Financial Crises, Liquidity, and the International Monetary System

Name: Financial Crises, Liquidity, and the International Monetary System
Price: 18.14 USD
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ISBN: 9780691099859

ISBN-10: 0691099855

ISBN-13: 9780691099859

Edition: 2002

Authors: Jean Tirole

List price: $77.00

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Description:

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…

Book details

List price: $77.00
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.



Acknowledgments


Introduction



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


Theories



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


Discussion


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


Governance



Conclusion


References


Index