TY  - BOOK
AU  - Tirole, Jean
TI  - Financial crises, liquidity, and the international monetary system
SN  - 978-0691099859
PY  - 2002///
CY  - New Jersey
PB  - Princeton University
KW  - International Finance
KW  - Economics
KW  - International Monetary Fund
N1  - $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
N2  - 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
ER  -