Next Great Globalization
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A01=Frederic S. Mishkin
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Author_Frederic S. Mishkin
Bailout
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Capital flight
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Central bank
Comparative advantage
Convertibility plan
Currency
Currency crisis
Debt
Developed country
Developing country
Economic bubble
Economic globalization
Economic growth
Economic interventionism
Economic power
Economic recovery
Economics
Economy
Emerging markets
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Exchange rate
Expansionary Policy
Finance
Financial crisis
Financial institution
Financial services
Free trade
Global city
Global financial system
Global imbalances
Globalization
Globalization and Its Discontents
Gresham's law
High-yield debt
Hot money
In Defense of Global Capitalism
Incentive
Inflation
Information asymmetry
Institution
Interest rate
International Monetary Fund
Investment
Liberalization
Long-Term Capital Management
Long-Term Growth
Market economy
Moral hazard
National Savings Rate
Nationalization
Net worth
North American Free Trade Agreement
Prompt Corrective Action
Protectionism
Recession
Restructuring
Return on capital
Speculation
Speculative attack
Structural adjustment
Supervisor
The Elusive Quest for Growth
Too big to fail
Trade globalization
World Bank
World economy
Product details
- ISBN 9780691136417
- Weight: 454g
- Dimensions: 152 x 235mm
- Publication Date: 23 Jan 2008
- Publisher: Princeton University Press
- Publication City/Country: US
- Product Form: Paperback
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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.
Frederic S. Mishkin is Alfred Lerner Professor of Banking and Financial Institutions at the Columbia University Graduate School of Business, a research associate at the National Bureau of Economic Research, and a member of the Federal Reserve's board of governors. He is the author of many books, including "Monetary Policy Strategy" (MIT), "The Economics of Money, Banking, and Financial Markets" and (with Ben S. Bernanke, Thomas Laubach, and Adam S. Posen) "Inflation Targeting" (Princeton).
