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In Defense of Free Capital Markets: The Case Against a New International Financial Architecture

In Defense of Free Capital Markets: The Case Against a New International Financial Architecture

2001 Bloomberg Press Inbunden, skyddsomslag, 233s. 600g.

Mycket gott skick. Engelsk text. ISBN: 157660036X. Because of the remarkable number of currency and emerging-market meltdowns during the 1990s--from the Mexican peso crisis to the collapse of the Asian markets to the Russian devaluation of the ruble--the free market system faces the prospect of tighter global regulation. Bloomberg News columnist and Yale School of Management adjunct professor David DeRosa makes a compelling case that markets are smarter than ministries and that tighter regulation will only distort economic development.
A common claim of reformers is that changes must be made to the international monetary system to prevent fresh waves of financial devastation. Yet a great deal of these claims are built on the belief that fluctuations in exchange rates serve almost no useful economic function and benefit only currency traders. When confronted with a financial crisis, many leaders prefer to indict the international financial system rather than to admit policy blunders that may be of their own making.
This book analyses the economic conditions that produced a number of recent financial crises. It also investigates the responses made to each crisis, to uncover whether government policies directed at these episodes of turmoil made matters better or worse.
Before constructing new regulations, economists should carefully examine the results of past policy. Many fixed-exchange-rate regimes have failed in their intended purpose of maintaining stability in the currency markets. Those attempts at control, instead, have caused violent macroeconomic fluctuations and have had far-reaching, often destructive, effects--ironically, just the opposite of what their creators intended. The future economic well-being of both developed and developing nations depends upon an honest look at the irrefutable lessons of these recent financial disasters--before they are repeated.

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In defense of free capital markets : the case against a new international financial architecture
DeRosa, David F.
Princeton, N.J. : Bloomberg
Includes bibliographical references (p. 217-222) and index