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Reforming the international financial architecture: What globalization critics demand and what policymakers have (not) achieved

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  • Nunnenkamp, Peter

    ()
    (Kiel Institute for World Economics)

Abstract

Various financial crises have eroded confidence in the wellfunctioning of international capital markets. Against this backdrop, this article discusses the demand of globalization critics to radically remodel the international financial architecture and assesses recent changes in the regulatory framework. We conclude that some radical proposals have been rejected for good economic reasons. However, market failure in global financial intermediation requires regulatory reforms going beyond what policymakers have agreed upon so far. In important respects, the reform process appears to be stalled, mainly because of conflicting interests of major political players.

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Bibliographic Info

Article provided by Capco Institute in its journal Journal of Financial Transformation.

Volume (Year): 9 (2003)
Issue (Month): ()
Pages: 39-46

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Handle: RePEc:ris:jofitr:1329

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Keywords: International capital markets; Regulatory framework;

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  1. Nunnenkamp, Peter, 2002. "IWF und Weltbank: trotz aller Mängel weiterhin gebraucht?," Kiel Discussion Papers 388, Kiel Institute for the World Economy (IfW).
  2. Stephany Griffith-Jones & Stephen Spratt, 2003. "Basel II and Developing Countries: Diversification and Portfolio Effects," FMG Discussion Papers dp437, Financial Markets Group.
  3. Raffer, Kunibert, 1998. "The tobin tax: Reviving a discussion," World Development, Elsevier, vol. 26(3), pages 529-538, March.
  4. John Williamson, 2000. "The Role of the IMF: A Guide to the Reports," Policy Briefs PB00-5, Peterson Institute for International Economics.
  5. Stanley Fischer, 2001. "Exchange Rate Regimes: Is the Bipolar View Correct?," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 3-24, Spring.
  6. Stephany Griffith-Jones & Miguel Angel Segoviano & Stephen Spratt, 2003. "Basel II and developing countries: diversification and portfolio effects," LSE Research Online Documents on Economics 24824, London School of Economics and Political Science, LSE Library.
  7. Peter Nunnenkamp, 2001. "Umbaupläne und Reparaturarbeiten an der internationalen Finanzarchitektur: Eine Zwischenbilanz aus deutscher Perspektive," Kiel Working Papers 1078, Kiel Institute for the World Economy.
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