Reforming the global financial system

Santa Cruz Department of Economics, Working Paper Series from Department of Economics, UC Santa Cruz

Abstract: The global financial market has been shaken throughout the nineties by a series of major financial crises. Attempts to stabilize the global system have led to large bailouts. This system cannot survive indefinitely. The willingness of taxpayers in the industrialized (OECD) countries to engage in continuing bailouts is approaching its limits. This paper has two goals. First, it briefly summarizes the evidence that financial crises may be induced by opening up developing countries to short-term capital inflows. Second, it appraises the various proposals made for mitigating the severity of financial crises.

Keywords: Global; Economics (search for similar items in EconPapers)
Date: 2003-04-09
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Citations: View citations in EconPapers (1)

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Working Paper: Reforming the global financial system (2003)
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