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Cambridge University Press Reforming Financial Systems: Historical Implications for Policy

Name: Reforming Financial Systems: Historical Implications for Policy
Brand: Cambridge University Press
Price: 40.79 GBP
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14 b/w illus. 20 tables

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Description

This volume summarizes the key lessons of financial history for emerging markets and developing economies today, including the rise and role of central banks, debates on how to make banking secure and sound, the relative efficiency of universal banking compared to the Anglo-American commercial banking model, and the role of savings banks, non-banks and securities markets in development. Two lessons that should be kept in mind in reforming financial systems are the importance of incentives and diversification. Robust financial systems require incentive systems that reward prudent risk-taking and encourage sound portfolio diversification. In addition, reputation has proved to be important: central bankers must demonstrate anew why they have earned a reputation for non-inflationary policies, and private intermediaries must similarly demonstrate again why they have earned a reputation for sound, as opposed to Ponzi, finance. Attempts to reform financial systems without due allowance for the time and effort to develop institutions, including reputation, are likely to prove short-lived.

Product Specifications

Brand: Cambridge University Press
Model: 14 b/w illus. 20 tables
Format: hardcover
ASIN: 052158115X
Category: Books > Subjects > Business, Finance & Law > Accounting
Domain: Amazon UK
Release Date: 13 June 1997
Listed Since: 22 January 2007

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Cambridge University Press Reforming Financial Systems: Historical Implications for Policy

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