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Essay / Research Paper Abstract
This 12 page paper considers the arguments in favour and against the need reform in the international financial system. To examine this the paper focuses on the calls for reform of the international financial institutions, including the arguments for and against an international lender of last resort, and reform with international standards and codes. The bibliography cites 8 sources.
Page Count:
12 pages (~225 words per page)
File: TS14_TEfinreform.rtf
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Unformatted sample text from the term paper:
the existing systems also have flaws, rendering them imperfect solutions. To assess the validity of calls for reform the systems need to be examined, these can be broken down into
many areas, in this paper we will look at two areas; the calls for reform of the international financial institutions, and reform with international standards and codes. There have
been many debates regarding the role of international financial institutions. In most countries there is a lender of last resort, a role played by the central bank, ands since the
Bretton Woods agreement there have been arguments to support the need for a lender of last resort in the international arena. This idea was put forward by Keynes who called
for the creation of an international clearing union, his idea was that the clearing union could finance the defiant on national current accounts (Park and Wang, 2001).
However, the idea was not popular and only resurfaced in the 1970s when the Bretton Woods agreement hit trouble and there was a
threat due to the dollar crisis in 1971 (Park and Wang, 2001). The Bretton Woods agreement did collapse and as such this ended a rules based system and saw international
financial systems move floating systems in the more industrialised countries (Park and Wang, 2001). It was also at this time that there were increase in other international markets, such
as the Euro market and the way in which the surpluses from OPEC needed to be recycled in the international forum, increasing the complexity of the systems (De Bonis et
al., 1999). When we look at the calls for an international lender of last resort there are two main issues, the first
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