Strengthening the International Financial Architecture
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 a...
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
World Scientific Publishing
1998-01-01
|
| Series: | Asian Development Review |
| Online Access: | https://www.worldscientific.com/doi/10.1142/S0116110598000062 |
| _version_ | 1797793934719582208 |
|---|---|
| author | T.N. Srinivasan |
| author_facet | T.N. Srinivasan |
| author_sort | T.N. Srinivasan |
| collection | DOAJ |
| description | 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 framework 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. |
| first_indexed | 2024-03-13T02:55:28Z |
| format | Article |
| id | doaj.art-57a396df82ca4ed1b59aaae28e88ff3e |
| institution | Directory Open Access Journal |
| issn | 0116-1105 1996-7241 |
| language | English |
| last_indexed | 2024-03-13T02:55:28Z |
| publishDate | 1998-01-01 |
| publisher | World Scientific Publishing |
| record_format | Article |
| series | Asian Development Review |
| spelling | doaj.art-57a396df82ca4ed1b59aaae28e88ff3e2023-06-28T06:16:42ZengWorld Scientific PublishingAsian Development Review0116-11051996-72411998-01-01160211710.1142/S0116110598000062Strengthening the International Financial ArchitectureT.N. SrinivasanAfter 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 framework 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.https://www.worldscientific.com/doi/10.1142/S0116110598000062 |
| spellingShingle | T.N. Srinivasan Strengthening the International Financial Architecture Asian Development Review |
| title | Strengthening the International Financial Architecture |
| title_full | Strengthening the International Financial Architecture |
| title_fullStr | Strengthening the International Financial Architecture |
| title_full_unstemmed | Strengthening the International Financial Architecture |
| title_short | Strengthening the International Financial Architecture |
| title_sort | strengthening the international financial architecture |
| url | https://www.worldscientific.com/doi/10.1142/S0116110598000062 |
| work_keys_str_mv | AT tnsrinivasan strengtheningtheinternationalfinancialarchitecture |