The recent Asian financial crisis which first began in 1997 has raised a critical question on the adequacy of the existing international financial architecture and provided an impetus for discussion on how it can be modified or redesigned.
There have already been many reports and policy recommendations put forward regarding this issue. However, these reports and policy recommendations are frequently criticized because emerging market views are not fully recognized and their concerns are not fully reflected, although emerging markets are most vulnerable to the systemic risks of the global financial system.

For this purpose, an international conference was organized by the Institute for Global Economics and the Korea Institute for International Economic Policy to concentrate on discussing these critical issues among Group members and international experts.

Introduction
Il SaKong and Yunjong Wang

Keynote Speech
Jin Nyum
C. Fred Bergsten

Part I
Discussions on New International Financial Architecture

1. The International Financial Architecture: Issues and Propositions
Stephany Griffith-Jones
Comment: Robert A. Blecker
Pakorn Vichyanond

Part II
Capital Account Liberalization and Its Critique

2. Seeking for Appropriate Exchange Rate Regime
Yunjong Wang and Doo Yong Yang
Comment: Ricardo Ffrench-Davis
Pakorn Vichyanond

3. Managing Stable Capital Flows: Capital Controls and Sequencing of Capital
Account liberalization
Ricardo Ffrench-Davis
Comment: Won-Am Park
Gordon de Brouwer

4. Regulatory Challenges: Restrictions on Highly Leveraged Institutions
Gordon de Brouwer
Comment: Stephany Griffith-Jones
Doo Yong Yang

Part III
Building Infrastructure for New International Financial Architecture

5. International Standards and Regulations
Tan Khee Giap
Comment: Stephany Griffith-Jones
Yunjong Wang

6. Reforms on International Financial Institutions
Robert A. Blecker
Comment: Kwang-Woo Jun

Part IV
Private Sector Involvement and Social Policies

7. Private Sector Involvement and Burden Sharing
Won Am Park
Comment: Khee Gian Tan
Jang-Yung Lee

8. Social Policies for Poor Countries
Charles C. Soludo

List of Conference Participants