A clear lesson of history is that a ‘sine qua non’ for sustained economic recovery following a financial crisis is a thoroughgoing repair of the financial system. Janet L Yellen, Presentation to the Annual AEA/ASSA Conference, San Francisco, 4 January 2009 14.01 This chapter examines the international financial architecture and considers the need to strengthen it in response to the global financial crisis and the limitations of the current system. 14.02 National financial systems have at their disposal a set of institutional and legal arrangements—a national...
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