Titel: Financial Crises and What to Do about Them
Autor/en: Barry Eichengreen
OXFORD UNIV PR
August 2002 - gebunden - 256 Seiten
In this book, a leading observer of the international financial system assesses official efforts to address the problem of financial crises in emerging markets. Professor Eichengreen describes the progress that has been made in limiting the frequency of crises and strengthening the
international financial system. He also shows that initiatives in this area have unintentionally made life more difficult for the poorest countries. He therefore argues that efforts to limit the threat to the international financial system need to be linked to an increase in development
assistance. Another place where official efforts have fallen short, the author argues is in creating new ways of resolving crises. He shows that official financing through the International Monetary Fund is part of the problem. The IMF's financial rescues allow investors to escape without losses,
in turn encouraging them to lend without due regard to the risks. This only makes the international system more crises prone. That the IMF has repeatedly come under pressure to bail out crisis countries reflects the absence of other acceptable ways of resolving the financial difficulties of
emerging markets. Not lending threatens to expose the international financial system to a disorderly and disruptive crisis. At the same time, radical new alternatives like an international bankruptcy court or international lender of last resort would create more problems than they solved-even if
there was the political appetite for such ambitious schemes, which there is not. The author concludes that the best way to enhance the efficiency and stability of international financial markets is by pushing for changes to the provisions ofloan agreements that will enhance the capacity of
creditors and debtors to resolve financial problems on their own.
1. Introduction ; 2. Crisis Prevention ; 3. Crisis Management ; 4. Lessons of Recent Experience ; 5. The Way Forward ; Appendix: A Chronology of Official Initiatives
Barry Eichengreen is the George C. Pardee and the Helen N. Pardee Professor of Economics and Professor of Political Science at the University of California, Berkeley, where he has taught since 1987. He is also Research Associate of the National Bureau of Economic Research (Cambridge, Massachusetts) and Research Fellow of the Centre for Economic Policy Research (London). In 1997-8 he was Senior Policy Advisor at the International Monetary Fund. Professor Eichengreen
has published widely on the history and current operation of the international monetary and financial system.
... illuminating ... such a timely publication ... Financial Crises should be essential reading for any student observer or policy-maker concerned about the impact of financial crises on the world economy and the different alternatives being proposed to improve upon the international financial architecture. The Journal of Development Studies Barry Eichengreen has produced an illuminating and timely book that will be of great value to many audiences. Although the book is relatively brief it covers all the major issues in great detail focusing on two clear points, namely crisis prevention and crisis management. The Journal of Development Studies Eichengreen shows an unerring ability to get right to the heart of the matter. For those who don't have the time or inclination to plough through endless heavy-going research papers, this book is to be heartily recommended. Central Banking Journal Barry Eichengreen's slim new volume summarises the current debate on financial crises, and then takes it one stage further ... neatly and sensibly argued ... an insightful insider's analysis ... It will bring the reader up to speed on the topic in record time: everything you need to know is tidily and concisely expressed in this refreshingly accessible book, which caters for the practitioner and the novice alike. Central Banking Journal Eichengreen offers a useful guide to the continuing debates ... valuable short guide. Howard Davies, Times Literary Supplement