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A Review of Peter Isard's Globalization and the International Financial System: What's Wrong and What Can be Done?


  • Barry Eichengreen


Peter Isard's recent book (Globalization and the International Financial System: What's Wrong and What Can be Done?, Cambridge University Press, 2005) provides a thoughtful and balanced review of the scholarly literature on the past operation and potential reform of the international monetary and financial system. The author's approach, from which much can be learned, is to draw lessons from the history of exchange rates and capital flows and, especially, from the financial crises of the 1990s. But this retrospective focus is also revealing of what is new and different about our current international monetary and financial environment and in the ongoing debate surrounding the future of its steward, the International Monetary Fund.

Suggested Citation

  • Barry Eichengreen, 2006. "A Review of Peter Isard's Globalization and the International Financial System: What's Wrong and What Can be Done?," Journal of Economic Literature, American Economic Association, vol. 44(2), pages 415-419, June.
  • Handle: RePEc:aea:jeclit:v:44:y:2006:i:2:p:415-419 Note: DOI: 10.1257/jel.44.2.415

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    References listed on IDEAS

    1. Daniel Berkowitz, 2005. "American Civil Law Origins: Implications for State Constitutions," American Law and Economics Review, Oxford University Press, vol. 7(1), pages 62-84.
    2. Luis Garicano & Richard A. Posner, 2005. "Intelligence Failures: An Organizational Economics Perspective," Journal of Economic Perspectives, American Economic Association, vol. 19(4), pages 151-170, Fall.
    3. Gary S. Becker, 1974. "Crime and Punishment: An Economic Approach," NBER Chapters,in: Essays in the Economics of Crime and Punishment, pages 1-54 National Bureau of Economic Research, Inc.
    4. Gary S. Becker & William M. Landes, 1974. "Essays in the Economics of Crime and Punishment," NBER Books, National Bureau of Economic Research, Inc, number beck74-1, January.
    5. Hart, Oliver, 1995. "Firms, Contracts, and Financial Structure," OUP Catalogue, Oxford University Press, number 9780198288817, June.
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