International institutions for reducing global financial instability
Article Abstract:
It has become increasingly common to argue for reform of the international financial system. Many observers have proposed that an international institution should act as an international lender of last resort, but there are significant barriers to having an international lender of last resort with access to extensive resources. The alternative international financial systems being proposed generally focus too heavily on treating the symptoms of excessive reliance on debt finance and on bank intermediation by both lenders and borrowers.
Publication Name: Journal of Economic Perspectives
Subject: Economics
ISSN: 0895-3309
Year: 1999
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The global capital market: benefactor or menace?
Article Abstract:
It is clear that the global capital market brings both benefits and risks. However, it is possible to use conventional economic theory to address the global capital market. Encouraging economic integration will ensure that maximum net benefits are derived from the global capital market. Negative aspects of the global capital market must be tackled close at, or near, their sources. There are significant benefits to be derived from global financial integration, which probably cannot be stopped in any case.
Publication Name: Journal of Economic Perspectives
Subject: Economics
ISSN: 0895-3309
Year: 1998
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The mirage of fixed exchange rates
Article Abstract:
The viability of fixed rates in the capital market is being debated upon. The volatility of currencies during the floating-rate era after the collapse of the fixed exchange rates during the 1970s was not anticipated. Efforts to peg exchange rates have been disastrous. It is proposed that monetary authorities should concentrate on restraining domestic inflation and use the exchange rate as an indicator rather than the main target of monetary policy.
Publication Name: Journal of Economic Perspectives
Subject: Economics
ISSN: 0895-3309
Year: 1995
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