Abstract

http://ssrn.com/abstract=238350
 
 

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Getting it Right: What to Reform in International Financial Markets


Ricardo Hausmann


Harvard University - Harvard Kennedy School (HKS)

Eduardo Fernandez-Arias


Inter-American Development Bank (IDB)

August 2000

IADB, Research Department Working Paper No. 428

Abstract:     
Our review of the main proposals on international financial architecture currently under consideration gives reasons for concern that excessive emphasis on improving stability by impeding capital flows will have a deleterious development impact. Sustainable development requires initiatives addressing the failures of international financial markets that make capital flows so small and volatile. Our analysis identifies a number of alternative initiatives and principles to get them right in connection with official support, private sector participation, and reforms to the institutional framework. However, the fact that some of these efficient reforms entail financial risks to supporting developed countries contributes to lack of consensus.

Number of Pages in PDF File: 26

Keywords: international financial architecture, burdensharing, financial rescue, crisis prevention

JEL Classification: F33, F34, F42

working papers series


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Date posted: August 8, 2000  

Suggested Citation

Hausmann, Ricardo and Fernandez-Arias, Eduardo, Getting it Right: What to Reform in International Financial Markets (August 2000). IADB, Research Department Working Paper No. 428. Available at SSRN: http://ssrn.com/abstract=238350 or http://dx.doi.org/10.2139/ssrn.238350

Contact Information

Ricardo Hausmann (Contact Author)
Harvard University - Harvard Kennedy School (HKS) ( email )
79 John F. Kennedy Street
Mailbox 34
Cambridge, MA 02138
United States
617-496-3740 (Phone)
617-496-8753 (Fax)
HOME PAGE: http://www.hks.harvard.edu/about/faculty-staff-directory/ricardo-hausmann
Eduardo Fernandez-Arias
Inter-American Development Bank (IDB) ( email )
1300 New York Avenue, NW
Research Department
Washington, DC 20577
United States
202-623-3783 (Phone)
202-623-2481 (Fax)

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