The Institutional Weaknesses in the International Financial System

21 Pages Posted: 27 Mar 2007

See all articles by Ross P. Buckley

Ross P. Buckley

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

Date Written: March 19, 2007

Abstract

Since 1997 a massive amount of effort has gone into improving the international financial architecture. However, at a level more fundamental than that at which the reformers have worked, the architecture is deeply flawed. The international system has no sovereign bankruptcy regime, no financial regulator, and no lender of last resort. Yet these institutions are widely considered essential for the stability of all national financial systems. This article analyses the effect of these fundamental systemic flaws, and what, if anything, can be done about them.

Keywords: sovereign bankruptcy regime, global lender of last resort, global financial regulator

Suggested Citation

Buckley, Ross P., The Institutional Weaknesses in the International Financial System (March 19, 2007). UNSW Law Research Paper No. 2007-14. Available at SSRN: https://ssrn.com/abstract=975015 or http://dx.doi.org/10.2139/ssrn.975015

Ross P. Buckley (Contact Author)

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

Sydney, New South Wales 2052
Australia

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