Managing International Financial Instability: National Tamers versus Global Tigers - Softcover

Saccomanni, Fabrizio

Softcover

ISBN 10: 1849800316 ISBN 13: 9781849800310

Publisher: Edward Elgar Publishing Ltd, 2009

Synopsis

Recurrent instability has characterized the global financial system since the 1980s, eventually leading to the current global financial crisis. This instability and the resultant disruptions - sovereign debt defaults, exchange rate misalignments, financial 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.

About this title

About the Author

Fabrizio Saccomanni, Minister of Economy and Finance and EIB Governor for the Italian Republic

Edition details

• Publisher: Edward Elgar Publishing Ltd
• Publication date: 2009
• Language: English
• ISBN 10: 1849800316
• ISBN 13: 9781849800310
• Binding: Paperback
• Number of pages: 304