I am articulating this idea not necessarily in search of a theory but in search of traction with domain experts and more particularly, with practitioner central bankers who face these dilemmas in their day-to-day lives. 8. At another level, a formidable challenge that EMEs will continue to face is the management of global spillovers.
We live in a world of mobile capital flows where consequences of their arrivals, sudden stops and reversals are to be borne nationally. Against this backdrop, a truly global financial safety net remains elusive. The strengthening of resources of the IMF gets pushed out into time whenever we come together for Spring or Annual meetings.