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The increasing complexity of financial markets can lead to a host of problems if not managed properly, not the least of which are the speculative bubbles witness in the 1990s in Japan and the United States. Padoan (executive director, International Monetary Fund), Brentton (a senior economist at the World Bank) and Boyd (political science, Rutgers U.) present nine papers that explore issues of structuring financial institutions and markets such that investments are steered towards actual productive activities, rather than speculative activities. Annotation (c) Book News, Inc., Portland, OR (booknews.com)
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The principal message of this book is that international financial enterprises must be reoriented towards funding productive activities rather than potentially destabilizing speculation. The effects of financial sector operations are addressed with serious warnings that the dangers of speculative destabilization are increasing as regulatory and market discipline gradually weakens.<p><i>The Structural Foundations of International Finance</i> examines the ways in which national economies, especially those of industrialized countries, are affected by the operations of international financial markets. Although these markets provide productive funding, there is also much speculative trading in stocks and currencies which can cause booms, slumps and hinder recovery. The authors advocate entrepreneurial coordination by productive enterprises for balanced and stable growth, with reduced risks of financial crises and recessions.<p>This topical and highly engaging book will be invaluable for academics and students of business, economics, political economy, international relations and law.</p></p>
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