The current institutional framework for economic co-operation was designed in the 1940s, in the context of war, to promote the peaceful coexistence of nations. Many of the institutions, such as the International Monetary Fund and the International Bank for Reconstruction and Development, have served the international community well over the years.
However, changes in the quantity and quality of capital flows, and, in particular, criticism of the manner in which these institutions handled the East Asian and Russian financial crises, have triggered a debate about the need for reform of the international financial and monetary system.
This work offers an incisive and comprehensive legal overview of various aspects of the reform debate, analysing the proposed parameters of the new financial architecture, the legal infrastructure in emerging economies, and the challenges that the international institutions face in the 21st century. The three main parts of the book focus on the reform of the international institutional framework, the prevention and resolution of liquidity crises, and the approaches taken by European Union institutions.
The Reform of the International Financial Architecture brings together a distinguished panel of experts from practice and academia and is essential reading for academics, policy-makers, and practitioners in the financial world. This volume is one of a number of works containing the results of a global series of high-level conferences held in 1999, on the topic of `Financial Crises and the New International Financial Architecture.'
Editor's Note, List of Contributors, Foreword by John H. Jackson,
Preface by William Peter Cooke PART I INTRODUCTION 1. Pondering
the Parameters of the 'New International Financial Architecture': A Legal
Perspective Joseph J. Norton 2. The Legal Architecture of
Emerging Markets Jeswald W. Salacuse 3. The Bretton Woods
Institutions in the XXIst Century Rosa M. Lastra PART II THE
INTERNATIONAL INSTITUTIONAL FRAMEWORK 4. The Reform of the International
Monetary Fund (Conditionality and Surveillance) François Gianvitim
5. An International Financial Regulator? Huw Evans 6. A New
International Architecture and the Financial Stability Forum George Walker
7. Regulatory Aspects: Globalisation, Harmonisation, Legal Transplants and
Law Reform-Preliminary Remarks Loukas A. Mistelis 8. Stock
Markets and the Globalization of Retirement Savings-Implications of
Privatization of Government Pensions for Securities Regulators Roberta S.
Karmel PART III LIQUIDITY CRISES: PUBLIC AND PRIVATE SECTOR INVOLVEMENT
9. Liquidity Crises Thomas C. Baxter, Jr. and Joseph H. Sommer
10. A Lawyer's Perspective on the New Financial Architecture Lee C.
Buchheit 11. Promoting Stability in International
Finance-Legislative and Regulatory Reform of Payment and Settlement Systems
Benjamin Geva 12. Ten Years of Economic Reforms in Russia: Windows
in a Wall Christine Lang and Shlomo Weber PART IV REGIONAL RESPONSES
13. European Financial Regulation Paolo Clarotti 14. The
ESCB and its Role in Banking Supervision Antonio Sdinz de Vicuna 15.
Implementation of International Standards: The EBRD's Approach to
Strengthening Good Corporate Governance Norbert Seiler Selected Bibliography,