Singapore, May 4: The regional economic crisis has shown the dangers in global finance for the developing nations of Asia, which had been showcases of its benefits, International Monetary Fund director Michel Camdessus said Monday.``The crisis in Asia has highlighted the risks of tapping the global capital markets,'' Camdessus said at the opening of an IMF regional training institute. Since the crisis began last year, the focus has shifted away from the benefits of globalization to finding ways for countries to reduce their exposure, he said.
Some measures, he said, include improving the quality, timeliness and availability of economic data so that governments can base policy decisions on reliable information and markets have better data for investment decisions.
Other measures include: building up the institutional capacity of key government agencies to design and implement sound economic and financial policies, strengthening domestic financial systems, enhancing transparency in government, financialand corporate sectors and ensuring liberalization proceeds in an orderly fashion.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
