Reform of the Global Financial System: A View from an Emerging Economy

Aly M. Negm
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Aly M. Negm: Cairo University

Chapter 17 in Financial Intermediation in the 21st Century, 2001, pp 158-160 from Palgrave Macmillan

Abstract: Abstract In the late 1990s the world economy faced one of its most extensive and harshest financial crises. This crisis stemmed from excessive credit expansion, financial sector weaknesses and other structural shortcomings, and was not entirely homegrown. What the global economy faced was a systemic problem, a crisis of the international financial system, a system that did not develop fast enough to satisfy the needs of all the participants: investors seeking new opportunities, emerging market economies seeking resources for investment, and governments seeking to ensure that markets were operating safely and efficiently.

Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-29412-7_17

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DOI: 10.1057/9780230294127_17

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