Reform proposals from developing Asia: finding a win-win strategy

Ashima Goyal

MPRA Paper from University Library of Munich, Germany

Abstract: Recipient countries and creditors have different perspectives on proposals for reform of the international financial architecture. The difference arises from varying perceptions of the causes of the East Asian crisis. Creditors emphasize inappropriate policies of borrowing countries, and inadequacies in financial sectors. Recipient countries point to evidence of incorrect monetary policy advice, of contagion and herd behavior. If reforms include items from both sets this would maximize future benefits from financial flows. Statements from Asian policy makers and academics indicate that these countries remain committed to globalization and financial reform and are willing to adopt policies from the first set. If the balance of global power allows creditors to escape policies from the second set, it will harm them in the long run. Greater understanding of these technical aspects, stronger Asian regional groups and coalitions with other reformist groups and academics increase the chances of a more balanced set of reforms.

Keywords: International financial architecture; East Asian crisis; creditor view; debtor view; balanced reform; crisis warning (search for similar items in EconPapers)
JEL-codes: F33 F36 F53 (search for similar items in EconPapers)
Date: 2002
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Citations: View citations in EconPapers (8)

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