Abstract:

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.

Notes:

© Copyright 1999 by the American Economic Association. Posted with permission. One copy may be printed for individual use only.

NBER Working Paper #7265