Financial crises, liquidity, and the international monetary system

By:

Tirole, Jean

Material type: Text

TextPublication details: 2002 Princeton University New JerseyDescription: xii, 151p. 23 cm ; Hard BoundISBN:

978-0691099859

Subject(s):

International Finance Economics International Monetary Fund

Contents:

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.

Summary: 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,

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Holdings
Item type	Current library	Collection	Call number	Status	Date due	Barcode
Books	H.T. Parekh Library	GSB Collection	332.15 TIR (Browse shelf(Opens below))	Available		25579

$24.95

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.

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,

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