Global Governance and Financial Crises（Routledge studies in the modern world economy）
Edited by Meghnad Desai and Yahia Said

Publisher:   Routledge
Number Of Pages:   176
Publication Date:   2004
ISBN-10 / ASIN:   0415305292

Contents
List of figures viii
List of tables x
List of contributors xi
1 Introduction 1
MEGHNAD DESAI AND YAHIA SAID
2 Financial crises and global governance 6
MEGHNAD DESAI
3 Asset price bubbles and monetary policy 19
FRANKLIN ALLEN AND DOUGLAS GALE
4 The International Monetary Fund:past and future 43
MICHEL AGLIETTA
5 Regulating global finance:rival conceptions of
world order 70
ANDREW GAMBLE
6 Crises,recovery and reforms in East Asia 83
JOMO KWAME SUNDARAM
7 Mexico,Korea and Brazil:three paths to
financial crises 120
GABRIEL PALMA
Index 159Figures
3.1 Credit and asset prices 27
3.2 Optimal risk sharing 34
3.3 Consumption without central bank intervention 37
3.4 Asset pricing without central bank intervention 38
4.1 Reserve positions in the Fund and international reserves 51
4.2 IMF quotas and world exports 51
4.3 Total liabilities of beneficiary countries in percentage of IMF
quotas 54
4.4 Credit outstandings by type of facilities 55
6.1 East Asian 4:monthly interest rates,January 1997–May 2000 95
6.2 East Asian 4:monthly foreign exchange rates,
January 1996–June 2000 96
6.3(a)Indonesia,Korea,Thailand and Malaysia:annual budget
balances,1996–99;(b)Korea,Thailand and Malaysia:
quarterly budget balances,1997Q1–99Q4 98
6.A1(a)Thailand:quarterly merchandise trade balance and
reserves,1997Q1–2000Q1;(b)Indonesia:quarterly
merchandise trade balance and reserves,1997Q1–99Q4;
(c)Malaysia:quarterly merchandise trade balance and
reserves,1997Q1–99Q4;(d)Korea:quarterly merchandise
trade balance and reserves,1997Q1–2000Q1 110
6.A2(a)Thailand:GDP growth,foreign exchange and interest
rate,1997Q1–2000Q1;(b)Indonesia:GDP growth,foreign
exchange and interest rate,1997Q1–2000Q1;(c)Malaysia:
GDP growth,foreign exchange and interest rate,
1997Q1–2000Q1;(d)Korea:GDP growth,foreign exchange
and interest rate,1997Q1–2000Q1 111
7.1 Latin America and East Asia:aggregate net capital flows
before financial liberalisation,and between financial
liberalisation and financial crisis 123
7.2 G7:assets of institutional investors 123
7.3 Derivatives markets:notional values of outstanding‘over-the-
counter’interest rate,currency and exchange-traded derivative
contracts 1247.4 East Asia and Latin America:credit to private sector between the
beginning of financial liberalisation and respective financial crises 125
7.5 Latin America and East Asia:domestic real lending rates between
the beginning of financial liberalisation and respective financial
crisis 127
7.6 Latin America and East Asia:imports of consumer goods between
the beginning of financial liberalisation and respective financial
crises 128
7.7 Latin America and East Asia:annual stock market indices
between the beginning of financial liberalisation and
respective financial crisis 129
7.8 Latin America,East Asia,USA and Europe:stock market indices 130
7.9 Latin America and East Asia:real estate price indices between the
beginning of financial liberalisation and respective financial crisis 131
7.10 Mexico:investment in residential construction,infrastructure and
machinery and equipment 132
7.11 South Korea:sectoral surpluses of the corporate,household,public
and foreign sectors 133
7.12 Mexico:composition of net private capital inflows 134
7.13 Korea:composition of net private capital inflows 134
7.14 Latin America and East Asia:ratio of short-term debt to total
debt between the beginning of financial liberalisation and
respective financial crisis 135
7.15 Latin America and East Asia:ratio of foreign exchange reserves
to short-term debt between the beginning of financial
liberalisation and respective financial crisis 135
7.16 Latin America and East Asia:ratio of foreign exchange reserves
to M2 between the beginning of financial liberalisation and
respective financial crisis 136
7.17 Chile:composition of net private capital inflows 141
7.18 Chile:net equity securities and other investment 142
7.19 Chile:real effective exchange rate and foreign exchange reserves 142
7.20 Chile versus Brazil and Thailand:short-term foreign debt 144
7.21 Chile:quarterly stock market index 145
7.22 Chile:quarterly real estate index 145
7.23 Chile:credit to the private sector and real interest rates 146
7.24 Malaysia:net private capital inflows 147
7.25 Malaysia:composition of net private capital inflows 148
7.26 Malaysia:net‘other’,portfolio investment and‘errors’149
7.27 Malaysia:quarterly stock market index 150
7.28 Malaysia:quarterly real estate index 151
Figures ix