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BOOK ANNOUNCEMENT
TITLE: TAMING GLOBAL FINANCIAL FLOWS
Challenges and Alternatives in the Era of Financial Globalization: A Citizen's Guide AUTHOR: Kavaljit Singh
PUBLISHERS:
- Hong Kong University Press, Hong Kong
- IBON Foundation Inc, Manila
- Madhyam Books, Delhi
- University Press Ltd, Dhaka
- White Lotus, Bangkok
- Zed Books, London and New York
KEY POINTS
- An accessible and clearly-written guide to a
complex subject, for the non-specialist reader - Timely follow-up to Singh's previous book,
The
Globalization of Finance (1999) - Useful for students of finance, banking
and
development, lobbyists and policy-makers Publication Date July 2000
Format: Metric demy Features: Boxes/Notes/Tables/Bibliography/Index Extent: 256 pp Library Categories: Economics/Development ABOUT THE BOOK
The global financial system, this book argues, is in
turmoil. Financial liberalization has led to phasing out of regulatory
mechanisms over the movement of huge sums involved in currency speculations, new
financial products, offshore financial centers, secretive hedge funds and ‘hot
money’ flows to emerging markets. The result is a degree of volatility in
financial markets which threatens the orderly running of national economies.
This book explains and analyses the constantly changing and complex world of
global financial flows, and calls for radical reforms in a system that is now
more susceptible to the whims of market sentiment than the economic policies of
governments. The author enunciates certain guiding principles in order to create
a more stable international financial architecture and recommends a series of
concrete measures. This most timely and useful follow-up to his very successful
previous book, The Globalization of Finance: A Citizen’s Guide, contributes
greatly to public understanding of the intricacies of global finance and to the
possibilities of effective action by peoples' movements campaigning for a more
just and sound financial system.
WHAT THE CRITICS SAY
"We can always count on Kavaljit Singh for lucid and
hard-hitting analysis. This book is no exception."- Susan George, author of A
Fate Worse than Debt and co-author of Faith and Credit.
"Singh is to be congratulated... an up-to-date critical assessment of financial globalization." David Felix, Professor Emeritus of Economics, Washington University in St. Louis, US. "Kavaljit Singh has made a difficult subject intelligible
to ordinary citizens, and in a very readable way he has mapped out the
progressive alternatives for bringing international finance under democratic
control." Edward Herman, Professor Emeritus of Finance, Wharton School,
University of Pennsylvania.
"... should be made compulsory reading for all finance
ministers, central bankers, economic policy makers... learned international
experts." Arun Ghosh, former Member, Planning Commission of India.
" Taming Global Financial Flows is a thought provoking book...It aims at an
encyclopaedic reach in terms of ideas and comments on almost every aspect of
this fascinating subject." S Venkitaramanan, former Governor, Reserve Bank of
India and ex-Member, Executive Board of the IMF.
"Kavaljit's book outlines with impressive clarity extremely complex and
crucial issues... A must for all students of international finance as well as
for policy makers and interested NGOs." Professor Stephany Griffith-Jones,
Sussex University.
"The book may lean left, but the analysis remains fairly objective... it
actually gives lay readers a perspective on reforms. That's a feat matched by
few." Intelligent Investor
"It is not only a beautifully brought out book, but also a most useful,
exhaustive and informative one. Political activists like me will be greatly
helped by its lucid analysis." A B Bardhan, General Secretary, Communist Party
of India. ABOUT THE AUTHOR
Kavaljit Singh is the Coordinator of the Public Interest
Research Centre in New Delhi. He has been writing on global finance and
developmental issues in journals and newspapers in India and abroad. He is the
author of The Globalization of Finance: A Citizen's Guide (DAGA, IPSR Books,
Madhyam Books and Zed Books, 1999). Apart from several English language
editions, the book has been translated and published in nine Asian languages.
His previous books on foreign capital include TNCs and India (with Jed Greer,
PIRG, 1995) and The Reality of Foreign Investments (Madhyam Books, 1997).
CONTENTS
Acronyms
Data Notes
Acknowledgements
Preface
1. Recent Trends in Global Financial Flows
Global
Financial Flows to the Developing Countries in the 1990s
Factors Behind
the Surge in Global Financial Flows
Global Financial Liberalization
Over-capacity and Overproduction
Low International Interest Rates
Technological Advances
The
Domination of Finance Capital over the Real Economy
Foreign Exchange
Trading: Scaling Unprecedented Heights
The Emergence of
Securities
The Great
Transformation of Global Banking
Financial
Derivatives: The Source of Systemic Risks
Offshore Financial
Centers and the ‘Dirty Money’
Global Financial
System: A Casino?
2. Financial Liberalization and Financial
Fragility
What is Financial
Liberalization?
Financial
Liberalization: Some Critical Issues
Financial Markets
are Different from Commodity Markets
Asymmetric
Information, Herd Behavior, Self-fulfilling Panics and
Market Failures
Good-bye Financial
Repression, Hello Financial Crash
Good-bye Financial
Liberalization, Hello ‘Mild Financial Repression’!
3. Capital Account Liberalization: Benefactor or
Menace?
Capital Account
Liberalization: In Whose Interest?
Capital Account
Liberalization and International Agreements
OECD and Capital Account Liberalization
IMF and Capital Account Liberalization
WTO and Capital Account Liberalization
The Benefits of
Capital Account Liberalization: Six Myths
4. The Mysterious World of Hedge Funds
What is a Hedge
Fund?
Hedge Funds: A $300
Billion Industry
Strategies of Hedge
Funds
Investment Style of
Hedge Funds
When Hedge Funds
Shocked the Financial World
The Near Collapse
of LTCM
Emerging
Issues
5. The Global Parasites: Offshore Financial
Centers
What are Offshore
Financial Centers?
Basic
Characteristics of OFCs
OFCs: The
Cornerstone of Financial Liberalization
OFCs and Financial
Crises
OFCs and ‘Dirty
Money’
Sovereignty for
Sale?
6. Capital Controls: An Idea Whose Time Has
Returned
What are Capital
Controls?
History of Capital
Controls
Theoretical Debates
on the Use of Capital Controls
The Rationale for
Capital Controls
Recent Experiences
with Capital Controls: Two Case Studies from
Asia
Malaysia
China
The Renewed
Interest in Capital Controls
7. Managing Capital Flows: The Case of Chile
History of Capital
Controls in Chile
Deregulation of the Banking Sector and Financial Crisis
The Return of Private Capital to Chile in the late 1980s
The Return of
Capital Controls in Chile in the 1990s
The Effectiveness
of Capital Controls
Critical
Issues
The Other Side of
the Chilean ‘Success Story’
Short-term vs.
Long-term Inflows: The Debate
8. Whither International Financial
Architecture
The Guiding
Principles
Nine Steps Towards
a Better International Financial Architecture
Back to Capital Controls
Enhancing Regulatory and Supervisory Measures
Stable Exchange Rate Systems
The Rationale for Regional Cooperation
It's Time for Tobin Tax
A Reformed IMF
Regulate Financial Derivatives
Curb Dubious Activities of Offshore Financial
Centers
Bailing in Private Sector
9. Financial Globalization: New Challenges for Peoples'
Movements
People's Response:
A Case Study of India
What should be the
Agenda of Peoples' Movements?
Action Programs in
the Recipient Countries
Action Programs in
the Source Countries
Need for
International Action
Towards A New
Strategy
Bibliography
Index
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