Safeguarding Prosperity in a Global Financial System: The (Council on Foreign Relations Task Force Report) [Paperback]

Morris Goldstein (Author)

Book Description

Publication Date: September 1999 | ISBN-10: 0881322873 | ISBN-13: 978-0881322873

Morris Goldstein is the Project Director of this Report of an Independent Commission Sponsored by the Council on Foreign Relations.

Editorial Reviews

From the Publisher

Published by the Institute for International Economics for the Council on Foreign Relations.

From the Back Cover

This report contains the findings and recommendations of an independent blue-ribbon commission on the prevention and management of international financial crises. The commission was sponsored by the Council on Foreign Relations, and cochaired by Peter Peterson and Carla Hills, with the Institute's Morris Goldstein serving as project director. The list of authors is attached.

The report analyzes the main factors that give rise to banking, currency, and debt crises, and it proposes a set of interrelated recommendations for improving crisis prevention and resolution. It also explains why the United States, despite its impressive overall economic performance since the outbreak of the Asian crisis, has a large stake in the future international financial architecture.

The commission's recommendations aim at altering the behavior of emerging-market borrowers and their private creditors in ways that would reduce the frequency and severity of crises. It includes specific proposals for rewarding countries that do better on crisis prevention; reducing vulnerabilities in the exchange rate systems of emerging economies; inducing private creditors to accept their fair share of the costs of crisis resolution; reforming the IMF's lending policies; and refocusing the mandates of the IMF and the World Bank on leaner agendas. Its recommendations range well beyond the decisions taken to date by the international financial community.

Other members of the commission were Paul Allaire, C. Fred Bergsten, Kenneth Dam, George David, Jorge Dominguez, Kenneth Duberstein, Barry Eichengreen, Martin Feldstein, Maurice Greenberg, Lee Hamilton, John Heimann, Peter Kenen, Paul Krugman, Nicholas Lardy, David Lipton, Ray Marshall, Norman Ornstein, William Rhodes, Stephen Roach, Henry Schacht, James Schlesinger, George Soros, Laura Tyson, Ezra Vogel, Paul Volcker, and Vin Weber.

Published by the Institute for International Economics for the Council on Foreign Relations.

See all Editorial Reviews

Product Details

• Paperback: 150 pages
• Publisher: Institute for International Economics (September 1999)
• Language: English
• ISBN-10: 0881322873
• ISBN-13: 978-0881322873
• Product Dimensions: 8.1 x 5.1 x 2.1 inches
• Shipping Weight: 9.4 ounces (View shipping rates and policies)
• Amazon Best Sellers Rank: #4,100,245 in Books (See Top 100 in Books)