"In this remarkably ambitious and insightful book, Jean Tirole
tackles the core issues in the economics of international lending
with his usual superb clarity of thought. This book is essential
reading to anyone interested in understanding the economics behind
the recent drive to improve the international financial
architecture."--Ken Rogoff, Chief Economist and Director of
Research, International Monetary Fund
"Jean Tirole is living proof of the value of good economic
thinking. He shines new light on, and dissipates heat from, every
issue he touches. In this book he offers us an amazing combination
of detailed facts and rigorous theory about international financial
crises. His perspective of dual and common agencies enriches our
understanding of the roles and shortcomings of international
economic institutions, and points the way to reform. All the
supposed experts who engage in controversies on these matters
should learn from this book."--Avinash Dixit, Princeton
University
"This book presents one of the first comprehensive attempts to
bring rigorous theoretical foundations into the debate on the
international financial architecture. The analysis is simple,
elegant, and yields insights that are often unconventional and
always thought-provoking. This is an indispensable reference for
all economists interested in the current debates on the
international financial architecture."--Olivier Jeanne,
International Monetary Fund
"Most proposals for reforming the international financial system
derive from ad hoc explanations for recent crises. Jean Tirole goes
back to first principles. He asks how relations between lenders and
borrowers differ in the international context from those inthe
domestic context. You may not agree with all of his conclusions but
will have to rethink your own views after you have read it."--Peter
B. Kenen, Princeton University
"Jean Tirole uses the tools of corporate finance to analyse some
key aspects of international finance. As we expect from him, we get
deep and fruitful insights into issues such as borrower and lender
behavior, the appropriate role of the IMF, and private sector
involvement in orderly workouts. This is essential reading for all
those concerned with the 'international financial
architecture.'"--Richard Portes, London Business School
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