E-Book, Englisch, 168 Seiten, EPUB
E-Book, Englisch, 168 Seiten, EPUB
ISBN: 978-1-4008-2852-4
Verlag: De Gruyter
Format: EPUB
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)
Jean 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.
Based on the Paolo Baffi Lecture the author delivered at the Bank of Italy, this refreshingly accessible book is teeming with rich insights that researchers, policymakers, and students at all levels will find indispensable.
Autoren/Hrsg.
Weitere Infos & Material
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