In This Review

Toward a New International Financial Architecture: A Practical Post-Asia Agenda
Toward a New International Financial Architecture: A Practical Post-Asia Agenda
By Barry Eichengreen
Institute for International Economics, 1999, 200 pp
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The recent crises in Brazil and Russia, following those in East Asia and earlier in Mexico, have prompted concerns about whether the international financial system is seriously flawed. Today, reform of the international financial "architecture" -- private markets and official institutions alike -- is high on the agenda. In this skillful and comprehensive book, Eichengreen explains the issues at stake and proposes advice to governments both to forestall crises and to manage them when they occur. As the subtitle suggests, the author focuses on changes he deems politically feasible as well as economically desirable and rejects a more radical transformation of the system. An annex offers an especially lucid account of the Asian financial crisis.