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The Redesign of the International Financial Architecture from a Latin American Perspective: Who Pays the Bill?

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Author Info
Eduardo Fernández-Arias ()
Ricardo Hausmann

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Abstract

This paper considers ongoing and proposed reforms of the international financial system in light of Latin America`s recent experience. Most proposals are based on one of three diagnoses: excessive capital flows, insufficient capital flows, and excessively volatile capital flows. While theories of excessive capital flows lack empirical support, these views underlie both current and suggested reforms. A subsequent section evaluates proposals involving official financial support, private sector involvement, and financial standards and regulations. The paper supports measures to reduce contagion and liquidity crises, such as an international bankruptcy court, and attribute Latin American financial difficulties in part to "original sin", countries` inability to borrow long-term in their own currencies.

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Paper provided by Inter-American Development Bank, Research Department in its series RES Working Papers with number 4245.

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Date of creation: Dec 2000
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Handle: RePEc:idb:wpaper:4245

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  4. Roberto Chang & Andres Velasco, 1998. "The Asian Liquidity Crisis," NBER Working Papers 6796, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Buiter, Willem H & Sibert, Anne, 1999. "UDROP: A Small Contribution to the New International Financial Architecture," CEPR Discussion Papers 2138, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  6. Greenwald, Bruce & Stiglitz, Joseph E & Weiss, Andrew, 1984. "Informational Imperfections in the Capital Market and Macroeconomic Fluctuations," American Economic Review, American Economic Association, vol. 74(2), pages 194-99, May. [Downloadable!] (restricted)
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  7. Tullio Jappelli & Marco Pagano, 1999. "Information Sharing in Credit Markets: International Evidence," RES Working Papers 3069, Inter-American Development Bank, Research Department. [Downloadable!]
  8. Bulow, Jeremy & Rogoff, Kenneth, 1989. "Sovereign Debt: Is to Forgive to Forget?," American Economic Review, American Economic Association, vol. 79(1), pages 43-50, March. [Downloadable!] (restricted)
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  9. 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 207, International Economics Section, Departement of Economics Princeton University,.
  10. Dooley, Michael P, 2000. "A Model of Crises in Emerging Markets," Economic Journal, Royal Economic Society, vol. 110(460), pages 256-72, January. [Downloadable!] (restricted)
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