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Reforming Financial Systems: Historical Implications for Policy - Couverture rigide

 
9780521581158: Reforming Financial Systems: Historical Implications for Policy
Couverture rigide
ISBN 10 : 052158115X ISBN 13 : 9780521581158
Editeur : Cambridge University Press, 1997

Synopsis

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.

Les informations fournies dans la section « Synopsis » peuvent faire référence à une autre édition de ce titre.

Présentation de l'éditeur

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.

Revue de presse

'What a good idea to assemble a group of top financial historians and ask them to review the origins of the institutions of banking and financial policy. This excellent collection is perfectly designed for the many reflective policymakers now seeking to reform their financial systems. The authoritative treatment extends not only to commercial and central banking, but also to thrift institutions, pensions and securities markets. The authors describe both how the large degree of consensus emerged and the vigorous debates that remain: deposit insurance vs. 'depositor beware' and universal banking vs. market segmentation.' Patrick Honohan, Economic and Social Research Institute, Dublin

'Reforming Financial Systems by Gerard Caprio and Dimitri Vittas is an extraordinary compendium of different historical experiences with the development and regulation of the financial system. It genuinely delivers on the promise of one of its chapter titles: it provides important lessons from the past for present-day financial reforms.' Bruce Smith, University of Texas, Austin

Les informations fournies dans la section « A propos du livre » peuvent faire référence à une autre édition de ce titre.

Éditeur
Cambridge University Press
Date d'édition
1997
Langue
anglais
ISBN 10 
052158115X
ISBN 13 
9780521581158
Reliure
Relié
Nombre de pages
236
Éditeur
Caprio Jr. Jr Gerard, Vittas Dimitri
Coordonnées du fabricant
Cambridge University Press
https://www.cambridge.org/

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