Strengthening the International Financial Architecture

T. Srinivasan

Asian Development Review (ADR), 1998, vol. 16, issue 02, 1-17

Abstract: After reviewing the post-World War II evolution of the international financial architecture, this paper presents a critical appraisal of current proposals for reform: limiting capital account convertibility, introducing an international lender of last resort, and reforming debt market institutions and instruments. These proposals do not quite examine whether the potential of triggering a contagious crisis is confined to a few countries. Instead of looking for an institutional framework that in an abstract and universal sense minimizes the probability of a crisis, a more modest approach focusing on countries that could potentially trigger a crisis could have a much higher payoff.

Date: 1998
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DOI: 10.1142/S0116110598000062

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