Financial Instability and the International Debt Problem

George McKenzie,Stephen Thomas

Financial Instability and the International Debt Problem
Format
Hardback
Publisher
Palgrave Macmillan
Country
United Kingdom
Published
25 November 1991
Pages
211
ISBN
9780333464199

Financial Instability and the International Debt Problem

George McKenzie,Stephen Thomas

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The conclusion reached in this book is 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. Therefore mistakes, when identified, are corrected only with a long lag. In addition to a detailed analysis of this thesis, the book contains an evaluation of recent proposals to harmonize international bank regulations and an extensive discussion of how financial markets are absorbing the huge losses which have emanated from the inability of borrowers to meet their debt service payments.

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