Global Governance for Financial Stability

  • Stephany Griffith-Jones
  • José Antonio Ocampo
Part of the Levy Institute Advanced Research in Economic Policy book series (LAREP)


The problems of boom-bust patterns of financial markets have a long history (Kindleberger 1978; Reinhart and Rogoff 2009). Its frequency has been high since the 1970s, as a result of both financial liberalization and inadequate prudential regulation and supervision. Indeed, the North Atlantic financial crisis1 of 2007–09 provided further evidence that unless properly regulated, financial markets are prone to harmful boom-bust patterns, often leading to costly crises.2 In contrast, when financial systems had had simpler structures and were better regulated, as in the quarter of a century that followed the Second World War, crises were infrequent.


Foreign Direct Investment Financial Stability Capital Requirement Global Governance Capital Account 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.


  1. Ariyoshi, A., K. Habermeier, B. Laurens, I. Ötker-Robe, J.I. Canales-Kriljenko and A. Kirilenko (2000) Capital Controls: Country Experiences with Their Use and Liberalization, Occasional Paper 190, International Monetary Fund.CrossRefGoogle Scholar
  2. Basel Committee (2010) The Basel Committee Response to the Financial Crisis: Report to the G-20, October.Google Scholar
  3. BIS (Bank for International Settlements) (2005) 75th Annual Report, June.Google Scholar
  4. Cordella, T. and E. Levy Yeyati (2005) ‘A (New) Country insurance facility’, IMF Working Paper No. 05/23, January.Google Scholar
  5. D’Arista, J. and S. Griffith-Jones (2009) ‘Agenda and Criteria for Financial Regulatory Reform’ in S. Griffith-Jones, J.A. Ocampo and J. Stiglitz (eds) Time for a Visible Hand: Lessons from the 2008 World Financial Crisis (New York: Oxford University Press).Google Scholar
  6. Dervis, K. (2008) ‘Fairness for Emerging Markets,’ Washington Post, November 3.Google Scholar
  7. Erten, B. and J.A. Ocampo (2013) ‘Capital Account Regulations, Foreign Exchange Pressure, and Crisis Resilience’, Working Paper, Initiative for Policy Dialogue, Columbia University, October.Google Scholar
  8. Griffith-Jones, S. and R. Dodd (2007) ‘Brazil’s Derivatives Markets: Hedging, Central Bank Intervention and Regulation,’ Working Paper, ECLAC.Google Scholar
  9. Griffith-Jones, S. and J.A. Ocampo (2003) ‘What Progress on International Financial Reform? Why So Limited?’, Working Paper 2003.1, Expert Group on Development Issues, Stockholm.Google Scholar
  10. Griffith-Jones, S., D. Silvers and M. Thiemann (2010) ‘Turning the Financial Sector from a Bad Master to a Good Servant; The Role of Regulation and Taxation’, Paper presented to the high level Conference in Washington DC on Global Economic Governance, October. Scholar
  11. Griffith-Jones, S. and J.A. Ocampo (2012) ‘The International Financial Architecture Seen through the Lens of the Crisis: Some Achievements and Numerous Challenges’, in J.A. Alonso and J.A. Ocampo (eds), Development Cooperation in Times of Crisis (New York: Columbia University Press).Google Scholar
  12. Herman, B., J.A. Ocampo and S. Spiegel, S. (2009) Overcoming Developing Country Debt Crises (New York: Oxford University Press).Google Scholar
  13. IMF (International Monetary Fund) (2002) Guidelines on Conditionality, September 25.Google Scholar
  14. IMF (2005) ‘Contingent Financing’, IMF Survey, April.Google Scholar
  15. IMF (2011) World Economic Outlook, April.Google Scholar
  16. IMF (2012) The Liberalization and Management of Capital Flows: An Institutional View, November 14.Google Scholar
  17. IMF-IEO (Independent Evaluation Office) (2008) Evaluation of Structural Conditionality in IMF-Supported Programs, January.Google Scholar
  18. Kindleberger, C.P. (1978) Manias, Panics, and Crashes: A History of Financial Crises (New York: Basic Books).CrossRefGoogle Scholar
  19. Minsky, H.P. (1982) Can “It” Happen Again? Essays on Instability and Finance (Armonk, New York: M.E. Sharpe).Google Scholar
  20. Ocampo, J.A. (2003) ‘Capital Account and Counter-Cyclical Prudential Regulation in Developing Countries’, in R. Ffrench-Davis and S. Griffith-Jones (eds) From Capital Surges to Drought: Seeking Stability for Emerging Markets (London: Palgrave Macmillan).Google Scholar
  21. Ocampo, J.A. (2008) ‘A Broad View of Macroeconomic Stability’, in N. Serra and J.E. Stiglitz (eds) The Washington Consensus Reconsidered: Toward a New Global Governance (New York: Oxford University Press).Google Scholar
  22. Ocampo, J.A. (2011) Reforming the International Monetary System, 14th WIDER Annual Lecture, Helsinki: United Nations University World Institute for Development Economics Research (WIDER).Google Scholar
  23. Ocampo, J.A., J. Kregel and S. Griffith-Jones (2007) International Finance and Development (New York: Zed Books).Google Scholar
  24. Ocampo, J.A. and S. Griffith-Jones (2008) ‘A Counter-cyclical Framework for a Development-friendly International Financial Architecture’, in J.M. Fanelli (ed.) Macroeconomic Volatility, Institutions and Financial Architecture: The Developing World Experience (Houndmills: Palgrave Macmillan).Google Scholar
  25. Ostry, J.D., A.R. Ghosh, M. Chamon and M.S. Qureshi (2012) ‘Tools for Managing Financial-Stability Risks from Capital Inflows,’ Journal of International Economics 88(2).Google Scholar
  26. Persaud, A. (2009) ‘The Role of Policy and Banking Supervision in the Light of the Credit Crisis,’ in S. Griffith-Jones, J.A. Ocampo and J.E. Stiglitz (eds) Time for a Visible Hand: Lessons from the 2008 World Financial Crisis (New York: Oxford University Press).Google Scholar
  27. Polak, Jacques J. (1979) ‘Thoughts on an International Monetary Fund based fully on SDR’, Pamphlet Series No. 28, International Monetary Fund.Google Scholar
  28. Prasad, E., K. Rogoff, S-J Wei and M.A. Kose (2003) ‘Effects of Financial Globalization on Developing Countries: Some Empirical Evidence’, IMF Occasional Paper No. 220, Washington, DC.Google Scholar
  29. Reinhart, C. and K. Rogoff (2009) This Time is Different: Eight Centuries of Financial Folly (Princeton: Princeton University Press).Google Scholar
  30. Rodrik, D. and A. Velasco (1999) ‘Short-term capital flows,’ in World Bank Annual World Bank Conference on Development Economics 1999.CrossRefGoogle Scholar
  31. Soros, G. (2008) ‘The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means,’ Public Affairs.Google Scholar
  32. Stiglitz, J.E. (2009) ‘The Financial Crisis of 2007/2008 and its Macroeconomic Consequences,’ in S. Griffith-Jones, J.A. Ocampo and J.E. Stiglitz (eds) Time for a Visible Hand: Lessons from the 2008 World Financial Crisis, (New York: Oxford University Press).Google Scholar

Copyright information

© Stephany Griffith-Jones and José Antonio Ocampo 2014

Authors and Affiliations

  • Stephany Griffith-Jones
  • José Antonio Ocampo

There are no affiliations available

Personalised recommendations