Reinventing the IMF

It is a distinguishing feature of the financial crises of the past 20 years—the international debt crisis in 1982, the Mexican crisis of 1994, the emerging-market crisis of 1997-99, and now the crisis confronting Argentina and Turkey—that they have been confined to the periphery of the world economy. This has caused a tremendous disparity in economic and financial performance. While the periphery has gone fro