The international financial architecture after the Asian crisis: learning from Las Vegas?
✍ Scribed by Nicholas Snowden
- Publisher
- John Wiley and Sons
- Year
- 1999
- Tongue
- English
- Weight
- 123 KB
- Volume
- 11
- Category
- Article
- ISSN
- 0954-1748
No coin nor oath required. For personal study only.
✦ Synopsis
Recent attempts to diagnose the causes of the Asian ®nancial crisis are examined in this paper. The view, supported in the IMF and other in¯uential sources, that it was the outcome of a market response to policy de®ciencies is subject to critical scrutiny. It is argued that the discussion of a new international ®nancial architecture must recognize that ®nancial markets have the potential to generate serious economic disruption without the aid of policy incoherence. An implication is that temporary control over short-term capital movements may be a useful adjunct to a ¯exible exchange rate regime for capital importing countries.