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The condition of banking systems in developing countries strongly influences the design and effectiveness of economic adjustment policies. Bank portfolio weakness can limit the flexibility of interest rate policy, the scope of financial reforms, and the conduct of monetary and fiscal policy. This volume, edited by V. Sundararajan and Tomás J.T. Baliño, is a collection of papers by IMF economists. It examines the link between financial problems and macroeconomic policy and highlights the need for prudential regulations and the appropriate institutional framework to deal with problem banks and borrowers.
The stunning collapse of the thrift industry, the major stock slump of 1987, rising corporate debt, wild fluctuations of currency exchange rates, and a rash of defaults on developing country debts have revived fading memories of the Great Depression and fueled fears of an impending economic crisis. Under what conditions are financial markets vulnerable to disruption and what economic consequences ensue when these markets break down? In this accessible and thought-provoking volume, Benjamin M. Friedman investigates the origins of financial crisis in domestic capital markets, Paul Krugman examines the international origins and transmission of financial and economic crises, and Lawrence H. Summers explores the transition from financial crisis to economic collapse. In the introductory essay, Martin Feldstein reviews the major financial problems of the 1980s and discusses lessons to be learned from this experience. The book also contains provocative observations by senior academics and others who have played leading roles in business and government.
Tirole analyzes the current views on financial crises and on the reform of the international financial architecture. 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, policy makers, and students at all levels will find indispensable.
In this new edition Professor Hansen augments his authoritative study of the business cycle with an analysis of the performance--and the problems--of the postwar American economy.
The essays in this volume analyze causes of financial crises in emerging markets and different policy responses.
Emerging Financial Markets' is organized into three sections namely; *) Financial Markets & Instruments, *) Behavioural Finance , *) Banking . The areas covered are Private Banking, Banking, Mutual Funds, Capital Markets, Fixed Income Securities, Behavioral Finance, Insurance, Derivatives and Risk Management. The topics covered will be of use to researchers, managers and consultants. This book will contribute significantly towards the knowledge base and research.