International Initiatives to Bring Stability to Financial Integration
Inter-American Development Bank, Research Department Working Paper No. 402
23 Pages Posted: 11 Dec 2000
There are 3 versions of this paper
International Initiatives to Bring Stability to Financial Integration
International Initiatives to Bring Stability to Financial Integration
International Initiatives to Bring Stability to Financial Integration
Date Written: March 1999
Abstract
This paper discusses a variety of proposals intended to reform global financial architecture and reduce vulnerability. The authors examine Theories of Too Much, which associate volatility with moral hazard and excessive lending, and Theories of Too Little, which alternatively assert that capital flows are inhibited by insufficient institutional frameworks in debtor nations. Later section survey proposed preventive or rescue measures such as currency reforms, international lending arrangements of last resort, and the establishment of an international bankruptcy court.
Keywords: financial architecture, financial turmoil, exchange rates, IMF, lender of last resort, moral hazard, capital flows
JEL Classification: F3
Suggested Citation: Suggested Citation
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