The Chastening Inside The Crisis That Rocked The Global Financial System And Humbled The Imf"In the late 1990s, despite a spectacular stock market boom in the United States, all was not well with the global economy. In rapid succession, Thailand, Indonesia and South Korea spiraled toward economic collapse as international bankers and money managers lost confidence that these nations could repay their debts and maintain the value of their currencies. And as the Asian financial crisis smoldered and flared, the embers spread to Russia and Brazil, bringing the U.S. economy perilously close to disaster in the process." "In this inside look at how the crisis unfolded, Paul Blustein shows how the financial turmoil in Asia caught the International Monetary Fund by surprise and overwhelmed its legions of Ph.D.'s in their efforts to protect against economic destabilization. Over the years, the IMF has cultivated the image of an institution whose masterminds coolly dispense effective economic remedies, but the Asian flu nearly proved too much for the doctors to handle. As markets were sinking and defaults looming, the guardians of global financial stability - IMF officials together with their overseers in the Group of Seven major industrial countries - were often floundering, improvising, feuding among themselves and striking messy compromises. In a world where capital flowed across national borders in much more massive quantities than ever, they were woefully ill-equipped to combat these virulent new strains of investor panics."--BOOK JACKET.Title Summary field provided by Blackwell North America, Inc. All Rights Reserved |
Contents
The Committee to Save the World | 1 |
Opening the Spigot | 19 |
Winnie the Pooh and the Big Secret | 51 |
Copyright | |
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Aghevli Asia Asian baht bailout Bank of Korea Bank of Thailand bank's bankers banking system billion bonds borrowing Brazil Brazilian Camdessus capital central bank chaebol Clinton companies countries country's creditors crises crisis currency board debt December default devaluation director dollars economic economists emerging markets exchange Fed's finance minister financial markets financial system firms Fischer foreign banks Fund's Geithner GKOS Goldman Greenspan hard currency hedge funds High Command IMF officials IMF program IMF staffers IMF's Indonesia institutions interest rates investment investors issue Jakarta Japanese Korean Larry Summers Lipton loans Long-Term managing meeting ment mission monetary Moscow negotiations Neiss package Paul Blustein percent Plano Real policymakers president problem recalled reform rescue reserves risk Rubin rubles rupiah Russia Sachs Sakakibara Seoul September short-term staff Suharto Summers Thai tion trade U.S. dollar U.S. Treasury Washington Post weeks World Bank Yeltsin York Fed