Fragile by Design The Political Origins of Banking Crises and Scarce Credit

ISBN-10: 0691155240
ISBN-13: 9780691155241
Edition: 2014
List price: $27.95
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Description: Why are banking systems unstable in so many countries--but not in others? The United States has had twelve systemic banking crises since 1840, while Canada has had none. The banking systems of Mexico and Brazil have not only been crisis prone but  More...

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Book details

List price: $27.95
Copyright year: 2014
Publisher: Princeton University Press
Publication date: 2/23/2014
Binding: Hardcover
Pages: 584
Size: 6.50" wide x 9.75" long x 1.50" tall
Weight: 1.496
Language: English

Why are banking systems unstable in so many countries--but not in others? The United States has had twelve systemic banking crises since 1840, while Canada has had none. The banking systems of Mexico and Brazil have not only been crisis prone but have provided miniscule amounts of credit to business enterprises and households. Analyzing the political and banking history of the United Kingdom, the United States, Canada, Mexico, and Brazil through several centuries, Fragile by Design demonstrates that chronic banking crises and scarce credit are not accidents due to unforeseen circumstances. Rather, these fluctuations result from the complex bargains made between politicians, bankers, bank shareholders, depositors, debtors, and taxpayers. The well-being of banking systems depends on the abilities of political institutions to balance and limit how coalitions of these various groups influence government regulations.Fragile by Design is a revealing exploration of the ways that politics inevitably intrudes into bank regulation. Charles Calomiris and Stephen Haber combine political history and economics to examine how coalitions of politicians, bankers, and other interest groups form, why some endure while others are undermined, and how they generate policies that determine who gets to be a banker, who has access to credit, and who pays for bank bailouts and rescues.

Jagdish N. Bhagwati is University Professor at Columbia University and senior fellow in international economics at the Council on Foreign Relations. He has been the economic policy advisor to Arthur Dunkel, director-general of GATT; special advisor on globalization to the UN; and external advisor to the WTO. Professor Bhagwati has written on India for four decades and is widely credited (with his wife, Columbia University professor Padma Desai) with pioneering Indian reforms. He has been awarded several prizes and honorary degrees and has uniquely received six festschrifts.Charles W. Calomiris is the Henry Kaufman Professor of Financial Institutions at Columbia Business School and a professor at Columbia University's School of International and Public Affairs. He co-directs the Project on Financial Deregulation at the American Enterprise Institute and is a member of the Shadow Financial Regulatory Committee, is a research associate of the National Bureau of Economic Research, and was a senior fellow at the Council on Foreign Relations. Professor Calomiris served on the International Financial Institution Advisory Commission, a congressional commission that advised the U.S. government on the reform of the IMF, the World Bank, the regional development banks, and the WTO. His research spans several areas, including banking, corporate finance, financial history, and monetary economics. He received a BA in economics from Yale University in 1979 and a Ph.D. in economics from Stanford University in 1985, and serves on several boards of directors and editorial boards.

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