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英国论文网:British and Dutch GDP:The spread of the cri(77)


4, 2004, pp. 307 – 313.
Reinhart, Carmen and Vincent Reinhart ‘Capital Flow Bonanzas: Past and Present,’
in Jeffrey Frankel and Francesco Giavazzi (eds.) NBER International Seminar in
Macroeconomics 2008, (Chicago: Chicago University Press for NBER, forthcoming
2008a).
Reinhart, Carmen and Vincent Reinhart, ‘From capital flow bonanza to financial
crash,’ VoxEU (2008b).
Reinhart, Carmen and Kenneth Rogoff, ‘The Forgotten History of Domestic Debt,’
NBER Working Paper 13946, April 2008.
Is the US too big to fail? 107
5 In this regard, the current US situation is more akin to that in Japan in the 1990s, when policymakers delayed
addressing the fundamental problem of non-performing loans and favoured half-measures for some time. The
Japanese government could tap a large pool of domestic saving to fund its equivocations so that the opinion of
global creditors was not relevant. The lesson is market discipline does not apply either if a nation is too big to
fail or saves too much to care.

7 October 2008
Global crises used to remind us why we have the IMF. If the Fund doesn’t come
up with some new ideas for how to handle this one, it may remind us why it has
become increasingly unimportant. The IMF could reassert its relevance by aiding
middle-income countries caught up in the crisis with new ideas on how to link
emergency lending with policy adjustment.
As the financial crisis has unfolded, the International Monetary Fund has been
noticeable mainly for its absence. This will now change – at least temporarily – as
its Governors assemble for their annual meeting and the kleg lights are turned on.
The question is whether those Governors and the management to whom they
entrust the Fund’s operation can restore its relevance for more than a weekend.
If not now …
If this is not a set of circumstances that call for the Fund, it is hard to know what
is. While recent problems affecting institutions like Fortis and Dexia have been
adequately handled by a handful of governments, containing a run on a much
larger British, German, or Swiss bank will require wider international cooperation.
The managing director, Dominique Strauss-Kahn, should urge governments to get
their ducks in a row. He should urge them to move together when raising deposit
insurance limits and extending other guarantees in order to avoid draining funds
from one another’s financial systems. He should call for coordinating interest rate
cuts and fiscal stimulus to prevent the world from sliding into depression. For consciousness-
raising purposes if nothing else, the Fund should be issuing an urgent
call to action, not maintaining radio silence.
Multilateral Consultation on the crisis: Too little, too late
No doubt Mr. Strauss-Kahn will also call for an IMF-directed Multilateral



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