The Next Great Globalization : How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich / Frederic S. Mishkin.

Format:

Book

Author/Creator:

Mishkin, Frederic S., author.

Language:

English

Subjects (All):

Finance--Developing countries.

Finance.

Globalization.

Monetary policy--Developing countries.

Monetary policy.

Physical Description:

1 online resource (321 p.)

Place of Publication:

Princeton, NJ : Princeton University Press, [2009]

Language Note:

English

Summary:

Many prominent critics regard the international financial system as the dark side of globalization, threatening disadvantaged nations near and far. But in The Next Great Globalization, eminent economist Frederic Mishkin argues the opposite: that financial globalization today is essential for poor nations to become rich. Mishkin argues that an effectively managed financial globalization promises benefits on the scale of the hugely successful trade and information globalizations of the nineteenth and twentieth centuries. This financial revolution can lift developing nations out of squalor and increase the wealth and stability of emerging and industrialized nations alike. By presenting an unprecedented picture of the potential benefits of financial globalization, and by showing in clear and hard-headed terms how these gains can be realized, Mishkin provides a hopeful vision of the next phase of globalization. Mishkin draws on historical examples to caution that mismanagement of financial globalization, often aided and abetted by rich elites, can wreak havoc in developing countries, but he uses these examples to demonstrate how better policies can help poor nations to open up their economies to the benefits of global investment. According to Mishkin, the international community must provide incentives for developing countries to establish effective property rights, banking regulations, accounting practices, and corporate governance--the institutions necessary to attract and manage global investment. And the West must be a partner in integrating the financial systems of rich and poor countries--to the benefit of both. The Next Great Globalization makes the case that finance will be a driving force in the twenty-first-century economy, and demonstrates how this force can and should be shaped to the benefit of all, especially the disadvantaged nations most in need of growth and prosperity.

Contents:

Frontmatter

Contents

Preface

One. The Next Great Globalization: A Force for Good?

Part One. Is Financial Globalization Beneficial?

Two. How Poor Countries Can Get Rich: Strengthening Property Rights and the Financial System

Three. Financial Development, Economic Growth, and Poverty

Four. When Globalization Goes Wrong: The Dynamics of Financial Crises

Part Two. Financial Crises in Emerging Market Economies

Five. Mexico, 1994-1995

Six. South Korea, 1997-1998

Seven. Argentina, 2001-2002

Part Three. How Can Disadvantaged Nations Make Financial Globalization Work for Them?

Eight. Ending Financial Repression: The Role of Globalization

Nine. Preventing Financial Crises

Ten. Recovering from Financial Crises

Part Four. How Can the International Community Promote Successful Globalization?

Eleven. What Should the International Monetary Fund Do?

Twelve. What Can the Advanced Countries Do?

Part Five. Where Do We Go from Here?

Thirteen. Getting Financial Globalization Right

Notes

References

Acknowledgments

Index

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 23. Mai 2019)

ISBN:

9786612458392

9781282458390

1282458396

9781400829446

1400829445

OCLC:

609870087