kết thúc của chế độ không chính tả cuối cùng của tăng trưởng kinh tế. Những gì nó đã làm tín hiệu là sự biến mất của các loại mô hình phát triển và tham vọng mà gọi nhà nước như một đại lý thiết yếu của sự tăng trưởng, và cũng biến mất của các chính phủ, như Indonesia, | THE AFTERMATH OF THE ASIAN FINANCIAL CRISIS FROM LIBERALIZE THE MARKET TO STANDARDIZE THE MARKET AND CREATE A LEVEL PLAYING FIELD Robert H. Wade1 The international financial system has no enforcement mechanism analogous to the state s authority in national financial systems even as international financial flows have grown to dwarf international real-economy flows. It lacks institutions and organizations that are normal at the national level such as a central bank a financial regulator a bankruptcy court deposit insurance and the like. Yet the financial services industry is built on confidence and a lack of confidence in international transactions can be extremely contagious. Thus international institutions to provide the public good of confidence in the international financial system are highly desirable. This means prudential rules such that all international banks reach an acceptable standard of prudence and transparency rules such that all governments banks and other financial organizations reach an acceptable standard of transparency in their financial accounts. Robert H. Wade is professor of political economy in the Development Studies Institute of the London School of Economics. His current research interests include world trends in economic growth income distribution and poverty the international trade and monetary systems international economic policy and the World Bank. In Governing the Market published by Princeton University Press in 1990 and again in 2004 he wrote about East Asian development and its misinterpretation by mainstream economists. This book partly written at the Woodrow Wilson Center provided the basis for a string of papers about the Asian financial crisis. He has taught at Sussex Princeton MIT and Brown Universities and previously worked as an economist in the World Bank and in the Office of Technology Assessment in the . Congress. I 73 I Robert Wade After the several major financial crises of the 1990s the authorities of the .
