The pursuit of reform : global finance and the developing countries : [proceedings of the Conference on the functioning of the international monetary system and financing of development, held at the Netherlands Ministry of Foreign Affairs in The Hague on

Cover ......Page 2 Authors ......Page 4 Contents......Page 5 Abbreviations......Page 6 Preface by Jan Joost T eunissen......Page 7 Systems in Disarray: Opening Address by Jan P. Pronk......Page 9 Introduction......Page 19 I. The Changing Economic Environment ......Page 21 II. Implications for the Monetary System ......Page 32 III Consludions ......Page 36 Statistical Appendix ......Page 38 Comment on Kenen by Percy s. Mistry......Page 42 Comment on Kenen by Gerald K. Helleiner......Page 48 The exchange rate system......Page 52 Adjustment process and the role of the Fund......Page 53 Intemational liquidity......Page 54 A too timid agenda of reform?......Page 58 Kenen's proposals......Page 61 Kenen's reply ......Page 62 I. Recent Trends in Private Financial Markets and Inflows to Developing Countries......Page 64 II. Structural Changes in Global Private Financial Markets......Page 68 III. Increases and Changes in the Nature of Risks ......Page 75 IV. Existing Supervision and Regulation; Some Limitations......Page 82 V. Conclusions and Policy Recommendations......Page 88 Annex 1......Page 93 Main findings......Page 97 Some general comments......Page 98 Developing country issues ......Page 100 Concluding remarks......Page 101 Regulation and supervision in global financial markets......Page 102 Implications of global financial markets for LDCs......Page 103 The Tobin Tax......Page 105 Better regulation and coordination......Page 106 Reply by Griffith-Jones......Page 109 I. The Bases of the Initial Debt Strategy......Page 110 II. Explaining the Brady Plan......Page 114 III. Implications for Eastern Europe ......Page 119 IV. Conclusion ......Page 125 References......Page 126 Comment on John WtlIiamson by Richard Portes......Page 127 References......Page 136 Comment on John Williamson by Mario Sarcinelli......Page 128 Lessons from the 1980s debt crisis......Page 137 The debt problem......Page 139 Williamson's reply......Page 141 I. The Implications for Developing Countries......Page 143 II. What Role for Bet'ter Management?......Page 154 III. Other Areas for Potential Cooperation......Page 162 References......Page 164 Comment on Richard Cooper by Niels Thygesen......Page 167 Comment on Richard Cooper by Kumiharu Shigehara......Page 171 Success or failure of G-7 coordination?......Page 177 Looking to the future......Page 178 Cooper's reply......Page 179 Introduction......Page 181 Developing countries......Page 182 Eastern Europe and the former Soviet Union......Page 184 International monetary coordination......Page 185 Conclusion......Page 186 Appendix......Page 188