International Institutions for Reducing Global Financial Instability
NBER Working Paper No. 7265
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: Journal of Economic Perspectives, Vol. 13, no. 4 (Fall 1999): 21-42.