It is often pointed out that "for every bad borrower, and for every
failed project, there is also a culpable lender or investor." This
observation is particularly apt for the debate now raging in the
capital markets: should private bankers and investment managers
bear a greater share of the costs when financial crises erupt in
emerging economies? Critics who have analyzed the "plumbing" of the
world's financial architecture have thus far devoted enormous
attention to the demand side -- structural weaknesses in emerging
markets. They have excoriated the IMF for ineptitude and policy
mistakes.
But the authors of his study argue that financial leaders of the
G-10 nations (industrial nations that were hardly affected by the
crises of 1997-98) have a responsibility -- both to their own
citizens and the emerging markets -- to take a far more vigilant
stance. Dobson and Hufbauer criticize the supply side of world
capital markets and ask how G-10 capital suppliers can reform their
own financial systems to make the world safe for large-scale
international capital flows. They draw a comprehensive picture of
international finance through an extensive review of capital flows,
the major financial players behind these flows, and the balance
between costs and benefits of international capital movements. The
authors analyze the implications of changing the rules of the game
and recommend specific policy measures.
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