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the crash solutions & prescriptions

Architecture Scorecard

by Barry Eichengreen, Institute for International Economics

A good short tally of ideas/proposals by nations, private individuals and international groups for strengthening the international financial system. Must Financial Crises Be This Frequent and This Painful?

A talk by Joseph Stiglitz, Senior Vice President and Chief Economist, The World Bank, in which he outlines why the frequency and severity of economic crises is intolerable and argues the "economic rationale" for taking action and charting new policies to help avoid future crises. What Caused Asia's Economic and Currency Crisis and Its Global Contagion?

Collected here are many articles examining the issues surrounding the '97-'98 financial crisis that consumed Asia, Russia and Brazil. Nouriel Roubini, the site's author, is a professor of economics at New York University and currently Senior Economist on the White House Council of Economic Advisers. The section called "Proposed Policy Solutions to the Crisis, the IMF Role and the Debate on Its Refunding"is one of several areas with articles and papers. International Capital Markets and the Future of Economic Policy:  A Proposal for the Creation of a World Financial Authority

by John Eatwell and Lance Taylor

This is one of several working papers on the international financial system from The Center for Economic Policy Analysis, an economics research center at the New School for Social Research. (To access, go to "Working Papers;" then to Series III, number 9.) FINANCIAL MARKETS CENTER

This independent, non-profit group provides research and education resources on the Federal Reserve System and financial markets.

In the TOPICS section, "Financial Markets" offers articles examining the need for revamping financial regulations and the global finance architecture including, "Goodbye Washington Consensus, Hello Main Street" and "There is an Alternative." FMC's newsletter "FOMC Alerts," found in the PUBLICATIONS section, has more articles on the global contagion. (To view, one needs Adobe Acrobat reader.) Articles here include: "Turning the Corner" by William Greider in the May 1999 issue; "Reforming the Privatized International Monetary System" (December 1998); "Financial Problems of a Large Hedge Fund" (December 1998, subject: Long Term Capital Management hedge fund); "The Butterfly Effect" (June 30-July 1, 1998) (subject: global currency instability); "This is an Efficient Market?" (March 1999); "Private Sector Debt Grows, US Exposure to External Market Conditions Increases" (March 1999)

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