Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/88010
Authors: 
Fernández-Arias, Eduardo
Hausmann, Ricardo
Year of Publication: 
2000
Series/Report no.: 
Working Paper, Inter-American Development Bank, Research Department 440
Abstract: 
This paper considers ongoing and proposed reforms of the international financial system in light of Latin America`s recent experience. Most proposals are based on one of three diagnoses: excessive capital flows, insufficient capital flows, and excessively volatile capital flows. While theories of excessive capital flows lack empirical support, these views underlie both current and suggested reforms. A subsequent section evaluates proposals involving official financial support, private sector involvement, and financial standards and regulations. The paper supports measures to reduce contagion and liquidity crises, such as an international bankruptcy court, and attribute Latin American financial difficulties in part to original sin, countries` inability to borrow long-term in their own currencies.
Document Type: 
Working Paper

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