NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Financial Crises and Reform of the International Financial System

Stanley Fischer

NBER Working Paper No. 9297
Issued in October 2002
NBER Program(s):   EFG   IFM   ME

Between December 1994 and March 1999, Mexico, Thailand, Indonesia, Korea, Malaysia, Russia and Brazil experienced major financial crises which were associated with massive recessions and extreme movements of exchange rates. Similar crises have threatened Turkey and Argentina (2000 and 2001) and most recently Brazil (again). This article discusses the reform of the international financial system with a focus on the role of the IMF - reforms directed at crisis prevention, and those intended to improve the responses to crises. The article concludes with an appraisal of what has been achieved, and what remains to be done to make the international financial system safer.

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Document Object Identifier (DOI): 10.3386/w9297

Published:

  • Stanley Fischer, 2003. "Financial crises and reform of the international financial system," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 139(1), pages 1-37, March. ,
  • Gray, H. Peter and John R. Dilyard (eds.) Globalization and Economic and Financial Instability The Globalization of the World Economy series, vol. 16. An Elgar Reference Collection. Cheltenham, U.K. and Northampton, MA: Elgar, 2005.

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