Emerging Market Financial Crises and the Second Reform of the International Financial Architecture

The standards and codes (S&C) initiative was launched in the aftermath of the emerging market crises of the 1990s as part of efforts to strengthen the international financial architecture, with a focus on emerging markets. The initiative has aimed at promoting international standards and codes to improve economic and financial resilience by assisting countries in strengthening their economic institutions and informing World Bank and IMF work. The four previous reviews confirmed a fairly high appreciation of the overall initiative, while also raising questions about the initiative’s link to surveillance and capacity development efforts, weak uptake by market participants, as well as a need to improve traction with policy makers. This review reaffirms the country authorities’ appreciation for S&C work, and its focus and scope are guided by the February 2017 paper.

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Book Review: Sebastian Edwards and Moisés Naím (eds.), Mexico 1994: Anatomy of an Emerging Market Crash (Washington, DC: Carnegie Endowment for International Peace, 1997, 326 pp., $22.95 pbk.). Morris Goldstein (ed.), Safeguarding Prosperity in a Global Financial System: The Future International Financial Architecture (New York: Council on Foreign Relations, 1999, 148 pp., $7.00 pbk.). Stephany Griffith-Jones, Global Capital Flows: Should They Be Regulated? (Basingstoke: Macmillan, 1998, 206 pp., $65.00 hbk.). Carol Wise (ed.), The Post-NAFTA Political Economy: Mexico and the Western Hemisphere (University Park, PA: The Pennsylvania University Press, 1998, 382 pp., $65.00 hbk., $18.95 pbk.)

Millennium Journal of International Studies ◽

10.1177/03058298000290010418 ◽

2000 ◽

Vol 29 (1) ◽

pp. 204-209

Author(s):

Chuck Parker

Keyword(s):

New York ◽

Foreign Relations ◽

Emerging Market ◽

Western Hemisphere ◽

Washington Dc ◽

Financial Architecture ◽

Global Capital ◽

International Financial Architecture ◽

Global Financial System

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FALÊNCIA SOBERANA: UMA HERESIA DESDE DENTRO

Revista de Economia ◽

10.5380/re.v29i0.1998 ◽

2003 ◽

Vol 29 ◽

Author(s):

André Moreira Cunha

Keyword(s):

Financial Crises ◽

Sovereign Debt ◽

First Generation ◽

Debt Restructuring ◽

New Approach ◽

Financial Architecture ◽

International Financial Architecture ◽

De Se ◽

New Policies ◽

Intense Debate

A recorrência das crises financeiras, especialmente a partir da crise asiática de 1997-1998, determinou a emergência de um amplo debate e de um conjunto de ações políticas visando à reforma da arquitetura do sistema financeiro internacional. O presente artigo enfoca, dentro deste marco mais geral, a questão da falência soberana. A proposta lançada por Anne Krueger de se discutir a conformação de um arcabouço institucional capaz de ordenar os processos de reestruturação das dívidas de países potencialmente em crise sugere que as reformas de primeira geração já estão sendo consideradas insuficientes no núcleo duro do establishment oficial. Abstract The recurrence of financial crises, particularly after the Asian meltdown (1997-1998), determined the emergence of an intense debate and new policies concerning the international financial architecture. In this context, this paper discuss the recent Anne Kruegers approach to sovereign debt restructuring. We suggest that this new approach reveals that the first generation reforms seem to be already insufficient, even for the hardcore of the official establishment.

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