World Capital Markets

by Dobson, Wendy; Hufbauer, Gary Clyde; Cho, Hyun Koo

• ISBN13: 9780881323016
• ISBN10: 0881323012
• Format: Paperback
• Copyright: 2001-06-01
• Publisher: Peterson Inst for Intl Economics

Summary

A major debate now raging in capital markets is on whether private bankers and investment managers bear the greater share of the costs when financial crises erupt in emerging economies. The authors argue that financial leaders of the G-10 nations should take a more vigilant stance, analyze the implications of changing the rules of the game, and recommend specific policy measures.

Table of Contents

Preface	xi
Acknowledgments	xiii
The Joys and Woes of International Capital	1	(76)
Introduction	1	(3)
Relocating Capital	4	(23)
Heroic Forecasts	27	(2)
Spreading Technology	29	(8)
Building Financial Institutions	37	(3)
Manias and Panics	40	(7)
``Good Cholesterol'' versus ``Bad Cholesterol''	47	(9)
Sizing Up Costs and Benefits	56	(13)
Complements or Substitutes?	69	(8)
The Players, Their Supervisors, and Moral Hazard	77	(52)
Lessons from Asia and Russia	78	(2)
The Market Players	80	(14)
The Key Role of Banks	94	(17)
Portfolio Institutions: Tomorrow's Problem?	111	(10)
Prudential Supervision and Innovation-a Footnote	121	(1)
International Supervision: A Decentralized Framework	122	(6)
Conclusion	128	(1)
The Group of Ten and Financial Architecture	129	(40)
The Debt Bias	130	(3)
Changing the Rules for Bank Risk	133	(13)
Crisis Management: Changing the Payoffs	146	(8)
Disclosure and Transparency	154	(7)
Conclusion	161	(8)
Appendix A Data on Capital Flows: Sources and Comparisons	169	(28)
Appendix B G-10 Financial Regulation: Supervisors and Structure	197	(26)
References	223	(16)
Index	239