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A flop and a debacle : inside the IMF's global rebalancing acts

Author: Paul Blustein; Centre for International Governance Innovation.
Publisher: Waterloo, Ont. : The Centre for International Governance Innovation, 2012.
Series: CIGI papers, no. 4.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Cooperation among major countries to shrink global imbalances in trade and capital flows is highly desirable for the sake of promoting a sustainable recovery from the financial crisis that erupted in 2008. The story that unfolds in this paper does not bode well for such cooperation. It is a detailed account of the initiatives, led by the IMF, to address imbalances prior to the 2008 global financial crisis. Based on  Read more...
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Details

Genre/Form: Electronic books
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Paul Blustein; Centre for International Governance Innovation.
OCLC Number: 812922618
Notes: "June 2012."
Description: 1 online resource (35 pages).
Contents: About the author --
Acknowledgements --
Executive summary --
Introduction --
Prematurely uncorking the champagne --
A saga with relevance --
Bright ideas needed --
The 2007 decision --
Overpowering the opposition --
Three big targets --
Dodging the first bullets: the greenback and the yen --
The scarlet FM --
The battle of the Renminbi --
Sounding the retreat --
The multilateral consultations --
Pie in the sky, with a missing ingredient --
The fund: gung-ho --
Crossing the river, feeling the stones and disengaging --
The dashing of hopes --
Conclusions --
Borrowing a leaf from the WTO --
Works cited --
About CIGI --
CIGI masthead.
Series Title: CIGI papers, no. 4.
Responsibility: Paul Blustein.
More information:

Abstract:

Cooperation among major countries to shrink global imbalances in trade and capital flows is highly desirable for the sake of promoting a sustainable recovery from the financial crisis that erupted in 2008. The story that unfolds in this paper does not bode well for such cooperation. It is a detailed account of the initiatives, led by the IMF, to address imbalances prior to the 2008 global financial crisis. Based on interviews with scores of policy makers who were involved in the initiatives, and on thousands of pages of confidential documents that have never been disclosed, it focuses on two undertakings: the Fund' s 2007 decision to strengthen its surveillance of exchange rates, which was aimed at prodding countries to take action when their currencies were seriously under- or overvalued and the multilateral consultations, in which the IMF convened representatives of five major economies to discuss plans for shrinking imbalances.

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Primary Entity<\/h3>\n
<http:\/\/www.worldcat.org\/oclc\/812922618<\/a>> # A flop and a debacle : inside the IMF\'s global rebalancing acts<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Book<\/a>, schema:CreativeWork<\/a>, schema:MediaObject<\/a> ;\u00A0\u00A0\u00A0\nlibrary:oclcnum<\/a> \"812922618<\/span>\" ;\u00A0\u00A0\u00A0\nlibrary:placeOfPublication<\/a> <http:\/\/id.loc.gov\/vocabulary\/countries\/onc<\/a>> ;\u00A0\u00A0\u00A0\nlibrary:placeOfPublication<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Place\/waterloo_ont<\/a>> ; # Waterloo, Ont.<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Event\/2008_2009<\/a>> ; # 2008-2009<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Topic\/economy<\/a>> ; # Economy<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Topic\/current_account<\/a>> ; # Current account<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/dewey.info\/class\/332.152\/e21\/<\/a>> ;\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Topic\/board_of_directors<\/a>> ; # Board of directors<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Topic\/currency_intervention<\/a>> ; # Currency intervention<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Topic\/currency<\/a>> ; # Currency<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Topic\/euro<\/a>> ; # Euro<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/id.worldcat.org\/fast\/924607<\/a>> ; # Financial crises<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/viaf.org\/viaf\/147860995<\/a>> ; # International Monetary Fund.<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Topic\/exchange_rate<\/a>> ; # Exchange rate<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Topic\/eurozone<\/a>> ; # Eurozone<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Topic\/china<\/a>> ; # China<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Organization\/international_monetary_fund<\/a>> ; # International Monetary Fund.<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Topic\/finance<\/a>> ; # Finance<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/id.loc.gov\/authorities\/subjects\/sh2009003683<\/a>> ; # Global Financial Crisis, 2008-2009<\/span>\n\u00A0\u00A0\u00A0\nschema:bookFormat<\/a> schema:EBook<\/a> ;\u00A0\u00A0\u00A0\nschema:contributor<\/a> <http:\/\/viaf.org\/viaf\/127714057<\/a>> ; # Centre for International Governance Innovation.<\/span>\n\u00A0\u00A0\u00A0\nschema:creator<\/a> <http:\/\/viaf.org\/viaf\/12522714<\/a>> ; # Paul Blustein<\/span>\n\u00A0\u00A0\u00A0\nschema:datePublished<\/a> \"2012<\/span>\" ;\u00A0\u00A0\u00A0\nschema:description<\/a> \"About the author -- Acknowledgements -- Executive summary -- Introduction -- Prematurely uncorking the champagne -- A saga with relevance -- Bright ideas needed -- The 2007 decision -- Overpowering the opposition -- Three big targets -- Dodging the first bullets: the greenback and the yen -- The scarlet FM -- The battle of the Renminbi -- Sounding the retreat -- The multilateral consultations -- Pie in the sky, with a missing ingredient -- The fund: gung-ho -- Crossing the river, feeling the stones and disengaging -- The dashing of hopes -- Conclusions -- Borrowing a leaf from the WTO -- Works cited -- About CIGI -- CIGI masthead.<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\nschema:description<\/a> \"Cooperation among major countries to shrink global imbalances in trade and capital flows is highly desirable for the sake of promoting a sustainable recovery from the financial crisis that erupted in 2008. The story that unfolds in this paper does not bode well for such cooperation. It is a detailed account of the initiatives, led by the IMF, to address imbalances prior to the 2008 global financial crisis. Based on interviews with scores of policy makers who were involved in the initiatives, and on thousands of pages of confidential documents that have never been disclosed, it focuses on two undertakings: the Fund\' s 2007 decision to strengthen its surveillance of exchange rates, which was aimed at prodding countries to take action when their currencies were seriously under- or overvalued and the multilateral consultations, in which the IMF convened representatives of five major economies to discuss plans for shrinking imbalances.<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\nschema:exampleOfWork<\/a> <http:\/\/worldcat.org\/entity\/work\/id\/1172531936<\/a>> ;\u00A0\u00A0\u00A0\nschema:genre<\/a> \"Electronic books<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\nschema:inLanguage<\/a> \"en<\/span>\" ;\u00A0\u00A0\u00A0\nschema:isPartOf<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Series\/cigi_papers<\/a>> ; # CIGI papers ;<\/span>\n\u00A0\u00A0\u00A0\nschema:name<\/a> \"A flop and a debacle : inside the IMF\'s global rebalancing acts<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\nschema:productID<\/a> \"812922618<\/span>\" ;\u00A0\u00A0\u00A0\nschema:publication<\/a> <http:\/\/www.worldcat.org\/title\/-\/oclc\/812922618#PublicationEvent\/waterloo_ont_the_centre_for_international_governance_innovation_2012<\/a>> ;\u00A0\u00A0\u00A0\nschema:publisher<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Agent\/the_centre_for_international_governance_innovation<\/a>> ; # The Centre for International Governance Innovation<\/span>\n\u00A0\u00A0\u00A0\nschema:url<\/a> <http:\/\/site.ebrary.com\/id\/10585972<\/a>> ;\u00A0\u00A0\u00A0\nschema:url<\/a> <https:\/\/login.library.sheridanc.on.ca\/login?url=https:\/\/www.deslibris.ca\/ID\/233774<\/a>> ;\u00A0\u00A0\u00A0\nschema:url<\/a> <https:\/\/deslibris.ca\/ID\/233774<\/a>> ;\u00A0\u00A0\u00A0\nschema:url<\/a> <http:\/\/www.deslibris.ca\/ID\/233774<\/a>> ;\u00A0\u00A0\u00A0\nschema:url<\/a> <http:\/\/public.ebookcentral.proquest.com\/choice\/publicfullrecord.aspx?p=3281890<\/a>> ;\u00A0\u00A0\u00A0\nschema:url<\/a> <http:\/\/books.scholarsportal.info\/viewdoc.html?id=\/ebooks\/ebooks0\/gibson_cppc\/2012-11-09\/1\/10585972<\/a>> ;\u00A0\u00A0\u00A0\nschema:url<\/a> <http:\/\/proxy.library.carleton.ca\/login?url=http:\/\/books.scholarsportal.info\/viewdoc.html?id=\/ebooks\/ebooks0\/gibson_cppc\/2012-11-09\/1\/10585972<\/a>> ;\u00A0\u00A0\u00A0\nschema:url<\/a> <http:\/\/deslibris.ca\/ID\/233774<\/a>> ;\u00A0\u00A0\u00A0\nwdrs:describedby<\/a> <http:\/\/www.worldcat.org\/title\/-\/oclc\/812922618<\/a>> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n\n

Related Entities<\/h3>\n
<http:\/\/dewey.info\/class\/332.152\/e21\/<\/a>>\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Agent\/the_centre_for_international_governance_innovation<\/a>> # The Centre for International Governance Innovation<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nbgn:Agent<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"The Centre for International Governance Innovation<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Event\/2008_2009<\/a>> # 2008-2009<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Event<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"2008-2009<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Organization\/international_monetary_fund<\/a>> # International Monetary Fund.<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Organization<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"International Monetary Fund.<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Place\/waterloo_ont<\/a>> # Waterloo, Ont.<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Place<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Waterloo, Ont.<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Series\/cigi_papers<\/a>> # CIGI papers ;<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nbgn:PublicationSeries<\/a> ;\u00A0\u00A0\u00A0\nschema:hasPart<\/a> <http:\/\/www.worldcat.org\/oclc\/812922618<\/a>> ; # A flop and a debacle : inside the IMF\'s global rebalancing acts<\/span>\n\u00A0\u00A0\u00A0\nschema:name<\/a> \"CIGI papers ;<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Topic\/board_of_directors<\/a>> # Board of directors<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Board of directors<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Topic\/china<\/a>> # China<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"China<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Topic\/currency<\/a>> # Currency<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Currency<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Topic\/currency_intervention<\/a>> # Currency intervention<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Currency intervention<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Topic\/current_account<\/a>> # Current account<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Current account<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Topic\/economy<\/a>> # Economy<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Economy<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Topic\/euro<\/a>> # Euro<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Euro<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Topic\/eurozone<\/a>> # Eurozone<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Eurozone<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Topic\/exchange_rate<\/a>> # Exchange rate<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Exchange rate<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Topic\/finance<\/a>> # Finance<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Finance<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/id.loc.gov\/authorities\/subjects\/sh2009003683<\/a>> # Global Financial Crisis, 2008-2009<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Global Financial Crisis, 2008-2009<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/id.loc.gov\/vocabulary\/countries\/onc<\/a>>\u00A0\u00A0\u00A0\u00A0a \nschema:Place<\/a> ;\u00A0\u00A0\u00A0\ndcterms:identifier<\/a> \"onc<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/id.worldcat.org\/fast\/924607<\/a>> # Financial crises<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Financial crises<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/proxy.library.carleton.ca\/login?url=http:\/\/books.scholarsportal.info\/viewdoc.html?id=\/ebooks\/ebooks0\/gibson_cppc\/2012-11-09\/1\/10585972<\/a>>\u00A0\u00A0\u00A0\nrdfs:comment<\/a> \"Scholars Portal Books<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/viaf.org\/viaf\/12522714<\/a>> # Paul Blustein<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Person<\/a> ;\u00A0\u00A0\u00A0\nschema:familyName<\/a> \"Blustein<\/span>\" ;\u00A0\u00A0\u00A0\nschema:givenName<\/a> \"Paul<\/span>\" ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Paul Blustein<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/viaf.org\/viaf\/127714057<\/a>> # Centre for International Governance Innovation.<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Organization<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Centre for International Governance Innovation.<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/viaf.org\/viaf\/147860995<\/a>> # International Monetary Fund.<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Organization<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"International Monetary Fund.<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/www.worldcat.org\/title\/-\/oclc\/812922618<\/a>>\u00A0\u00A0\u00A0\u00A0a \ngenont:InformationResource<\/a>, genont:ContentTypeGenericResource<\/a> ;\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/www.worldcat.org\/oclc\/812922618<\/a>> ; # A flop and a debacle : inside the IMF\'s global rebalancing acts<\/span>\n\u00A0\u00A0\u00A0\nschema:dateModified<\/a> \"2020-03-15<\/span>\" ;\u00A0\u00A0\u00A0\nvoid:inDataset<\/a> <http:\/\/purl.oclc.org\/dataset\/WorldCat<\/a>> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/www.worldcat.org\/title\/-\/oclc\/812922618#PublicationEvent\/waterloo_ont_the_centre_for_international_governance_innovation_2012<\/a>>\u00A0\u00A0\u00A0\u00A0a \nschema:PublicationEvent<\/a> ;\u00A0\u00A0\u00A0\nschema:location<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Place\/waterloo_ont<\/a>> ; # Waterloo, Ont.<\/span>\n\u00A0\u00A0\u00A0\nschema:organizer<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/1172531936#Agent\/the_centre_for_international_governance_innovation<\/a>> ; # The Centre for International Governance Innovation<\/span>\n\u00A0\u00A0\u00A0\nschema:startDate<\/a> \"2012<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n