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Financial Crises, Liquidity, and the International Monetary System

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ISBN-10: 0691099855

ISBN-13: 9780691099859

Edition: 2002

Authors: Jean Tirole

List price: $74.00
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Once upon a time, economists saw capital account liberalization--the free and unrestricted flow of capital in and out of countries--as unambiguously good. Good for debtor states, good for the world economy. No longer. Spectacular banking and currency crises in recent decades--from Latin America in the early 1980s to Scandinavia a decade later to Mexico, Southeast Asia, Russia, and, quite lately, Argentina--have shattered the consensus. In this remarkably clear and pithy volume, one of Europe's leading economists examines these crises, the reforms being undertaken to prevent them, and how global financial institutions might be restructured to this end. Jean Tirole first analyzes the current…    
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Book details

List price: $74.00
Copyright year: 2002
Publisher: Princeton University Press
Publication date: 7/21/2002
Binding: Hardcover
Pages: 168
Size: 5.94" wide x 8.78" long x 0.69" tall
Weight: 0.792
Language: English

Jean Tirole, the 2014 Nobel Laureate in Economics, is Scientific Director of IDEI (Institut d'Economie Industrielle), Chairman of the Board of TSE (Toulouse School of Economics), and Annual Visiting Professor of Economics at MIT.

Emerging Markets Crises and Policy Responses
The pre-crisis period
The crisis
IMF reforms, regulatory changes, and private sector innovations
The Economists' Views
Consensus view
Conflicting advice and the topsy-turvy principle
"Unrealistic" encroachments of sovereignty
Outline of the Argument and Main Message
The problem of a standard borrower
Why is external borrowing different?
Institutional and policy responses to market failure
Liquidity and Risk-Management in a Closed Economy
Corporate financing: key organizing principles
Domestic liquidity provision
Identification of Market Failure: Are Debtor Countries Ordinary Borrowers?
The analogy and a few potential differences
A dual-agency perspective
The government's incentives
A common-agency perspective
Implications of the Dual- and Common-Agency Perspectives
The representation hypothesis
Policy analysis
Cross-country comparisons
Is there a need for an international lender of last resort?
Institutional Implications: What Role for the IMF?
From market failure to mission design