متطلبات الأستقرار المالي الدولي التحوط الكلي وموازين مدفوعات ما بعد الأزمة

الملخص

         The mainstream paradigm of macroeconomic policy models allows no room for crises of the sort the major economies are experiencing.

The apparatus of economic Analysis although provides good expost interpretation has delivered no robust forecasts well head of the turmoil. The article has reviewed the assumptions and conclusions of the ongoing discussions in an attempt to rethinking of macroeconomic theorizing.

There are many dead ends in the prevailing macroeconomics along with promising strands of thought to be pursued.

The concept of stability is the main concern of the article highlighting the failure of inflation as a proxy for overall performance. Inflations targeting proved to be neither necessary nor sufficient to stabilization   of the financial sector which has been the crux of the post Breton woods economies. Furthermore, the economics of special case, like our oil dominated economy, and Asian emergent of successful performance  like china, and other members of group of 20, have not been effectively contained in the main body  of   the profession. As a result, the economists are no longer the true advisors to their government in economic management.

Dissatisfaction with these shortcomings may lead to fruitful inventions in the way of thinking and tools of policy formulation. The article, tried to assess the findings of the relationships between global imbalance, differential economic structures, of the major players in the world, and monetary policies. The new proposals of macro prudential tools to maintain financial stability are investigated.

The article is more inclined to saving- investment gaps in understanding the global imbalances and the challenge of high capital flows. Also, the sovereign indebtedness, particularly of peripheral Europe, is incorporated.

The main conclusions are: the conceptual framework of stabilization policy need to be radically changed.  Fiscal and monetary policies in advanced economies would most likely be reoriented to check irregularities of the financial sector. International competitive power is the main policy target of emerging economies. And the rules of international coordination, which have been formally established, lack the conditions of compliance due to significant divergence in national interests. Therefore, a realistic approach is required and better political environment to move forward.