Recurrent instability has characterized the global financial system
since the 1980s, eventually leading to the current global financial
crisis. This instability and the resultant disruptions - sovereign
debt defaults, exchange rate misalignments, financial market
illiquidity and asset price bubbles - are linked, in this book, to
the shortcomings of the global financial system which tends to
generate cycles of boom and bust in credit flows. These cycles are
set in motion by the monetary impulses of major industrial
countries and are amplified and propagated through the operation of
global financial markets. Fabrizio Saccomanni argues that to
counter such systemic instability requires that national
authorities give adequate weight to financial stability objectives
when formulating their monetary and regulatory policies. He
maintains that appropriate multilateral strategies to deal with
unsustainable trends in credit aggregates and asset prices should
be devised in the International Monetary Fund in the context of a
strengthened framework to deal with global payments imbalances and
exchange rate misalignments. Providing a comprehensive historical
and analytical survey of the causes, consequences and possible
cures of international financial instability, this book will be of
great interest to students and academics of international economics
and finance. It will also appeal to financial market participants
and analysts, government officials and central bankers as a
comprehensive survey of the relevant academic literature and of the
state of the policy debate.
General
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