By Barry Eichengreen; The Institute for International Economics; February 1999

The Asian financial crisis and the global economic turmoil that followed it have highlighted the need to avert financial crises and resolve them quickly if they do occur.

This book addresses current concerns that existing institutional arrangements, including the Bretton Woods institutions, can no longer adequately cope with today's world of high capital mobility. It provides a critical assessment of competing proposals to better predict, forestall, and resolve international financial crises and outlines a practical and pragmatic agenda for reform. The recommendations are based on the belief that financial markets can malfunction, creating a compelling case for a financial safety net (and therefore a role for the IMF), but also creating problems of moral hazard that must be addressed.

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Book Contents (PDFs):

Preface 

Acknowledgments

1. Introduction 140.9KB

2. Summary of Recommendations 193.0KB

3. Standards for Crisis Prevention 228.3KB

4. Banks and Capital Flows 273.8KB

5. Banking in the Private Sector 237.9KB

6. What Won't Work 225.8KB

7. What the IMF Should Do (And What We Should Do About the IMF) 266.4KB

Appendix A-C 456.2KB

References

Index

About the Author:

Barry Eichengreen is John L. Simpson Professor of Economics and Political Science at the University of California, Berkeley; Research Associate at the National Bureau of Economic Research; and Research Fellow of the Centre for Economic Policy Research (London). He has published numerous studies of international monetary and financial affairs, including Globalizing Capital: A History of the International Monetary System (Princeton University Press, 1996) yes , with Richard Portes.

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