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In this book an eminent international banking expert grapples with
issues that surround the trend toward financial globalization and
its potential impact on financial fragility. Does globalization
entail the risk of greater financial market instability -- perhaps
even genuine systemic fragility -- or will it lead to a smoother
working of markets? How should governments, central banks, and
international institutions respond to manifestations of financial
fragility?
Alexandre Lamfalussy analyzes four major crisis experiences in
emerging markets: Latin America in 1982-83, Mexico in 1994-95, East
Asia in 1997-98, and Russia since 1998. The author finds that the
build-up of short-term indebtedness and asset price bubbles were at
the heart of the four crises. And in each case the exuberant
behavior of lenders and investors from the developed world played a
major role, while financial globalization was an aggravating
factor. Lamfalussy offers a series of carefully considered policy
recommendations for the future that are both pragmatic and
wise.
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Paperback
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R383
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