International Financial Institutions: Architecture, Flaws, and Legitimacy
Chapter
Abstract
International financial institutions need to be adjusted to the needs and challenges of the twenty-first century. Today’s economy differs significantly from the world status of economy of the 1940s, which led to the creation of the Bretton Woods System and most of the existing international financial institutions. The globalization of financial markets, the debt crisis, cross-border flows of capital, and the rise of new economic powers have weakened the current system.
Keywords
Monetary Policy Central Bank International Monetary Fund Current Account Deficit International Financial Institution
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Notes
- 1.Andrés Solimano (1999) Can Reforming Global Institutions Help Developing Countries Share in the Benefits from Globalization? (Washington, DC: The World Bank Paper).CrossRefGoogle Scholar
- 3.Jose Antonio Ocampo (2005) “The Democratic Deficit of International Arrangements,” in Protecting the Poor: Global Financial Institutions and the Vulnerability of Low-Income Countries, pp. 117–118.Google Scholar
- 5.Benjamin J. Cohen (2008) “Bretton Woods System,” in Routledge Encyclopedia of International Political Economy.Google Scholar
- 6.Niall Fergusson (2008) The Ascent of Money: A Financial History of the World (New York: Penguin), p. 305.Google Scholar
- 7.Kenneth A. Reinert (2012) An Introduction to International Economics: New Perspectives on the World Economy ( New York: Cambridge University Press ), Chapter 17.Google Scholar
- 8.Cheol S. Eun and Bruce G. Resnick (2007) International Financial Management, 4th ed. ( Boston: McGraw-Hill ), p. 30.Google Scholar
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© Felix I. Lessambo 2015