FINANCIAL CRISES IN EMERGING MARKETS LAMFALUSSY A. Księgarnia

Financial Crises in Emerging Markets

An Essay on Financial Clobalisation and Fragility

Alexandre Lamfalussy

In this book an eminent international banking expert grapples with issues that surround the trend towards financial globalisation and its potential impact on financial fragility. Does globalisation entail the risk of greater financial market instability perhaps even genuine systemic fragility or will it lead to a smoother working of markets? How should governments, central banks, and international institutions respond to manifestations of financial fragility?

Alexandre Lamfalussy analyses four major crises in emerging markets: Latin America in 1982-83, Mexico in 1994-95, East Asia in 1997-98, and Russia since 1998. The author finds that the build up of short-term indebtedness and asset price bubbles were at the heart of the four crises. And in each case the exuberant behaviour of lenders and investors from the developed world played a major role, while financial globalisation was an aggravating factor. Yet whether the process of globalisation

has made the financial systems of the developed world more or less prone to manifestations of fragility remains an open question. Lamfalussy tenders no simplistic prescriptions in this book; instead he offers a aeries of carefully considered policy recommendations that are both pragmatic and wise.

Alexandre Lamfalussy is a professor in the Institute of European Studies at the Catholic University of Louvain, Belgium. He has served as general manager of the Bank for International Settlements and was president of the European Monetary Institute from 1993 to 1997.

198 pages

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