Toward A New International Financial Architecture: A Practical Post-Asia Agenda

by Barry Eichengreen
February 1999
Book Description

The Asian financial crisis and the global economic turmoil that followed it have highlighted the need to avert financial crises and resolve them quickly if they do occur. This book addresses current concerns that existing institutional arrangements, including the Bretton Woods institutions, can no longer adequately cope with today's world of high capital mobility. It provides a critical assessment of competing proposals to better predict, forestall, and resolve international financial crises and outlines a practical and pragmatic agenda for reform. The recommendations are based on the belief that financial markets can malfunction, creating a compelling case for a financial safety net (and therefore a role for the IMF), but also creating problems of moral hazard that must be addressed.




1. Introduction 140.9KB

2. Summary of Recommendations 193.0KB

3. Standards for Crisis Prevention 228.3KB

4. Banks and Capital Flows 273.8KB

5. Banking in the Private Sector 237.9KB

6. What Won't Work 225.8KB

7. What the IMF Should Do (And What We Should Do About the IMF) 266.4KB

Appendix A-C 456.2KB



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Book Data

February 1999
ISBN paper 0-88132-270-9
216 pp.

Commentaries on This Book

"Skillful and comprehensive ... (the book) offers an especially lucid account of the Asian financial crisis."

Richard N. Cooper
Foreign Affairs

"The details of the straightforward approach (to reforming the international financial architecture) are laid out with admirable clarity ..."

Clive Crook
National Journal

"It offers a concise analysis of the main problems ailing today's international financial system and a host of modest, but useful, suggestions for reform."

The Economist

"This book is excellent, thorough, sensible, well-written, with a point of view ... (It) will become a standard reference in the subject."

John Lipsky
Chief Economist and Managing Director
The Chase Manhattan Bank

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