Financial Crises and What to Do About Them
Barry Eichengreen
Abstract
This book provides a critical assessment of the official sector's efforts to manage more effectively financial crises in emerging markets. The book reviews international initiatives on both the crisis prevention and crisis resolution fronts. While crises will always be with us, it concludes that good progress has been made in limiting their spread and strengthening the international financial system. Ironically, however, official sector initiatives in this area may in fact have made life more difficult for the poorest countries. Initiatives to limit the incidence of crises and threats to the s ... More
This book provides a critical assessment of the official sector's efforts to manage more effectively financial crises in emerging markets. The book reviews international initiatives on both the crisis prevention and crisis resolution fronts. While crises will always be with us, it concludes that good progress has been made in limiting their spread and strengthening the international financial system. Ironically, however, official sector initiatives in this area may in fact have made life more difficult for the poorest countries. Initiatives to limit the incidence of crises and threats to the stability of the international financial system should therefore be linked to an increase in development assistance designed to offset the extra burdens on the poorest countries. The other place where official efforts have fallen short is in creating new ways of resolving crises. The book argues that the old way — the official sector financing through the International Monetary Fund — is part of the problem, not part of the solution.
Keywords:
financial crisis,
crisis prevention,
crisis resolution,
international financial system,
development assistance,
official sector,
International Monetary Fund
Bibliographic Information
| Print publication date: 2002 |
Print ISBN-13: 9780199257430 |
| Published to Oxford Scholarship Online: October 2011 |
DOI:10.1093/acprof:oso/9780199257430.001.0001 |
Authors
Affiliations are at time of print publication.
Barry Eichengreen, author
George C. Pardee and Helen N. Pardee Professor of Economics and Professor of Political Science, University of California, Berkeley
Author Webpage
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