Global Financial Architecture and Financial and Regulatory Infrastructure

Dilip K. Das

Chapter 6 in The Economic Dimensions of Globalization, 2004, pp 172-199 from Palgrave Macmillan

Abstract: Abstract Some five years ago, Robert Rubin, the erstwhile US Treasury Secretary made a speech calling for measures to “strengthen the international financial architecture.” The metaphor he used was adopted by the academic and policy-making communities and has since survived in the academic writings on this issue as a part of accepted jargon. But it was inapt because global financial system was not quite an architect’s blueprint. If anything, it is an excellent example of what the Japanese call kaizen, meaning an incrementally evolving phenomenon, improving marginally but continuously, in stages, with time. Pressures from market participants and those from emerging market and Group of 7 (G-7) governments were responsible for this continual, marginal improvement in the global financial architecture.

Keywords: Exchange Rate; Financial Market; International Monetary Fund; Exchange Rate Regime; Flexible Exchange Rate (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-4039-3867-1_6

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DOI: 10.1057/9781403938671_6

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