Financial Crises

The global economy has not yet succeeded in immunizing itself against financial crises. Indeed, the growing openness of financial markets has increased the danger of contagion and local crises spreading wider and faster than before. Barry Eichengreen explains the patterns behind recent crises, examines the current international financial architecture, makes recommendations for avoiding the dangers of crises (and managing them better when they do occur), and shows how official efforts to strengthen the international financial system may have perversely made life more difficult for the poorest countries.