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The book addresses the 2008 financial crisis originating in developed countries that will have a major impact on developing countries, as it spreads globally. It discusses the underlying reasons behind the crisis and suggests solutions that can help prevent such a crisis in the future.
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 Department of Economic and Social Affairs and the Economic Commission of Latin America (ECLAC), and as Head of International Finance at the Commonwealth Secretariat. She has acted as senior consultant to governments in Eastern Europe and Latin America and to many international agencies, including the World Bank and United Nations. She began her career at the Central Bank of Chile. She has published many articles and books including International Finance and Development with Jose Antonio Ocampo and Jan Kregel. She received the Association of Latin American Financial Institutions prize for best essay on Latin America's international finance. José Antonio Ocampo is Professor in the School of International and Public Affairs and Fellow of the Committee on Global Thought at Columbia University. Prioir to this, Professor Ocampo served as the United Nations Under-Secretary-General for Economic and Social Affairs, and head of UN Department of Economic and Social Affairs (DESA), as Executive Secretary of the UN Economic Commission for Latin America and the Caribbean (ECLAC), and has held a number of high-level posts in the Government of Colombia, including Minister of Finance and Public Credit and Director of the National Planning Department. He has also served as Executive Director of FEDESARROLLO, the main think tank on economic issues in Colombia, Director of the Centro de Estudios sobre Desarrollo Economico of Universidad de los Andes, Professor of Economics at Universidad de los Andes, and Professor of Economic History at Universidad Nacional de Colombia. He has also been Visiting Professor at Cambridge, Oxford and Yale Universities. Joseph E. Stiglitz holds joint professorships at Columbia University's Economics Department and its Business School. He is co-chair of IPD's macroeconomics, CML, and Intellectual Property Task Forces. From 1997 to 2000 he was the World Bank's Senior Vice President for Development Economics and Chief Economist. From 1995- 97 he served as Chairman of the U.S. Council of Economic Advisers and as a member of President Clinton's cabinet. From 1993 to 1995 he was a member of the Council of Economic Advisers. He was previously a professor of economics at Stanford, Princeton, Yale, and All Souls College. Dr Stiglitz is a leading scholar of the economics of the public sector and was awarded the Nobel Prize in Economics in 2001 in addition to the American Economic Association's biennial John Bates Clark Award in 1979. His work has been recognized through his election as a fellow to the National Academy of Sciences, the American Academy of Arts and Sciences, the Econometric Society, and the British Academy.
Show moreThe book addresses the 2008 financial crisis originating in developed countries that will have a major impact on developing countries, as it spreads globally. It discusses the underlying reasons behind the crisis and suggests solutions that can help prevent such a crisis in the future.
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 Department of Economic and Social Affairs and the Economic Commission of Latin America (ECLAC), and as Head of International Finance at the Commonwealth Secretariat. She has acted as senior consultant to governments in Eastern Europe and Latin America and to many international agencies, including the World Bank and United Nations. She began her career at the Central Bank of Chile. She has published many articles and books including International Finance and Development with Jose Antonio Ocampo and Jan Kregel. She received the Association of Latin American Financial Institutions prize for best essay on Latin America's international finance. José Antonio Ocampo is Professor in the School of International and Public Affairs and Fellow of the Committee on Global Thought at Columbia University. Prioir to this, Professor Ocampo served as the United Nations Under-Secretary-General for Economic and Social Affairs, and head of UN Department of Economic and Social Affairs (DESA), as Executive Secretary of the UN Economic Commission for Latin America and the Caribbean (ECLAC), and has held a number of high-level posts in the Government of Colombia, including Minister of Finance and Public Credit and Director of the National Planning Department. He has also served as Executive Director of FEDESARROLLO, the main think tank on economic issues in Colombia, Director of the Centro de Estudios sobre Desarrollo Economico of Universidad de los Andes, Professor of Economics at Universidad de los Andes, and Professor of Economic History at Universidad Nacional de Colombia. He has also been Visiting Professor at Cambridge, Oxford and Yale Universities. Joseph E. Stiglitz holds joint professorships at Columbia University's Economics Department and its Business School. He is co-chair of IPD's macroeconomics, CML, and Intellectual Property Task Forces. From 1997 to 2000 he was the World Bank's Senior Vice President for Development Economics and Chief Economist. From 1995- 97 he served as Chairman of the U.S. Council of Economic Advisers and as a member of President Clinton's cabinet. From 1993 to 1995 he was a member of the Council of Economic Advisers. He was previously a professor of economics at Stanford, Princeton, Yale, and All Souls College. Dr Stiglitz is a leading scholar of the economics of the public sector and was awarded the Nobel Prize in Economics in 2001 in addition to the American Economic Association's biennial John Bates Clark Award in 1979. His work has been recognized through his election as a fellow to the National Academy of Sciences, the American Academy of Arts and Sciences, the Econometric Society, and the British Academy.
Show more1: Stephany Griffith-Jones, Jose Antonio Ocampo, and Joseph E.
Stiglitz: Introduction
Part I: The Crisis in the United States
2: Joseph E. Stiglitz: The Financial Crisis of 2007-2008 and its
Macroeconomic Consequences
3: Gerald Caprio, Jr.: Subprime Finance: Yes, We are Still in
Kansas
4: 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 Crisis
Part II: Reforming Financial Regulation
6: Philip Turner: Central Banks, Liquidity and the Banking
Crisis
7: Jane d'Arista and Stephany Griffith-Jones: Agenda and Criteria
for Financial Regulatory Reform
8: Avinash D. Persaud: The Role of Policy and Banking Supervision
in the Light of the Credit Crisis
9: 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 Reform
11: Marion Williams: Governing the Regulatory System
Part III: Developing Country Perspectives
12: Yilmaz Akyüz: The Management of Capital Flows and Financial
Vulnerability in Asia
13: Y.V. Reddy: Regulation of Financial Sector in Developing
Countries: Lessons from the 2008 Financial Crisis
14: Roberto Frenkel and Martin Rapetti: Economic Development and
the International Financial System
15: Fernando J. Cardim de Carvalho: The Accumulation of
International Reserves as a Defense Strategy
Part IV: Reforming the Global Monetary System
16: José Antonio Ocampo: Reforming the Global Reserve System
17: Bruce Greenwald and Joseph E. Stiglitz: A Modest Proposal for
International Monetary Reform
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 Department of Economic and Social Affairs and the Economic
Commission of Latin America (ECLAC), and as Head of International
Finance
at the Commonwealth Secretariat. She has acted as senior consultant
to governments in Eastern Europe and Latin America and to many
international agencies, including the World Bank and United
Nations.
She began her career at the Central Bank of Chile. She has
published many articles and books including International Finance
and Development with Jose Antonio Ocampo and Jan Kregel. She
received the Association of Latin American Financial Institutions
prize for best essay on Latin America's international finance. José
Antonio Ocampo is Professor in the School of International and
Public Affairs and Fellow of the Committee on Global Thought at
Columbia University. Prioir to this,
Professor Ocampo served as the United Nations
Under-Secretary-General for Economic and Social Affairs, and head
of UN Department of Economic and Social Affairs (DESA), as
Executive Secretary of the UN Economic
Commission for Latin America and the Caribbean (ECLAC), and has
held a number of high-level posts in the Government of Colombia,
including Minister of Finance and Public Credit and Director of the
National Planning Department. He has also served as Executive
Director of FEDESARROLLO, the main think tank on economic issues in
Colombia, Director of the Centro de Estudios sobre Desarrollo
Economico of Universidad de los Andes, Professor of Economics at
Universidad de los Andes, and Professor of
Economic History at Universidad Nacional de Colombia. He has also
been Visiting Professor at Cambridge, Oxford and Yale Universities.
Joseph E. Stiglitz holds joint professorships at Columbia
University's Economics Department and its Business School. He is
co-chair of IPD's macroeconomics, CML, and Intellectual Property
Task Forces. From 1997 to 2000 he was the World Bank's Senior Vice
President for Development Economics and Chief Economist. From 1995-
97 he served as Chairman of the U.S. Council of Economic Advisers
and as a member of President Clinton's cabinet. From 1993 to 1995
he was a member of the Council of Economic Advisers. He was
previously a professor of economics at
Stanford, Princeton, Yale, and All Souls College. Dr Stiglitz is a
leading scholar of the economics of the public sector and was
awarded the Nobel Prize in Economics in 2001 in addition to the
American
Economic Association's biennial John Bates Clark Award in 1979. His
work has been recognized through his election as a fellow to the
National Academy of Sciences, the American Academy of Arts and
Sciences, the Econometric Society, and the British Academy.
Indispensable... Readers of Time for a Visible Hand can expect to
be well-informed and well-equipped after being exposed to such a
wide range of thinkers and policy-makers. This publication may well
take on a definitive textbook status in years to come.
*Philip Ford, Journal of General Management*
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