{"title":"Otaviano Canuto","description":null,"products":[{"product_id":"ascent-after-decline-book-otaviano-canuto-9780821389423","title":"Ascent After Decline","description":"The Great Recession of 2009-11 was not simply a severe business cycle slowdown or even a combined credit, housing, and asset market collapse. It left permanent scars, especially on the advanced economies. In its wake, policy makers must navigate uncharted economic territory where 'business as usual' no longer applies and deep structural changes mark the global economic landscape. Fundamental questions about the daunting task of 'regrowing growth' have now taken center stage for economists, politicians, and policy makers alike: Will international capital flows be encouraged or discouraged? How open will export markets be, given the structural changes and their implications for employment? How much reliance will there be on market solutions when governments--now overly indebted and wary of additional relief expenditures--are expected to deliver on the promise of economic growth? Without a resurrection of strong economic growth in major economies, the likelihood of rapid economic development in poor developing countries is dampened. The nature of that ascent is the subject of this volume. In Ascent after Decline, more than a dozen distinguished contributors scan the economic horizon, spell out the new fiscal reality, and highlight the policy choices on which economic regrowth will depend. If the Great Recession has taught one lesson, it is that when fundamental shifts occur, the outcomes will entail new elements that shape future directions and affect policy. How these pressing policy questions are answered will, in large measure, determine the future face of globalization.","brand":"WoB","offers":[{"title":"GB \/ VERY_GOOD \/ INTERNAL","offer_id":49626326171921,"sku":"GOR012712894","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"GB \/ NEW \/ INGRAM","offer_id":52414694064401,"sku":"NLS9780821389423","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/0821389424.jpg?v=1763220459"},{"product_id":"until-debt-do-us-part-book-otaviano-canuto-9780821397664","title":"Until Debt Do Us Part","description":"With decentralisation and urbanisation, the debts of state and local governments and of quasi-public agencies have grown in importance. Rapid urbanisation in developing countries requires large-scale infrastructure financing to help absorb influxes of rural populations. Borrowing enables state and local governments to capture the benefits of major capital investments immediately and to finance infrastructure more equitably across multiple generations of service users.   With debt comes the risk of insolvency. Subnational debt crises have reoccurred in both developed and developing countries. Restructuring debt and ensuring its sustainability confront moral hazard and fiscal incentives in a multilevel government system; individual subnational governments might free-ride common resources, and public officials at all levels might shift the cost of excessive borrowing to future generations.   This book brings together the reform experiences of emerging economies and developed countries. Written by leading practitioners and experts in public finance in the context of multilevel government systems, the book examines the interaction of markets, regulators, subnational borrowers, creditors, national governments, taxpayers, ex-ante rules, and ex-post insolvency systems in the quest for subnational fiscal discipline.  Such a quest is intertwined with a country's historical, political, and economic context. The formal legal framework interacts with political reality to influence the dynamics of and incentives for reform. Often, the resolution of a subnational debt crisis unfolds in the context of macroeconomic stabilisation and structural reforms.   The book includes reforms that have not been covered by previous literature, such as those of China, Colombia, France, Hungary, Mexico, and South Africa. The book also presents a comprehensive review of how the United States developed its debt market for state and local governments, through a series of reforms that are path dependent, including the reforms and lessons learned following state defaults in the 1840s and the debates that shaped the enactment of Chapter 9 of the Bankruptcy Code in 1937.   Looking forward, pressures on subnational finance are likely to continue-from the fragility of global recovery, the potentially higher cost of capital, refinancing risks, and sovereign risks. This book is essential reading for anyone wanting to know the challenges and reform options in debt restructuring, insolvency frameworks, and public debt market development.","brand":"WoB","offers":[{"title":"GB \/ VERY_GOOD \/ INTERNAL","offer_id":49632663798033,"sku":"GOR012457597","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"GB \/ NEW \/ INGRAM","offer_id":52597586854161,"sku":"NLS9780821397664","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/0821397664.jpg?v=1763226101"},{"product_id":"dealing-with-the-challenges-of-macro-financial-linkages-in-emerging-markets-book-otaviano-canuto-9781464800023","title":"Dealing with the Challenges of Macro Financial Linkages in Emerging Markets","description":"The 2008 financial crisis has highlighted the challenges associated with global financial integration and emphasized the importance of macro financial linkages. In the financial sector, attention is being directed toward macro prudential regulations that are geared toward the stability of the financial system as a whole. The Third Basel Accord (Basel III) aims to dampen the pro-cyclicality of the financial sector and to reduce cross sectional systemic risks partly by introducing measures to address liquidity and issues of banks being too big to fail. In the macro arena, the facts that price stability was not sufficient to guarantee macroeconomic stability and that financial imbalances developed despite low inflation and small output gaps have highlighted the need for additional tools (macro prudential policies) to complement monetary policy in countercyclical management. Emerging markets face different conditions and have key structural features that can have a bearing on the relevance and efficacy of the measures. The chapters in this volume discuss the challenges of dealing with macro financial linkages and explore the policy toolkit available for dealing with systemic risks with particular reference to emerging markets. This report is organized as follows: chapter one is adapting macro prudential approaches to emerging and developing economies; chapter two is adapting micro prudential regulation for emerging markets; chapter three presents capital flow volatility and systemic risk in emerging markets: the policy toolkit; chapter four presents monetary policy and macro prudential regulation: whither emerging markets; chapter five deals with macro prudential policies to mitigate financial vulnerabilities in emerging markets; chapter six presents sailing through the global financial storm; and chapter seven presents operation of macro prudential policy measures.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52150973137169,"sku":"NLS9781464800023","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9781464800023.jpg?v=1763220520"},{"product_id":"day-after-tomorrow-book-otaviano-canuto-9780821384985","title":"The Day After Tomorrow","description":"The 2008-09 Global Finanical Crisis shook the ground under the conventional wisdom that had guided mainstream development economics. Much of what had been held as true for decades is now open to reexamination--from what the role of governments should be in markets to which countries will be the engines of the world's economy, from what people need to leave poverty to what businesses need to stay competitive. Development economists look into the future. They do not just ask how things work today, but how a new policy, program, or project would make them work tomorrow. They view the world and history as a learning process--past and present are inputs into thinking about what is coming. It is that appetite for a vision of the future that led the authors of 'The Day after Tomorrow: A Handbook on the Future of Economic Policy in the Developing World' to invite some 40 development economists, most of them from the World Bank's Poverty Reduction and Economic Management Network--an epicenter of the profession--to report what they see on the horizon of their technical disciplines and of their geographic areas of specialization. The disconcerting but exciting search for a new intellectual compact has begun. To help guide the discussion, 'The Day after Tomorrow: A Handbook on the Future of Economic Policy in the Developing World' puts forth four key messages: - While the developed world gets its house in order, and macroeconomics and finance achieve a new consensus, developing countries will become a (perhaps the) growth engine for the world. Faster technological learning and more South-South integration will fuel that engine. - Governments in developing countries will be better--they may even begin to earn the trust of their people. - A new, smarter generation of social policy will bring the end of poverty within reach, but the attainment of equality is another matter. - Many regions of the developing world will break out of their developing status and will graduate into something akin to newly developed. Africa will eventually join that group. Others, like Eastern Europe, have a legacy of problems to address before such a transition. While some regions will do better than others, and some technical areas will be clearer than others, there is no question that the horizon of economic policy for developing countries is promising--risky, yes, but promising. The rebalancing of global growth toward, at the very least, a multiplicity of engines, will give the developing world a new relevance.","brand":"WoB","offers":[{"title":"- \/ - \/ INTERNAL","offer_id":52434554487057,"sku":null,"price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ NEW \/ INGRAM","offer_id":52434555011345,"sku":"NLS9780821384985","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9780821384985.jpg?v=1759180942"}],"url":"https:\/\/www.worldofbooks.com\/de-ch\/collections\/autor-buecher-von-otaviano-canuto.oembed","provider":"World of Books ","version":"1.0","type":"link"}