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Global Financial Reform - Where Do Things Stand?


  • Anthony Elson


This article provides an assessment of the progress that has been made since the outbreak of the global financial crisis in 2008 in official efforts to strengthen the international financial architecture with a view to minimising the risks and severity of future crises. These efforts, which have been spearheaded by the G20, have focused on the following four areas where the current arrangements for global financial governance need to operate more effectively: (1) international policy coordination to improve the international adjustment mechanism; (2) an international lender of last resort mechanism for countries confronting liquidity constraints or adverse spillover effects from global financial shocks; (3) the oversight of global financial stability; and (4) the coordination of international financial regulation. The progress to date in improving these four areas or functions of the international financial architecture has been very uneven. In addition, further reform is needed in strengthening the institutional underpinnings of the international financial architecture itself.

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  • Anthony Elson, 2012. "Global Financial Reform - Where Do Things Stand?," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 13(2), pages 155-170, April.
  • Handle: RePEc:wej:wldecn:522

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    References listed on IDEAS

    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2010. "Growth in a Time of Debt," American Economic Review, American Economic Association, vol. 100(2), pages 573-578, May.
    2. Jamal Ibrahim Haidar, 2009. "The mark-to-market valuation and executive pay package regulations within the 2009 US (Bailout) Emergency Economic Stabilization Act," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 12(3), pages 189-199.
    3. World Bank, 2010. "Global Economic Prospects 2010 : Crisis, Finance, and Growth," World Bank Publications, The World Bank, number 2415.
    4. Haidar, Jamal Ibrahim, 2012. "Currency crisis transmission through international trade," Economic Modelling, Elsevier, vol. 29(2), pages 151-157.
    5. Haidar, Jamal Ibrahim, 2009. "Investor protections and economic growth," Economics Letters, Elsevier, vol. 103(1), pages 1-4, April.
    6. Brian Sturgess, 2010. "Greek Economic Statistics: A Decade of Deceit," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 11(2), pages 67-100, April.
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