The New International Financial Architecture: Do the Multilateral Financial Institutions Need Remodeling or Rebuilding?

Graham Bird and Joseph Joyce

Working Papers from Wellesley College - Department of Economics

Abstract: The multilateral financial institutions have been reformed in a largely ad hoc incremental way. Discussion of a new international financial architecture provides an opportunity to reassess their roles. Although private capital markets mobiliza huge amounts of finance globally, they also display aspects of market failure. Aware of the fact the governments also fail and that large bureaucracies are open to a public choice critique, these failures help delineate a role for the multilaterals.

Keywords: FINANCIAL INSTITUTIONS; BUSINESS ORGANIZATION; INDUSTRY (search for similar items in EconPapers)
JEL-codes: D20 G20 L10 (search for similar items in EconPapers)
Pages: 29 pages
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:fth:wecoec:99-09

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