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Bailouts or Bail-Ins: Responding to Financial Crises in Emerging Markets Paperback – August, 2004
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About the Author
Brad Setser is a research associate at the Global Economic Governance Programme at University College, Oxford. He was an international affairs fellow at the Council on Foreign Relations and a visiting scholar at the International Monetary Fund (IMF). He served in the US Treasury from 1997 to 2001, where he worked extensively on the reform of the international financial architecture, sovereign debt restructurings, and US policy toward the IMF. He was the acting director of the US Treasury's Office of International Monetary and Financial Policy.
Top Customer Reviews
Aside from just being a great comparative study, I would mention that the authors have done a fabulous job of creating comparative charts of the various crisis. This makes it very easy to understand why each nation has had a different experience and why there might be multiple solutions that are right depending on the nation involved, their existing infrastructure, their particular history, and what they might be expected to do given their existing resources.
For the absolute beginner, this might be a book that you read and come back to after you get a sense for what happened in a few of the different nations. For a practitioner or academic, this book is wonderfully organized with plenty of concise charts and diagrams that make for excellent presentation slides.
I particularly like the detail with which the authors discussed - as separately pertinent concepts - market forces, banking forces, and just plain poor macro management. Each of these aspects are actually separate mechanisms and should be considered when thinking about international liquidity and how to address a nation that may be having difficulty.