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The Next Great Globalization:
How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich
Frederic S. Mishkin

Book Description | Table of Contents
Chapter 1 [HTML] or [PDF format]

ADDITIONAL REVIEWS:

"The Next Great Globalization is a compelling read for anyone with an interest in the real-life complexities of economic development, and its focus on the often overlooked or maligned role of financial institutions is very welcome."--Diane Coyle, International Affairs

"Offers a plan for reform of developing nations' banking systems. . . . Valuable--and achievable--recommendations for change. . . . The Next Great Globalization describes the failings of the International Monetary Fund well, in part a result of Mishkin's experience as an outside evaluator of the organization."--BusinessWeek

"This book addresses an important global problem: the low state of development experienced by much of the world's population, and it makes a valuable contribution to the development literature by focusing on domestic institutions. Moreover, while most economic discussion about institutions is highly abstract, Mishkin focuses on financial institutions."--Eva Marikova Leeds, Eastern Economic Journal

"This book by a prominent economist and Fed Governor provides invaluable insights into the financial development process, drawing on theoretical research and country experiences to distill the lessons for policymakers. It explains how globalization--both real and financial--can bring prosperity, stability, and wealth to emerging market countries that put in place the necessary institutional reforms when liberalizing their financial systems. The Next Great Globalization is intended not just for economists but also for broader audiences with an interest in financial issues."--Miranda Xafa, World Economics

"This is a workmanlike book written in plain English about an important but currently controversial subject: financial globalization. Its judgements are, by and large, sound. . . . [I]t is . . . worthwhile to have the traditional virtues of financial globalization set out simply and clearly."--Deepak Lal, International History Review

"This book's arguments are backed by sound economic research, and there are important policy lessons to be learned. The material will be valuable for economists and policymakers across the world, but particularly to those working in developing countries and at international financial institutions."--José R. Sánchez-Fung, Economic Change and Restructuring

ADDITIONAL ENDORSEMENTS:

"The Next Great Globalization offers real understanding of both the causes of recent financial crises around the world and the dramatic opportunities we have in future development in world financial architecture. Mishkin's thoroughness and at the same time his grasp of the big picture come through beautifully in this book."--Robert J. Shiller, author of Irrational Exuberance and The New Financial Order

"At long last a book that stares the financial sector firmly in the eye, shows its serious faults, identifies the factors that lie behind them, and proposes constructive solutions for developing economies. This highly readable book is rooted in state-of-the-art research on recent developments in emerging market economies. It convincingly posits a central and controversial proposition: namely, that private financiers, given the right set of incentives, can open the doors to progress, while their absence will likely perpetuate inefficiency and cronyism. Mishkin has thrown down his gauntlet to the antiglobalizers for whom the financial sector is a bête noire. Readers will enjoy this book, and engaging in the debate that will certainly follow."--Guillermo Calvo, University of Maryland, former chief economist at the Inter-American Development Bank

"This is a fabulous book, and I can hardly endorse it strongly enough. It is simply the best single thing I have ever read on financial globalization, and I felt tremendously educated, entertained, and motivated after reading it. It is a great blend of technically accurate and careful argumentation with accessible exposition that will appeal to a wide audience. Indeed, Mishkin's clear, jargon-free, concise writing, combined with his technical expertise and reputation, puts this book far above the vast majority of writings by economists for broader audiences."--William Easterly, author of The White Man's Burden: Why the West's Efforts to Aid the Rest Have Done So Much Ill and So Little Good

"The past six decades have seen a steady forward march in the interdependence of national economies. While many aspects of this globalization process have proved controversial, none has been as potentially explosive as financial globalization-the international integration of national financial markets. Mishkin carefully reviews the factors that have caused financial meltdowns in past emerging-market globalization episodes, and lays out a blueprint for avoiding such crises in the future without cutting off access to foreign finance. Compelling, comprehensive, and accessible, this book makes the case that developing countries can safely embrace financial globalization, and should."--Maurice Obstfeld, University of California, Berkeley

"Eschewing sharp rhetoric in favor of cogent analysis, Mishkin calmly and convincingly explains why developing countries that get financial globalization right will ultimately far outperform those that try to shut it out. Even China will be no exception."--Kenneth Rogoff, Harvard University, former chief economist and director of research, International Monetary Fund

"This is the first book to make a comprehensive and compelling argument for financial globalization. It makes a powerful case that financial globalization is a necessary part of policy reforms to promote economic growth among stagnating countries and provides guidance on how to proceed while avoiding the crises that are sometimes associated with reform. Mishkin has an extraordinary ability to write for a broad audience without sacrificing intellectual rigor. This book should be read by everyone interested in economic development, as well as those focused on financial sector issues."--Ross Levine, Brown University

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File created: 9/23/2014

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