Financial Crises, Liquidity, and the International Monetary System

    By

    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 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 views on the crises and on the reform of the international financial architecture. Reform proposals often treat the symptoms rather than the fundamentals, he argues, and sometimes fail to reconcile the objectives of setting effective financing conditions while ensuring that a country "owns" its reform program. A proper identification of market failures is essential to reformulating the mission of an institution such as the IMF, he emphasizes. Next he adapts the basic principles of corporate governance, liquidity provision, and risk management of corporations to the particulars of country borrowing. Building on a "dual- and common-agency perspective," he revisits commonly advocated policies and considers how multilateral organizations can help debtor countries reap enhanced benefits while liberalizing their capital accounts. Based on the Paolo Baffi Lecture the author delivered at the Bank of Italy, this refreshingly accessible book is teeming with rich insights that researchers, policymakers, and students at all levels will find indispensable.

    View more

    Number of Pages: 168
    Format(s): Hardback - ISBN: 9780691099859
    Publication Date:
    Listed in: International finance
    Publisher: Princeton University Press

    Books by Jean Tirole

    Hardback

    RRP: £37.95

    Sale Price: £25.23

    Save: £12.72 per copy!

    Side-Banner-Right-188px-fd.jpg
    Books TV & Movies

    You might also like...

    Latest from the blog

    Fantastic new recipe book from Sabrina Ghayour 'Sirocco'

    Sabrina Ghayour's long awaited second recipe book Sirocco is out this month and is a great follow up to Persianna. Read article

    Ten Great Bedtime Reads from The Great British Bookshop and Aspace

    We have teamed up with Aspace (www.aspace.co.uk) who create beautiful room for Children to bring you 10 great bedtime reads for your little ones. Read article

    Latest from Twitter

    • @TheGBBookshop - 2 years ago

      Lottery funding for dementia reading project £2m pledged for Reading Agency scheme to pair readers with dementia sufferers

      @TheGBBookshop - 2 years ago

      Harry Potter and the Cursed Child has held on to the number one spot for a sixth week #HarryPotter #CursedChild @littlebrown @pottermore

    • @TheGBBookshop - 2 years ago

      @thebookseller @MartinaCole @Jeffrey_Archer @Foyles

      @TheGBBookshop - 2 years ago

      Frith wins inaugural Klaus Flugge Prize for illustration t.co/U9P08h4XMG

    • @TheGBBookshop - 2 years ago

      RT @Gue_de_Bost: #Dordogneholidaycottage available Sept tweet to book for more info

      @TheGBBookshop - 2 years ago

      The editor is just back from france @HomeAwayUK! t.co/IWutTER1x7