Finance & Development, December 1st, 2001
AT FIRST GLANCE, the new international financial architecture would seem to have little relevance for Africa--it was built up in response to developments that took place far from Africa and whose direct impact on Africa was limited. Nonetheless, key components of the international financial architecture are very relevant for Africa.
The crises that shook Mexico in 1994-95 and East Asia in 1997-98 came as a stark reminder that economic fundamentals--sound national macroeconomic and structural policies and a sound and properly regulated financial system--were as critical as ever. The crises a...
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