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http://ssrn.com/abstract=1758470
 
 

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Redesigning the Architecture of the Global Financial System


Douglas W. Arner


University of Hong Kong - Faculty of Law

Ross P. Buckley


University of New South Wales (UNSW) - Faculty of Law

December 1, 2010

Melbourne Journal of International Law, Vol. 11, No. 2, 2010

Abstract:     
During the great period of globalisation before the First World War, the international economy was based on global trade and global finance with monetary policy largely fixed under the gold standard. After the Second World War, a new international system was designed based upon global trade, fixed exchange rates and essentially domestic finance. This system did not include global financial regulation as finance was to be largely nationally constrained. Over the succeeding decades, however, capital markets globalised. The consequences have been a return to a level of financial and monetary instability not seen since the period following the First World War. The most dramatic example of this instability is the global financial crisis of 2007-10. We argue in this article that there is a fundamental need to redesign the architecture of today’s global financial system to meet the requirements of this new reality, with established mechanisms to address economic coordination, macroeconomic and monetary management, development, and financial crisis prevention and resolution, as well as promote trade.

Number of Pages in PDF File: 56

Keywords: Financial crisis, International Monetary Fund, Bretton Woods, financial transactions tax

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Date posted: February 9, 2011 ; Last revised: August 5, 2011

Suggested Citation

Arner, Douglas W. and Buckley, Ross P., Redesigning the Architecture of the Global Financial System (December 1, 2010). Melbourne Journal of International Law, Vol. 11, No. 2, 2010. Available at SSRN: http://ssrn.com/abstract=1758470

Contact Information

Douglas W. Arner (Contact Author)
University of Hong Kong - Faculty of Law ( email )
Pokfulam Road
Hong Kong, Hong Kong
China
HOME PAGE: http://hub.hku.hk/rp/rp01237

Ross P. Buckley
University of New South Wales (UNSW) - Faculty of Law ( email )
Kensington, New South Wales 2052
Australia
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