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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.
Roubini and setser put it all together a masterful overview of theoretical issues, a skilled and accurate account of recent crises, and a wise, balanced, and judicious discussion of the policy debates.
Jeffrey br>D Sachs, director of the Earth Institute, Columbia University roughly once a year, the managing director of the international monetary fund, the U.
S.
Treasury Secretary and in some cases the Finance ministers of other g7 countries will get a call from the Finance minister of a large emerging market economy.
The emerging market finance minister will indicate that the country is rapidly running out of foreign reserves, that it has lost access to international capital markets and, perhaps, that is has lost the confidence of its own citizens.
Without a rescue loan, it will be forced to devalue its currency and default either on its government debt or on loans to the country S Banks that the government has guaranteed.
This book looks at these situations and the options available to alleviate the problem.
It argues for a policy that recognises that every crisis is different and that different cases need to be handled within a framework that provides consistency and predictability to borrowing countries as well as those who invest in their debt..
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