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In this accessible study, the author 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 - the official sector financing through the International Monetary Fund - is part of the problem, not part of the solution.

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Book Details

ISBN: 9780199257430
ISBN-10: 0199257434
Format: Hardback
(224mm x 144mm x 16mm)
Pages: 204
Imprint: Oxford University Press
Publisher: Oxford University Press
Publish Date: 8-Aug-2002
Country of Publication: United Kingdom

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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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