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Financial crises and reform of the international financial system

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  • Financial crises and reform of the international financial system
  • Fischer, Stanley
  • National Bureau of Economic Research


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Title Financial crises and reform of the international financial system
Similar Titles
Material Type Reports
Author(English)

Fischer, Stanley

Publisher

[Cambridge]:National Bureau of Economic Research

Date 2002-10
Series Title; No NBER Working Paper Series / 9297
Pages 52
Subject Country Brazil(Americas)
Mexico(Americas)
Indonesia(Asia and Pacific)
Malaysia(Asia and Pacific)
South Korea(Asia and Pacific)
Thailand(Asia and Pacific)
Russia(Europe)
Language English
File Type Link
Original Format pdf
Subject Economy < Financial Policy
Holding National Bureau of Economic Research

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.