Recommended Readings From IMF Publications

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IMF Research Bulletin
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RECOMMENDED READINGS FROM IMF PUBLICATIONS
COLLAPSE
M. Ayhan Kose Marco E. terrones
and
UNDERSTANDING GLOBAL
RECESSIONS AND RECOVERIES
COLLAPSE
REVIVAL
INTERNATIONAL MONETARY FUND
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For more information on these t itles and other IMF publication s, please visit www.imfbookstore.org/rb
Selected as a Financial Times “Summer 2017: Readers’ Picks”
From Great Depression to Great Recession: The Elusive Quest for
International Policy Cooperation
edited by Atish R. Ghosh and Mahvash S. Qureshi
2017. 299pp. Paperback ISBN 978-1-5135-427-7
A Short Excerpt from “Chapter 17. Toward a More Stable Internati onal
Monetary System: Key Takeaways”
“International policy cooperation is very much like Nessie, the lovable Loch Ness monster:
oft-discussed, seldom seen. The rst question that arises in talking about cooperation is, what
does it mean in an international policy context? The answer is not straightforward, because
cooperation is an ill-dened concept that means different things to different people. At its most
basic level, cooperation might simply mean explaining the logic of domestic policy actions to
others. In this sense, policy cooperation has happened in the past and is on an upward trend—
not least with central banks being more transparent domestically.
“Cooperation could also refer to the creation of multilateral institutions and arrangements. If so,
we have made progress on that front as well. Examples include the provision of liquidity through
central bank swap lines and IMF liquidity provision facilities set up after the global nancial crisis.”
Also of Interest
Collapse and Revival: Understanding Global Recessions and Recoveries
by M. Ayhan Kose and Marco E. Terrones
2015. 292 pp. Hardcover ISBN 978-1-51357-002-0. $65

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