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World Capital Markets: Challenge to the G-10
Book Data
May 2001
ISBN paper 0-88132-301-2
276 pp.
$25.00 $12.50
( 50 % discount)

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World Capital Markets: Challenge to the G-10


by Wendy Dobson and
Gary Clyde Hufbauer
assisted by Hyun Koo Cho

"... 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)

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.

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Contents

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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


Other books of interest:
Curbing the Boom-Bust Cycle: Stabilizing Capital Flows to Emerging Markets
Curbing the Boom-Bust Cycle: Stabilizing Capital Flows to Emerging Markets
by John Williamson
Global Economic Leadership and the Group of Seven
Global Economic Leadership and the Group of Seven
by C. Fred Bergsten and
C. Randall Henning
International Financial Architecture: What's New? What's Missing?
International Financial Architecture: What's New? What's Missing?
by Peter B. Kenen
Private Capital Flows to Emerging Markets after the Mexican Crisis
Private Capital Flows to Emerging Markets after the Mexican Crisis
edited by Guillermo A. Calvo and
Morris Goldstein and
Eduard Hochreiter
Toward A New International Financial Architecture: A Practical Post-Asia Agenda
Toward A New International Financial Architecture: A Practical Post-Asia Agenda
by Barry Eichengreen