Comments: On Dysfunctional Adjustment and Financing

Peter B. Kenen

Author:

Mr. Peter B. Kenen

Mr. Peter B. Kenen https://isni.org/isni/0000000404811396 International Monetary Fund

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Language:: English

Print Publication Date:: 18 Dec 2000

Keywords:: BOOK; crisis; financing; exchange rate; market; financial system; IMF policy advice; IMF Policy recommendation; IMF reform; emerging market crisis; emerging market country; Exchange rates; Emerging and frontier financial markets; Capital flows; Currencies; Global; Asia and Pacific; East Asia; Europe; Southeast Asia; borrowing country; imprudent foreign currency borrowing; country's reserves; Korea's foreign exchange reserve; crisis-stricken country; Exchange rate flexibility; Foreign currency debt; Exchange rate arrangements

Abstract

As I was involved in devising the program for this conference, it is perhaps unfair for me to criticize the agenda for this session. I feel obliged to do so, however, because we may risk missing the fundamental, qualitative issue. We have been asked whether the balance between adjustment and financing has shifted unduly toward adjustment and, if so, how a better balance might be achieved. In my view, we should be concerned primarily with the character of the substantial adjustment that has occurred in the crisis-stricken countries, not the amount of adjustment, and with the manner in which some countries used the financing available to them.

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Reforming the International Monetary and Financial System

Editor:

Mr. Alexander K. Swoboda

and

Mr. Peter B. Kenen

ISBN:: 9781557758354

Publication Date:: 18 Dec 2000

Publisher:: International Monetary Fund

DOI:: https://doi.org/10.5089/9781557758354.071

Pages:: 448

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