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The New International Financial Architecture: Do the Multilateral Financial Institutions Need Remodeling or Rebuilding?

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Listed:
  • Bird, G.
  • Joyce, J.P.

Abstract

The multilateral financial institutions have been reformed in a largely ad hoc incremental way. Discussion of a new international financial architecture provides an opportunity to reassess their roles. Although private capital markets mobiliza huge amounts of finance globally, they also display aspects of market failure. Aware of the fact the governments also fail and that large bureaucracies are open to a public choice critique, these failures help delineate a role for the multilaterals.

Suggested Citation

  • Bird, G. & Joyce, J.P., 1999. "The New International Financial Architecture: Do the Multilateral Financial Institutions Need Remodeling or Rebuilding?," Papers 99-09, Wellesley College - Department of Economics.
  • Handle: RePEc:fth:wecoec:99-09
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    More about this item

    Keywords

    FINANCIAL INSTITUTIONS ; BUSINESS ORGANIZATION ; INDUSTRY;

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • D20 - Microeconomics - - Production and Organizations - - - General
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General

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