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Financial Instability and the International Debt Problem

  • George McKenzie
  • Stephen Thomas

Part of the Southampton Series in International Economics book series (SOSIE)

Table of contents

  1. Front Matter
    Pages i-ix
  2. Understanding the Behaviour of Financial Intermediaries

    1. Front Matter
      Pages 1-1
    2. George McKenzie, Stephen Thomas
      Pages 3-17
    3. George McKenzie, Stephen Thomas
      Pages 19-33
    4. George McKenzie, Stephen Thomas
      Pages 35-53
  3. The Evolving Debt Crisis

    1. Front Matter
      Pages 55-55
    2. George McKenzie, Stephen Thomas
      Pages 57-108
    3. George McKenzie, Stephen Thomas
      Pages 109-132
  4. Responses to the Debt Crisis

    1. Front Matter
      Pages 133-133
    2. George McKenzie, Stephen Thomas
      Pages 135-161
    3. George McKenzie, Stephen Thomas
      Pages 163-191
  5. Back Matter
    Pages 193-211

About this book

Introduction

The authors argue clearly and convincingly in this book that the debt crisis which has plagued the world economy for the past ten years is due to the inherent fragility of financial markets. Governments, financial institutions and borrowers, including developing countries, have simply expected too much from these markets. In a world of volatile interest rates, exchange rates and uncertain government policy, it is virtually impossible for financial institutions to effectively distinguish fundamental shifts in economic activity from random shocks.

Keywords

exchange rates financial markets interest rates

Authors and affiliations

  • George McKenzie
    • 1
  • Stephen Thomas
    • 2
  1. 1.Centre for International EconomicsUniversity of SouthamptonUK
  2. 2.Department of Accounting and Management ScienceUniversity of SouthamptonUK

Bibliographic information

Industry Sectors
Finance, Business & Banking