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Reforming the Global Financial Architecture

image of Reforming the Global Financial Architecture

A report prepared for the 1999 Commonwealth Finance Ministers Meeting, discussing the reform of international financial architecture. It argues that contemporary crises are very different from traditional balance of payments problems, and that developing countries are especially vulnerable. Six areas of discussion have been identified, some well known, others involving new initiatives. The report also identifies issues in the area of crisis resolution. It looks at the role of the Fund; incentives for the private sector; measures to deal with imprudent creditors and the design of adjustment programmes. It concludes by proposing a new governance structure.

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Introduction

The 1990s have seen a spate of currency and financial crises affecting emerging-market countries, the frequency and severity of which have raised serious doubts about the stability of financial markets facing these countries as they open their economies and integrate with the rest of the world. This in turn has sparked the search for a new financial architecture which would reduce the degree of instability in the system and improve its capacity to handle instability when it arises.

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