This book presents the main papers and principal discussion points of a conference held in June 2000, organised jointly by the Commonwealth Secretariat, the World Bank and the IMF. This book looks at how these and other issues relating to the global financial system impact on the developing world.

Foreword Introduction by Stephany Griffiths-Jones, Commonwealth Secretariat, and Amar Bhattacharya, Senior Advisor, Poverty Reduction and Economic Management Network, World Bank Part 1. Report of the Conference Developing Countries and the Global Financial System by Stephany Griffiths-Jones and Amar Bhattacharya Introduction Overview International Standards and Domestic Regulation International Regulatory Challenges Private Sector Involvement in Crisis Resolution The Role of the IFIs in the New Financial Architecture Issues of Global Governance Capital Account Liberation and its Critique Conclusions Part 2. Papers Presented at the Conference New International Standards for Financial Stability: Desirable Regulatory Reform of a Runaway Juggernaut? by Shankar Acharya Speaking Notes on: International Standards and Domestic Regulation by Alastair Clark, Executive Director, Bank of England The Disturbing Interaction between the Madness of Crowds and the Risk Management of Banks by Avinash Persaud International Transparency and Regulatory Challenges by Stephany Griffiths-Jones and Amar Bhattacharya Crises and Global Financial Consolidation: Lessons International Regulation? by Philip Turner, Director, Emerging Markets, Bank for International Settlements The Future of the IMF and the World Bank by Montek S. Ahluwalia, Member, Planning Commission, India The Role of the IMF: A Guide to the Reports by John Williamson, Senior Fellow, Institute for International Economics Future Role of the IMF: A Developing Country Point of View by Aziz Ali Mohammed, Adviser, G-24 The World Bank in a 'Globalising' World by Shahid Javed Burki, Chief Executive Officer, EMP-Financial Advisors, Washington, DC Systemic Reform at a Standstill: A Flock of ‘Gs’ in Search of Global Financial Stability by Roy Culpeper, President, The North-South Institute Appendix A. Conference Programme Appendix B. List of Participants