The international financial architecture (IFA) is a crucial aspect of the world economy. As the name itself suggests the IFA is the base on which the superstructure of the international payments system rests. The basic argument for considering the IFA seriously is that it is essentially an international public good. Having an orderly system of international payments and transfers creates a conducive atmosphere for the growth of trade and commerce, which ultimately is of immense benefit to the developing countries. When the IFA is ill-formed or does not function smoothly there can be severe repercussions as was most recently discovered during the East and South-East Asian crisis of 1997 and thereafter. It is in the interest of everyone to have a wellfunctioning IFA in place. However, the design of this IFA requires cooperation among these players and the distribution of the benefits from such cooperation becomes a contentious issue.