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OverviewRecurrent instability has characterized the global financial system since the 1980s. This instability and the resultant disruptions - sovereign debt defaults, exchange rate misaligments, bond market illiquidity and asset price bubbles - are linked, in this book, to the shortcomings of the global financial system which tends to generate cycles of boom and bust in credit flows. These cycles are set in motion by the monetary impulses of major industrial countries and are amplified and propagated through the operation of global financial markets. Fabrizio Saccomanni argues that to counter such systemic instability requires that national authorities give adequate weight to financial stability objectives when formulating their monetary and regulatory policies. He maintains that appropriate multilateral strategies to deal with unsustainable trends in credit aggregates and asset prices should be devised in the International Monetary Fund in the context of a strengthened framework to deal with global payments imbalances and exchange rate misalignments. Providing a comprehensive historical and analytical survey of the causes, consequences and possible cures of international financial instability, this book will be of great interest to students and academics of international economics and finance. It will also appeal to financial market participants and analysts, government officials and central bankers as a comprehensive survey of the relevant academic literature and of the state of the policy debate. Full Product DetailsAuthor: Fabrizio SaccomanniPublisher: Edward Elgar Publishing Ltd Imprint: Edward Elgar Publishing Ltd Dimensions: Width: 15.60cm , Height: 1.70cm , Length: 23.40cm Weight: 0.480kg ISBN: 9781849800310ISBN 10: 1849800316 Pages: 304 Publication Date: 27 November 2009 Audience: College/higher education , Professional and scholarly , Postgraduate, Research & Scholarly , Professional & Vocational Format: Paperback Publisher's Status: Active Availability: To order  Stock availability from the supplier is unknown. We will order it for you and ship this item to you once it is received by us. Table of ContentsContents: Foreword by Tommaso Padoa-Schioppa Preface Part I: The Tigers, the Tamers, the Circus 1. An Uneasy Relationship 2. Global Financial Players 3. Monetary and Financial Authorities 4. The Global Market for Foreign Exchange Part II: Global Finance between Crisis and Reform 5. The Crises of Global Finance 6. In Search of International Monetary and Financial Stability Part III: Challenging the Tigers 7. A Cage for the Dollar: The Plaza and Louvre Accords (1985-87) 8. The Seven-Year War of the French Franc (1991-98) 9. The Resistible Rise of the Yen (1995) 10. Double Play in Hong Kong (1998) 11. A Safety Net for the Euro (2000) 12. The Great Wall of the Chinese Renminbi (1994-2005) 13. How Did They Do It? Part IV: Epilogue 14. The Golden Mean Bibliography IndexReviews'This book is a masterpiece. It combines a clear historical analysis of issues and causes of past international instability with a contemporary discussion of how to avoid future occurrences. It is a very informative book that caters to the need of the savvy and the uninformed. It reviews in a rigorous manner the core obstacles to achieving a durable global financial stability. The presentation is clear, simple and well organised... Saccomanni demonstrated a great understanding of monetary and financial matters. The book could not have been better timed given the deepening recession caused by the global financial meltdown. I am very delighted to recommend it.' - Chika B. Onwuekwe, Journal of International Banking Law and Regulation '... the timing of this publication could not have been better, Fabrizio Saccomanni provides the reader with a well-written analytical and historical survey of the causes and consequences of international financial crisis and possible solutions... the book is enjoyable, compendious and concise... the book is worth reading by anyone who is interested in understanding the global financial system and is looking for a critical appraisal of its performance. In particular, students and academics of international economics can get a good overview on the issue of international financial stability, since the book bridges the gap between theoretical models and practical policy implications... Saccomanni's book is a well-written and valuable contribution to the debate - as already said before - the timing of its publication could hardly be better.' - Ralf Fendel, Journal of Economics and Statistics 'This book is a masterpiece. It combines a clear historical analysis of issues and causes of past international instability with a contemporary discussion of how to avoid future occurrences. It is a very informative book that caters to the need of the savvy and the uninformed. It reviews in a rigorous manner the core obstacles to achieving a durable global financial stability. The presentation is clear, simple and well organised... Saccomanni demonstrated a great understanding of monetary and financial matters. The book could not have been better timed given the deepening recession caused by the global financial meltdown. I am very delighted to recommend it.' -- Chika B. Onwuekwe, Journal of International Banking Law and Regulation '... the timing of this publication could not have been better, Fabrizio Saccomanni provides the reader with a well-written analytical and historical survey of the causes and consequences of international financial crisis and possible solutions... the book is enjoyable, compendious and concise... the book is worth reading by anyone who is interested in understanding the global financial system and is looking for a critical appraisal of its performance. In particular, students and academics of international economics can get a good overview on the issue of international financial stability, since the book bridges the gap between theoretical models and practical policy implications... Saccomanni's book is a well-written and valuable contribution to the debate - as already said before - the timing of its publication could hardly be better.' -- Ralf Fendel, Journal of Economics and Statistics Author InformationFabrizio Saccomanni, Minister of Economy and Finance and EIB Governor for the Italian Republic Tab Content 6Author Website:Countries AvailableAll regions |
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