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Essay“A Perspective on the Global Economy and the Role of the IMF”In this essay, I argue that the IMF can contribute more effectively to the global economy as a platform for international dialogue if some improvements are achieved. I first point out several changes in the economic environment brought by globalization. Next, I adduce a recent example of an international monetary problem in which the IMF could have played an important role, and then propose some points of improvement to ensure its vigorous contribution.Globalization brings about strong connections between economies, in which three “D”s -dependence, diversity and dispute -prevail. In a globalized world, economies are interdependent, and communities diversified. Dependence and diversity often entail the other “D”, dispute. As it became apparent in the wake of the current financial crisis, there are countless numbers of economic disputes around the world; disputes about currency regime, cross-border capital flow, bank regulation, or current-account imbalances. The new generation has to work together to settle these disputes, and I believe a key to solution is the fourth “D”, dialogue. International dialogues shall improve mutual understandings among countries, which is a basis for financial stability.
2A recent dispute in which the IMF could have played an important role is about monetary policy. In response to the ongoing crisis, industrialized countries adopt aggressive monetary policies to underpin growth. Some emerging countries claim that the overflow of money resulting from those policies is harmful to them because it induces inflation. In my opinion, monetary authorities of industrialized countries should take this complaint more seriously, since, in a globalized world, setbacks to emerging economies badly affect their economies via export channels. The IMF could have initiated international policy coordination in G-20 meetings, for instance, to make monetary policies more effective in industrialized economies and at the same time lessharmful to emerging economies.
Kenji Nakada
2A recent dispute in which the IMF could have played an important role is about monetary policy. In response to the ongoing crisis, industrialized countries adopt aggressive monetary policies to underpin growth. Some emerging countries claim that the overflow of money resulting from those policies is harmful to them because it induces inflation. In my opinion, monetary authorities of industrialized countries should take this complaint more seriously, since, in a globalized world, setbacks to emerging economies badly affect their economies via export channels. The IMF could have initiated international policy coordination in G-20 meetings, for instance, to make monetary policies more effective in industrialized economies and at the same time lessharmful to emerging economies.
Kenji Nakada
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