This book presents the main papers and principal discussion points of a conference held in June 2000, organised jointly by the Commonwealth Secretariat, the World Bank and the IMF. The key aim was to provide policy-makers from developing countries with a forum in which to express their views on a new design of international financial architecture more appropriate to the needs of the twenty-first century. Two related themes were the examination of the critical role of the IMF and the World Bank in promoting growth and development and whether international standards and regulatory bodies operate in such a way that they help rather than hinder the development of the financial system. This book looks at how these and other issues relating to the global financial system impact on the developing world.
Introduction by Stephany Griffiths-Jones, Commonwealth Secretariat, and Amar Bhattacharya, Senior Advisor, Poverty Reduction and Economic Management Network, World Bank
Part 1. Report of the Conference
Developing Countries and the Global Financial System by Stephany Griffiths-Jones and Amar Bhattacharya
Introduction
Overview
International Standards and Domestic Regulation
International Regulatory Challenges
Private Sector Involvement in Crisis Resolution
The Role of the IFIs in the New Financial Architecture
Issues of Global Governance
Capital Account Liberation and its Critique
Conclusions
Part 2. Papers Presented at the Conference
New International Standards for Financial Stability: Desirable Regulatory Reform of a Runaway Juggernaut? by Shankar Acharya
Speaking Notes on: International Standards and Domestic Regulation by Alastair Clark, Executive Director, Bank of England
The Disturbing Interaction between the Madness of Crowds and the Risk Management of Banks by Avinash Persaud
International Transparency and Regulatory Challenges by Stephany Griffiths-Jones and Amar Bhattacharya
Crises and Global Financial Consolidation: Lessons International Regulation? by Philip Turner, Director, Emerging Markets, Bank for International Settlements
The Future of the IMF and the World Bank by Montek S. Ahluwalia, Member, Planning Commission, India
The Role of the IMF: A Guide to the Reports by John Williamson, Senior Fellow, Institute for International Economics
Future Role of the IMF: A Developing Country Point of View by Aziz Ali Mohammed, Adviser, G-24The World Bank in a 'Globalising' World by Shahid Javed Burki, Chief Executive Officer, EMP-Financial Advisors, Washington, DC
Systemic Reform at a Standstill: A Flock of 'Gs' in Search of Global Financial Stability by Roy Culpeper, President, The North-South Institute
