World Capital Markets: Challenge to the G-10


by Wendy Dobson and Gary Clyde Hufbauer
assisted by Hyun Koo Cho
May 2001
Book Description

It is often pointed out that "for every bad borrower, and for every failed project, there is also a culpable lender or investor." This observation is particularly apt for the debate now raging in the capital markets: should private bankers and investment managers bear a greater share of the costs when financial crises erupt in emerging economies? Critics who have analyzed the "plumbing" of the world's financial architecture have thus far devoted enormous attention to the demand side—structural weaknesses in emerging markets. They have excoriated the IMF for ineptitude and policy mistakes.

But the authors of this study argue that financial leaders of the G-10 nations (industrial nations that were hardly affected by the crises of 1997-98) owe a responsibility—both to their own citizens and the emerging markets—to take a far more vigilant stance. Dobson and Hufbauer criticize the supply side of world capital markets and ask how G-10 capital suppliers can reform their own financial systems to make the world safe for large-scale international capital flows. They draw a comprehensive picture of international finance through an extensive review of capital flows, the major financial players behind these flows, and the balance between costs and benefits of international capital movements. The authors analyze the implications of changing the rules of the game and recommend specific policy measures.

Contents

Preface

Acknowledgments

1. The Joys and Woes of International Capital 359.6KB

2. The Players, Their Supervisors, and Moral Hazard 223.5KB

3. The Group of Ten and Financial Architecture 151.6KB

4. Appendix A 116.2KB

5. Appendix B 100.3KB

References

Index

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Book Data

May 2001
ISBN paper 0-88132-301-2
276 pp.

Commentaries on This Book

"... a stimulating, well-written book on critical policy issues in international finance. [It] will be worthwhile reading for a wide range of policy analysts and makers."

Ross Levine
Professor of Finance
University of Minnesota
(Carlson School of Management)

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