Time for a Visible Hand: Lessons from the 2008 World Financial Crisis

Paperback | February 14, 2010

EditorStephany Griffith-jones, Jose Antonio Ocampo, Joseph E. Stiglitz

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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 majorglobal 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 reformsin 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 explainhow 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.

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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 majorglobal crisis that is hurting economies across...

Stephany Griffith-Jones is an economist whose areas of expertise include global capital flows to emerging markets and international financial reform. Prior to joining IPD, Professor Griffith-Jones was Professorial Fellow at the Institute of Development Studies at University of Sussex and served as Senior Official at the United Nations...

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Format:PaperbackDimensions:377 pagesPublished:February 14, 2010Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199578818

ISBN - 13:9780199578818

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Table of Contents

1. Stephany Griffith-Jones, Jose Antonio Ocampo, and Joseph E. Stiglitz: IntroductionPart I: The Crisis in the United States2. Joseph E. Stiglitz: The Financial Crisis of 2007-2008 and its Macroeconomic Consequences3. Gerald Caprio, Jr.: Subprime Finance: Yes, We are Still in Kansas4. Jan Kregel: Background Considerations to a Re-regulation of the U.S. Financial System: Third time a Charm? Or Strike Three?5. Joseph E. Stiglitz: Responding to the CrisisPart II: Reforming Financial Regulation6. Philip Turner: Central Banks, Liquidity and the Banking Crisis7. Jane d'Arista and Stephany Griffith-Jones: Agenda and Criteria for Financial Regulatory Reform8. Avinash D. Persaud: The Role of Policy and Banking Supervision in the Light of the Credit Crisis9. C.A.E. Goodhart: How, If at All, should Credit Rating Agencies (CRAs) be Regulated?10. Perry Mehrling: Credit Default Swaps (CDSs): The Keys to Financial Reform11. Marion Williams: Governing the Regulatory SystemPart III: Developing Country Perspectives12. Yilmaz Akyuz: The Management of Capital Flows and Financial Vulnerability in Asia13. Y.V. Reddy: Regulation of Financial Sector in Developing Countries: Lessons from the 2008 Financial Crisis14. Roberto Frenkel and Martin Rapetti: Economic Development and the International Financial System15. Fernando J. Cardim de Carvalho: The Accumulation of International Reserves as a Defense StrategyPart IV: Reforming the Global Monetary System16. Jose Antonio Ocampo: Reforming the Global Reserve System17. Bruce Greenwald and Joseph E. Stiglitz: A Modest Proposal for International Monetary Reform