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Author: R. Albert Berry Publisher: Transaction Publishers ISBN: 9781412820721 Category : Political Science Languages : en Pages : 412
Book Description
Critical Issues in International Financial Reform ad- dresses weaknesses of the current international financial system and potential beneficial reforms. The focus is on the countries of Latin America and the Caribbean, but the authors also take into account relevant lessons from the experience of Canada, a country highly integrated into world and hemispheric trade and financial markets. Critical Issues offers a new perspective on a discussion too often dominated by interest groups that take strong, even rigid, positions on issues with limited understanding of the technical aspects of the issues, and little concern for the interests of the developing world. Its chapters have been written by experts in the economic, political, and social aspects of the international financial integration of developing countries. Financial crises and their associated social and economic traumas are the most apparent symptom that something is amiss in the process of world economic integration. But there are also broader questions about the nature and magnitude of the benefits and costs of increased international capital flows for different groups of countries in the developing and developed worlds. For example, even in the absence of turbulence, is it optimal for all participants that capital movements be as free as possible? Does capital inflow discourage domestic savings to a degree that should cause worry? Are some types of flows inherently more beneficial than others--for instance, direct investment flows versus flows into host stock markets? How can the instability of capital movements best be curtailed? These questions concern the contributors to this volume. This volume demonstrates that the evolution of the world financial system, its various problems, and what is or is not done about them require an understanding of the links among financial, economic, and political variables. Critical Issues in International Financial Reform is an important contribution to this debate, and will be of value to researchers in economic policy, history, and international politics. Albert Berry is professor of economics at the University of Toronto and research director of the Program on Latin America and the Caribbean. Gustavo Indart is special lecturer of economics and the coordinator of the Program on Latin America and the Caribbean at the University of Toronto. "The papers in this conference volume are grounded on solid economic theory and empirical research, and take a critical view of the prescriptions of the so-called Washington Consensus and of the policies followed in most developing countries under the advice of the international financial institutions (IFIs). The economics and the political economy of their current financial arrangements, in which the IFIs play such an importnat role, are given a thorough treatment. This volume is a very valuable contribution to a debate that interests both academics and policymakers. The thirteen papers are uniformly of high quality and are often very innovative."--Juan-Antonio Morales, president, Central Bank of Bolivia "A stimulating and balanced set of analyses, drawing insightfully upon comparative experiences, of national and international financial systems and their reform, both actual and potential. It is unusual and welcome in its effective blending of political and economic insights, and its use of analyses that are refreshingly skeptical of orthodox presumptions."--Gerald Helliner, University of Toronto
Author: R. Albert Berry Publisher: Transaction Publishers ISBN: 9781412820721 Category : Political Science Languages : en Pages : 412
Book Description
Critical Issues in International Financial Reform ad- dresses weaknesses of the current international financial system and potential beneficial reforms. The focus is on the countries of Latin America and the Caribbean, but the authors also take into account relevant lessons from the experience of Canada, a country highly integrated into world and hemispheric trade and financial markets. Critical Issues offers a new perspective on a discussion too often dominated by interest groups that take strong, even rigid, positions on issues with limited understanding of the technical aspects of the issues, and little concern for the interests of the developing world. Its chapters have been written by experts in the economic, political, and social aspects of the international financial integration of developing countries. Financial crises and their associated social and economic traumas are the most apparent symptom that something is amiss in the process of world economic integration. But there are also broader questions about the nature and magnitude of the benefits and costs of increased international capital flows for different groups of countries in the developing and developed worlds. For example, even in the absence of turbulence, is it optimal for all participants that capital movements be as free as possible? Does capital inflow discourage domestic savings to a degree that should cause worry? Are some types of flows inherently more beneficial than others--for instance, direct investment flows versus flows into host stock markets? How can the instability of capital movements best be curtailed? These questions concern the contributors to this volume. This volume demonstrates that the evolution of the world financial system, its various problems, and what is or is not done about them require an understanding of the links among financial, economic, and political variables. Critical Issues in International Financial Reform is an important contribution to this debate, and will be of value to researchers in economic policy, history, and international politics. Albert Berry is professor of economics at the University of Toronto and research director of the Program on Latin America and the Caribbean. Gustavo Indart is special lecturer of economics and the coordinator of the Program on Latin America and the Caribbean at the University of Toronto. "The papers in this conference volume are grounded on solid economic theory and empirical research, and take a critical view of the prescriptions of the so-called Washington Consensus and of the policies followed in most developing countries under the advice of the international financial institutions (IFIs). The economics and the political economy of their current financial arrangements, in which the IFIs play such an importnat role, are given a thorough treatment. This volume is a very valuable contribution to a debate that interests both academics and policymakers. The thirteen papers are uniformly of high quality and are often very innovative."--Juan-Antonio Morales, president, Central Bank of Bolivia "A stimulating and balanced set of analyses, drawing insightfully upon comparative experiences, of national and international financial systems and their reform, both actual and potential. It is unusual and welcome in its effective blending of political and economic insights, and its use of analyses that are refreshingly skeptical of orthodox presumptions."--Gerald Helliner, University of Toronto
Author: Gustavo Indart Publisher: Routledge ISBN: 1351323741 Category : Business & Economics Languages : en Pages : 539
Book Description
Critical Issues in International Financial Reform addresses weaknesses of the current international financial system and potential beneficial reforms. The focus is on the countries of Latin America and the Caribbean, but the authors also take into account relevant lessons from the experience of Canada, a country highly integrated into world and hemispheric trade and financial markets. Critical Issues offers a new perspective on a discussion too often dominated by interest groups that take strong, even rigid, positions on issues with limited understanding of the technical aspects of the issues, and little concern for the interests of the developing world. Its chapters have been written by experts in the economic, political, and social aspects of the international financial integration of developing countries. Financial crises and their associated social and economic traumas are the most apparent symptom that something is amiss in the process of world economic integration. But there are also broader questions about the nature and magnitude of the benefits and costs of increased international capital flows for different groups of countries in the developing and developed worlds. For example, even in the absence of turbulence, is it optimal for all participants that capital movements be as free as possible? Does capital inflow discourage domestic savings to a degree that should cause worry? Are some types of flows inherently more beneficial than others--for instance, direct investment flows versus flows into host stock markets? How can the instability of capital movements best be curtailed? These questions concern the contributors to this volume. This volume demonstrates that the evolution of the world financial system, its various problems, and what is or is not done about them require an understanding of the links among financial, economic, and political variables. Critical Issues in International Financial Reform is an important contribution to this debate, and will be of value to researchers in economic policy, history, and international politics. Albert Berry is professor of economics at the University of Toronto and research director of the Program on Latin America and the Caribbean. Gustavo Indart is special lecturer of economics and the coordinator of the Program on Latin America and the Caribbean at the University of Toronto.
Author: Rohinton P. Medhora Publisher: McGill-Queen's Press - MQUP ISBN: 1928096018 Category : Political Science Languages : en Pages : 268
Book Description
The financial crisis that erupted in 2008 severely affected the global economy, plunging most countries into a recession with aftershocks still being felt today. Canada was able to weather the crisis well in comparison to many euro-zone countries and the United States, but it did not escape unscathed. Two major themes are explored in this volume: Canada’s role in the international financial system and the Canadian policy response to the global financial crisis. These themes are examined in light of the shift from the classical gold standard to Bretton Woods to the “non-system” of late, the finance-trade crossover agenda, the changing role of central banks, the European Monetary Union, developing countries and a post-financial crisis global political economy. What becomes clear in this volume is that Canada plays a powerful role, which belies its size, in the development of the financial system and its regulation at an international level. Crisis and Reform: Canada and the International Financial System — the 28th volume of the influential Canada Among Nations series — examines the global financial crisis through Canada’s historical and current role in the international financial system. Canada has been held up as a shining example of good governance during the financial crisis, and its prominent role within international financial institutions should grow as Canada continues as a leading player in the global financial system.
Author: Stijn Claessens Publisher: World Bank Publications ISBN: Category : Bank Languages : en Pages : 48
Book Description
Financial intermediation and financial services industries have undergone many changes in the past two decades due to deregulation, globalization, and technological advances. The framework for regulating finance has seen many changes as well, with approaches adapting to new issues arising in specific groups of countries or globally. The objectives of this paper are twofold: to review current international thinking on what regulatory framework is needed to develop a financial sector that is stable, yet efficient, and provides proper access to households and firms; and to review the key experiences regarding international financial architecture initiatives, with a special focus on issues arising for developing countries. The paper outlines a number of areas of current debate: the special role of banks, competition policy, consumer protection, harmonization of rules-across products, within markets, and globally-and the adaptation and legitimacy of international standards to the circumstances facing developing countries. It concludes with some areas where more research would be useful.
Author: Eric Helleiner Publisher: Routledge ISBN: 1135157626 Category : Business & Economics Languages : en Pages : 215
Book Description
Presents a systematic analysis of the international regulatory response to the global financial crisis. This volume examines the changes in international financial regulation from the vantage point of the key powers in global finance including the US, the EU, Japan, and China.
Author: Gerard Caprio Publisher: Cambridge University Press ISBN: 9780521574242 Category : Business & Economics Languages : en Pages : 502
Book Description
This study is the first to look at the analytics of and experience with financial reform, in examples drawn mostly from the developing world.
Author: Masahiro Kawai Publisher: Edward Elgar Publishing ISBN: 0857934724 Category : Business & Economics Languages : en Pages : 297
Book Description
'Filled with fresh observations from the global financial crisis, this book provides a blueprint for making Asia's financial systems safe. With contributions from experts in several countries, it is both comprehensive and rigorous. It will be invaluable to policy makers and students of finance everywhere, but its unique Asian perspective provides special insight into the systems that managed to ride out the global crisis but absent further reform might set the stage for another one. The book's analysis and recommendations deserve urgent policy attention.' Peter Petri, Brandeis University, US 'What are the lessons of the global financial crisis of 20072009 for Asia? This is a key issue for Asia today. On one hand, some observers argue that following the Asian financial crisis in 199798, most Asian developing countries built up strong mechanisms to guarantee financial stability. But the recent financial shocks across America and Europe show that even the best financial systems have key weaknesses. This book is a valuable guide for Asian financial policy-makers of the road ahead.' Peter McCawley, Australian National University In light of the experience of the global financial crisis, this book develops concrete recommendations for financial sector reform and regulation in Asian economies aimed at preventing the recurrence of systemic financial crises, improving the ability to manage and resolve crises, managing capital flows, and promoting the development of Asian bond markets. The focus of the book is on longer-term structural measures. It explores areas such as the scope for regional monitoring and cooperation; deepening and integration of Asian bond and money markets; liberalization/regulation of capital flows; issues related to macroprudential oversight, regulatory structure and cooperation; as well as role of state intervention in crisis resolution in the financial sector. The need for and impacts of regulations on innovative financial products and specific investor groups such as hedge funds; ways to reduce systemic risk of pro-cyclicality of regulation; and ways to improve the infrastructure and regulatory environment for local currency bond markets, are also examined in depth. The book will appeal to public and private finance experts, policy and decisions makers in governments and banks, think-tanks, and students in graduate courses related to financial and economic development.
Author: Howard Davies Publisher: John Wiley & Sons ISBN: 0745655882 Category : Business & Economics Languages : en Pages : 180
Book Description
As international financial markets have become more complex, so has the regulatory system which oversees them. The Basel Committee is just one of a plethora of international bodies and groupings which now set standards for financial activity around the world, in the interests of protecting savers and investors and maintaining financial stability. These groupings, and their decisions, have a major impact on markets in developed and developing countries, and on competition between financial firms. Yet their workings are shrouded in mystery, and their legitimacy is uncertain. Here, for the first time, two men who have worked within the system describe its origins and development in clear and accessible terms. Howard Davies was the first Chairman of the UK's Financial Services Authority, the single regulator for the whole of Britain's financial sector. David Green was Head of International Policy at the FSA, after spending thirty years in the Bank of England, and has been closely associated with the development of the current European regulatory arrangements. Now with a revised and updated introduction, which catalogues the changes made since the credit crisis erupted, this guide to the international system will be invaluable for regulators, financial market practitioners and for students of the global financial system, wherever they are located. The book shows how the system has been challenged by new financial instruments and by new types of institutions such as hedge funds and private equity. Furthermore, the growth in importance of major developing countries, who were excluded for far too long from the key decision-making for a has led to a major overhaul. The guide is essential reading for all those interested in the development of financial markets and the way they are regulated. The revised version is only available in paperback.
Author: R. Albert Berry
Author: R. Albert Berry
Author: Gustavo Indart
Author: Rohinton P. Medhora
Author: Stijn Claessens
Author: Eric Helleiner
Author: Gerard Caprio
Author: On Kit Tam
Author: Masahiro Kawai
Author: Howard Davies
Author: Graham Bird