International Institutions for Reducing Global Financial Instability
This paper asks how recent developments in research on banking and sovereign lending can help inform the debate on choosing a new international financial architecture. A broad range of plans is considered, including a global lender of last resort facility, an international bankruptcy court, an international debt insurance corporation, and unilateral controls on capital flows.
Published Versions
Journal of Economic Perspectives, Vol. 13, no. 4 (Fall 1999): 21-42. citation courtesy of