Reforming the international financial architecture: What globalization critics demand and what policymakers have (not) achieved
AbstractVarious 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 InfoArticle provided by Capco Institute in its journal Journal of Financial Transformation.
Volume (Year): 9 (2003)
Issue (Month): ()
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International capital markets; Regulatory framework;
Other versions of this item:
- Nunnenkamp, Peter, 2003. "Reforming the international financial architecture : what globalization critics demand and what policymakers have (not) achieved," Open Access Publications from Kiel Institute for the World Economy 3206, Kiel Institute for the World Economy (IfW).
- G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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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- Nunnenkamp, Peter, 2002. "IWF und Weltbank: trotz aller Mängel weiterhin gebraucht?," Kiel Discussion Papers 388, Kiel Institute for the World Economy (IfW).
- 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.
- Stephany Griffith-Jones & Stephen Spratt, 2003. "Basel II and Developing Countries: Diversification and Portfolio Effects," FMG Discussion Papers dp437, Financial Markets Group.
- 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.
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