fighting financial fires an imf insider account

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Fighting Financial Fires

Author : Onno de Beaufort Wijnholds
ISBN : 9780230354203
Genre : Political Science
File Size : 22. 80 MB
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A topical insider view of causes and consequences of financial crises since the Mexican collapse of 1995. The book includes a detailed exploration of recent and ongoing firestorms, including the near meltdown of the global financial system and the euro crisis and suggests ways to save the international financial and monetary system.

The Imf And Global Financial Crises

Author : Joseph P. Joyce
ISBN : 9780521874175
Genre : Business & Economics
File Size : 66. 52 MB
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Joyce traces the IMF's actions to promote international financial stability from the Bretton Woods era through the recent recession.

Tangled Governance

Author : C. Randall Henning
ISBN : 9780198801801
Genre : Business & Economics
File Size : 34. 49 MB
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Tangled Governance addresses the institutions that were deployed to fight the euro crisis, re-establish financial stability, and prevent contagion beyond Europe. The book addresses why European leaders chose to include the IMF in financial rescue programs for euro area countries and provides an authoritative account of the decisions of the institutions that make up the 'troika' (the European Commission, ECB, and IMF), and explains the institutions'negotiating strategies, the outcomes of their interaction, and the effectiveness of their cooperation. The study also explores the strategies of the member states, including Germany and the United States, withrespect to the institutions and the advantages they sought in directing them to work together. The book tests conjectures about 'regime complexity' against the seven cases of financial rescue programs during 2010-2015. It concludes, among other things, that regime complexity is the consequence of states' strategy to control the institutions and that states mediate inter-institutional conflict.

Imf Economic Review

Author :
ISBN : MINN:31951P010525027
Genre : Commerce
File Size : 64. 71 MB
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Flexible Exchange Rates For A Stable World Economy

Author : Joseph E. Gagnon
ISBN : 9780881326352
Genre : Business & Economics
File Size : 51. 79 MB
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Volatile exchange rates and how to manage them are a contentious topic whenever economic policymakers gather in international meetings. This book examines the broad parameters of exchange rate policy in light of both high-powered theory and real-world experience. What are the costs and benefits of flexible versus fixed exchange rates? How much of a role should the exchange rate play in monetary policy? Why don't volatile exchange rates destabilize inflation and output? The principal finding of this book is that using monetary policy to fight exchange rate volatility, including through the adoption of a fixed exchange rate regime, leads to greater volatility of employment, output, and inflation. In other words, the "cure" for exchange rate volatility is worse than the disease. This finding is demonstrated in economic models, in historical case studies, and in statistical analysis of the data. The book devotes considerable attention to understanding the reasons why volatile exchange rates do not destabilize inflation and output. The book concludes that many countries would benefit from allowing greater flexibility of their exchange rates in order to target monetary policy at stabilization of their domestic economies. Few, if any, countries would benefit from a move in the opposite direction.

Ruling Capital

Author : Kevin P. Gallagher
ISBN : 9780801454608
Genre : Political Science
File Size : 71. 97 MB
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In Ruling Capital, Kevin P. Gallagher demonstrates how several emerging market and developing countries (EMDs) managed to reregulate cross-border financial flows in the wake of the global financial crisis, despite the political and economic difficulty of doing so at the national level. Gallagher also shows that some EMDs, particularly the BRICS coalition, were able to maintain or expand their sovereignty to regulate cross-border finance under global economic governance institutions. Gallagher combines econometric analysis with in-depth interviews with officials and interest groups in select emerging markets and policymakers at the International Monetary Fund, the World Trade Organization, and the G-20 to explain key characteristics of the global economy. Gallagher develops a theory of countervailing monetary power that shows how emerging markets can counter domestic and international opposition to the regulation of cross-border finance. Although many countries were able to exert countervailing monetary power in the wake of the crisis, such power was not sufficient to stem the magnitude of unstable financial flows that continue to plague the world economy. Drawing on this theory, Gallagher outlines the significant opportunities and obstacles to regulating cross-border finance in the twenty-first century.

Adults In The Room

Author : Yanis Varoufakis
ISBN : 9780374718428
Genre : Political Science
File Size : 65. 97 MB
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A Number One Sunday Times Bestseller What happens when you take on the establishment? In Adults in the Room, the renowned economist and former finance minister of Greece Yanis Varoufakis gives the full, blistering account of his momentous clash with the mightiest economic and political forces on earth. After being swept into power with the left-wing Syriza party, Varoufakis attempts to renegotiate Greece’s relationship with the EU—and sparks a spectacular battle with global implications. Varoufakis’s new position sends him ricocheting between mass demonstrations in Athens, closed-door negotiations in drab EU and IMF offices, and furtive meetings with power brokers in Washington, D.C. He consults and quarrels with Barack Obama, Emmanuel Macron, Christine Lagarde, the economists Larry Summers and Jeffrey Sachs, and others, as he struggles to resolve Greece’s debt crisis without resorting to punishing austerity measures. But despite the mass support of the Greek people and the simple logic of Varoufakis’s arguments, he succeeds only in provoking the fury of Europe’s elite. Varoufakis’s unvarnished memoir is an urgent warning that the economic policies once embraced by the EU and the White House have failed—and spawned authoritarianism, populist revolt, and instability throughout the Western world. Adults in the Room is an extraordinary tale of brinkmanship, hypocrisy, collusion, and betrayal that will shake the global establishment to its foundations.

Liar S Poker

Author : Michael Lewis
ISBN : 0393066258
Genre : Biography & Autobiography
File Size : 77. 63 MB
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The time was the 1980s. The place was Wall Street. The game was called Liar’s Poker. Michael Lewis was fresh out of Princeton and the London School of Economics when he landed a job at Salomon Brothers, one of Wall Street’s premier investment firms. During the next three years, Lewis rose from callow trainee to bond salesman, raking in millions for the firm and cashing in on a modern-day gold rush. Liar’s Poker is the culmination of those heady, frenzied years—a behind-the-scenes look at a unique and turbulent time in American business. From the frat-boy camaraderie of the forty-first-floor trading room to the killer instinct that made ambitious young men gamble everything on a high-stakes game of bluffing and deception, here is Michael Lewis’s knowing and hilarious insider’s account of an unprecedented era of greed, gluttony, and outrageous fortune.

Fed Up

Author : Danielle DiMartino Booth
ISBN : 9780735211650
Genre : Business & Economics
File Size : 60. 85 MB
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In the early 2000s, a Wall Street escapee writing a financial column for the Dallas Morning News, Booth attracted attention for her criticism of the Fed's low interest rate policies and her warnings about the housing market. Nobody was more surprised when the head of the Dallas Federal Reserve offered her a job as a financial analyst. Figuring she could have more of an impact on Fed policies from inside, she also observed how the Fed abdicated its responsibility to the people both before and after the financial crisis and how nobody within the Fed seems to have learned from the experience.

When Genius Failed

Author : Roger Lowenstein
ISBN : 9780375506444
Genre : Business & Economics
File Size : 37. 81 MB
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With a new Afterword addressing today’s financial crisis A BUSINESS WEEK BEST BOOK OF THE YEAR In this business classic—now with a new Afterword in which the author draws parallels to the recent financial crisis—Roger Lowenstein captures the gripping roller-coaster ride of Long-Term Capital Management. Drawing on confidential internal memos and interviews with dozens of key players, Lowenstein explains not just how the fund made and lost its money but also how the personalities of Long-Term’s partners, the arrogance of their mathematical certainties, and the culture of Wall Street itself contributed to both their rise and their fall. When it was founded in 1993, Long-Term was hailed as the most impressive hedge fund in history. But after four years in which the firm dazzled Wall Street as a $100 billion moneymaking juggernaut, it suddenly suffered catastrophic losses that jeopardized not only the biggest banks on Wall Street but the stability of the financial system itself. The dramatic story of Long-Term’s fall is now a chilling harbinger of the crisis that would strike all of Wall Street, from Lehman Brothers to AIG, a decade later. In his new Afterword, Lowenstein shows that LTCM’s implosion should be seen not as a one-off drama but as a template for market meltdowns in an age of instability—and as a wake-up call that Wall Street and government alike tragically ignored.

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