000			01704nam a2200157Ia 4500
020			_a978-0691099859
100			_aTirole, Jean
245			_aFinancial crises, liquidity, and the international monetary system
260			_c2002 _bPrinceton University _aNew Jersey
300			_axii, 151p. _b23 cm ; Hard Bound
500			_a$24.95
505			_a 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.
520			_aJean 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,
650			_aInternational Finance _aEconomics _aInternational Monetary Fund
942			_cBK
999			_c86033 _d86033