Journal of Economic Perspectives: Vol. 13 No. 4 (Fall 1999)


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International Institutions for Reducing Global Financial Instability

Article Citation

Rogoff, Kenneth. 1999. "International Institutions for Reducing Global Financial Instability." Journal of Economic Perspectives, 13(4): 21-42.

DOI: 10.1257/jep.13.4.21


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.

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Rogoff, Kenneth (Harvard U)

JEL Classifications

F30: International Finance: General
P16: Capitalist Systems: Political Economy
G15: International Financial Markets


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