Money, Politics, and a Future for the International Financial System
World Bank, Private Sector Development Department, Private Participation in Infrastructure, 1999 - Foreign exchange - 22 pages
Three approaches to regulatory frameworks for financial systems-- and a scenario for development of the world financial system that assumes a market solution.
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20th century adjust Argentina arms-length assets Australian dollar banking crises behaviour and panic capital flight Caprio and D.Vittas central bank citizens concerned about moral countries credibility crisis cross-border currency board currency choice currency competition currency union denominate deposit insurance depositors Development dilemma e-commerce e-money economic constitution employees EURO example exchange rate regime exchange rate systems facto fiat currencies fiat money financial architecture financial institutions financial markets financial sector reform Financial system architecture fixed exchange rate free banking systems function funded global financial system governments herd behaviour impose inflation tax incentives interest rates issue issuers of money Klingebiel lender of last liberalisation limited liquidity support mainstream market discipline means of payment mimeo monetary authorities monetary system moral hazard nation nets against systemic nominal exchange rates October 1999 October optimal currency zone political Reforming Financial Systems risk safety nets scenario settlement systems settlement technology units of account World Bank