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Financial Market Integration and International Capital Flows

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Financial Market Integration and International Capital Flows

9781840641653 Edward Elgar Publishing
Edited by Gregor Irwin, Financial Stability Division, Bank of England, UK and David Vines, Emeritus Professor of Economics, Balliol College, Oxford University, UK
Publication Date: 2001 ISBN: 978 1 84064 165 3 Extent: 520 pp
This collection of papers, written by both academics and practitioners, is addressed both to specialists and to a wider audience, and will provide insight into an extremely important global development.

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The widespread capital market liberalisation has resulted in a massive surge in international capital flows and the development of a more integrated world financial system. At the same time, however, the volatility of capital flows has increased and the stability of this modern financial system has been called into question by a number of financial and currency crises.

In this volume the editors assess the behaviour of international capital markets during this period, focusing on both the causes and the consequences of financial instability. They examine the origins of the Latin American and East Asian crises and the lessons that can be drawn from these, and they consider the proposals for reform of the international financial system which have followed.

This collection of papers, written by both academics and practitioners, is addressed both to specialists and to a wider audience, and will provide insight into an extremely important global development.
Contributors
18 articles, dating from 1995 to 1999
Contributors include: G. Calvo, A. Crockett, M.P. Dooley, S. Fischer, M. Goldstein, P. Krugman, M. Miller, K. Rogoff, J. Sachs, J. Stiglitz
Contents
Contents:
Acknowledgements
Introduction Gregor Irwin and David Vines
PART I CAPITAL FLOWS AND FINANCIAL INSTABILITY
1. Andrew Crockett (1997), ‘Why is Financial Stability a Goal of Public Policy?’
2. Kenneth Rogoff (1999), ‘International Institutions for Reducing Global Financial Instability’
3. Stijn Claessens, Michael P. Dooley and Andrew Warner (1995), ‘Portfolio Capital Flows: Hot or Cold?’
4. Richard Portes and David Vines (1997), Coping with International Capital Flows
PART II THE MEXICAN CRISIS
5. Guillermo A. Calvo and Enrique Mendoza (1996), ‘Petty Crime and Cruel Punishment: Lessons from the Mexican Debacle’
6. Jeffrey Sachs, Aaron Tornell and Andrés Velasco (1996), ‘The Collapse of the Mexican Peso: What Have We Learned?’
7. Morris Goldstein and Guillermo A. Calvo (1996), ‘What Role for the Official Sector?’
8. Andrew Crockett (1996), ‘Lessons from the Mexican Crisis’
PART III THE EAST ASIAN CRISIS
9. Paul Krugman (1998), ‘What Happened to Asia?’
10. Steven Radelet and Jeffrey D. Sachs (1998), ‘The East Asian Financial Crisis: Diagnosis, Remedies, Prospects’
11. Giancarlo Corsetti, Paolo Pesenti and Nouriel Roubini (1999), ‘What Caused the Asian Currency and Financial Crisis?’
12. Jenny Corbett, Gregor Irwin and David Vines (1999), ‘From Asian Miracle to Asian Crisis: Why Vulnerability, Why Collapse?’
13. Paul Krugman (1999), ‘Analytical Afterthoughts on the Asian Crisis’
PART IV THE LESSONS OF THE 1990s
14. D. Brealey (1999), ‘The Asian Crisis: Lessons for Crisis Management and Prevention’
15. Amar Bhattacharya and Marcus Miller (1999), ‘Coping with Crises: Is There a "Silver Bullet"?’
16. Stanley Fischer (1999), ‘Reforming the International Financial System’
17. Morris Goldstein (1998), ‘Halifax II Reforms’
18. Joseph Stiglitz (1999), ‘Must Financial Crises Be This Frequent and Painful?’
Name Index
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