Shaping a New International Financial System: Challenges of Governance in a Globalising World


Shaping a New International Financial System: Challenges of Governance in a Globalising World



An examination of the professional economic merits, practical feasibility, and underlying politics of the hotly contested competing initiatives for strengthening the international financial system. Challenging much of the conventional wisdom, it offers a comprehensive account of the traditional enduring financial issues facing the G7 and the fundamental architectural elements of the new systemic design. The text contains an array of contributions from experts from all G7 countries and from emerging markets outside.



Publication Date



Ashgate Press


Aldershot, Hants, England




Table of Contents

Shaping a new international financial system: contributions and challenges / Karl Kaiser, John J. Kirton, Joseph P. Daniels –

Part I. The crisis and its legacies. The G7 Summit's contribution : past, present, and prospective / Nicholas Byrne --

The Asian crisis. and its implications / Takashi Kiuchi --

The G7, international finance, and developing countries / Duncan Wood --

The dynamics of G7 leadership in crisis response and system reconstruction / John J. Kirton --

Part II. Constructing the new system. Transparentising the global money business: Glasnost or just another wild card in play? / George M. von Furstenberg --

Global capital flows : maximising benefits, minimising risks / Joseph P. Daniels –

The new financial architecture for the global economy / Norbert Walter --

The role of the International Monetary Fund as lender of last resort / Curzio Giannini --

Part III. The broader issues. Practising exchange rate flexibility / Olivier Davanne and Pierre Jacquet –

Can small countries keep their own money and floating exchange rates? / George M. von Furstenberg --

From globalisation to regionalism : the foreign direct investment dimension of international finance / Alan M. Rugman --

Challenges and contributions to the conventional wisdom / Karl Kaiser, John J. Kirton, and Joseph P. Daniels --

Appendix: Strengthening the international financial architecture. Report of G7 Finance Ministers to the Köln Economic Summit --