Governing Global Finance : The Evolution and Reform of the International Financial Architecture

This book deals with the recent problems arising from the growth of financial globalization (i.e., the growing integration of capital markets across national borders), as reflected in the current global financial crisis, and the need to improve what has come to be known as the international financial architecture. The international financial architecture refers to the institutional and other cooperative arrangements at the international level for safeguarding the effective functioning of the international monetary and financial system. This book attempts to provide both a review of how the international financial architecture has evolved since the end of the Second World War and an analysis of how defects in its current configuration contributed to the onset of the current global financial crisis. The book concludes with specific reform proposals for the international financial architecture Front Matter....Pages i-ix Introduction....Pages 1-8 Financial Globalization and the International Financial Architecture....Pages 9-26 The Evolution of the Global Financial Order....Pages 27-48 The Breakdown of the Bretton Woods System and First Reform of the International Financial Architecture....Pages 49-74 Emerging Market Financial Crises and the Second Reform of the International Financial Architecture....Pages 75-107 The Challenge for Developing Countries in a World of Financial Globalization....Pages 109-128 Financial Globalization and the Onset of the Global Financial Crisis of 2008–9....Pages 129-148 The Role of the International Financial Architecture in Crisis Prevention and Crisis Management....Pages 149-176 The Third Reform of the International Financial Architecture....Pages 177-206 Conclusion....Pages 207-216 Back Matter....Pages 217-278 "Governing Global Finance examines the evolution of financial globalization and the attempts that have been made at the international level to establish a system of global financial governance (i.e. the international financial architecture) to safeguard the functioning of the international financial system. It explains how the international financial architecture has come to take the form that it has, and why it was unable to prevent the recent global financial crisis. The book considers a number of reforms that have been proposed to minimize the risk of future financial crises, as well as others that need to be implemented."--EBL book details