Financial Crises, Liquidity, and the International Monetary System

Jean Tirole

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English

Princeton University Press
21 July 2002

International finance

Once upon a time, economists saw capital account liberalization--the free and unrestricted flow of capital in and out of countries--as unambiguously good. Good for debtor states, good for the world economy. No longer. Spectacular banking and currency crises in recent decades--from Latin America in the early 1980s to Scandinavia a decade later to Mexico, Southeast Asia, Russia, and, quite lately, Argentina--have shattered the consensus. In this remarkably clear and pithy volume, one of Europe's leading economists examines these crises, the reforms being undertaken to prevent them, and how global financial institutions might be restructured to this end. 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.

By: Jean Tirole
Imprint: Princeton University Press
Country of Publication: United States
Dimensions: Height: 216mm, Width: 140mm, Spine: 19mm
Weight: 340g
ISBN: 9780691099859
ISBN 10: 0691099855
Pages: 168
Publication Date: 21 July 2002
Audience: College/higher education , Professional and scholarly , Primary , Undergraduate
Format: Hardback
Publisher's Status: Active

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).

Reviews for Financial Crises, Liquidity, and the International Monetary System

An insightful contribution to the expanding economics research that reexamines the role of the International Monetary Fund in emerging markets and financial crises. -- Choice