International Financial Volatility.

The authors argue for reforms in the international financial system to deliver sufficient and sufficiently stable private and public flows, and to sustain more rapid growth and investment in developing countries. The paper begins with an analysis of the way in which international financial volatility impacts on developing countries, and how financial and economic crises often become social crises with devastating consequences for human security, giving illustrations from Indonesia and Argentina. The authors then critically analyse current plans for reform of the international financial system, and make recommendations to strengthen global regulation, provide liquidity, arranged for orderly debt workouts, democratize global governance, and protect the poor during periods of financial disturbance. [ABSTRACT FROM AUTHOR]