Financial Crises

As participants in the debate on reforming the international economic architecture, what elements of reform should Australia be promoting? As part of the debate on the Asian crisis, two separate views emerged to explain the crisis – those who blamed deficiencies in the crisis countries themselves (cronyism, corruption, misguided policies and so on), and those who found intrinsic flaws in the international capital markets. Time has brought some perspective to these issues, and a consensus is emerging that a variety of problems contributed. Not surprisingly, with complex and multipl