Regional Financial Cooperation Experiences and Challenges

• Published in: Regional Financial Cooperation p. 1
• Main Author: JOSÉ ANTONIO OCAMPO
• Format: Book Chapter
• Language: English
• Published: United States Brookings Institution Press and Economic Commission for Latin America and the Caribbean (ECLAC) 29-08-2007; Brookings Institution Press
• Subjects: Bank loans; Countries; Developing countries; Development banks; Development studies; Economic disciplines; Economic policy; Economics; Exchange rate regimes; Finance; Financial economics; Financial instruments; Human geography; International cooperation; International economic cooperation; International economic organizations; International finance; International financial institutions; International political organizations; International politics; International relations; Loans; Macroeconomics; Monetary policy; Monetary unions; Multilateralism; Political geography; Political organizations; Political science; Politics; Social sciences
• ISBN: 9780815764199; 0815764197

The period following the 1997 Asian crisis generated an extensive discussion on the international financial architecture. The debate made clear that there is an undersupply of services by international financial institutions that has become more glaring as a result of the growing economic linkages created by the current globalization process. The associated “global public goods” that are being undersupplied include adequate mechanisms for preventing and managing financial crises, as well as for guaranteeing global macroeconomic and financial stability. The debate also underscored the fact that private international capital markets provide finance to developing countries in a highly procyclical way, effectively