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Financial Crises, Liquidity, and the International Monetary System

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ISBN-10: 140082852X

ISBN-13: 9781400828524

Edition: 2002

Authors: Jean Tirole

List price: $127.50
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Book details

List price: $127.50
Copyright year: 2002
Publisher: Princeton University Press
Publication date: 7/1/2002
Binding: E-Book 
Pages: 168
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 on 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
Implication 1: the representation hypothesis
Implication 2: 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