Financial Crises and What to Do About Them
By (author) Barry J. Eichengreen
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Financial Crises and What to Do About Them by Barry J. Eichengreen
Book DescriptionIn this accessible book, a leading expert provides a critical assessment of the official sector's efforts to more effectively manage financial crises in emerging markets. Professor Eichengreen reviews international initiatives on both the crisis prevention and crisis resolution fronts. While crises will always be with us, he concludes that good progress has been made in limiting their spread and strengthening the international financial system. Ironically, however, official-sector initiatives in this area may in fact have made life more difficult for the poorest countries. Initiatives to limit the incidence of crises and threats to the stability of the international financial system should therefore be linked to an increase in development assistance designed to offset the extra burdens on the poorest countries. The other place where official efforts have fallen short is in creating new ways of resolving crises. The author argues that the old way-official sector financing through the International Monetary Fund-is part of the problem, not part of the solution. The Fund's financial operations allow investors to escape without significant losses, which in turn encourages them to lend without regard to the risks, weakening market discipline. Moreover, bailouts are inequitable. Because investors are allowed to exit and the IMF ultimately gets paid back, the residents of the crisis country end up footing the bill. This is one reason why IMF programs have come to be regarded with such animus in the developing world. Imagining that the solution is for the official community to simply show the resolve to resist bailouts is too easy. That the International Monetary Fund has repeatedly come under pressure to extend financial assistance reflects more than a lack of political will; it reflects the inadequacy of the alternatives. At the same time, seeking to create radical new alternatives like an international bankruptcy court is too hard. It would do more to increase the efficiency of resource allocation and the stability of financial markets, the author concludes, to concentrate on more modest changes, namely the introduction of restructuring-friendly provisions into loan agreements, enhancing the capacity of creditors and debtors to resolve debt problems on their own.
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Book DetailsISBN: 9780199257447
(215mm x 138mm x 11mm)
Imprint: Oxford University Press
Publisher: Oxford University Press
Publish Date: 8-Aug-2002
Country of Publication: United Kingdom
Books By Author Barry J. Eichengreen
Labor in the Era of Globalization, Hardback (November 2009)
Analyzes the causes of the decline in labor's global fortunes from 1975 to the 2000s.
Globalizing Capital, Paperback (September 2008)
Emphasizes the importance of the international monetary system for understanding the international economy. This book demonstrates that the international monetary system can be understood and effectively governed only if it is seen as a historical phenomenon extending from the period of the gold standard to today's world of fluctuating prices.
Bond Markets in Latin America, Hardback (July 2008)
The first comprehensive examination of the importance of local bond market development in Latin America, with conceptual and comparative assessments, case studies of six countries, and new, unique data sets.
European Economy Since 1945, Paperback (July 2008)» View all books by Barry J. Eichengreen
Over the second half of the twentieth century, the average European's buying power tripled, while working hours fell by a third. This work offers an account of the extraordinary development of Europe's economy since the end of World War II.
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Author Biography - Barry J. Eichengreen
Barry Eichengreen is the George C. Pardee and the Helen N. Pardee Professor of Economics and Professor of Political Science at the University of California, Berkeley, where he has taught since 1987. He is also Research Associate of the National Bureau of Economic Research (Cambridge, Massachusetts) and Research Fellow of the Centre for Economic Policy Research (London). In 1997-8 he was Senior Policy Advisor at the International Monetary Fund. Professor Eichengreen has published widely on the history and current operation of the international monetary and financial system.
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