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Financial Crises, Liquidity, and the International Monetary System (Paperback)
Loot Price: R854
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Financial Crises, Liquidity, and the International Monetary System (Paperback)
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Total price: R874
Discovery Miles: 8 740
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Once upon a time, economists saw capital account
liberalization--the free and unrestricted flow of capital in and
out of countries--as unambiguously good. Good for debtor states,
good for the world economy. No longer. Spectacular banking and
currency crises in recent decades have shattered the consensus. In
this remarkably clear and pithy volume, one of Europe's leading
economists examines these crises, the reforms being undertaken to
prevent them, and how global financial institutions might be
restructured to this end. Jean Tirole first analyzes the current
views on the crises and on the reform of the international
financial architecture. Reform proposals often treat the symptoms
rather than the fundamentals, he argues, and sometimes fail to
reconcile the objectives of setting effective financing conditions
while ensuring that a country "owns" its reform program. A proper
identification of market failures is essential to reformulating the
mission of an institution such as the IMF, he emphasizes. Next he
adapts the basic principles of corporate governance, liquidity
provision, and risk management of corporations to the particulars
of country borrowing. Building on a "dual- and common-agency
perspective," he revisits commonly advocated policies and considers
how multilateral organizations can help debtor countries reap
enhanced benefits while liberalizing their capital accounts. Based
on the Paolo Baffi Lecture the author delivered at the Bank of
Italy, this refreshingly accessible book is teeming with rich
insights that researchers, policymakers, and students at all levels
will find indispensable.
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