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Throughout the 1990s, numerous financial crises rocked the world financial sector. The Asian bubble burst, for example; Argentina and Brazil suffered currency crises; and the post-Soviet economy bottomed out in Russia. In Financial Crises, a distinguished group of economists and policy analysts examine and draw lessons from attempts to recover from past crises. They also consider some potential hazards facing the world economy in the 21st century and discuss ways to avoid them and minimize the severity of any future downturn. This important new volume emerges from the seventh annual conference on emerging markets finance, cosponsored and organized by the World Bank and the Brookings Institution. In the book, noted experts address the following questions: How effective were post-crisis policies in Latin America, Eastern Europe, and East and Central Asia? Where do international financial markets stand ten years after the worldwide debt crisis? How can the provision of financial services resume vigorously, yet safely? What are the viable policy options for reducing systemic financial vulnerability? What will the next emerging-market financial crisis look like? Will lessons learned from past experiences help to avoid future disasters? How can nations reform their pension systems to deal with retirement challenges in the 21st century?

Tabla de contenidos provista por Syndetics

• 1 Introduction(p. 1)
• 2 Postcrisis Challenges and Risks in East Asia and Latin America: Where Do They Go from Here?(p. 15)
• 3 Banking System Crises and Recovery in the Transition Economies of Europe and Central Asia: An Overview(p. 63)
• 4 Sovereign Debt in Developing Countries with Market Access: Help or Hindrance?(p. 87)
• 5 The Next Emerging-Market Financial Crisis: What Might It Look Like?(p. 121)
• 6 Financial Risks Ahead: Views from the Private Sector(p. 211)
• 7 Starting over Safely: Rebuilding Banking Systems(p. 217)
• 8 Old-Age Income Support in the Twenty-first Century: Conceptual Framework and Select Issues of Implementation(p. 257)
• Contributors(p. 279)
• Index(p. 281)

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CHOICE Review

This well-written collection presents balanced and nuanced assessments of past financial crises and scenarios for possible new ones. Two essays review the most recent financial crises in different world regions, noting similarities and differences in their nature, causes, and management, as well as steps taken to avoid future crises. Another analyzes whether sovereign borrowing is an aid or hindrance to economic growth and whether new external debt by emerging economies is likely to lead to new crises. Improved government balance sheets, stronger fiscal positions, and sizable accumulations of international reserves among the former crises countries are believed to reduce the risk of another multicountry crisis. Another essay is less sanguine, contending that the bursting of China's investment bubble and a sudden run from the US dollar could lead to a major banking or currency crisis in emerging market countries. A contribution by three experts from banks and rating agencies offers useful private market perspectives on financial crises analysis. An essay supported by interesting data examines the extent to which countries have introduced reforms to address weaknesses that contributed to past crises. The final essay focuses comprehensively on pension system problems facing many emerging markets. ^BSumming Up: Recommended. General readers; students, lower-division undergraduate and up; and researchers and professionals. C. J. Siegman Federal Reserve Board/International Monetary Fund

Notas de autor provistas por Syndetics

Gerard Caprio is director of the Operations Policy Department in the World Bank's Financial Sector Presidency. James A. Hanson is a senior adviser to the World Bank's Financial Sector Operations and Policy Department. Robert E. Litan is a senior fellow in Economic Studies at the Brookings Institution and vice president for research and policy at the Kauffman Foundation. Among his many books is Good Capitalism, Bad Capitalism, and the Economics of Growth and Prosperity (Yale University Press, 2007), written with William J. Baumol and Carl J. Schramm.