ABSTRACT
This chapter considers the views of some of the leading, US-based authorities in the debate on strengthening the international financial system, to identify their areas of overlap and divergence. It deals with a brief overview of the perspectives of some of the leading scholars on the international financial system. The chapter summarises the perspectives in the context of the core issue areas identified in the introduction to this text. Norbert Walter concurs with the conventional wisdom that a new mechanism is needed to allow bankruptcy and that the recapitalisation of failing financial institutions should be halted. A lack of the type of transparency that is called for in the conventional wisdom had little to do with the outbreak of the East Asian crisis, as argued by von Furstenberg. There is a consensus on the benefits of globalisation of financial markets that is driven home in the works of Alan M. Rugman and J. P. Daniels.
