Shaping a New International Financial System

Karl Kaiser, John J. Kirton

Contents: Introduction: Shaping a new international financial system: contributions and challenges. The Crisis and its Legacies: The G7 Summit's contribution: past, present and prospective; 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 Kirton. Constructing the New System: Transparentizing the global money business: Glasnost or just another wild card in play?, George M. von Furstenburg; Global capital flows: maximizing benefits, minimizing risk, Joseph Daniels; The new financial architecture for the global economy; The role of the International Monetary Fund as lender of last resort, Curzio Giannini. The Broader Issues: Practicing exchange rate flexibility, Olivier Davanne and Pierre Jacquet; Can small countries keep their own money and floating exchange rates?; From globalization to regionalism: the foreign direct investment dimension of international finance, Alan Rugman; Challenges and contributions to the conventional wisdom, Karl Kaiser and John J. Kirton and Joseph Daniels ; Appendix: strengthening the international financial architecture report of G7 finance ministers to the Köln Economic Summit; Bibliography; Index.