The first deputy managing director of the International Monetary Fund has suggested policy-makers should "look again" at whether supervisory frameworks and tax systems "unduly" encourage short-term, debt-creating capital flows.

Speaking at the Peterson Institute for International Economics, David Lipton examined what elements of the global financial architecture were worth revising. "It is time for a new generation of reforms," he said.

"We ought to consider whether a more co-ordinated approach