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Defining Our Terms Carefully And In Context: Thoughts On Reading (And In One Case, Rereading) Three Books, Cynthia C. Lichtenstein
Defining Our Terms Carefully And In Context: Thoughts On Reading (And In One Case, Rereading) Three Books, Cynthia C. Lichtenstein
Cynthia C. Lichtenstein
In preparing to write this paper, I read again Walter Bagehot’s Lombard Street: A Description of the Money Market , Perry Mehrling’s The New Lombard Street: How the Fed Became the Dealer of Last Resort and John Authers’ The Fearful Rise of Markets: Global Bubbles, Synchronized Meltdowns, and How to Prevent Them in the Future. . Bagehot, of course, was the Governor of the Bank of England when he wrote what Mehrling calls his “magisterial” treatise in 1873 on how a central bank must react to a financial crisis. Mehrling is an economist and an economic historian. Authers is a …
A New Role For The International Monetary Fund In A New World Economic Order, Cynthia C. Lichtenstein
A New Role For The International Monetary Fund In A New World Economic Order, Cynthia C. Lichtenstein
Cynthia C. Lichtenstein
The IMF must change to deal with its new functions in a changed world of interconnected global financial markets. The piece first describes the Fund's mandated process of internal reform as of the time the paper was given (2007). It then summarizes the recommendations of Mervyn Kind, Governor of the Bank of England (in a talk he gave in India) as to how the Fund should change its oversight of the functioning of the international monetary system.