New International Financial Architecture: Little Progress in Global Financial Reform

  • Little progress in global financial reform (M.Khor/TWN)
    In the aftermath of the Asian financial crisis, there was widespread concern about the international financial system and the need to prevent and manage the cataclysmic crises to which it is prone. Speaking at a recent UN regional meeting on Financing for Development, experts lamented the slow pace of global financial reform and the lack of attention accorded to developing-country concerns in the debate on the ‘new international financial architecture’.

  • Reform the IMF quota and decision-making system (M.Khor/TWN)
    A new international financial architecture must address the issue of adequate representation for developing countries in the key decision-making processes of the international financial institutions. The reform of the IMF and the World Bank to better reflect the interests of the countries of the South was one of the themes taken up by delegates and panelists at the UN regional meeting on Financing for Development in Jakarta.

  • Some proposals on international financial reform (M.Khor/TWN)
    Statement by Martin Khor, Director, Third World Network, presented at UN Asian Regional Meeting on Financing for Development, Jakarta, 3 August 2000.

  • The debate on the international financial architecture (Yilmaz Akyuz)
    In this brief survey of the state of reform of the international financial architecture, Dr Yilmaz Akyuz reveals that despite the general consensus after the East Asian crisis that a fundamental reform of the global financial system was imperative, little or no progress has since been made. It is clear that despite a proliferation of meetings and communiques, the industrial countries are not prepared to accommodate the concerns of developing countries on the issue of international financial reform.

  • Managing financial integration: Some policy options (Yilmaz Akyuz)
    In the face of the intransigence of the developed countries on the question of international financial reform, what are the policy options open to developing countries? In the second part of this talk on globalisation, Dr Yilmaz Akyuz suggests some possible courses of action for developing countries.

  • The financial crisis of Latin America and the new international financial architecture (H.Campodonico & M.Chiriboga)
    What began as an East Asian financial crisis in 1997 spilled over into Brazil in the following year and soon enveloped the whole Latin American continent. The social consequences of the resulting crisis were particularly severe especially in terms of employment and growth of poverty. Humberto Campodonico and Manuel Chiriboga contend that it is because of the fearful impact of such crises on developing countries that any discussion of the New International Financial Order must begin in this part of the world.