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.
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.
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
"Proposed Policy Solutions to the Crisis, the IMF Role and the Debate
on Its Refunding"is one of several areas with articles and papers.
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.)
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)