Recent Trends and Debates on the International Financial System Joseph Anthony Y. Lim

Even six years after the Asian crisis, the improvements and changes in the global financial arrangements, that would tackle the systemic risks of the international financial market, have been inadequate. In the backdrop, this paper discusses the trends, debates and issues involved in the latest initiatives and proposals on debt workouts: codes of good conduct (CGC), collective action clauses (CAC) and country insolvency proposals. It concludes that the potential for their success is very unlikely without very bold and innovative moves.

recent_trends (Download the full text in PDF format)