Developing Countries and the Global Financial System

image of Developing Countries and the Global Financial System

This book presents the main papers and principal discussion points of a conference held in June 2000, organised jointly by the Commonwealth Secretariat, the World Bank and the IMF. The key aim was to provide policy-makers from developing countries with a forum in which to express their views on a new design of international financial architecture more appropriate to the needs of the twenty-first century. Two related themes were the examination of the critical role of the IME and the World Bank in promoting growth and development and whether international standards and regulatory bodies operate in such a way that they help rather than hinder development of the financial system. This book looks at how these and other issues relating to the global financial system impact on the developing world.



The Future of the IMF and the World Bank

The growth of international private capital markets and the increasing access of developing countries to these markets has led some critics to argue that the IMF and the World Bank are no longer needed. This is clearly an extreme view. Despite the growth of private markets it can be argued that both institutions could have important roles to play as producers of global public goods, which cannot be left to markets, and also as instruments for countering various types of market failures.


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