How to Reshape the World Financial System

摘要

It once was comforting to believe that the internation- al financial system was a just and fair god. Countries that ran big budget deficits and borrowed from overseas to fi-nance consumption, rather than investment, would be punished by capital flight and depreciating currencies. Nations pursuing prudent policies would be rewarded by strong growth and a steady stream of money from global investors. But when the world's top finance ministers and bankers gather at the beginning of October in Washington for the annual meetings of the International Monetary Fund and the World Bank, they face a different reality. Despite being held up for years by the IMF as models of development for the rest of the world, countries such as South Korea, Thailand, Malaysia, and Indonesia have been ravaged by capital flight.