File Download
  Links for fulltext
     (May Require Subscription)
  • Find via Find It@HKUL
Supplementary

Article: Redesigning the architecture of the global financial system

TitleRedesigning the architecture of the global financial system
Authors
KeywordsFinancial crisis
International Monetary Fund
Bretton Woods
Financial transactions tax
Issue Date2010
PublisherUniversity of Melbourne, Faculty of Law. The Journal's web site is located at http://mjil.law.unimelb.edu.au/mjil/flash/default.asp
Citation
Melbourne Journal of International Law, 2010, v. 11 n. 2, p. 185-239 How to Cite?
AbstractDuring the great period of globalisation before the First World War, the international economy was based on global trade and global finance with monetary policy largely fixed under the gold standard. After the Second World War, a new international system was designed based upon global trade, fixed exchange rates and essentially domestic finance. This system did not include global financial regulation as finance was to be largely nationally constrained. Over the succeeding decades, however, capital markets globalised. The consequences have been a return to a level of financial and monetary instability not seen since the period following the First World War. The most dramatic example of this instability is the global financial crisis of 2007-10. We argue in this article that there is a fundamental need to redesign the architecture of today’s global financial system to meet the requirements of this new reality, with established mechanisms to address economic coordination, macroeconomic and monetary management, development, and financial crisis prevention and resolution, as well as promote trade.
Persistent Identifierhttp://hdl.handle.net/10722/137051
ISSN
SSRN

 

DC FieldValueLanguage
dc.contributor.authorArner, DW-
dc.contributor.authorBuckley, RP-
dc.date.accessioned2011-08-03T07:11:42Z-
dc.date.available2011-08-03T07:11:42Z-
dc.date.issued2010-
dc.identifier.citationMelbourne Journal of International Law, 2010, v. 11 n. 2, p. 185-239-
dc.identifier.issn1444-8602-
dc.identifier.urihttp://hdl.handle.net/10722/137051-
dc.description.abstractDuring the great period of globalisation before the First World War, the international economy was based on global trade and global finance with monetary policy largely fixed under the gold standard. After the Second World War, a new international system was designed based upon global trade, fixed exchange rates and essentially domestic finance. This system did not include global financial regulation as finance was to be largely nationally constrained. Over the succeeding decades, however, capital markets globalised. The consequences have been a return to a level of financial and monetary instability not seen since the period following the First World War. The most dramatic example of this instability is the global financial crisis of 2007-10. We argue in this article that there is a fundamental need to redesign the architecture of today’s global financial system to meet the requirements of this new reality, with established mechanisms to address economic coordination, macroeconomic and monetary management, development, and financial crisis prevention and resolution, as well as promote trade.-
dc.languageeng-
dc.publisherUniversity of Melbourne, Faculty of Law. The Journal's web site is located at http://mjil.law.unimelb.edu.au/mjil/flash/default.asp-
dc.relation.ispartofMelbourne Journal of International Law-
dc.rightsMelbourne Journal of International Law is the original place of publication.-
dc.subjectFinancial crisis-
dc.subjectInternational Monetary Fund-
dc.subjectBretton Woods-
dc.subjectFinancial transactions tax-
dc.titleRedesigning the architecture of the global financial systemen_US
dc.typeArticleen_US
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=1444-8602&volume=11&issue=2&spage=185&epage=239&date=2010&atitle=Redesigning+the+architecture+of+the+global+financial+system-
dc.identifier.emailArner, DW: dwarner@hkucc.hku.hk-
dc.description.naturelink_to_OA_fulltext-
dc.identifier.hkuros196350-
dc.identifier.volume11-
dc.identifier.issue2-
dc.identifier.spage185-
dc.identifier.epage239-
dc.identifier.ssrn1758470-
dc.identifier.hkulrp2011/008-

Export via OAI-PMH Interface in XML Formats


OR


Export to Other Non-XML Formats