regulation of capital flows as irreconcilable antagonisms, we argue that capital account liberalization requires institutional … reject the view that financial globalization has deprived national policymakers of the means to protect their economies … international financial architecture can help prevent illiquidity and ensure a fair burden sharing in the case of insolvency …

It is for good reasons that economic policymakers have rejected demands by globalization sceptics to fundamentally … restructure the international financial architecture. However, policymakers are rightly criticized for having made only limited … progress in adjusting the regulatory and institutional framework to increased international capital mobility. This failure is …