USIA, Economic Perspectives, August 1998 - Introduction Electronic Journals of the U.S. Information Agency, Vol. In the 1990s financial markets have become truly global, a development that offers both great promise and great peril. But successive and severe financial crises in countries that were thought to be performing well and that were attracting considerable amounts of private foreign capital have cast a shadow over the new global financial system. First there was the crisis in Mexico in 1994-95, and now in Asia.
Financial turmoil threatens other countries as well.
These crises revealed severe deficiencies in the financial systems of individual countries and in the world financial architecture itself. This issue of Economic Perspectives looks at the proposals to reform the global financial architecture. Economic Perspectives USIA Electronic Journals, Vol. 3, No. 4, August 1998.