New Challenges of Crisis Prevention: Addressing Economic Imbalances in the North and Boom-Bust Cycles in the South


Over the past eight years, a number of serious financial crises have affected economies, businesses and, most importantly, the living conditions of millions of people, particularly in the developing regions. As it turns out, the globalisation of financial markets during the 1990s not only increased the opportunities for prosperity and growth in developing countries, but also the risk of misery and recession. Crisis prevention has therefore become a priority issue for policymakers and analysts around the world.

This book first focuses on new strategies for dealing with the inherent instability of financial markets. It then looks at the ways in which financial markets work and the implications for more effective supervision. The third part of the book deals with the Asian, Latin American and Central European responses to the instability of financial markets. And in the fourth part there is a discussion of gaps in the international institutional framework.

The prominent international experts who have contributed to this book discuss a variety of key policy issues that range from the prevention of excessive surges of capital inflows to the lack of global economic governance.


Contents, Contributors   

Introduction by Jan Joost Teunissen

Part I Policy Options for Advanced Countries to Address Current and Future Global Economic Imbalances
  • "Why Advanced Countries Should Address Global Economic Imbalances" Jan A. Kregel
  • Comment by Zdenĕk Drábek
  • Floor Discussion
Part II Policy Options for Developing Countries to Counter Boom-Bust Cycles
  • "Counter-Cyclical Policies in the Developing World"  José Antonio Ocampo
  • Comment by Liliana Rojas-Suárez
  • Comment by Amar Bhattacharya
  • Floor Discussion
Part III Exchange Rate Policies in Developing Countries
  • "Exchange Rate Policy in Latin America: The Costs of the Conventional Wisdom"  John Williamson
  • Comment by Carlos Massad
  • "East Asia's Experiences with the Free Floating Exchange Rate
  • System"  Yung Chul Park and Chi-Young Song
  • Comment by Brian Kahn
  • Floor Discussion
Part IV Counter-Cyclical Efforts at the Regional and International Level
  • "Counter-Cyclical Efforts at the Regional and International Level: A Latin American View"  José María Fanelli
  • "The Pro-Cyclical Effects of The New Basel Accord"  Stephany Griffith-Jones and Stephen Spratt 

Appendix: List of Participants

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December 2001
ISBN-10: 90-74208-18-5

224 pages

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