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Gagasan Otorita Moneter berbagai negara mengenai New International Financial Architecture
Semakin banyak para petinggi Otorita Moneter maupun para Menteri Keuangan berbagai negara yang berbagi pandangan bahwa Arsitektur Keuangan Internasional perlu menjalani reformasi.
Diantaranya adalah penegasan mengenai transparansi dan pemerintahan yang bersih, maupun pentingnya dimulai tindakan untuk mengendalikan aliran modal.
Disamping itu topik hangat yang mulai banyak disinggung adalah gagasan yang mendekati penyatuan mata uang, mencontoh Euro yang akan mulai digunakan Januari 1999.
Lihat juga:
Edisi Desember 1998
Aliran Modal dan Kebijakan Nilai Tukar (981224)
Ilmu Ekonomi untuk Orang Awam (981219)Edisi Oktober 1998
Kearah Regulasi Kapital Global
Riwayat Bantuan IMF
Hedge Fund LTCM
Kebijakan Pengendalian Devisa
Intervensi di Pasar Bebas
Japan Calls for Currency Regime: World Needs New 'Financial Architecture,' Miyazawa Says [International Herald Tribune December 16, 1998]
Japan's finance minister called for a ''new international financial architecture'' that would overhaul the way the International Monetary Fund works and allow a ''managed flexibility'' among the world's major currencies.
Mr. Miyazawa called for studying creation of an ''exchange-rate regime'' that would ''bring about greater stability on the one hand and needed flexibility on the other, among the yen, the U.S. dollar and the euro.''
Noting that ''the IMF is not very popular in this part of the world,'' Mr. Miyazawa said that in the absence of an alternative institution, the IMF should be improved. He said the IMF needed improvement and that combining the agency with the World Bank ''might be one way if it improves efficiencies.''
".....Countries across Asia should contribute to a new regional fund to protect their currencies and fight off speculators. Similar currency support funds could be used in Latin America and Eastern Europe and should accompany capital controls as part of a new approach to global economics..."
Commenting on conditions the Fund attached to massive bail-out programs for Thailand, South Korea and Indonesia, Mr. Miyazawa said ''it might be advisable for the IMF to refrain from requiring too broad or too ambitious structural reforms at a time of crisis.''
Japan plans to set up a $30 billion fund for loans to its Asian neighbors. A previous plan was criticized by the United States as running at cross purposes to the IMF. Mr. Miyazawa said Japan's latest push to set up a fund would lead to further discussion of a regional currency support mechanism.
Towards a New International Financial Architecture [December 15, 1998]
Speech by Mr. Kiichi Miyazawa, the Minister of Finance,
At the Foreign Correspondents Club of Japan
A Proposal of Economic Reform for Our Generation [International Herald Tribune, 17 December 1998]
By Gordon Brown, Chancellor of the Exchequer of Britain
First, we need new rules of the game for the global economy.
Secondly, because today's financial markets are global, we need not only proper national supervision but also global financial regulation.
Third, we need a modern framework for crisis prevention and resolution.
Fourth, we propose a code of global best practice in social policy that will be applicable to every country. It will set minimum standards, and will ensure that when the IMF and World Bank help a country in trouble the agreed program of reform preserves investment in the social, education and employment programs that are essential for growth.
...Why Australia has done better than most other countries in Asia or the Pacific Rim [Speech on 15 Dec 1998]
by I. J. Macfarlane, Governor, The Reserve Bank of Australia
Reflections on The Global Financial Landscape [Speech on 8 December 1998]
by Joseph Yam, Hong Kong Monetary Authority
"....The introduction of the euro is an event that we in Hong Kong welcome, given our tradition of adapting to change and innovation. After discussing what the euro means for Hong Kong, I would like to share with you my thoughts on some broader issues the Asian crisis has raised. There has been much market dislocation that has surprised all of us, beyond explanation on the basis of economic fundamentals, requiring unconventional and certainly controversial responses in the defence of national financial systems. The situation is so serious that it is now widely recognised that the design of the international financial architecture needs serious reconsideration, along with the exchange rate arrangements that underlie trade in goods and capital. This in turn has implications for the design of the global currency system, with interesting long term possibilities for Asia, drawing on the experience of Europe. Meanwhile, as an exceptionally open economy in a volatile region, Hong Kong has a strong stake in ensuring that the global architecture is up to the task. In addition, the Asian crisis forces us to reconsider weaknesses in the financial infrastructure in our region, and the steps needed to prevent renewed turmoil...."
Capital Flows and Crises [Speech on 13 November 1998]
by Stephen Grenville, Deputy Governor, The Reserve Bank of Australia
International flows are now centre-stage in the international economic policy debate.
Lihat artikel Confessions of a market heretic dalam The Australian Financial Review mengenai pidato ini.
".....Traditionally, the focus has been on the real sector counterparts of these - the savings/investment balance and the current account surpluses and deficits. Both theory and practical policy-making often assume that these are the "movers" of the action, with capital flows largely a passive, accommodating residual. But the Asian crisis suggests that the action may, instead, be in the capital flows themselves...."
Recent International Development in Perspective
[25 November 1998]
by I.J. Macfarlane, Governor, The Reserve Bank of Australia
Sejumlah pandangan yang 'radikal' diungkapkan oleh Gubernur Bank Sentral Australia, dan secara lebih serius membandingkan perlakuan institusi barat terhadap krisis Asia.
"....I want to spend some time tonight trying to place the recent suggestions for improving the operation of the international financial system in some sort of perspective....."
"....there is now a widespread agreement that something has to be done to improve the international financial system. The degree of instability, if it continues unchecked, could lead many participating countries to question the whole legitimacy of the system. The severity of the contractions in Asia is the most striking example, but so is the sudden recognition that a hedge fund can become so important that its failure could pose a systemic threat to the United States and international economy......"
"..... I also think that the Australian Government has played a very useful role - first by its representations to the IMF urging more flexibility in its handling of the Indonesian crisis, and secondly by its attempt to keep the momentum of APEC heading in the direction of more liberal trade policies....."
"......Another way in which crises can be handled better is illustrated by the recent IMF package for Brazil. It was an improvement on the Asian packages in two respects......"
Speech to Asia Pacific Forex Congress [27 November 1998]
by I.J. Macfarlane, Governor, The Reserve Bank of Australia
Gubernur Bank Sentral Australia menguraikan dengan terbuka sistim nilai tukar yang dianut negara ini.
Australia spent the first 40 years of the post-war period trying just about every form of fixed exchange rate that was possible. First of all, the Australian dollar was fixed to the pound sterling, then fixed to the US dollar, then fixed to a trade-weighted basket, then a variable peg to a trade-weighted basket. Finally, we floated, and in two weeks' time we will mark the 15th anniversary of the float of the Australian dollar.
We are very comfortable with the floating exchange rate, and I know of no serious body of opinion in Australia that would want it any other way now that we have come to terms with it. In fact, it is widely seen as being an important factor helping Australia put in a good economic performance during the Asian crisis.
While we are prepared to accept significant moves in the exchange rate, we do not follow an approach of benign neglect. When the exchange rate moves, we ask ourselves if it is telling us anything about policy settings. With our inflation-targeting framework, the central issue is always what the exchange rate move means for inflation, not only in the near term but also in the longer term.
Coping with Financial Turmoil [Speech in Sydney on 23 November 1998]
by Joseph Yam, Hong Kong Monetary Authority
Joseph Yam berulang-ulang menjelaskan dengan gamblang dan terperinci kekuatan yang menjadi landasan pertahanan ekonomi Hong Kong. Tidak bergeming melawan goncangan nilai tukar. Cermat membaca situasi pasar, dan bergerak cepat menggelar pertahanan sebelum serangan tiba. Lihat juga: Jurus Hong Kong Intervensi di Pasar Bebas
Preparing for the New International Financial Architecture: Malaysia's Programme [Speech on 2 November 1998]
By Deputy Governor Dato' Dr. Zeti Akhtar Aziz, at the International Conference on "Managing The Asian Financial Crisis: Lessons & Challenges"
Penjelasan mengenai pemikiran yang mendasari kebijakan yang diambil oleh Malaysia dalam mengatasi krisis ekonomi.
Stabilising the Ringgit and Exchange Controls [Speech on 6 October 1998]
By Governor Tan Sri Dato' Seri Ali Abul Hassan Sulaiman, at the National Congress on Economic Recovery: "The Way Forward"
Pidato penjelasan resmi oleh Gubernur Bank Sentral Malaysia mengenai kebijaksanaan pengendalian devisa.
"What Has Changed The Economic Climate Over The Past Two To Three Months?" [Speech on 21 October 1998]
by Mervyn King, Deputy Governor of the Bank of England
"How Did An OECD Central Banker Respond To The Asian Crisis?" [Speech on 28 May 1998]
by E.A.J. George, Governor of the Bank of England,
at the Foreign and Colonial Emerging Markets Conference
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Page created 20 December 1998. Last updated Thursday 24 December 1998, 11:13 PM.
Produced with Webford 2.01.
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