"Using the experience of postwar Western Europe as a benchmark,
Jose Antonio Ocampo and his colleagues assess how regional
financial institutions can help developing countries-often at a
disadvantage within the global financial framework- finance their
investment needs, counteract the volatility of private capital
flows, and make their voices heard. The 1997 Asian financial crisis
generated extensive debate on the international financial
architecture. Through this discussion, it became clear that
services by financial institutions- including adequate mechanisms
for preventing and managing financial crises, and instruments for
safeguarding global macroeconomic and financial stability-are
undersupplied. Furthermore, private international capital markets
provide finance to developing countries in a way that effectively
reduces the ability of those nations to undertake countercyclical
macroeconomic policies. International capital markets ration out
many developing countries, particularly the poorest, from private
global capital markets. While these deficiencies in the financial
architecture are clear, the post-1997 debate has done little to
evaluate the role that regional institutions could play in
improving global financial arrangements. Regional Financial
Cooperation aims to fill that important gap. Contributors include
Ernest Aryeetey (Institute of Statistical, Social and Economic
Research, University of Ghana), Georges Corm (Saint Joseph
University, Beirut), Roy Culpeper (North-South Institute, Ottawa),
Ana Teresa Fuzzo de Lima (Institute of Development Studies,
University of Sussex), Stephany Griffith-Jones (Institute of
Development Studies, University of Sussex), Julia Leung (Hong Kong
Monetary Authority), Jose Luis Machinea (ECLAC), Jae Ha Park
(Korean Institute of Finance),Yung Chul Park (Korea University),
Fernando Prada (FORO Nactional/International, Lima), Guillermo
Rozenwurcel (School of Politics and Government, University of San
Martin, Argentina), Francisco Sagasti (FORO Nacional/Internacional,
Programa Agenda: Peru), Kanit Sangsubhan (Fiscal Policy Research
Institute of Thailand), Alfred Steinherr (European Investment Bank,
Luxembourg and University of Bozen-Bolzano), Daniel Titelman
(ECLAC), and Charles Wyplosz (Graduate Institute of International
Studies, Geneva, and Center for Economic Policy Research). "
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