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Books > Business & Economics > Economics > Macroeconomics
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Financial Crises and What to Do About Them (Hardcover)
Loot Price: R3,930
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Financial Crises and What to Do About Them (Hardcover)
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In this book, a leading observer of the international financial
system assesses official efforts to address the problem of
financial crises in emerging markets. Professor Eichengreen
describes the progress that has been made in limiting the frequency
of crises and strengthening the international financial system. He
also shows that initiatives in this area have unintentionally made
life more difficult for the poorest countries. He therefore argues
that efforts to limit the threat to the international financial
system need to be linked to an increase in development assistance.
Another place where official efforts have fallen short, the author
argues is in creating new ways of resolving crises. He shows that
official financing through the International Monetary Fund is part
of the problem. The IMF's financial rescues allow investors to
escape without losses, in turn encouraging them to lend without due
regard to the risks. This only makes the international system more
crises prone. That the IMF has repeatedly come under pressure to
bail out crisis countries reflects the absence of other acceptable
ways of resolving the financial difficulties of emerging markets.
Not lending threatens to expose the international financial system
to a disorderly and disruptive crisis. At the same time, radical
new alternatives like an international bankruptcy court or
international lender of last resort would create more problems than
they solved-even if there was the political appetite for such
ambitious schemes, which there is not. The author concludes that
the best way to enhance the efficiency and stability of
international financial markets is by pushing for changes to the
provisions of loan agreements that will enhance the capacity of
creditors and debtors to resolve financial problems on their own.
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