9780815700722

Turbulent Waters

by
  • ISBN13:

    9780815700722

  • ISBN10:

    0815700725

  • Format: Hardcover
  • Copyright: 2003-06-01
  • Publisher: Brookings Inst Pr

Note: Supplemental materials are not guaranteed with Rental or Used book purchases.

Purchase Benefits

  • Free Shipping On Orders Over $35!
    Your order must be $35 or more to qualify for free economy shipping. Bulk sales, PO's, Marketplace items, eBooks and apparel do not qualify for this offer.
  • Get Rewarded for Ordering Your Textbooks! Enroll Now
List Price: $61.99 Save up to $6.20
  • Rent Book $55.79
    Add to Cart Free Shipping

    TERM
    PRICE
    DUE

Supplemental Materials

What is included with this book?

  • The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.
  • The Rental copy of this book is not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.

Summary

Today's world is organized politically into nation states with sovereign national governments. But as Ralph C. Bryant explains in Turbulent Waters, the world's economic structure is outgrowing its political structure. The economic links among nations have increased more rapidly than economic activity itself. As economic integration has proceeded, borders have become more porous, differences among national economies have eroded, and the policy autonomy of national governments has been undermined. Collective-governance problems increasingly spill across national borders and thus grow in importance relative to problems of domestic governance. The evolving need for international cooperation and cross-border collective governance is likely to be the single most prominent feature of world politics and economics for at least the next half century.The progressive integration of the world economy, often called "globalization," has been especially dramatic for financial activity. Cross-border financial transactions facilitate saving and investment and thereby advance the well-being of individuals. But they can also generate turbulence and instability. Most individuals are unsure whether financial globalization promotes or threatens prosperity for a majority of the world's people.Bryant explains basic concepts about financial activity and collective governance, distills their international dimensions, and enables general readers to acquire a solid grasp of the key policy issues that national governments must resolve. He provides fresh insights about what is often termed the international financial architecture. But he also casts his net far wider: the book's ambitious goal is no less than to outline a pragmatically sound vision for the evolution of international governance for the world economy and financial system.

Author Biography

Ralph C. Bryant is a senior fellow and the Edward M. Bernstein Scholar in the Economic Studies program at the Brookings Institution.

Table of Contents

Foreword xiii
Acknowledgments xv
Introduction: Financial Turbulence and Financial Governance
1(20)
Financial Activity
3(1)
Intermediate Messy Globalization
4(2)
International Collective Governance
6(3)
Pragmatic Incrementalism
9(2)
The Policy Dilemma for Individual Nations
11(1)
Goals for the Book
12(3)
Companion Volumes
15(1)
A Road Map and How to Read the Book
16(5)
Saving, Investment, and Financial Activity in a Single Closed Economy
21(40)
Basic Concepts: Investment, Saving, and Financial Activity
21(2)
Basic Concepts: Financial Intermediation and Financial Institutions
23(2)
Characteristics and Advantages of Financial Activity
25(11)
Differences among Financial Contracts
36(7)
Sticky Capital and Skittish Capital; Voice versus Exit
43(1)
Different Financial Institutions at Different Stages of Development
44(3)
Potential Problems within the Financial System
47(14)
Collective Governance for Financial Activity
61(36)
Collective Governance and Government
61(2)
Market Failures and Government Failures
63(3)
Essential Elements of Collective Governance for Financial Activity
66(1)
Management of Financial Storms
67(2)
Prudential Oversight and Supporting Governance Systems for Financial Activity
69(4)
Macroeconomic Policies
73(1)
Implementing Prudential Oversight
74(4)
Moral Hazard: A Fundamental Observation
78(2)
Storm Management: Further Issues
80(13)
Which Institutions for Collective Governance?
93(4)
Political Economy in a Multination, Intermediate World
97(35)
Basic Structural Features of the World Polity
98(1)
Increasing Pluralism and Diffusion of Power in the World Polity
99(7)
Increasing Integration in the World Economy
106(4)
The Economic Significance of National Borders
110(3)
Collective-Governance Problems with Cross-Border Dimensions
113(6)
Levels of Governance, Subsidiarity, and National Sovereignty
119(5)
National Autonomy versus Openness to the Global Economy
124(4)
Global Standards and a Level Playing Field
128(2)
Prospering in an Intermediate, Multination World
130(2)
The Progressive Internationalization of Finance
132(22)
National Reservoirs in an Increasingly Integrating World
132(2)
Geographical Variations in World Financial Activity
134(1)
An Empirical Overview of the Last Five Decades
135(10)
Alternative Explanations for the Growing Linkages of National Reservoirs
145(6)
How Far Has Internationalization Progressed?
151(3)
Analytical Issues in Cross-Border Finance: An Introduction
154(49)
Potential Gains from Cross-Border Financial Intermediation
154(5)
Additional Uncertainties in a Multination World
159(6)
Cross-Border Capital Flows
165(7)
Mishaps and Instability in Cross-Border Finance
172(31)
International Collective Governance
203(41)
Governance and Government in a Multination World
206(2)
Alternative Forms and Venues for Intergovernmental Cooperation
208(14)
Within-Nation Government and Nascent Cross-Border Governmental Functions
222(14)
Intergovernmental Cooperation on Financial Issues: The Range of Conceivable Functions
236(2)
Institutions Supporting Intergovernmental Financial Cooperation
238(6)
International Financial Architecture
244(37)
Monitoring and Enforcing Traffic Regulations
246(2)
Promoting Adjustment and Catalyzing Coordination for Exchange Rates and Macroeconomic Policies
248(3)
Lending Intermediation among National Governments: General Considerations
251(5)
Lending Intermediation and Surveillance by the IMF
256(3)
Prudential Oversight of Financial Activity
259(4)
Managing Financial Crises
263(5)
Additional Roles for International Financial Governance
268(13)
Priorities for Architectural Reform: Supranational Surveillance and IMF Lending
281(22)
Supranational Surveillance
285(10)
IMF Lending Intermediation
295(8)
Priorities for Architectural Reform: Prudential Financial Oversight, Crisis Management, and the Mandate for the IMF
303(40)
Prudential Oversight and Financial Standards
303(14)
Management of Financial Crises
317(12)
Specialization of International Collective Governance?
329(1)
What Mandate for the IMF?
330(10)
The IMF: Whose Institution?
340(3)
Single-Nation and Systemic Guidelines for Cross-Border Finance
343(37)
Policy Choices for an Individual Nation
344(23)
Capital Account and Prudential Oversight Policy Choices for the World Community
367(13)
A Perspective on Financial Activity and Financial Turbulence
380(10)
Benefits of Financial Intermediation
380(1)
Financial Turbulence
381(1)
Weighing Benefits and Hazards
382(1)
Collective Governance for Financial Systems
383(1)
Striking a Balance
384(1)
Eschew Polar Views
385(1)
A Middle Way: Steadfast Eclecticism
386(4)
The Evolution of International Financial Governance
390(29)
Collective Governance: Main Themes and Broad Principles
391(3)
Politically Salient Dimensions of Architectural Reform
394(4)
Political Support for International Governance
398(5)
Governance Failures for International Organizations?
403(7)
Halt Globalization or Shape Globalization?
410(3)
Don't Ask Too Much Too Soon, But Don't Be Too Timid Either!
413(6)
Appendix: The IMF and Other International Financial Institutions
419(42)
Consultative Groups Formed by National Governments
420(5)
The International Monetary Fund
425(15)
The Bank for International Settlements and Related Committees
440(4)
Other Financial Groups and Organizations
444(8)
GATT and the World Trade Organization
452(1)
The Organization for Economic Cooperation and Development
453(2)
The World Bank
455(3)
Regional Development Banks
458(3)
References 461(20)
Index 481

Rewards Program

Write a Review