Economic Development and the International Financial System1
Frenkel and Rapetti argue in their chapter that the emerging market economies found in the 2000s a new way to participate in the global financial markets. In their view, one of the most important aspects was the stronger emphasis on the relationship between foreign saving, reserve accumulation, and the effect of competitive real exchange rates (RER) on economic growth. The authors find major theoretical explanations and empirical support for the RER‐growth link. The current global financial and economic crisis has brought back the discussion about the international financial architecture. The emerging debate has so far focused on the degree of regulation of global financial markets and potential reforms of multilateral financial institutions. These initiatives share the spirit of the proposals of the late 1990s and early 2000s, which were developed as a result of the crises in emerging markets economies. The proposals called for building institutions capable of preventing, managing, and compensating for the instability of the system.
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