Financial instability and the international debt problem

McKenzie, George and Thomas, Stephen (1991) Financial instability and the international debt problem, Basingstoke, UK, Palgrave Macmillan, 224pp. (Southampton Series in International Economics).


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The authors argue clearly and convincingly in this book that the debt crisis which has plagued the world economy for the past ten years is due to the inherent fragility of financial markets. Governments, financial institutions and borrowers, including developing countries, have simply expected too much from these markets. In a world of volatile interest rates, exchange rates and uncertain government policy, it is virtually impossible for financial institutions to effectively distinguish fundamental shifts in economic activity from random shocks.
Acknowledgements - The Fundamentals - Objective Risk Assessment - A Behavioural Approach to Financial Institution Behaviour - International Debt: the Anatomy of a Financial Crisis, 1973-1983 - The Maturing Crisis, 1983-1987 - The Market's Response: Debt Swaps - The Regulator's Response: the BIS Capital Adequacy Proposals - Notes - Bibliography - Appendices - Index

Item Type: Book
ISBNs: 0333464192 (print)
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ePrint ID: 36772
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Date Deposited: 24 Apr 2007
Last Modified: 16 Apr 2017 22:05
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