Economic globalization has given rise to frequent and severe
financial crises in emerging market economies. Other countries are
also unsuccessful in their efforts to generate economic growth and
reduce poverty. This book provides perspectives on various aspects
of the international financial system that contribute to financial
crises and growth failures, and discusses the remedies that
economists have proposed for addressing the underlying problems. It
also sheds light on a central feature of the international
financial system that remains mysterious to many economists and
most non-economists: the activities of the International Monetary
Fund and the factors that influence its effectiveness. Dr Isard
offers policy perspectives on what countries can do to reduce their
vulnerabilities to financial crises and growth failures, and a
number of general directions for systemic reform. The breadth of
the agenda provides grounds for optimism that the international
financial system can be strengthened considerably without
revolutionary change.
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