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Financial Crises Liquidity, and The International Monetary System

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Financial Crises Liquidity, and The International Monetary System

Financial Crises Liquidity, and The International Monetary System

Prix Nobel d'économie 2014

164 pages, parution le 09/12/2002

Résumé

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.

Jean Tirole a été élu Prix Nobel d'économie en 2014 pour l'ensemble de ses travaux sur l'analyse de la puissance de marché et de la régulation.

L'auteur Jean Tirole

Jean Tirole, prix Nobel d'économie 2014, est président de l'École d'économie de Toulouse (TSE), directeur scientifique de l'Institut d'économie industrielle (IDEI) à Toulouse, membre fondateur de l'Institute for Advanced Study in Toulouse (IAST), professeur invité au MIT et directeur d'études cumulant à l'École des hautes études en sciences sociales.

Autres livres de Jean Tirole

Sommaire

  • Emerging Markets Crises and Policy Responses
  • The Economists' Views
  • Outline of the Argument and Main Message
  • Liquidity and Risk-Management in a Closed Economy
  • Identification of Market Failure: Are Debtor Countries Ordinary Borrowers?
  • Implications of the Dual- and Common-Agency Perspectives
  • Institutional Implications: What Role for the IMF?
  • Conclusion
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Caractéristiques techniques du livre "Financial Crises Liquidity, and The International Monetary System"

  PAPIER
Éditeur(s) Princeton University Press
Auteur(s) Jean Tirole
Parution 09/12/2002
Nb. de pages 164
Format 14,5 x 22
Couverture Relié
Poids 364g
Intérieur Noir et Blanc
EAN13 9780691099859
ISBN13 978-0-691-09985-9

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