IDEAS home Printed from https://ideas.repec.org/b/iie/ppress/328.html
   My bibliography  Save this book

World Capital Markets: Challenge to the G-10

Author

Listed:
  • Wendy Dobson
  • Gary Clyde Hufbauer

    (Peterson Institute for International Economics)

  • Hyun Koo Cho

Abstract

It is often pointed out that "for every bad borrower, and for every failed project, there is also a culpable lender or investor." This observation is particularly apt for the debate now raging in the capital markets: should private bankers and investment managers bear a greater share of the costs when financial crises erupt in emerging economies? Critics who have analyzed the "plumbing" of the world's financial architecture have thus far devoted enormous attention to the demand side--structural weaknesses in emerging markets. They have excoriated the IMF for ineptitude and policy mistakes. * But the authors of this study argue that financial leaders of the G-10 nations (industrial nations that were hardly affected by the crises of 1997-98) owe a responsibility--both to their own citizens and the emerging markets--to take a far more vigilant stance. Dobson and Hufbauer criticize the supply side of world capital markets and ask how G-10 capital suppliers can reform their own financial systems to make the world safe for large-scale international capital flows. They draw a comprehensive picture of international finance through an extensive review of capital flows, the major financial players behind these flows, and the balance between costs and benefits of international capital movements. The authors analyze the implications of changing the rules of the game and recommend specific policy measures.

Suggested Citation

  • Wendy Dobson & Gary Clyde Hufbauer & Hyun Koo Cho, 2001. "World Capital Markets: Challenge to the G-10," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 328.
  • Handle: RePEc:iie:ppress:328
    as

    Download full text from publisher

    File URL: http://bookstore.piie.com/book-store/328.html
    Download Restriction: no

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Zhao, Eric Yanfei & Lounsbury, Michael, 2016. "An institutional logics approach to social entrepreneurship: Market logic, religious diversity, and resource acquisition by microfinance organizations," Journal of Business Venturing, Elsevier, vol. 31(6), pages 643-662.
    2. Hwee Kwan Chow, 2010. "Managing Capital Flows: The Case of Singapore," Chapters,in: Managing Capital Flows, chapter 14 Edward Elgar Publishing.
    3. Maurice Obstfeld, 2009. "International Finance and Growth in Developing Countries: What Have We Learned?," NBER Working Papers 14691, National Bureau of Economic Research, Inc.
    4. Peter Blair Henry, 2007. "Capital Account Liberalization: Theory, Evidence, and Speculation," Journal of Economic Literature, American Economic Association, vol. 45(4), pages 887-935, December.
    5. Aslihan Arslan & J. Edward Taylor, 2009. "Farmers’ Subjective Valuation of Subsistence Crops: The Case of Traditional Maize in Mexico," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(4), pages 956-972.
    6. Batuo, Michael & Mlambo, Kupukile & Asongu, Simplice, 2018. "Linkages between financial development, financial instability, financial liberalisation and economic growth in Africa," Research in International Business and Finance, Elsevier, vol. 45(C), pages 168-179.
    7. Peter Henry, 2007. "Capital Account Liberalization: Theory, Evidence, and Speculation," Discussion Papers 07-004, Stanford Institute for Economic Policy Research.
    8. Peter A. Petri, 2010. "Beyond the Golden Era: Asia Pacific Cooperation after the Global Financial Crisis," Working Papers 11, Brandeis University, Department of Economics and International Businesss School.
    9. Stanley Fischer, 2003. "Globalization and Its Challenges," American Economic Review, American Economic Association, vol. 93(2), pages 1-30, May.
    10. Ian Goldin & Kenneth Reinert, 2005. "Global capital flows and development: A Survey," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 14(4), pages 453-481.
    11. Henry, Peter B., 2004. "Perspective Paper on Financial Instability," Research Papers 1866, Stanford University, Graduate School of Business.
    12. Stanley Fischer, 2003. "Financial crises and reform of the international financial system," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 139(1), pages 1-37, March.
    13. Christina Leijonhufvud, 2007. "Financial Globalisation and Emerging Markets Volatility," The World Economy, Wiley Blackwell, vol. 30(12), pages 1817-1842, December.
    14. Masood, Omar & Fry, J. M., 2011. "Risk management and the implementation of the Basel Accord in emerging countries: An application to Pakistan," MPRA Paper 34163, University Library of Munich, Germany.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:iie:ppress:328. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Peterson Institute webmaster). General contact details of provider: http://edirc.repec.org/data/iieeeus.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.