Kiel Working Papers, Kiel Institute for World Economics
No 1401:
Preventing financial instability and currency crises
Horst Siebert
Abstract: Financial crises can have a severe impact on the real side
of the economy with countries losing up to 20 percent of GDP. The paper
studies rules that prevent financial instability and currency crises. These
include institutional arrangements for a solid banking system, prudent
regulations and appropriate principles of monetary policy. The paper
studies the role of the IMF in light of the past experience in preventing
currency crises and a systemic breakdown of the world’s financial system
and points out necessary IMF reforms. It discusses how the IMF should
adjust to the structural changes in the world economy.
Keywords: Financial instability, rules for monetary stability, hedge funds, exchange rate crises, IMF, IMF quotas; (follow links to similar papers)
JEL-Codes: E5,; F33,; G2,; P00; (follow links to similar papers)
34 pages, February 2008
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