International Institutions for Reducing Global Financial Instability
探讨银行和主权借贷研究的最新进展如何为选择新的国际金融架构提供参考，分析了全球最后贷款人、国际破产法院等方案，指出现有计划未能纠正体系对债务融资和银行中介的偏向。
This paper asks how recent developments in research on banking and sovereign lending can help inform the debate on choosing a new international financial architecture. A broad range of plans is considered, including a global lender of last resort facility, an international bankruptcy court, an international debt insurance corporation, and unilateral controls on capital flows. One common failing of the main plans that have been proposed is that they fail to confront the biases in the existing system towards debt finance and bank intermediation, at the expense of equity finance and direct investment.