by Kern Alexander, Rahul Dhumale, John Eatwell
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| List Price: | $45.00 |
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Product Description
The book sets forth the economic rationale for international financial regulation and what role, if any, international regulation can play in effectively managing systemic risk while providing accountability to all affected nations. The book suggests that a particular type of global governance structure is necessary to have more efficient regulation of the international financial system.
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Average Customer Review:
0 of 1 people found the following review helpful:
A FUNDAMENTAL BOOK ON WORLD ECONOMY, 2006-08-12
THE AUTHORS ARE VERY WORRIED ABOUT THE PARLOUS STATE OF THE WORLD FINANCIAL SYSTEM AFTER "FREE CAPITAL" PRIVATIZATION, DEREGULATION, AND THE GOALS AND SHIBBOLETHS OF THE MAJOR GOVERMENTS FOR THE PAST DECADE. THIS IS A TECHNICAL ACCOUNT OF WHY THE STATUS QUO WILL VERY LIKELY PRODUCE DISASTER. DESPITE THE INHIBITED TONE OF THE WRITING, THIS IS A WARNING TO ALL: ECONOMIC DISASTER IS THE MOST PROBABLE OUTCOME OF ALL THE CHANGES THAT HAVE BEEN MADE IN THE WORLD ECONOMY SINCE 1971 AND THE COLLAPSE OF THE BRETTON WOODS SYSTEM. A VERY IMPORTANT BOOK.
3 of 3 people found the following review helpful:
Review in Foreign Affairs:, 2006-02-17
This book finds serious deficiencies with the by now extensive system of committees, organizations, rules, and guidelines that have emerged to govern and manage the international financial system. Concretely, it suggests that the existing framework, based on the supervision of individual financial institutions (especially banks), fails to take adequate account of the negative macroeconomic consequences that may flow from the financial failures of particular institutions. Even worse, emerging rules (such as the Basel II guidelines for minimum bank capital) may actually increase systemic fragility by making financial institutions more homogeneous in their behavior, leading to abrupt disruptions (financial crises) following periods of apparent but fragile stability. In making its central argument, the book offers informative coverage of the International Monetary Fund, the Basel committees on banking, the Asian financial crises, bankruptcy, the legal aspects of the system for settlement of payments, and many other relevant topics.
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