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Bailouts or Bail-Ins: Responding to Financial Crises in Emerging Markets Paperback – August, 2004
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Bailouts or Bail-ins? is masterful. It is by far the best book written in recent years on the vexing subject of how the international community should address international financial crises of emerging market economies. (Jeffrey D. Sachs, director of the Earth Institute, Columbia University)
Bailouts or Bail-ins? will prove to be a useful tool for those confronting these crises, and a clear, accessible overview for those studying global markets. (Lawrence H. Summers, President, Harvard University and Former U.S. Treasury Secretary)
This is the most intelligent and comprehensive analysis yet of how the international community should respond to financial crises... It will be the definitive work on this subject for some time to come. (Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley)
About the Author
Nouriel Roubini is an American economist. He teaches at New York University's Stern School of Business and is the chairman of Roubini Global Economics, an economic consultancy firm.
Brad Setser is an American economist and former blogger. A former staff economist at the United States Department of the Treasury, he worked at Roubini Global Economics Monitor, along with Nouriel Roubini. After leaving the RGE Monitor, Setser became a fellow at the Council of Foreign Relations, where (among other things) he was the author of the popular economics blog "Follow the Money" about global economic imbalances. In 2009, he took a position with the National Economic Council. In 2011, he moved to the United States Department of the Treasury, where he is the Deputy Assistant Secretary for International Economic Analysis.
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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.