Financial Crises, Liquidity, and the International Monetary System

By: Jean Tirole

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Hardcover | 1 October 2002

At a Glance

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168 Pages

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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 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.

Industry Reviews

"An insightful contribution to the expanding economics research that reexamines the role of the International Monetary Fund in emerging markets and financial crises."--Choice

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You Can Find This Book In

Non-Fiction Society & Culture Social Issues & Processes Globalisation Economics Economic Theory & Philosophy International Economics International Finance Macroeconomics Monetary Economics Accounting & Finance Finance

Accounting Business & Management International Business

Acknowledgments	p. vii
Introduction	p. ix
Emerging Markets Crises and Policy Responses	p. 1
The pre-crisis period	p. 1
The crisis	p. 7
IMF reforms, regulatory changes, and private sector innovations	p. 18
The Economists' Views	p. 23
Consensus view	p. 23
Conflicting advice and the topsy-turvy principle	p. 29
"Unrealistic" encroachments of sovereignty	p. 36
Theories	p. 36
Outline of the Argument and Main Message	p. 47
The problem of a standard borrower	p. 48
Why is external borrowing different?	p. 48
Institutional and policy responses to market failure	p. 50
Liquidity and Risk-Management in a Closed Economy	p. 53
Corporate financing: key organizing principles	p. 53
Domestic liquidity provision	p. 70
Identification of Market Failure: Are Debtor Countries Ordinary Borrowers?	p. 77
The analogy and a few potential differences	p. 77
A dual-agency perspective	p. 81
The government's incentives	p. 86
Discussion	p. 88
A common-agency perspective	p. 92
Implications of the Dual- and Common-Agency Perspectives	p. 97
The representation hypothesis	p. 97
Policy analysis	p. 102
Cross-country comparisons	p. 108
Is there a need for an international lender of last resort?	p. 110
Institutional Implications: What Role for the IMF?	p. 113
From market failure to mission design	p. 114
Governance	p. 116
Conclusion	p. 129
References	p. 131
Index	p. 145
Table of Contents provided by Syndetics. All Rights Reserved.

Financial Crises, Liquidity, and the International Monetary System

At a Glance

Hardcover

Industry Reviews

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You Can Find This Book In

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