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The Asian Crisis, the IMF and the Critics

Author

Listed:
  • S. Stanley Katz

    (East West Center)

Abstract

The recent East Asian crisis raises questions about the ability of the IMF to perform its traditional role-stabilizing financial markets and preventing transitory financial dislocations from becoming contagious--in an economic and financial system that is virtually seamless, timeless and borderless. The upshot has been a search for remedies; but most have focused on patching up the existing Bretton Woods agencies. The new global economic paradigm requires more than patches. Rather, the U.S. should take the lead (as it did half a century ago) in convening a Bretton Woods II Conference to design the economic-financial architecture for a new and very different global economy.

Suggested Citation

  • S. Stanley Katz, 1999. "The Asian Crisis, the IMF and the Critics," Eastern Economic Journal, Eastern Economic Association, vol. 25(4), pages 421-439, Fall.
    • Handle: RePEc:eej:eeconj:v:25:y:1999:i:4:p:421-439
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume25/V25N4P421_439.pdf
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    Citations

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    Cited by:

    1. Julie McKay & Ulrich Volz & Regine Wölfinger, 2011. "Regional Financing Arrangements and the IMF," Chapters, in: Ulrich Volz (ed.), Regional Integration, Economic Development and Global Governance, chapter 10, Edward Elgar Publishing.

    More about this item

    Keywords

    Bretton Woods; Financial Markets; IMF;
    All these keywords.

    JEL classification:

    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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