Joseph Stiglitz

Financial Market Stability and Monetary Policy

Abstract:
This paper argues that the use of monetary policy in response to the Asian financial crisis worsened the economic downturn and contributed to global economic instability, that we have spent too little time thinking about the behavior of the international economic and financial institutions given the important role that they play in the global economy and that reforms are needed to return the IMF to its original mandate of focusing on global financial stability.

Source: Pacific Economic Review
Volume: 7
Number: 1
Pages: 13-30
Date: 2 2002