Managing international financial instability : national tamers versus global tigers

Recurrent instability has characterized the global financial system since the 1980s, eventually leading to the current global financial crisis. This instability and the resultant disruptions - sovereign debt defaults, exchange rate misalignments, financial market illiquidity and asset price bubbles...

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Main Author: Saccomanni, Fabrizio
Corporate Author: Edward Elgar Publishing
Other Authors: Chambers, Alice
Format: eBook
Language:English
Published: Cheltenham Edward Elgar c2008
Subjects:
Online Access:
Collection: Edward Elgar eBook Archive - Collection details see MPG.ReNa
Summary:Recurrent instability has characterized the global financial system since the 1980s, eventually leading to the current global financial crisis. This instability and the resultant disruptions - sovereign debt defaults, exchange rate misalignments, financial market illiquidity and asset price bubbles - are linked, in this book, to the shortcomings of the global financial system which tends to generate cycles of boom and bust in credit flows. These cycles are set in motion by the monetary impulses of major industrial countries and are amplified and propagated through the operation of global financial markets. Fabrizio Saccomanni argues that to counter such systemic instability requires that national authorities give adequate weight to financial stability objectives when formulating their monetary and regulatory policies. He maintains that appropriate multilateral strategies to deal with unsustainable trends in credit aggregates and asset prices should be devised in the International Monetary Fund in the context of a strengthened framework to deal with global payments imbalances and exchange rate misalignments
pt. 1. The tigers, the tamers, the circus -- pt. 2. Global finance between crisis and reform -- pt. 3. Challenging the tigers -- pt. 4. Epilogue
Physical Description:xix, 284 p ill
ISBN:1845421426
9781848441521
9781845421427
9781849800310