The new international financial architecture: reconstruction, renovation, or minor repair?
七国集团财长认为国际金融体系新架构工作已完成，但关键问题未解决，包括债务重组替代大规模官方融资、抵消全球资本市场与新兴市场不对称、激励新兴市场采纳规范，以及IMF条件性和开放资本市场的困境。
The Finance Ministers of the G-7 countries appear to believe that they have completed their work on the new architecture of the international financial system. However, key issues have not been resolved. The official community must still decide if and when debt restructuring should replace large-scale official financing. It must still decide how to offset the effects of the asymmetry between the large size of global capital markets and the small financial sectors of emerging-market countries. It must still devise strong incentives for emerging-market countries to adopt the codes, reforms, and policies endorsed by the architecture exercise. It has not given serious, critical attention to the quality of International Monetary Fund (IMF) conditionality and the basic dilemma posed by open capital markets: Must the restoration of investor confidence take priority over domestic stabilization and the mitigation of economic hardship in a crisis-stricken country? Copyright © 2000 John Wiley & Sons, Ltd.