Read e-book online Time for a Visible Hand: Lessons from the 2008 World PDF

By Stephany Griffith-Jones, José Antonio Ocampo, Joseph E. Stiglitz

ISBN-10: 019957880X

ISBN-13: 9780199578801

ISBN-10: 0199578818

ISBN-13: 9780199578818

The monetary hindrance, which originated in built nation monetary markets, has unfold to constructing international locations and has become a world monetary meltdown. Governments and significant Banks--though taking many and expensive measures--seem powerless to forestall the obstacle. In gentle of this significant worldwide difficulty that's hurting economies around the globe, this hugely topical ebook specializes in the transparency and regulatory measures that develop into fascinating after the present hindrance; the results of either the challenge and regulatory discussions for constructing and constructed economies; and reforms within the international monetary structure that will make the worldwide economic system extra solid and extra equitable. Given the intensity of the present monetary difficulty, the area economic climate is in unchartered territory. in this case, this booklet goals to systematically comprehend present significant difficulties, either within the economy, its governance, and in its hyperlinks to worldwide financial imbalances. it is going to attempt to clarify how either marketplace actors and regulators habit, in addition to how the present ideology of utmost monetary liberalization with no enough rules contributed to the monetary challenge. The booklet offers radical, yet particular and politically possible, proposals to aim to make sure a extra good, equitable and becoming global economic climate. Contributions are written via prime professionals of their box, with a mix of very senior national--as good as international--policy makers, practitioners from the non-public area, and best lecturers; participants come from either built and constructing international locations.

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Extra resources for Time for a Visible Hand: Lessons from the 2008 World Financial Crisis

Example text

They did neither well. Products were created which were so complicated that not even those that created them fully understood their risk implications; risk has been amplified, not managed. Meanwhile, products that should have been created—to help ordinary citizens manage the important risks, which they confront—were not. No one can claim that financial markets did a stellar job in allocating resources in the late 1990s—97 per cent of the investments in fiber optics took years to see any light. But at least that mistake had an unintended benefit: as the costs of interconnections were driven down, India and China became more integrated into the global economy.

This agenda is still valid today. However, it should be broadened to take into account the lessons from the period 2002–8. One important lesson underlines the key role of markets for developing countries’ exports. The experience of financial globalization tells us that capital inflows and external savings are by no means substitutes for growth-cumexports. Therefore, together with institutional reforms aimed at stabilizing the workings of the global financial system, developing countries should also call for a deeper reform, intended to consolidate the positive features of the 2002–8 configuration.

In a sense, these incentives were designed to encourage risk-taking. The problem is that they encouraged excessive risk-taking because of the mismatch between private returns and social returns. Accounting frameworks exacerbated these problems. Banks could record profits today (and executives enjoy compensation related to those profits), but the potential liabilities were placed off the balance sheet. INCENTIVES FOR ACCOUNTING FIRMS The Enron/WorldCom scandal brought to the fore long recognized incentive problems with accounting (auditing) firms, and some clear conflicts of interest.

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Time for a Visible Hand: Lessons from the 2008 World Financial Crisis by Stephany Griffith-Jones, José Antonio Ocampo, Joseph E. Stiglitz


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