Reforming Financial Systems
Historical Implications for Policy
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Reforming Financial Systems by Gerard Caprio, Jr.
Book DescriptionThis volume summarizes the key lessons of financial history for emerging markets and developing economies today, including the rise and role of central banks, debates on how to make banking secure and sound, the relative efficiency of universal banking compared to the Anglo-American commercial banking model, and the role of savings banks, non-banks and securities markets in development. Two lessons that should be kept in mind in reforming financial systems are the importance of incentives and diversification. Robust financial systems require incentive systems that reward prudent risk-taking and encourage sound portfolio diversification. In addition, reputation has proved to be important: central bankers must demonstrate anew why they have earned a reputation for non-inflationary policies, and private intermediaries must similarly demonstrate again why they have earned a reputation for sound, as opposed to Ponzi, finance. Attempts to reform financial systems without due allowance for the time and effort to develop institutions, including reputation, are likely to prove short-lived.
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Book DetailsISBN: 9780521032810
(228mm x 152mm x 14mm)
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 25-Jan-2007
Country of Publication: United Kingdom
Books By Author Gerard Caprio, Jr.
Handbook of Safeguarding Global Financial Stability, Hardback (November 2012)
Political and social forces exert pressure on our globalized economy in many forms, from formal and informal policies to financial theories and technical models. This title offers an examination of global political economy and includes articles about specific countries, crises, and international systems as well as about major concepts and trends.
Evidence and Impact of Financial Globalization, Hardback (November 2012)
The sharp realities of financial globalization become clear during crises, when winners and losers emerge. This title devotes separate articles on specific crises, the conditions that cause them, and the longstanding arrangements devised to address them.
Handbook of Key Global Financial Markets, Institutions, and Infrastructure, Hardback (November 2012)» View all books by Gerard Caprio, Jr.
Presents a description of how we created a financially-integrated world by first examining the history of financial globalization, from Roman practices and Ottoman finance to Chinese standards, the beginnings of corporate practices, and the advent of efforts to safeguard financial stability.
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