Srinivasan, T.N.
Strengthening the international financial architecture - 1998 - p.1-17
After reviewing the post-World War II evolution of the international financial architecture, this paper presents a critical appraisal of current proposals for reform: limiting capital account convertibility, introducing an international lender of last resort, and reforming debt market institutions and instruments. These proposals do not quite examine whether the potential of triggering a contagious crisis is confined to a few countries. Instead of looking for an institutional frame work that in an abstract and universal sense minimizes the probability of a crisis, a more modest approach focusing on countries that could potentially trigger a crisis could have a much higher payoff. - Reproduced
Economic recession
Strengthening the international financial architecture - 1998 - p.1-17
After reviewing the post-World War II evolution of the international financial architecture, this paper presents a critical appraisal of current proposals for reform: limiting capital account convertibility, introducing an international lender of last resort, and reforming debt market institutions and instruments. These proposals do not quite examine whether the potential of triggering a contagious crisis is confined to a few countries. Instead of looking for an institutional frame work that in an abstract and universal sense minimizes the probability of a crisis, a more modest approach focusing on countries that could potentially trigger a crisis could have a much higher payoff. - Reproduced
Economic recession