2015 | OriginalPaper | Chapter
International Financial Institutions: Architecture, Flaws, and Legitimacy
Author : Felix I. Lessambo
Published in: International Financial Institutions and Their Challenges
Publisher: Palgrave Macmillan US
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International financial institutions need to be adjusted to the needs and challenges of the twenty-first century. Today’s economy differs significantly from the world status of economy of the 1940s, which led to the creation of the Bretton Woods System and most of the existing international financial institutions. The globalization of financial markets, the debt crisis, cross-border flows of capital, and the rise of new economic powers have weakened the current system.