Fixing Global Finance by Martin Wolf
The globalisation of finance should have brought substantial benefits. In practice it brought a series of devastating currency and banking crises in the 1980 and 1990s, particularly in the developing world. The failure of advanced countries and of the IMF to rescue the damaged economies of Asia, Russia or Brazil taught those countries, and the emerging Chinese giant, an overwhelming lesson: never again. Emerging economies ceased importing capital, but by keeping their exchange rates down, running huge current account surpluses, recycling capital inflows and accumulating enormous foreign currency reserves, they began to export it on a vast scale. Since several advanced countries also ran large current account surpluses, to which the oil exporters added their own massive contributions, the US emerged as the spender and borrower of last resort. But as its external deficit exploded, so did the domestic borrowing of US households, stimulated by rising house prices. The result was the subprime mortage crisis of 2007. In this expanded paperback edition. Martin Wolf includes a substantial new chapter on the global banking crisis of 2008-9 which has seen the argument of this book becoming the conventional wisdom among G20 policymakers. Only by tackling imbalances in the international financial system is there a chance of global financial stability.
"Martin Wolf.. has shown himself not only to have one but two eyes in a country of the otherwise blind... prescient... clear eyed... The only inkling of hope is that policy makers everywhere have been so shaken by events that they will heed what Wolf advises. This book is a great and important contribution to everyone's welfare on the globe. It can be paid no higher accolade." Will Hutton, Observer "...more analytical and detailed than many other 'instant' books about the credit crunch." The Scotsman "Fixing Global Finance offers not just a fascinating account of the global economy teetering on the abyss - it also marks the first moments of this 'good liberal' questioning his own beliefs... Keep reading Wolf to catch a once attractive twentieth-century creed in full mutation." Spectator Business "Wolf is a persistently insightful analyst.... Fixing Global Finance is an extremely helpful guide to the origins of today's problems and to possible solutions." - Foreign Affairs"
Martin Wolf is a leading economic and financial journalist. Since 1996 he has been chief economics commentator of the Financial Times, having been chief economics leader writer from 1987-96. He is the author of the bestselling Why Globalization Works (2004), also published by Yale University Press.
| SKU | Unavailable |
| ISBN 13 | 9780300163933 |
| ISBN 10 | 0300163932 |
| Title | Fixing Global Finance |
| Author | Martin Wolf |
| Condition | Unavailable |
| Binding Type | Paperback |
| Publisher | Yale University Press |
| Year published | 2010-04-13 |
| Number of pages | 248 |
| Cover note | Book picture is for illustrative purposes only, actual binding, cover or edition may vary. |
| Note | Unavailable |