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

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  • Goyal, Ashima

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.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 30527.

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Date of creation: 2002
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Handle: RePEc:pra:mprapa:30527

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Keywords: International financial architecture; East Asian crisis; creditor view; debtor view; balanced reform; crisis warning;

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References

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Cited by:
  1. Ashima Goyal, 2010. "Regulatory structure for financial stability and development," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2010-002, Indira Gandhi Institute of Development Research, Mumbai, India.
  2. Goyal, Ashima, 2002. "Coordinating monetary and fiscal policies: a role for rules?," MPRA Paper 29200, University Library of Munich, Germany.
  3. Goyal, Ashima, 2006. "Macroeconomic policy and the exchange rate: working together?," MPRA Paper 27768, University Library of Munich, Germany.

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