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Ten Years aFTer: Revisiting the AsiAn FinAnciAl cRisis phần 9

Một khía cạnh thứ hai của chính sách không dính nhau là lạ ngắt kết nối giữa nghiên cứu IMF kể từ khi cuộc khủng hoảng Đông Á và Đông Nam 199798 và thực hành riêng của mình khi nói với Điều IV đàm phán với các nước thành viên. Sau này dường như di chuyển trên một ca khúc đó là trực giao để nghiên cứu riêng của tổ chức. | One Step Forward Two Steps Back Policy In Coherence and Financial Crises A second dimension of policy incoherence is the strange disconnect between IMF research since the East and Southeast Asian crisis of 199798 and its own practice when it comes to Article IV negotiations with its member countries. The latter seem to be moving on a track that is orthogonal to the institution s own research. The third and final reason why the international community should not be satisfied with the new post-crisis policy consensus is that even if the new consensus was to be operationalized on the level of policy it does not go far enough. The new consensus does not endorse the case for substantially increasing the policy space of developing countries when it comes to promoting financial stability. Moreover it does not place policies that promote financial stability squarely at the center of a policy agenda that harnesses the resources of domestic and international capital markets in the service of economic and human development. Policies that reduce the likelihood of financial crises or enable countries to respond to crises are necessary co-requisites to other developmental financial policies because they protect policy space and the achievements of developmental policies. Here it is important to note that several development economists have expanded on the many types of developmental financial policies such as programs of credit allocation tax incentives or quotas aimed at promoting lending to priority projects or groups development banks credit guarantee schemes or subsidies that reduce risk premia on medium- and long-term lending partnerships between informal and formal financial institutions new institutions to channel credit to underserved populations and regions asset-based reserve requirements and employment targeting for central banks.15 Where Do We Go From Here Where does all of this leave academics policymakers and civil society groups that are interested in learning .