How to Reform the Global Financial System

by Joseph Stiglitz

Harvard Relations Council International Review

Spring 2003, Volume 25, Number 1, Pages 54-59

ABSTRACT: International financial crises or near-crises have become regular events. The question is not whether there will be another crisis, but where it will be. Mexico, Korea, Indonesia, Thailand, Russia, Brazil, Argentina, and Turkey have each endured a major crisis or near-crisis, bringing the global average for the past eight years to about one crisis per year. Capital flows are among the primary causes of economic fluctuations and have less to do with what is going on in a particular country than with what is happening elsewhere. Bankers and speculators have given new meaning to the old adage that bankers lend to people who do not need money and refuse to lend in times of need.

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