Financial Crises and Reform of the International Financial System

Stanley Fischer

No 9297, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Between December 1994 and March 1999, Mexico, Thailand, Indonesia, Korea, Malaysia, Russia and Brazil experienced major financial crises which were associated with massive recessions and extreme movements of exchange rates. Similar crises have threatened Turkey and Argentina (2000 and 2001) and most recently Brazil (again). This article discusses the reform of the international financial system with a focus on the role of the IMF - reforms directed at crisis prevention, and those intended to improve the responses to crises. The article concludes with an appraisal of what has been achieved, and what remains to be done to make the international financial system safer.

JEL-codes: E5 E6 (search for similar items in EconPapers)
Date: 2002-10
Note: EFG IFM ME
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (39)

Published as Stanley Fischer, 2003. "Financial crises and reform of the international financial system," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 139(1), pages 1-37, March.
Published as Gray, H. Peter and John R. Dilyard (eds.) Globalization and Economic and Financial Instability The Globalization of the World Economy series, vol. 16. An Elgar Reference Collection. Cheltenham, U.K. and Northampton, MA: Elgar, 2005.

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