Identifying needs and filling gaps

• Published in: New political economy Vol. 4; no. 3; pp. 419 - 424
• Main Author: Griffith-Jones, Stephany
• Format: Journal Article
• Language: English
• Published: Abingdon Taylor & Francis Group 01-11-1999; Taylor & Francis Ltd
• Subjects: Economic impact; Economic integration; Global economy; International cooperation; International economics; International finance; Management of crises; Regulation; Regulation of financial institutions; Risk management; Studies; World economy
• ISSN: 1356-3467; 1469-9923
• DOI: 10.1080/13563469908406414

Improvements in global financial regulation are needed as essential pillars in the new international financial architecture. There are three essential functions of global financial market management that are currently not properly met: 1. The provision of appropriate prudential regulation of financial intermediaries, in both developed and developing countries, as well as globally. 2. The provision of international official liquidity to countries or financial markets. 3. The provision of emergency standstill and orderly debt work-out procedures that would allow suspension of payments during times of crisis without triggering default, and debt reduction where solvency problems exist, again without triggering default.