Recent Trends and Debates on the International Financial System - Docs File
1. Introduction
The East Asian crisis has triggered a massive literature – both theoretical and empirical -- on the need for a new international financial architecture. A paper by Akyuz (2000) listed the elements of the required changes in the international financial system: a) improved standards and transparency; b) sound financial regulation and supervision; c) more flexible exchange rate regimes; d) improved surveillance of national policies; e) management and regulation of the capital account; f) provision of international liquidity without eroding confidence; g) orderly debt workouts during liquidity and insolvency crises.
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