E-Book Overview
The financial crisis, which originated in developed country financial markets, has spread to developing countries and has turned into a global financial meltdown. Governments and Central Banks--though taking many and costly measures--seem powerless to stop the crisis. In light of this major global crisis that is hurting economies across the globe, this highly topical book focuses on the transparency and regulatory measures that become desirable after the current crisis; the implications of both the crisis and regulatory discussions for developing and developed economies; and reforms in the global financial architecture that might make the global financial system more stable and more equitable. Given the depth of the current financial crisis, the world economy is in unchartered territory. As a consequence, this book aims to systematically understand current major problems, both in the financial system, its governance, and in its links to global economic imbalances. It will try to explain how both market actors and regulators behavior, as well as how the prevailing ideology of extreme financial liberalization without sufficient regulation contributed to the financial crisis. The book presents radical, but specific and politically feasible, proposals to try to ensure a more stable, equitable and growing world economy. Contributions are written by leading authorities in their field, with a mixture of very senior national--as well as international--policy makers, practitioners from the private sector, and leading academics; contributors come from both developed and developing countries.
E-Book Content
Time for a Visible Hand
The Initiative For Policy Dialogue Series The Initiative for Policy Dialogue (IPD) brings together the top voices in development to address some of the most pressing and controversial debates in economic policy today. The IPD book series approaches topics such as capital market liberalization, macroeconomics, environmental economics, and trade policy from a balanced perspective, presenting alternatives, and analyzing their consequences on the basis of the best available research. Written in a language accessible to policymakers and civil society, this series will rekindle the debate on economic policy and facilitate a more democratic discussion of development around the world.
OTHER TITLES PUBLISHED BY OXFORD UNIVERSITY PRESS IN THIS SERIES Fair Trade for All Joseph E. Stiglitz and Andrew Charlton Economic Development and Environmental Sustainability Ramo´n Lo´pez and Michael A. Toman Stability with Growth Joseph E. Stiglitz, Jose´ Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar The Washington Consensus Reconsidered Narcis Serra and Joseph E. Stiglitz Capital Market Liberalization and Development Jose´ Antonio Ocampo and Joseph E. Stiglitz Industrial Policy and Development Mario Cimoli, Giovanni Dosi and Joseph E. Stiglitz
Time for a Visible Hand Lessons from the 2008 World Financial Crisis
Edited by
Stephany Griffith-Jones, Jose´ Antonio Ocampo, and Joseph E. Stiglitz
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