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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).

Record type: Book

Abstract

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.
Contents
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

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More information

Published date: 1991

Identifiers

Local EPrints ID: 36772
URI: http://eprints.soton.ac.uk/id/eprint/36772
ISBN: 0333464192
PURE UUID: 8be43c78-f3c7-4988-8d6f-c147ac9beacf

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Date deposited: 24 Apr 2007
Last modified: 17 Jul 2017 15:43

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Contributors

Author: George McKenzie
Author: Stephen Thomas

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