Published online by Cambridge University Press: 02 December 2010
Radical reforms of the international financial architecture were urgently discussed following the outbreak of currency and financial crises in East Asia and other emerging market economies in the late 1990s. By the time the Argentine and Turkish crises erupted in 2000–1, the broad contours of the post-Asian crisis global financial architecture were set. The reforms had been limited to a focus on technical deficiencies in the functioning of markets. The Introduction and several chapters in this volume argued that this pattern of governance reflected the preferences of an alliance of powerful transnational market players and the official national and multilateral agencies of financial and monetary governance based in advanced industrial countries, economies which had hitherto avoided most of the consequences of financial instability experienced by developing economies. A range of chapters also argued and presented evidence that the current financial architecture lacks effectiveness and suffers legitimacy problems on both the input and output sides of the equation, and that limited participation on the input side was related to ineffectual and illegitimate policy output.
The post-2001 period of relative calm ended with the outbreak of the sub-prime crisis in 2007. This serious crisis at the heart of the global financial system, occurring despite the reform of the financial architecture and beginning in the most robust financial systems, should stimulate urgent reflection on the nature of contemporary financial governance.
To save this book to your Kindle, first ensure email@example.com is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.
Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.
Find out more about the Kindle Personal Document Service.
To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.
To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.