Following an analysis of the forces behind the global capital flows paradoxʺ observed in the era of advancing financial globalization, this paper sets out to investigate the opportunity costs of self-insurance through precautionary reserve holdings. We reject the idea of reserves as low-cost...

Despite the measures that have already been put in place to strengthen the international financial architecture in the wake of the Asian financial crisis, still much remain to be done. This paper tried to distinguish developing economies' views, in general, and East Asian views, in particular,...

The terms of the debate: what's democracy got to do with it? / Leslie Elliott Armijo -- Global financial architecture and hegemonic leadership in the new millennium / Mark R. Brawley -- Capital controls: why do governments hesitate? / Benjamin J. Cohen -- Reforming the international financial...