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The evolving international financial architecture
Shalendra D. Sharma

systems and issuing red alerts when countries fail to provide adequate information; (2) a Contingent Global Financial Facility to provide contingent credit lines to countries that, although solvent, face temporary liquidity problems (to be eligible, these countries would have to meet some minimum standards of disclosure and transparency); and (3) a Global Restructuring Agency to provide conditional lending and policy advice to crisis countries. Edwards’ proposal has the potential to create an even larger bureaucracy, with coordination and duplication problems. Imagine a

in The Asian financial crisis