Global payments imbalances and the rise of emerging economies
provide the background to this analysis of risk exposure and
near-insolvency at the world's major banks. Emerging Risk was
published in 1985, three years after the first international
banking crisis of the post-War era, but prior to resolution after
1989 of the underlying sovereign debt overhang. With episodes of
international financial instability punctuating the following
quarter century until the Lehman collapse of 2008, this re-issue
will contribute to the historical perspective on modern diagnoses
of policy weakness and financial sector excess that is clearly
needed. Whereas OPEC price increases in the 1970s were a source of
the earlier global imbalances, Chinese surpluses and those
occasioned by her rapid growth among commodity and oil producing
countries are today's equivalents. Emerging Risk documents the
earlier poor employment of surplus funds 'recycled' to Latin
America, much as the failure of the USA and others to use Asian
financing productively is now evident. The role of the main global
banking institutions in each of these outcomes reveals common
threads. As a reading of Emerging Risk will confirm, both the
special consequences of free competition in a global banking
market, and the perverse incentives inherent in the remuneration of
loan officers, were clearly present in the mid-1980s. The
interaction of regulation and the competitive response of banks to
produce increased reliance on wholesale borrowing and lending,
together with enhanced gearing, have clear echoes in modern debates
over the consequences of the Basel provisions.
General
Imprint: |
Routledge
|
Country of origin: |
United Kingdom |
Series: |
Routledge Library Editions: Banking & Finance |
Release date: |
May 2012 |
First published: |
2012 |
Authors: |
P. Snowden
|
Dimensions: |
234 x 156 x 11mm (L x W x T) |
Format: |
Hardcover
|
Pages: |
156 |
ISBN-13: |
978-0-415-52942-6 |
Categories: |
Books >
Business & Economics >
Finance & accounting >
General
Promotions
|
LSN: |
0-415-52942-5 |
Barcode: |
9780415529426 |
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