First, the supremacy of western – and particularly US – models of finance is no longer evident. In 1998, Stanley Fischer, then first deputy managing director of the International Monetary Fund, now governor of the Bank of Israel, argued: “The vision that underlies most proposals for reform of the international financial system is that the international capital markets should operate at least as well as the better domestic capital markets.” By “better capital markets”, Fischer meant, above all, US markets. This is no longer a persuasive position.
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