The IMF Research Bulletin surveys recent key studies by IMF staff.


The IMF Research Bulletin surveys recent key studies by IMF staff.

Selected as a Financial Times “Summer 2017: Readers’ Picks”

From Great Depression to Great Recession: The Elusive Quest for International Policy Cooperation

edited by Atish R. Ghosh and Mahvash S. Qureshi

2017. 299pp. Paperback ISBN 978-1-5135-427-7

A Short Excerpt from “Chapter 17. Toward a More Stable International Monetary System: Key Takeaways”

“International policy cooperation is very much like Nessie, the lovable Loch Ness monster: oft-discussed, seldom seen. The first question that arises in talking about cooperation is, what does it mean in an international policy context? The answer is not straightforward, because cooperation is an ill-defined concept that means different things to different people. At its most basic level, cooperation might simply mean explaining the logic of domestic policy actions to others. In this sense, policy cooperation has happened in the past and is on an upward trend—not least with central banks being more transparent domestically.

“Cooperation could also refer to the creation of multilateral institutions and arrangements. If so, we have made progress on that front as well. Examples include the provision of liquidity through central bank swap lines and IMF liquidity provision facilities set up after the global financial crisis.”

Also of Interest

Collapse and Revival: Understanding Global Recessions and Recoveries

by M. Ayhan Kose and Marco E. Terrones

2015. 292 pp. Hardcover ISBN 978-1-51357-002-0. $65

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