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Turbulent Waters : Cross-Border Finance and International Governance - Ralph C Bryant

Turbulent Waters

Cross-Border Finance and International Governance

Paperback Published: 31st May 2003
ISBN: 9780815700715
Number Of Pages: 503

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Today's world is organized politically into nation states with sovereign national governments. But as Ralph C. Bryant explains in Turbulent Waters, the world's economic structure is outgrowing its political structure. The economic links among nations have increased more rapidly than economic activity itself. As economic integration has proceeded, borders have become more porous, differences among national economies have eroded, and the policy autonomy of national governments has been undermined. Collective-governance problems increasingly spill across national borders and thus grow in importance relative to problems of domestic governance. The evolving need for international cooperation and cross-border collective governance is likely to be the single most prominent feature of world politics and economics for at least the next half century. The progressive integration of the world economy, often called " globalization, " has been especially dramatic for financial activity. Cross-border financial transactions facilitate saving and investment and thereby advance the well-being of individuals. But they can also generate turbulence and instability. Most individuals are unsure whether financial globalization promotes or threatens prosperity for a majority of the world's people. Bryant explains basic concepts about financial activity and collective governance, distills their international dimensions, and enables general readers to acquire a solid grasp of the key policy issues that national governments must resolve. He provides fresh insights about what is often termed the international financial architecture. But he also casts his net far wider: the book's ambitious goal is no lessthan to outline a pragmatically sound vision for the evolution of international governance for the world economy and financial system.

Industry Reviews

"In his new book Turbulent Waters, economist Ralph C. Bryant reviews the bewildering complexitites of world trade and financial regulation, revealing how money is moved and goods are exchanged across national borders." --Lane Jennings, The Futurist, The Futurist, 3/1/2004 "This volume should be required reading, especially for those blindly protesting globalization. A better understanding of facts, the factors affecting the global economy, the insights and recommended policies presented by Bryant would lead to a more focused and constructive debate on the merits of globalization..." --C. J. Siegman, Federal Reserve Board/IMF, Choice, 2/4/2004 "... a timely guide to help citizens, policy-makers and academics alike navigate the sea of international financial architectural reforms... Bryant's depth of knowledge about cross-border financial flows and his thougtful analysis of possible reforms to the international financial architecture make this volume an important study on the policy options available to governments... He does remarkably well in providing an accessible account of what is generally a very technical debate." --Angela O'Mahony, University of British Columbia, International Journal, 1/1/2004

Forewordp. xiii
Acknowledgmentsp. xv
Introduction: Financial Turbulence and Financial Governancep. 1
Financial Activityp. 3
Intermediate, Messy Globalizationp. 4
International Collective Governancep. 6
Pragmatic Incrementalismp. 9
The Policy Dilemma for Individual Nationsp. 11
Goals for the Bookp. 12
Companion Volumesp. 15
A Road Map and How to Read the Bookp. 16
Saving, Investment, and Financial Activity in a Single Closed Economyp. 21
Basic Concepts: Investment, Saving, and Financial Activityp. 21
Basic Concepts: Financial Intermediation and Financial Institutionsp. 23
Characteristics and Advantages of Financial Activityp. 25
Differences among Financial Contractsp. 36
Sticky Capital and Skittish Capital; Voice versus Exitp. 43
Different Financial Institutions at Different Stages of Developmentp. 44
Potential Problems within the Financial Systemp. 47
Collective Governance for Financial Activityp. 61
Collective Governance and Governmentp. 61
Market Failures and Government Failuresp. 63
Essential Elements of Collective Governance for Financial Activityp. 66
Management of Financial Stormsp. 67
Prudential Oversight and Supporting Governance Systems for Financial Activityp. 69
Macroeconomic Policiesp. 73
Implementing Prudential Oversightp. 74
Moral Hazard: A Fundamental Observationp. 78
Storm Management: Further Issuesp. 80
Which Institutions for Collective Governance?p. 93
Political Economy in a Multination, Intermediate Worldp. 97
Basic Structural Features of the World Polityp. 98
Increasing Pluralism and Diffusion of Power in the World Polityp. 99
Increasing Integration in the World Economyp. 106
The Economic Significance of National Bordersp. 110
Collective-Governance Problems with Cross-Border Dimensionsp. 113
Levels of Governance, Subsidiarity, and National Sovereigntyp. 119
National Autonomy versus Openness to the Global Economyp. 124
Global Standards and a Level Playing Fieldp. 128
Prospering in an Intermediate, Multination Worldp. 130
The Progressive Internationalization of Financep. 132
National Reservoirs in an Increasingly Integrating Worldp. 132
Geographical Variations in World Financial Activityp. 134
An Empirical Overview of the Last Five Decadesp. 135
Alternative Explanations for the Growing Linkages of National Reservoirsp. 145
How Far Has Internationalization Progressed?p. 151
Analytical Issues in Cross-Border Finance: An Introductionp. 154
Potential Gains from Cross-Border Financial Intermediationp. 154
Additional Uncertainties in a Multination Worldp. 159
Cross-Border Capital Flowsp. 165
Mishaps and Instability in Cross-Border Financep. 172
International Collective Governancep. 203
Governance and Government in a Multination Worldp. 206
Alternative Forms and Venues for Intergovernmental Cooperationp. 208
Within-Nation Government and Nascent Cross-Border Governmental Functionsp. 222
Intergovernmental Cooperation on Financial Issues: The Range of Conceivable Functionsp. 236
Institutions Supporting Intergovernmental Financial Cooperationp. 238
International Financial Architecturep. 244
Monitoring and Enforcing Traffic Regulationsp. 246
Promoting Adjustment and Catalyzing Coordination for Exchange Rates and Macroeconomic Policiesp. 248
Lending Intermediation among National Governments: General Considerationsp. 251
Lending Intermediation and Surveillance by the IMFp. 256
Prudential Oversight of Financial Activityp. 259
Managing Financial Crisesp. 263
Additional Roles for International Financial Governancep. 268
Priorities for Architectural Reform: Supranational Surveillance and IMF Lendingp. 281
Supranational Surveillancep. 285
IMF Lending Intermediationp. 295
Priorities for Architectural Reform: Prudential Financial Oversight, Crisis Management, and the Mandate for the IMFp. 303
Prudential Oversight and Financial Standardsp. 303
Management of Financial Crisesp. 317
Specialization of International Collective Governance?p. 329
What Mandate for the IMF?p. 330
The IMF: Whose Institution?p. 340
Single-Nation and Systemic Guidelines for Cross-Border Financep. 343
Policy Choices for an Individual Nationp. 344
Capital Account and Prudential Oversight Policy Choices for the World Communityp. 367
A Perspective on Financial Activity and Financial Turbulencep. 380
Benefits of Financial Intermediationp. 380
Financial Turbulencep. 381
Weighing Benefits and Hazardsp. 382
Collective Governance for Financial Systemsp. 383
Striking a Balancep. 384
Eschew Polar Viewsp. 385
A Middle Way: Steadfast Eclecticismp. 386
The Evolution of International Financial Governancep. 390
Collective Governance: Main Themes and Broad Principlesp. 391
Politically Salient Dimensions of Architectural Reformp. 394
Political Support for International Governancep. 398
Governance Failures for International Organizations?p. 403
Halt Globalization or Shape Globalization?p. 410
Don't Ask Too Much Too Soon, But Don't Be Too Timid Either!p. 413
The IMF and Other International Financial Institutionsp. 419
Consultative Groups Formed by National Governmentsp. 420
The International Monetary Fundp. 425
The Bank for International Settlements and Related Committeesp. 440
Other Financial Groups and Organizationsp. 444
GATT and the World Trade Organizationp. 452
The Organization for Economic Cooperation and Developmentp. 453
The World Bankp. 455
Regional Development Banksp. 458
Referencesp. 461
Indexp. 481
Ratio of Nominal Exports of Goods to Nominal GDP for All Industrial Nations, 1962-2001p. 136
Ratio of Nominal Trade in Goods and Services to Nominal GDP, United States, 1945-2001p. 137
Nominal Output and Exports of Industrial Nations, Cross-Border Banking, and International Debt Securities, 1964-2001p. 138
Actual and Hypothetical Growth in Cross-Border Bank Assets and International Debt Securities Relative to the Nominal GDP of Industrial Nations, 1964-2001p. 142
Gross Capital Flows in U.S. Balance of Payments as Percent of Nominal GDP, 1960-2001p. 144
Alternative International Regime Environments: Interactions among National Governments and International Institutionsp. 212
Interplay between Top-Level Intermittent Decisions and Lower-Level Ongoing Cooperationp. 214
Within-Nation Functions of Government Compared with Nascent Governmental Functions That Transcend National Bordersp. 228
Functions of Institutions Supporting Intergovernmental Financial Cooperation at the Beginning of the 21st Centuryp. 240
Members and Quotas in the International Monetary Fundp. 104
Summary Indicators for Aggregate Output, Cross-Border Goods Trade, and Cross-Border Finance, Selected Years, 1964-2001p. 140
Intergovernmental Cooperation on Financial Issues: The Range of Conceivable Functions (Elements of International Financial Architecture)p. 245
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780815700715
ISBN-10: 0815700717
Audience: General
Format: Paperback
Language: English
Number Of Pages: 503
Published: 31st May 2003
Country of Publication: US
Dimensions (cm): 25.4 x 15.24  x 1.91
Weight (kg): 0.69

Earn 159 Qantas Points
on this Book