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Global Financial Architecture: Past and Present Arguments, Advice, Action

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  • Ashima Goyal

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Abstract

In the context of the formation of G-20, the paper points out the absence of reform in the global financial architecture (GFA) after the East Asian crisis, and assesses factors that can improve the chances of real reform this time. A factual assessment of various causes advanced for the global crisis, puts the main responsibility on lax regulation. The paper summarizes the Chimerica debate and the blocks that have stalled progress in resolving the issue. It argues that symmetric and balanced reform, at individual country and international level, is required to remove the blocks. [WP-2009-004].

Suggested Citation

  • Ashima Goyal, 2009. "Global Financial Architecture: Past and Present Arguments, Advice, Action," Working Papers id:2130, eSocialSciences.
  • Handle: RePEc:ess:wpaper:id:2130
    Note: Institutional Papers
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    File URL: http://www.esocialsciences.org/Download/repecDownload.aspx?fname=Document11572009390.9768488.pdf&fcategory=Articles&AId=2130&fref=repec
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    Cited by:

    1. Ashima Goyal, 2012. "The Future Of Financial Liberalization In South Asia," Asia-Pacific Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 19(1), pages 63-96, June.

    More about this item

    Keywords

    east Asian; regulation; emerging markets; markets; Global Financial architecture; Crisis; G-20; Imbalances; Over-saving;

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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