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Development Cooperation in Times of Crisis$
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José Antonio Ocampo and José Antonio Alonso

Print publication date: 2012

Print ISBN-13: 9780231159661

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231159661.001.0001

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The International Financial Architecture Seen through the Lens of the Crisis

The International Financial Architecture Seen through the Lens of the Crisis

Some Achievements and Numerous Challenges

(p.82) Chapter 3 The International Financial Architecture Seen through the Lens of the Crisis
Development Cooperation in Times of Crisis

Stephany Griffith-Jones

José Antonio Ocampo

Columbia University Press

This chapter evaluates the response of the international community to the financial crisis, which has called into question some of the ideas upon which economic management has been based through previous decades. Specifically, the crisis confirmed the excessive trust that was afforded by economic authorities in major industrial countries in the efficiency of financial markets in terms of their ability to self-regulate and adequately measure risk. This excessive trust fueled the loose regulatory stance evident in some of the most affected markets. In contrast with that stance, the crisis has showed that stability must be maintained through adequate regulation and cautious supervision of such markets, where powerful externalities operate amid imperfect and asymmetric information.

Keywords:   2008 financial crisis, economic management, excessive trust, financial stability, financial markets

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