Strengthening the international financial architecture
By: Srinivasan, T.N.
Material type:
ArticlePublisher: 1998Description: p.1-17.Subject(s): Economic recession
In:
Asian Development ReviewSummary: 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
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Articles
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Indian Institute of Public Administration | Volume no: 16, Issue no: 2 | Available | AR45206 |
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
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