Description
Financial crises are a regular occurrence in the world economy, and there is no one definitive solution to preventing or resolving them. Professor Barry Eichengreen provides an overview of the various initiatives undertaken by the official sector to manage financial crises, and discusses the shortcomings of these efforts. He argues that the old way of managing crises through the International Monetary Fund (IMF) is part of the problem, not the solution. Instead, he suggests that increased development assistance be used to offset the extra burdens on the poorest countries. This book is an insightful insider's analysis of the current debates on financial crises, and is valuable for practitioners and novices alike.
In this accessible study, the author provides a critical assessment of the official sector's efforts to more effectively manage financial crises in emerging markets. Professor Eichengreen reviews international initiatives on both the crisis prevention and crisis resolution fronts. While crises will always be with us, he 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 author argues that the old way - the official sector financing through the International Monetary Fund - is part of the problem, not part of the solution. Review: ... illuminating ... such a timely publication ... Financial Crises should be essential reading for any student observer or policy-maker concerned about the impact of financial crises on the world economy and the different alternatives being proposed to improve upon the international financial architecture. The Journal of Development Studies Barry Eichengreen has produced an illuminating and timely book that will be of great value to many audiences. Although the book is relatively brief it covers all the major issues in great detail focusing on two clear points, namely crisis prevention and crisis management. The Journal of Development Studies Eichengreen shows an unerring ability to get right to the heart of the matter. For those who don't have the time or inclination to plough through endless heavy-going research papers, this book is to be heartily recommended. Central Banking Journal Barry Eichengreen's slim new volume summarises the current debate on financial crises, and then takes it one stage further ... neatly and sensibly argued ... an insightful insider's analysis ... It will bring the reader up to speed on the topic in record time: everything you need to know is tidily and concisely expressed in this refreshingly accessible book, which caters for the practitioner and the novice alike. Central Banking Journal Eichengreen offers a useful guide to the continuing debates ... valuable short guide. Howard Davies, Times Literary Supplement
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