Global Finance at Risk : The Case for International Regulation

by John Eatwell (Queens' College, Cambridge); Lance Taylor (New School for Social Research, New York)

• ISBN13: 9780745625119
• ISBN10: 0745625118
• Format: Paperback
• Copyright: 2000-07-01
• Publisher: Polity

Summary

In Global Finance at Risk, two acclaimed economists propose a bold and necessary solution to the financial crises that threaten us all: a World Financial Authority with powers to establish best-practice financial regulation and risk management everywhere.The expansion of finance in industrialized economies, including nineteenth-century Britain and the United States, saw exactly the same kind of turbulence now afflicting Asia, Russia and Latin America. Then, the solution was to establish national banking and securities regulators, deposit insurance and lenders of last resort. But in our increasingly globalized world, the savings account you open at your local bank can be based on bad debt from anywhere in the world, including places outside the jurisdiction of those national agencies. And when banks fail, it is not just their account-holders who suffer, but all of us. This is why, argue John Eatwell and Lance Taylor in this timely and urgent book, effective regulation of the international financial system is crucial for the economic health of all nations.Global Finance at Risk presents a compelling case for the international regulation of world financial systems. Written in a clear and accessible style and addressing one of the most critical issues in the world today, this is a book which deserves to be widely read and discussed.

Table of Contents

Preface

The Privatization of Risk

Liberalized Capital Markets and Global Economic Performance

Exchange Rates and Capital Controls

Developed Countries and the New Financial Order

Developing Countries and the New Financial Order

Regulation on a Global Scale

A World Financial Authority

Further Reading

Abbreviations

Index

Table of Contents provided by Publisher. All Rights Reserved.