Description
This unique collection of seminal articles reflects on the evolution of international finance in the 1990s, exploring the recurrence of financial crises and the resultant policy responses. The editors have brought together groundbreaking academic research addressing the policy decisions made by the key players. In this way, New International Financial Architecture sheds new light on the important debate of the 1990s which started with the Mexican crisis. This authoritative two volume set will provide a great resource for academics, policymakers and private sector participants.
Table of Contents
Contents:
Volume I
Acknowledgements
Introduction Nouriel Roubini and Marc Uzan
PART I CAUSES OF THE CRISIS: CASE STUDIES
A General
1. Stanley Fischer (1999), 'Reforming the International Financial System'
2. Policy Development and Review Department (2003), 'The Balance Sheet Approach and its Applications at the Fund'
3. Nouriel Roubini and Brad Setser (2004), 'New Nature of Emerging Market Crises'
B Mexico
4. Jeffrey Sachs, Aaron Tornell and Andres Velasco (1996), 'The Collapse of the Mexican Peso: What Have We Learned?'
C Asia
5. Steven Radelet and Jeffrey D. Sachs (1998), 'The East Asian Financial Crisis: Diagnosis, Remedies, Prospects'
6. Giancarlo Corsetti, Paolo Pesenti and Nouriel Roubini (1999), 'What Caused the Asian Currency and Financial Crisis?'
D Russia
7. Abbigail J. Chiodo and Michael T. Owyang (2002), 'A Case Study of a Currency Crisis: The Russian Default of 1998'
E Brazil
8. Morris Goldstein (2003), 'Debt Sustainability, Brazil, and the IMF'
F Argentina
9. Ricardo Hausmann and Andres Velasco (2002), 'Hard Money's Soft Underbelly: Understanding the Argentine Crisis'
G Contagion and Twin Banking Crises
10. Rudiger Dornbusch, Yung Chul Park and Stijn Claessens (2000), 'Contagion: Understanding How It Spreads'
11. Graciela L. Kaminsky and Carmen M. Reinhart (1999), 'The Twin Crises: The Causes of Banking and Balance-of-Payments Problems'
PART II CAUSES OF CRISES: THEORY
A Liquidity Runs Models
12. Roberto Chang and Andres Velasco (1999), 'Liquidity Crises in Emerging Markets: Theory and Policy'
B Moral-Hazard Related Papers
13. Paul Krugman (1998), 'What Happened to Asia?'
14. Giancarlo Corsetti, Paolo Pesenti and Nouriel Roubini (1999), 'Paper Tigers? A Model of the Asian Crisis'
C Balance Sheet Effects Models
15. Paul Krugman (1999), 'Balance Sheets, the Transfer Problem, and Financial Crises'
16. Guillermo A. Calvo (1998), 'Capital Flows and Capital-Market Crises: The Simple Economics of Sudden Stops'
17. Luis Felipe Cespedes, Roberto Chang and Andres Velasco (2000), 'Balance Sheets and Exchange Rate Policy'
Name Index
Volume II
Acknowledgements
An introduction by the editors to both volumes appears in Volume I
PART I INTERNATIONAL FINANCIAL ARCHITECTURE REFORM: CRISIS PREVENTION AND RESOLUTION
A Architecture Reform
1. Kenneth Rogoff (1999), 'International Institutions for Reducing Global Financial Instability'
2. Halifax Summit (1995), 'Halifax Summit Communique'
3. Robert E. Rubin (1998), 'Strengthening the Architecture of the International Financial System'
4. Lawrence H. Summers (2000), 'International Financial Crises: Causes, Prevention, and Cures'
5. Martin Feldstein (1999), 'A Self Help Guide for Emerging Markets'
B IMF Reform
6. Lawrence H. Summers (1999), 'The Right Kind of IMF for a Stable Global Financial System'
7. Martin Feldstein (1998), 'Refocusing the IMF'
8. Joseph E. Stiglitz (2002), 'The IMF's Other Agenda'
9. Allan H. Meltzer (2000), 'Statement of Allan H. Meltzer on the Report of the International Financial Institution Advisory Commission Senate Committee on Banking, Housing, and Urban Affairs'
C Crisis Resolution and PSI (Official Policy and Practice)
10. William R. Cline (2002), '"Private Sector Involvement" in Financial Crisis Resolution: Definition, Measurement, and Implementation'
11. Report of G7 Finance Ministers to the Koeln Economic Summit (1999), 'Strengthening the International Financial Architecture'
12. Special Committee on Crisis Prevention and Resolution in Emerging Markets (2001), 'Policy Statement'
PART II BAIL-INS VERSUS BAILOUTS: SDRM, CAC, CODE OF GOOD CONDUCT
A Crisis Resolution
13. Barry Eichengreen (2003), 'Restructuring Sovereign Debt'
14. Kenneth Rogoff and Jeromin Zettelmeyer (2002), 'Early Ideas on Sovereign Bankruptcy Reorganization: A Survey'
15. Anne Krueger (2002), 'New Approaches to Sovereign Debt Restructuring: An Update on Our Thinking', Address given at the Conference on "Sovereign Debt Workouts: Hopes and Hazards"
16. John B. Taylor (2002), 'Sovereign Debt Restructuring: A U.S. Perspective', Remarks at the Conference "Sovereign Debt Workouts: Hopes and Hazards?"
17. Nouriel Roubini and Brad Setser (2004), 'Legal Reform'
B Models of Bail-Ins and Bail-Outs and Catalytic Finance
18. Carlo Cottarelli and Curzio Giannini (2002), 'Bedfellows, Hostages, or Perfect Strangers? Global Capital Markets and the Catalytic Effect of IMF Crisis Lending'
19. Andrew Haldane, Simon Hayes, Adrian Penalver, Victoria Saporta and Hyun Song Shin (2002), 'Binding-in the Private Sector'
PART III OTHER POLICY ISSUES
A Appropriate Exchange Rate Regime for Emerging Markets
20. Stanley Fischer (2001), 'Exchange Rate Regimes: Is the Bipolar View Correct?'
21. Guillermo A. Calvo and Carmen M. Reinhart (2002), 'Fear of Floating'
B Dollarization
22. Andrew Berg and Eduardo Borensztein (2000), 'The Pros and Cons of Full Dollarization'
C Capital Controls
23. Eswar Prasad, Kenneth Rogoff, Shang-Jin Wei and M. Ayhan Kose (2003), 'Effects of Financial Globalization on Developing Countries: Some Empirical Evidence'
24. Jagdish Bhagwati (1998), 'The Capital Myth: The Difference Between Trade in Widgets and Dollars'
D An International Lender of Last Resort (ILOLR)
25. Stanley Fischer (1999), 'On the Need for an International Lender of Last Resort'
26. J. Sachs (1995), 'Do We Need an International Lender of Last Resort'
Name Index
by "Nielsen BookData"