What Kind of International Financial Architecture for an Integrated World Economy?

Yung Chul Park and Yunjong Wang
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Yung Chul Park: Professor Department of Economics Korea University 1,5-ka, Anam-dong Sungbukku Seoul 136-701, Korea
Yunjong Wang: Senior Research Fellow Korea Institute for International Economic Policy C.P.O. Box 235 So-Cho Seoul 137-602, Korea

Asian Economic Papers, 2002, vol. 1, issue 1, 91-128

Abstract: As was the case in the Mexican crisis of 1994-95, the G-7 and international financial institutions appear to have lost their zeal to garner the support they need for reform. The ongoing debate on the future direction of international financial reform suggests that most of the problems are likely to remain unchanged. This pessimistic outlook arouses a deep concern in developing countries that they will remain vulnerable to future financial crises, even if they faithfully carry out the kinds of reform recommended by the IMF and the World Bank. Given this reality, developing countries may have to develop a national or regional defense mechanism of their own by instituting a system of capital controls, adopting an exchange rate system that lies somewhere between the two-corner solutions, or strengthening regional financial cooperation. Copyright (c) 2002 Center for International Development and the Massachusetts Institute of Technology.

Date: 2002
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