Tirole Financial Crises, Liquidity, and the International Monetary System

1. Auflage 2002
ISBN: 978-1-4008-2852-4
Verlag: De Gruyter
Format: EPUB
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 168 Seiten

No detailed description available for "Financial Crises, Liquidity, and the International Monetary System".

Autoren/Hrsg.

Tirole, Jean

Fachgebiete

• Wirtschaftswissenschaften Volkswirtschaftslehre Internationale Wirtschaft

Inhaltsverzeichnis

Acknowledgments vii

Introduction ix

1. Emerging Markets Crises and Policy Responses 1

The pre-crisis period 1

The crisis 7

IMF reforms, regulatory changes, and private sector innovations 18

2. The Economists' Views 23

Consensus view 23

Conflicting advice and the topsy-turvy principle 29

"Unrealistic" encroachments on sovereignty 36

Theories 36

3. Outline of the Argument and Main Message 47

The problem of a standard borrower 48

Why is external borrowing different? 48

Institutional and policy responses to market failure 50

4. Liquidity and Risk-Management in a Closed Economy 53

Corporate financing: key organizing principles 53

Domestic liquidity provision 70

5. Identification of Market Failure: Are Debtor Countries Ordinary Borrowers? 77

The analogy and a few potential differences 77

A dual-agency perspective 81

The government's incentives 86

Discussion 88

A common-agency perspective 92

6. Implications of the Dual- and Common-Agency Perspectives 97

Implication 1: the representation hypothesis 97

Implication 2: policy analysis 102

Cross-country comparisons 108

Is there a need for an international lender of last resort? 110

7. Institutional Implications: What Role for the IMF? 113

From market failure to mission design 113

Governance 116

8. Conclusion 129

References 131

Index 145

Über Autor(innen)

Jean Tirole, the winner of the 2014 Nobel Prize in Economics, is chairman of the Foundation Jean-Jacques Laffont at the Toulouse School of Economics, scientific director of Toulouse's Industrial Economics Institute, and annual visiting professor of economics at the Massachusetts Institute of Technology. His books include The Theory of Corporate Finance (Princeton), The Theory of Industrial Organization, Game Theory (with Drew Fudenberg), and A Theory of Incentives in Procurement and Regulation (with Jean-Jacques Laffont).