Abstract
Recent economic crises have affected different countries in the last decade. Crises shook not only countries that were directly affected but also other more developed countries. Part of the risk of crises derives from the considerable negative effects imposed on economies by the volatility and reversibility of short-term capital flow. International financial reforms should consider (1) regulation and supervision, (2) statistical standards, (3) the goods and services trade, (4) liquidity and lender of last resort, (5) unified action, (6) private-sector involvement, and (7) other contingency measures. The Venezuelan experience suggests some other domestic reforms, but reforming the international financial system, in the direction of globalization, has to be the principle goal of international organizations.
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© 2000 Springer Science+Business Media New York
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Casas-González, A. (2000). The New International Financial Architecture: Progress and Challenges. In: Savona, P. (eds) The New Architecture of the International Monetary System. Springer, Boston, MA. https://doi.org/10.1007/978-1-4757-6766-7_11
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DOI: https://doi.org/10.1007/978-1-4757-6766-7_11
Publisher Name: Springer, Boston, MA
Print ISBN: 978-1-4419-4984-4
Online ISBN: 978-1-4757-6766-7
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