Articlegreen2002

Financial Crises and Reform of the International Financial System

109 citations0/0 files storedReview of World Economics

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Global Financial Crisis and Policies Economic, financial, and policy analysis Global Financial Regulation and Crises

Abstract

Between December 1994 and March 1999, Mexico, Thailand, Indonesia, Korea, Malaysia, Russia and Brazil experienced major financial crises, which were associated with massive recessions and extreme movements of exchange rates. Similar crises have threatened Turkey and Argentina (2000 and 2001) and most recently Brazil (again). This article discusses the reform of the international financial system with a focus on the role of the IMF—reforms directed at crisis prevention, and those intended to improve the responses to crises. The article concludes with an appraisal of what has been achieved, and what remains to be done to make the international financial system safer. JEL no. E5, E6, F3, F4, G1

Citations in this library

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References

2018What Washington Means by Policy Reform 2001Distinguished Lecture on Economics in Government—Exchange Rate Regimes: Is the Bipolar View Correct?1997Identifying monetary policy in a small open economy under flexible exchange rates 1998The Capital Myth: The Difference between Trade in Widgets and Dollars 1999How Effective are Capital Controls?2000Assessing Financial Vulnerability: An Early Warning System for Emerging Markets 2003Capital Account Liberalization and the Role of the IMF 2000Capital Controls: Country Experiences with Their Use and Liberalization

Cited by

2007Capital controls, capital flow contractions, and macroeconomic vulnerability 2002On dollarization and currency boards: Error and deception 2017International Monetary Relations: Taking Finance Seriously 2003Capital Management Techniques in Developing Countries 2006Ineffective Controls on Capital Inflows Under Sophisticated Financial Markets: Brazil in the Nineties 2015The geographic distribution of international currencies and RMB internationalization

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