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Getting it Right: What to Reform in International Financial Markets

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  • Eduardo Fernández-Arias
  • Ricardo Hausmann

Abstract

This paper provides an overview and assessment of reform initiatives, both those currently on the table and those that are not but should be. The intent is to clarify the logic behind these proposals and assess them from a Latin American perspective. For each core initiative examined in this paper, whether currently on the table or proposed for consideration, the authors first identify which of the main distortions, identified in the companion paper, it addresses. The overall conclusion is that the current approach to reforming the international financial architecture is not appropriate for the task and a paradigm shift is required. This paper was presented at the Tenth International Forum on Latin American Perspectives in Paris, November 25-26, 1999.

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Bibliographic Info

Paper provided by Inter-American Development Bank in its series IDB Publications with number 67438.

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Date of creation: Aug 2000
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Handle: RePEc:idb:brikps:67438

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Keywords: Private Sector; Financial management; Financial Markets; capital market; international finance; financial support;

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References

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  1. Robert Litan & William Isaac & William Taylor, 1994. "Financial Regulation," NBER Chapters, in: American Economic Policy in the 1980s, pages 519-572 National Bureau of Economic Research, Inc.
  2. Bulow, J. & Rogoff, K., 1988. "Sovereign Debt: Is To Forgive To Forget?," Papers, Stockholm - International Economic Studies 411, Stockholm - International Economic Studies.
  3. Fischer, S. & Cooper, R.N. & Dornbusch, R. & Garber, P.M. & Massad, C. & Polak, J.J. & Rodrik, D. & Tarapore, S.S., 1998. "Should the IMF Pursue Capital-Account Convertibility?," Princeton Essays in International Economics, International Economics Section, Departement of Economics Princeton University, 207, International Economics Section, Departement of Economics Princeton University,.
  4. Stanley Fischer, 1999. "On the Need for an International Lender of Last Resort," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 13(4), pages 85-104, Fall.
  5. Raffer, Kunibert, 1990. "Applying chapter 9 insolvency to international debts: An economically efficient solution with a human face," World Development, Elsevier, Elsevier, vol. 18(2), pages 301-311, February.
  6. Buiter, Willem H & Sibert, Anne, 1999. "UDROP: A Small Contribution to the New International Financial Architecture," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2138, C.E.P.R. Discussion Papers.
  7. Kenneth Rogoff, 1999. "International Institutions for Reducing Global Financial Instability," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 13(4), pages 21-42, Fall.
  8. Eduardo Fernández-Arias & Ricardo Hausmann, 1999. "International Initiatives to Bring Stability to Financial Integration," IDB Publications 6454, Inter-American Development Bank.
  9. Buiter, Willem H & Sibert, Anne C, 1999. "UDROP: A Contribution to the New International Financial Architecture," International Finance, Wiley Blackwell, Wiley Blackwell, vol. 2(2), pages 227-47, July.
  10. repec:fth:inadeb:402 is not listed on IDEAS
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Cited by:
  1. John C. Anyanwu, 2012. "Why Does Foreign Direct Investment Go Where It Goes?: New Evidence From African Countries," Annals of Economics and Finance, Society for AEF, vol. 13(2), pages 425-462, November.
  2. Nunnenkamp, Peter, 2000. "Boom, bust, recovery - what next in private capital flows to emerging markets?," Kiel Discussion Papers 362, Kiel Institute for the World Economy (IfW).
  3. Diehl, Markus & Nunnenkamp, Peter, 2001. "Lehren aus der Asienkrise : wirtschaftspolitische Reaktionen und fortbestehende Reformdefizite," Kiel Discussion Papers 373, Kiel Institute for the World Economy (IfW).

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