TY  - JOUR
AU  - Fischer,Stanley
TI  - Financial Crises and Reform of the International Financial System
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 9297
PY  - 2002
Y2  - October 2002
UR  - http://www.nber.org/papers/w9297
L1  - http://www.nber.org/papers/w9297.pdf
N1  - Author contact info:
Stanley Fischer
Governor
Bank of Israel
One Kaplan Street
Jerusalem 91007
ISRAEL
Tel: 9722-655-2701
Fax: 9722-652-8419
E-Mail: sfischer@bankisrael.gov.il
AB  - 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.
ER  -