übereinkommen in Bretton Woods S. 37-44

„… zahlungsunfähigen Staaten und die Auslandsverschuldung der Entwicklungsländer seit 1973, S. 4; de Vries, The IMF in …” „… , From Macro to Micro to »Mission-Creep«: Defending the IMF’s Emerging Concern with the Infrastructural …” „… über den IWF (Articles of Agreement/IMF-Charta/IWF-Ü)70 sah ein System stabiler Wechselkurse vor, wobei …”

Bedeutung der rechtlichen Wechselbeziehungen an aktuellen Beispielen S. 25-29

„… IMF/WTO Relationship: The Fund’s Articles of Agreementand the WTO Agreement, AmJIntL 2002, 561 (599 …” „… (IMF, World Bankand WTO), Journal of World Trade (08/2000), 1 (1); Jackson, The Jurisprudence of …” „… , http://www.imf.org/external/np/loi/1999/031099.htm. 30 Ahn/Matsushita, WTO and East Asia, New Perspectives, S. 25 …”

Empfehlungen im Rahmen der geltenden Rechtslage S. 240-245

„… Handelspolitiken zukommen lässt. So verfasste der IWF in den Jahren2002-2004 diesbezüglich 45 Anmerkungen (IMF …” „… Neuüberarbeitung der Rechtsnormendienen. 945 Siehe IMF, A Factsheet, The IMF and the World Trade Organization, 6 …”

Empfehlungen im Rahmen einer Ergänzung der Rechtsnormen S. 245-249

„… . 945 Siehe IMF, A Factsheet, The IMF and the World Trade Organization, 6. September 2006.946 Vgl …”

Rechtsstellung des IWF S. 48-59

„… the IMF, UNTS 16, S. 328f. 133 Dieses Aufgabengebiet wurde dem IWF zusammen mit der Weltbank …” „… internationale »Finanzarchitektur« oder: Der IMF in der Krise?,ArchVR 2000, 399 (404).172 United Nations …” „… Währungs- und Finanzausschuss.176 Gianviti, Decision making in the IMF, S. 39. …”

Abkürzungsverzeichnis S. 19-24

„… International Finance CorporationIGH Internationaler GerichtshofIMF International Monetary FundIMFC …”

Theoretische Grundlagen S. 31-32

„… millenium, in: Vines/Gilbert (Hrsg.), The IMF andits Critics, S. 59 (59f);Vaubel/Willet (Hrsg.), The …”

Aufgaben und Ziele des IWF im WTO-Ü und im GATT 1994 S. 163-164

„… the IMF; Text in: Benedek, Die Welthandelsorganisation, S. 536f (Dok. Nr. 25.d.); Hummer/Weiss, Von …”

Rechtsstellung der WTO S. 105-108

„… ; http://www.imf.org.external/np/sec/pr/2005/pr05159.htm). 405 Herrmann, Grundzüge der Welthandelsordnung, ZEuS 2001, 454 (455). 406 Siehe …”

doi.org/10.5771/9783845212319

Andreas Fischer-Lescano, Hans-Peter Gasser, Thilo Marauhn, Natalino Ronzitti - Frieden in Freiheit - Peace in liberty - Paix en liberté

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Andreas Fischer-Lescano (ed.), Hans-Peter Gasser (ed.), Thilo Marauhn (ed.), Natalino Ronzitti (ed.)

Frieden in Freiheit - Peace in liberty - Paix en liberté

2008

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Sabine Schlemmer-Schulte Sovereign Debt: The Argentine Bonds Case S. 985-1030

„… , The IMF and Argentina, 1991 – 2001 (IMF/IEO 2004), at 9. 86 Of these, only the 1998 extended …” „… (IMF/IEO 2004), at 6 and Chapter 2. 93 See Report of the IMF’s Independent Evaluation Office, The IMF and …” „… Argentina, 1991 – 2001 (IMF/IEO 2004), at 4 and Chapter 2. Schlemmer-Schulte 995 policy as …”

Theodor Schweisfurth The United Nation's Peacebuilding Commission's First Year S. 309-344

„… World Bank, the IMF and other institutional donors shall be invited to participate in all meetings of …” „… interorganizational body" because representatives from the World Bank, the IMF and other institutional donors shall …” „… resolutions. The Organizational Committee decided to extend standing invitations to the IMF, the World Bank …”

Stefan Kadelbach Entwicklungsvölkerrecht S. 637-648

„… Determine Quotas at the IMF, European Central Bank, Occasional Paper Series No. 70, 2007. 24 Trotz …”

doi.org/10.5771/9783845209593

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