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Reforming the International Financial System for Development$
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Jomo Kwame Sundaram

Print publication date: 2011

Print ISBN-13: 9780231157643

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231157643.001.0001

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Policy Responses to the Global Financial Crisis

Policy Responses to the Global Financial Crisis

Key issues for developing countries

(p.105) 5 Policy Responses to the Global Financial Crisis
Reforming the International Financial System for Development

Yılmaz Akyüz

Columbia University Press

This chapter examines how developing countries responded to the global financial crisis, which was triggered by widespread speculative lending and investment in major international financial centers. The financial crisis poses two sets of policy challenges. First, it calls for an immediate policy response in order to stabilize financial markets and international capital flows, halt economic decline, and initiate recovery. Second, it has indicated, once again, the need for a fundamental reform of the international financial system in order to secure greater stability and prevent virulent crises with global ramifications. The chapter considers deficiencies in the global institutional arrangements for crisis management as well as the international initiatives undertaken by developing countries thus far. It also analyzes the constraints faced by developing countries in trying to address the crisis more adequately and appropriately. Finally, it evaluates significant reform and major policy proposals from the perspective of developing countries.

Keywords:   developing countries, financial crisis, financial markets, capital flows, international financial system, crisis management

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