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Next Great Globalization : How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich by Frederic S. Mishkin (2008, Trade Paperback)
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THE NEXT GREAT GLOBALIZATION: HOW DISADVANTAGED NATIONS CAN HARNESS THEIR FINANCIAL SYSTEMS TO GET RICH By Frederic S. Mishkin **BRAND NEW**.
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About this product
Product Identifiers
PublisherPrinceton University Press
ISBN-100691136416
ISBN-139780691136417
eBay Product ID (ePID)63854165
Product Key Features
Number of Pages320 Pages
Publication NameNext Great Globalization : How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich
LanguageEnglish
Publication Year2008
SubjectDeveloping & Emerging Countries, Globalization, Public Policy / Economic Policy, Economics / Theory, Money & Monetary Policy
TypeTextbook
Subject AreaPolitical Science, Social Science, Business & Economics
AuthorFrederic S. Mishkin
FormatTrade Paperback
Dimensions
Item Height0.8 in
Item Weight17.8 Oz
Item Length9.3 in
Item Width7.5 in
Additional Product Features
Intended AudienceCollege Audience
TitleLeadingThe
Dewey Edition22
Reviews"This is an excellent, easy-to-understand and well-written exposition of the benefits of financial globalization, persuasively setting out the case for financial liberalization in developing countries--against the tidal wave of much current academic thinking on the matter."-- Nigel Grimwade, Times Higher Education Supplement, In this economic equivalent of tough love, Mishkin seldom uses a qualifying phrase. The premise is crystal clear: choose the path of globalization that leads to economic development, higher income levels, and general prosperity, or choose the path of globalization that leads to stagnation, stasis, and lower living standards. . . . Advocates of free trade will nod their heads in agreement, and opponents will find plenty of food for thought., "In this economic equivalent of tough love, Mishkin seldom uses a qualifying phrase. The premise is crystal clear: choose the path of globalization that leads to economic development, higher income levels, and general prosperity, or choose the path of globalization that leads to stagnation, stasis, and lower living standards. . . . Advocates of free trade will nod their heads in agreement, and opponents will find plenty of food for thought." -- Choice, This is a workmanlike book written in plain English about an important but currently controversial subject: financial globalization. Its judgements are, by and large, sound. . . . [I]t is . . . worthwhile to have the traditional virtues of financial globalization set out simply and clearly., This is a workmanlike book written in plain English about an important but currently controversial subject: financial globalization. Its judgements are, by and large, sound. . . . [I]t is . . . worthwhile to have the traditional virtues of financial globalization set out simply and clearly. -- Deepak Lal, International History Review, "This book's arguments are backed by sound economic research, and there are important policy lessons to be learned. The material will be valuable for economists and policymakers across the world, but particularly to those working in developing countries and at international financial institutions." --Jos R. Snchez-Fung, Economic Change and Restructuring, This is an excellent, easy-to-understand and well-written exposition of the benefits of financial globalization, persuasively setting out the case for financial liberalization in developing countries--against the tidal wave of much current academic thinking on the matter. -- Nigel Grimwade "Times Higher Education Supplement", This book addresses an important global problem: the low state of development experienced by much of the world's population, and it makes a valuable contribution to the development literature by focusing on domestic institutions. Moreover, while most economic discussion about institutions is highly abstract, Mishkin focuses on financial institutions., This book by a prominent economist and Fed Governor provides invaluable insights into the financial development process, drawing on theoretical research and country experiences to distill the lessons for policymakers. It explains how globalization--both real and financial--can bring prosperity, stability, and wealth to emerging market countries that put in place the necessary institutional reforms when liberalizing their financial systems. The Next Great Globalization is intended not just for economists but also for broader audiences with an interest in financial issues. -- Miranda Xafa, World Economics, In this economic equivalent of tough love, Mishkin seldom uses a qualifying phrase. The premise is crystal clear: choose the path of globalization that leads to economic development, higher income levels, and general prosperity, or choose the path of globalization that leads to stagnation, stasis, and lower living standards. . . . Advocates of free trade will nod their heads in agreement, and opponents will find plenty of food for thought. -- Choice, This book by a prominent economist and Fed Governor provides invaluable insights into the financial development process, drawing on theoretical research and country experiences to distill the lessons for policymakers. It explains how globalization--both real and financial--can bring prosperity, stability, and wealth to emerging market countries that put in place the necessary institutional reforms when liberalizing their financial systems.The Next Great Globalizationis intended not just for economists but also for broader audiences with an interest in financial issues., " The Next Great Globalization is a compelling read for anyone with an interest in the real-life complexities of economic development, and its focus on the often overlooked or maligned role of financial institutions is very welcome."-- Diane Coyle, International Affairs, "Eschewing sharp rhetoric in favor of cogent analysis, Mishkin calmly and convincingly explains why developing countries that get financial globalization right will ultimately far outperform those that try to shut it out. Even China will be no exception." --Kenneth Rogoff, Harvard University, former chief economist and director of research, International Monetary Fund, The next great globalization, according to Frederic Mishkin's new book . . . will be financial in character: the flow of foreign money into stocks, bonds and banking in emerging economies. . . . Mr. Mishkin makes a clear and compact case for cosmopolitan capital; and his footnotes . . . weigh and tally a wealth of economic research. -- The Economist, "This is a fabulous book, and I can hardly endorse it strongly enough. It is simply the best single thing I have ever read on financial globalization, and I felt tremendously educated, entertained, and motivated after reading it. It is a great blend of technically accurate and careful argumentation with accessible exposition that will appeal to a wide audience. Indeed, Mishkin's clear, jargon-free, concise writing, combined with his technical expertise and reputation, puts this book far above the vast majority of writings by economists for broader audiences." --William Easterly, author of The White Man's Burden: Why the West's Efforts to Aid the Rest Have Done So Much Ill and So Little Good, The next great globalization, according to Frederic Mishkin's new book . . . will be financial in character: the flow of foreign money into stocks, bonds and banking in emerging economies. . . . Mr. Mishkin makes a clear and compact case for cosmopolitan capital; and his footnotes . . . weigh and tally a wealth of economic research., The Next Great Globalization is a compelling read for anyone with an interest in the real-life complexities of economic development, and its focus on the often overlooked or maligned role of financial institutions is very welcome. ---Diane Coyle, International Affairs, This book by a prominent economist and Fed Governor provides invaluable insights into the financial development process, drawing on theoretical research and country experiences to distill the lessons for policymakers. It explains how globalization--both real and financial--can bring prosperity, stability, and wealth to emerging market countries that put in place the necessary institutional reforms when liberalizing their financial systems. The Next Great Globalization is intended not just for economists but also for broader audiences with an interest in financial issues., This book addresses an important global problem: the low state of development experienced by much of the world's population, and it makes a valuable contribution to the development literature by focusing on domestic institutions. Moreover, while most economic discussion about institutions is highly abstract, Mishkin focuses on financial institutions. -- Eva Marikova Leeds, Eastern Economic Journal, This is a workmanlike book written in plain English about an important but currently controversial subject: financial globalization. Its judgements are, by and large, sound. . . . [I]t is . . . worthwhile to have the traditional virtues of financial globalization set out simply and clearly. ---Deepak Lal, International History Review, "This is an excellent, easy-to-understand and well-written exposition of the benefits of financial globalization, persuasively setting out the case for financial liberalization in developing countries--against the tidal wave of much current academic thinking on the matter." --Nigel Grimwade, Times Higher Education Supplement, This book's arguments are backed by sound economic research, and there are important policy lessons to be learned. The material will be valuable for economists and policymakers across the world, but particularly to those working in developing countries and at international financial institutions. -- Jos R. Snchez-Fung, Economic Change and Restructuring, "This book's arguments are backed by sound economic research, and there are important policy lessons to be learned. The material will be valuable for economists and policymakers across the world, but particularly to those working in developing countries and at international financial institutions." --José R. Sánchez-Fung, Economic Change and Restructuring, "This book's arguments are backed by sound economic research, and there are important policy lessons to be learned. The material will be valuable for economists and policymakers across the world, but particularly to those working in developing countries and at international financial institutions."-- Jos R. Snchez-Fung, Economic Change and Restructuring, "Offers a plan for reform of developing nations' banking systems. . . . Valuable--and achievable--recommendations for change. . . . The Next Great Globalization describes the failings of the International Monetary Fund well, in part a result of Mishkin's experience as an outside evaluator of the organization."-- BusinessWeek, "This book's arguments are backed by sound economic research, and there are important policy lessons to be learned. The material will be valuable for economists and policymakers across the world, but particularly to those working in developing countries and at international financial institutions."-- José R. Sánchez-Fung, Economic Change and Restructuring, "This book addresses an important global problem: the low state of development experienced by much of the world's population, and it makes a valuable contribution to the development literature by focusing on domestic institutions. Moreover, while most economic discussion about institutions is highly abstract, Mishkin focuses on financial institutions." --Eva Marikova Leeds, Eastern Economic Journal, "Frederic Mishkin . . . argues in an important new book, foreign capital can bring big gains at the microeconomic level: more competition, new technology and modern managerial know-how. Inflows of foreign direct investment into the financial system itself are particularly valuable to an emerging country." -- Financial Times, "Offers a plan for reform of developing nations' banking systems. . . . Valuable--and achievable--recommendations for change. . . . The Next Great Globalization describes the failings of the International Monetary Fund well, in part a result of Mishkin's experience as an outside evaluator of the organization." -- BusinessWeek, "Frederic S. Mishkin . . . argues that when handled with proper safeguards, financial openness can confer many benefits that are often overlooked, like reducing corruption and busting up local monopolies and business oligarchies."-- Paul Blustein, Washington Post, "This book's arguments are backed by sound economic research, and there are important policy lessons to be learned. The material will be valuable for economists and policymakers across the world, but particularly to those working in developing countries and at international financial institutions." --José R. Snchez-Fung, Economic Change and Restructuring, Offers a plan for reform of developing nations' banking systems. . . . Valuable--and achievable--recommendations for change. . . .The Next Great Globalizationdescribes the failings of the International Monetary Fund well, in part a result of Mishkin's experience as an outside evaluator of the organization., Frederic S. Mishkin . . . argues that when handled with proper safeguards, financial openness can confer many benefits that are often overlooked, like reducing corruption and busting up local monopolies and business oligarchies. ---Paul Blustein, Washington Post, "In this economic equivalent of tough love, Mishkin seldom uses a qualifying phrase. The premise is crystal clear: choose the path of globalization that leads to economic development, higher income levels, and general prosperity, or choose the path of globalization that leads to stagnation, stasis, and lower living standards. . . . Advocates of free trade will nod their heads in agreement, and opponents will find plenty of food for thought."-- Choice, This is an excellent, easy-to-understand and well-written exposition of the benefits of financial globalization, persuasively setting out the case for financial liberalization in developing countries--against the tidal wave of much current academic thinking on the matter. -- Nigel Grimwade, Times Higher Education Supplement, This book's arguments are backed by sound economic research, and there are important policy lessons to be learned. The material will be valuable for economists and policymakers across the world, but particularly to those working in developing countries and at international financial institutions. -- José R. Sánchez-Fung, Economic Change and Restructuring, Frederic Mishkin . . . argues in an important new book, foreign capital can bring big gains at the microeconomic level: more competition, new technology and modern managerial know-how. Inflows of foreign direct investment into the financial system itself are particularly valuable to an emerging country., " The Next Great Globalization offers real understanding of both the causes of recent financial crises around the world and the dramatic opportunities we have in future development in world financial architecture. Mishkin's thoroughness and at the same time his grasp of the big picture come through beautifully in this book." --Robert J. Shiller, author of Irrational Exuberance and The New Financial Order, "This is the first book to make a comprehensive and compelling argument for financial globalization. It makes a powerful case that financial globalization is a necessary part of policy reforms to promote economic growth among stagnating countries and provides guidance on how to proceed while avoiding the crises that are sometimes associated with reform. Mishkin has an extraordinary ability to write for a broad audience without sacrificing intellectual rigor. This book should be read by everyone interested in economic development, as well as those focused on financial sector issues." --Ross Levine, Brown University, "Frederic S. Mishkin . . . argues that when handled with proper safeguards, financial openness can confer many benefits that are often overlooked, like reducing corruption and busting up local monopolies and business oligarchies." --Paul Blustein, Washington Post, This book by a prominent economist and Fed Governor provides invaluable insights into the financial development process, drawing on theoretical research and country experiences to distill the lessons for policymakers. It explains how globalization--both real and financial--can bring prosperity, stability, and wealth to emerging market countries that put in place the necessary institutional reforms when liberalizing their financial systems. The Next Great Globalization is intended not just for economists but also for broader audiences with an interest in financial issues. ---Miranda Xafa, World Economics, The Next Great Globalization is a compelling read for anyone with an interest in the real-life complexities of economic development, and its focus on the often overlooked or maligned role of financial institutions is very welcome. -- Diane Coyle, International Affairs, This book addresses an important global problem: the low state of development experienced by much of the world's population, and it makes a valuable contribution to the development literature by focusing on domestic institutions. Moreover, while most economic discussion about institutions is highly abstract, Mishkin focuses on financial institutions. ---Eva Marikova Leeds, Eastern Economic Journal, "The next great globalization, according to Frederic Mishkin's new book . . . will be financial in character: the flow of foreign money into stocks, bonds and banking in emerging economies. . . . Mr. Mishkin makes a clear and compact case for cosmopolitan capital; and his footnotes . . . weigh and tally a wealth of economic research."-- The Economist, " The Next Great Globalization is a compelling read for anyone with an interest in the real-life complexities of economic development, and its focus on the often overlooked or maligned role of financial institutions is very welcome." --Diane Coyle, International Affairs, "This is a workmanlike book written in plain English about an important but currently controversial subject: financial globalization. Its judgements are, by and large, sound. . . . [I]t is . . . worthwhile to have the traditional virtues of financial globalization set out simply and clearly." --Deepak Lal, International History Review, Frederic S. Mishkin . . . argues that when handled with proper safeguards, financial openness can confer many benefits that are often overlooked, like reducing corruption and busting up local monopolies and business oligarchies. -- Paul Blustein, Washington Post, "Frederic Mishkin . . . argues in an important new book, foreign capital can bring big gains at the microeconomic level: more competition, new technology and modern managerial know-how. Inflows of foreign direct investment into the financial system itself are particularly valuable to an emerging country."-- Financial Times, Offers a plan for reform of developing nations' banking systems. . . . Valuable--and achievable--recommendations for change. . . . The Next Great Globalization describes the failings of the International Monetary Fund well, in part a result of Mishkin's experience as an outside evaluator of the organization. -- BusinessWeek, Frederic S. Mishkin . . . argues that when handled with proper safeguards, financial openness can confer many benefits that are often overlooked, like reducing corruption and busting up local monopolies and business oligarchies. -- Paul Blustein "Washington Post", "The past six decades have seen a steady forward march in the interdependence of national economies. While many aspects of this globalization process have proved controversial, none has been as potentially explosive as financial globalization-the international integration of national financial markets. Mishkin carefully reviews the factors that have caused financial meltdowns in past emerging-market globalization episodes, and lays out a blueprint for avoiding such crises in the future without cutting off access to foreign finance. Compelling, comprehensive, and accessible, this book makes the case that developing countries can safely embrace financial globalization, and should." --Maurice Obstfeld, University of California, Berkeley, Offers a plan for reform of developing nations' banking systems. . . . Valuable--and achievable--recommendations for change. . . . The Next Great Globalization describes the failings of the International Monetary Fund well, in part a result of Mishkin's experience as an outside evaluator of the organization., "The Next Great Globalization" is a compelling read for anyone with an interest in the real-life complexities of economic development, and its focus on the often overlooked or maligned role of financial institutions is very welcome. -- Diane Coyle "International Affairs", "This is a workmanlike book written in plain English about an important but currently controversial subject: financial globalization. Its judgements are, by and large, sound. . . . [I]t is . . . worthwhile to have the traditional virtues of financial globalization set out simply and clearly."-- Deepak Lal, International History Review, "This book by a prominent economist and Fed Governor provides invaluable insights into the financial development process, drawing on theoretical research and country experiences to distill the lessons for policymakers. It explains how globalization--both real and financial--can bring prosperity, stability, and wealth to emerging market countries that put in place the necessary institutional reforms when liberalizing their financial systems. The Next Great Globalization is intended not just for economists but also for broader audiences with an interest in financial issues."-- Miranda Xafa, World Economics, "The next great globalization, according to Frederic Mishkin's new book . . . will be financial in character: the flow of foreign money into stocks, bonds and banking in emerging economies. . . . Mr. Mishkin makes a clear and compact case for cosmopolitan capital; and his footnotes . . . weigh and tally a wealth of economic research." -- The Economist, Frederic S. Mishkin . . . argues that when handled with proper safeguards, financial openness can confer many benefits that are often overlooked, like reducing corruption and busting up local monopolies and business oligarchies., This is an excellent, easy-to-understand and well-written exposition of the benefits of financial globalization, persuasively setting out the case for financial liberalization in developing countries--against the tidal wave of much current academic thinking on the matter., The Next Great Globalizationis a compelling read for anyone with an interest in the real-life complexities of economic development, and its focus on the often overlooked or maligned role of financial institutions is very welcome., The Next Great Globalization is a compelling read for anyone with an interest in the real-life complexities of economic development, and its focus on the often overlooked or maligned role of financial institutions is very welcome., "This book addresses an important global problem: the low state of development experienced by much of the world's population, and it makes a valuable contribution to the development literature by focusing on domestic institutions. Moreover, while most economic discussion about institutions is highly abstract, Mishkin focuses on financial institutions."-- Eva Marikova Leeds, Eastern Economic Journal, This book's arguments are backed by sound economic research, and there are important policy lessons to be learned. The material will be valuable for economists and policymakers across the world, but particularly to those working in developing countries and at international financial institutions., This book's arguments are backed by sound economic research, and there are important policy lessons to be learned. The material will be valuable for economists and policymakers across the world, but particularly to those working in developing countries and at international financial institutions. -- Jose R. Sanchez-Fung, Economic Change and Restructuring, This is an excellent, easy-to-understand and well-written exposition of the benefits of financial globalization, persuasively setting out the case for financial liberalization in developing countries--against the tidal wave of much current academic thinking on the matter. ---Nigel Grimwade, Times Higher Education Supplement, "This book by a prominent economist and Fed Governor provides invaluable insights into the financial development process, drawing on theoretical research and country experiences to distill the lessons for policymakers. It explains how globalization--both real and financial--can bring prosperity, stability, and wealth to emerging market countries that put in place the necessary institutional reforms when liberalizing their financial systems. The Next Great Globalization is intended not just for economists but also for broader audiences with an interest in financial issues." --Miranda Xafa, World Economics, This book's arguments are backed by sound economic research, and there are important policy lessons to be learned. The material will be valuable for economists and policymakers across the world, but particularly to those working in developing countries and at international financial institutions. ---José R. Sánchez-Fung, Economic Change and Restructuring, "At long last a book that stares the financial sector firmly in the eye, shows its serious faults, identifies the factors that lie behind them, and proposes constructive solutions for developing economies. This highly readable book is rooted in state-of-the-art research on recent developments in emerging market economies. It convincingly posits a central and controversial proposition: namely, that private financiers, given the right set of incentives, can open the doors to progress, while their absence will likely perpetuate inefficiency and cronyism. Mishkin has thrown down his gauntlet to the antiglobalizers for whom the financial sector is a bête noire. Readers will enjoy this book, and engaging in the debate that will certainly follow." --Guillermo Calvo, University of Maryland, former chief economist at the Inter-American Development Bank
IllustratedYes
Dewey Decimal332.091724
Table Of ContentPreface ix Chapter One: The Next Great Globalization: A Force for Good? 1 Part One: Is Financial Globalization Beneficial? Chapter Two: How Poor Countries Can Get Rich: Strengthening Property Rights and the Financial System 19 Chapter Three: Financial Development, Economic Growth, and Poverty 36 Chapter Four: When Globalization Goes Wrong: The Dynamics of Financial Crises 49 Part Two: Financial Crises in Emerging Market Economies Chapter Five: Mexico, 1994-1995 71 Chapter Six: South Korea, 1997-1998 85 Chapter Seven: Argentina, 2001-2002 106 Part Three: How Can Disadvantaged Nations Make Financial Globalization Work for Them? Chapter Eight: Ending Financial Repression: The Role of Globalization 129 Chapter Nine: Preventing Financial Crises 137 Chapter Ten: Recovering from Financial Crises 164 Part Four: How Can the International Community Promote Successful Globalization? Chapter Eleven: What Should the International Monetary Fund Do? 175 Chapter Twelve: What Can the Advanced Countries Do? 200 Part Five: Where Do We Go from Here? Chapter Thirteen: Getting Financial Globalization Right 211 Notes 221 References 277 Acknowledgments 305 Index 307
SynopsisMany prominent critics regard the international financial system as the dark side of globalization, threatening disadvantaged nations near and far. But in The Next Great Globalization , eminent economist Frederic Mishkin argues the opposite: that financial globalization today is essential for poor nations to become rich. Mishkin argues that an effectively managed financial globalization promises benefits on the scale of the hugely successful trade and information globalizations of the nineteenth and twentieth centuries. This financial revolution can lift developing nations out of squalor and increase the wealth and stability of emerging and industrialized nations alike. By presenting an unprecedented picture of the potential benefits of financial globalization, and by showing in clear and hard-headed terms how these gains can be realized, Mishkin provides a hopeful vision of the next phase of globalization. Mishkin draws on historical examples to caution that mismanagement of financial globalization, often aided and abetted by rich elites, can wreak havoc in developing countries, but he uses these examples to demonstrate how better policies can help poor nations to open up their economies to the benefits of global investment. According to Mishkin, the international community must provide incentives for developing countries to establish effective property rights, banking regulations, accounting practices, and corporate governance--the institutions necessary to attract and manage global investment. And the West must be a partner in integrating the financial systems of rich and poor countries--to the benefit of both. The Next Great Globalization makes the case that finance will be a driving force in the twenty-first-century economy, and demonstrates how this force can and should be shaped to the benefit of all, especially the disadvantaged nations most in need of growth and prosperity., Many prominent critics regard the international financial system as the dark side of globalization, threatening disadvantaged nations near and far. But in The Next Great Globalization, eminent economist Frederic Mishkin argues the opposite: that financial globalization today is essential for poor nations to become rich. Mishkin argues that an effectively managed financial globalization promises benefits on the scale of the hugely successful trade and information globalizations of the nineteenth and twentieth centuries. This financial revolution can lift developing nations out of squalor and increase the wealth and stability of emerging and industrialized nations alike. By presenting an unprecedented picture of the potential benefits of financial globalization, and by showing in clear and hard-headed terms how these gains can be realized, Mishkin provides a hopeful vision of the next phase of globalization.Mishkin draws on historical examples to caution that mismanagement of financial globalization, often aided and abetted by rich elites, can wreak havoc in developing countries, but he uses these examples to demonstrate how better policies can help poor nations to open up their economies to the benefits of global investment. According to Mishkin, the international community must provide incentives for developing countries to establish effective property rights, banking regulations, accounting practices, and corporate governance--the institutions necessary to attract and manage global investment. And the West must be a partner in integrating the financial systems of rich and poor countries--to the benefit of both. The Next Great Globalization makes the case that finance will be a driving force in the twenty-first-century economy, and demonstrates how this force can and should be shaped to the benefit of all, especially the disadvantaged nations most in need of growth and prosperity., Argues that financial globalization is essential for poor nations to become rich. This book argues that an effectively managed financial globalization promises benefits on the scale of the hugely successful trade and information globalizations of the nineteenth and twentieth centuries.
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