The Pursuit of Reform: Global Finance and the Developing Countries

Cover\r......Page 2
Authors\r......Page 4
Contents......Page 5
Abbreviations......Page 6
Preface by Jan Joost T\reunissen......Page 7
Systems in Disarray: Opening Address by Jan P. Pronk......Page 9
Introduction......Page 19
I. The Changing Economic Environment\r......Page 21
II. Implications for the  Monetary System\r......Page 32
III Consludions\r......Page 36
Statistical Appendix\r......Page 38
Comment on \rKenen by Percy s. Mistry......Page 42
Comment on Kenen by \rGerald K. Helleiner......Page 48
The exchange rate system......Page 52
Adjustment process and the role of the Fund......Page 53
Intemational \rliquidity......Page 54
A too timid agenda of reform?......Page 58
Kenen\'s proposals......Page 61
Kenen\'s reply\r......Page 62
I. Recent Trends in Private Financial Markets and Inflows to Developing Countries......Page 64
II.\r Structural Changes in Global Private Financial Markets......Page 68
III. Increases and Changes in the Nature of Risks\r......Page 75
IV. Existing Supervision and Regulation; Some Limitations......Page 82
V. Conclusions and Policy Recommendations......Page 88
Annex 1......Page 93
Main findings......Page 97
Some general comments......Page 98
Developing country issues	......Page 100
Concluding remarks......Page 101
Regulation and supervision in global financial markets......Page 102
Implications of global financial markets for LDCs......Page 103
The Tobin Tax......Page 105
Better regulation and coordination......Page 106
Reply by Griffith-Jones......Page 109
I. The Bases of the Initial Debt Strategy......Page 110
II. Explaining the Brady Plan......Page 114
III. Implications for Eastern Europe\r......Page 119
IV. Conclusion\r......Page 125
References......Page 126
Comment on John\r WtlIiamson by Richard Portes......Page 127
References......Page 136
Comment on John Williamson by \rMario Sarcinelli......Page 128
Lessons from the 1980s debt crisis......Page 137
The debt problem......Page 139
Williamson\'s reply......Page 141
I. The Implications for Developing Countries......Page 143
II. What Role for Bet\'ter Management?......Page 154
III. Other Areas for Potential Cooperation......Page 162
References......Page 164
Comment on Richard Cooper by \rNiels Thygesen......Page 167
Comment on Richard Cooper by \rKumiharu Shigehara......Page 171
Success or failure of G-7 coordination?......Page 177
Looking to the future......Page 178
Cooper\'s reply......Page 179
Introduction......Page 181
Developing countries......Page 182
Eastern Europe and the former Soviet Union......Page 184
International monetary coordination......Page 185
Conclusion......Page 186
Appendix......Page 188