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The New International Financial Architecture: Reconstruction, Renovation, or Minor Repair?

Peter Kenen

International Journal of Finance & Economics, 2000, vol. 5, issue 1, 1-14

Abstract: The Finance Ministers of the G-7 countries appear to believe that they have completed their work on the new architecture of the international financial system. However, key issues have not been resolved. The official community must still decide if and when debt restructuring should replace large-scale official financing. It must still decide how to offset the effects of the asymmetry between the large size of global capital markets and the small financial sectors of emerging-market countries. It must still devise strong incentives for emerging-market countries to adopt the codes, reforms, and policies endorsed by the architecture exercise. It has not given serious, critical attention to the quality of International Monetary Fund (IMF) conditionality and the basic dilemma posed by open capital markets: must the restoration of investor confidence take priority over domestic stabilization and the mitigation of economic hardship in a crisis-stricken country? Copyright @ 2000 by John Wiley & Sons, Ltd. All rights reserved.

Date: 2000
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