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Date: Tue, 11 Jul 2000 15:24:09 +0530
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Subject: [StopWTORound] Book Announcement: Taming Global
Financial Flows
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BOOK ANNOUNCEMENT
TITLE: TAMING GLOBAL FINANCIAL FLOWS
Challenges and Alternatives in the Era of Financial Globalization: A Citizen's Guide
AUTHOR: Kavaljit Singh
PUBLISHERS:
- Hong Kong University Press, Hong Kong
- Madhyam Books, Delhi
- University Press Ltd, Dhaka
- White Lotus, Bangkok
- Zed Books, London and New York
KEY POINTS
- An accessible and clearly-written guide to a
complex subject, for the non-specialist reader
- Timely follow-up to Singh's previous book, The
Globalization of Finance (1999)
- Useful for students of finance, banking and
development, lobbyists and policy-makers
Publication Date July 2000
Format: Metric demy
Features: Boxes/Notes/Tables/Bibliography/Index
Extent: 256 pp
Library Categories: Economics/Development
ABOUT THE BOOK
The global financial system, this book argues, is in turmoil. Financial liberalization has led to phasing out of regulatory mechanisms over the movement of huge sums involved in currency speculations, new financial products, offshore financial centers, secretive hedge funds and 'hot money' flows
to emerging markets. The result is a degree of volatility in financial markets which threatens the orderly running of national economies. This book explains and analyses the constantly changing and complex world of global financial flows, and calls for radical reforms in a system that is now more
susceptible to the whims of market sentiment than the economic policies of governments. The author enunciates certain guiding principles in order to create a more stable international financial architecture and recommends a series of concrete measures. This most timely and useful follow-up to his
ve
WHAT THE CRITICS SAY
"We can always count on Kavaljit Singh for lucid and hard-hitting analysis. This book is no
exception."- Susan George
"Singh is to be congratulated... an up-to-date critical assessment of financial globalization." David Felix
"Kavaljit Singh has made a difficult subject intelligible to ordinary citizens, and in a very readable way he has mapped out the progressive alternatives for bringing international finance under democratic control." Edward Herman
"... should be made compulsory reading for all finance ministers, central bankers, economic policy makers... learned international experts." Arun Ghosh
ABOUT THE AUTHOR
Kavaljit Singh is the Coordinator of the Public Interest Research Centre in New Delhi. He has been writing on global finance and developmental issues in journals and newspapers in India and abroad. He is the author of The Globalization of Finance: A Citizen's Guide (DAGA, IPSR Books, Madhyam
Books and Zed Books, 1999). Apart from several English language editions, the book has been translated and published in nine Asian languages. His previous books on foreign capital include TNCs and India (with Jed Greer, PIRG, 1995) and The Reality of Foreign Investments (Madhyam Books, 1997).
CONTENTS
Acronyms
Data Notes
Acknowledgements
Preface
1. Recent Trends in Global Financial Flows
Global Financial Flows to the Developing Countries in the 1990s
Factors Behind the Surge in Global Financial Flows
Global Financial Liberalization
Over-capacity and Overproduction
Low International Interest Rates
Technological Advances
The Domination of Finance Capital over the Real Economy
Foreign Exchange Trading: Scaling Unprecedented Heights
The Emergence of Securities
The Great Transformation of Global Banking
Financial Derivatives: The Source of Systemic Risks
Offshore Financial Centers and the 'Dirty Money'
Global Financial System: A Casino?
2. Financial Liberalization and Financial Fragility
What is Financial Liberalization?
Financial Liberalization: Some Critical Issues
Financial Markets are Different from Commodity Markets
Asymmetric Information, Herd Behavior, Self-fulfilling Panics and Market Failures
Good-bye Financial Repression, Hello Financial Crash
Good-bye Financial Liberalization, Hello 'Mild Financial Repression'!
3. Capital Account Liberalization: Benefactor or Menace?
Capital Account Liberalization: In Whose Interest?
Capital Account Liberalization and International Agreements
OECD and Capital Account Liberalization
IMF and Capital Account Liberalization
WTO and Capital Account Liberalization
The Benefits of Capital Account Liberalization: Six Myths
4. The Mysterious World of Hedge Funds
What is a Hedge Fund?
Hedge Funds: A $300 Billion Industry
Strategies of Hedge Funds
Investment Style of Hedge Funds
When Hedge Funds Shocked the Financial World
The Near Collapse of LTCM
Emerging Issues
5. The Global Parasites: Offshore Financial Centers
What are Offshore Financial Centers?
Basic Characteristics of OFCs
OFCs: The Cornerstone of Financial Liberalization
OFCs and Financial Crises
OFCs and 'Dirty Money'
Sovereignty for Sale?
6. Capital Controls: An Idea Whose Time Has Returned
What are Capital Controls?
History of Capital Controls
Theoretical Debates on the Use of Capital Controls
The Rationale for Capital Controls
Recent Experiences with Capital Controls: Two Case Studies from Asia
Malaysia
China
The Renewed Interest in Capital Controls
7. Managing Capital Flows: The Case of Chile
History of Capital Controls in Chile
Deregulation of the Banking Sector and Financial Crisis
The Return of Private Capital to Chile in the late 1980s
The Return of Capital Controls in Chile in the 1990s
The Effectiveness of Capital Controls
Critical Issues
The Other Side of the Chilean 'Success Story'
Short-term vs. Long-term Inflows: The Debate
8. Whither International Financial Architecture
The Guiding Principles
Nine Steps Towards a Better International Financial Architecture
Back to Capital Controls
Enhancing Regulatory and Supervisory Measures
Stable Exchange Rate Systems
The Rationale for Regional Cooperation
It's Time for Tobin Tax
A Reformed IMF
Regulate Financial Derivatives
Curb Dubious Activities of Offshore Financial Centers
Bailing in Private Sector
9. Financial Globalization: New Challenges for Peoples' Movements
People's Response: A Case Study of India
What should be the Agenda of Peoples' Movements?
Action Programs in the Recipient Countries
Action Programs in the Source Countries
Need for International Action
Towards A New Strategy
Bibliography
Index
HOW TO ORDER THE BOOK:
Since this book has been published by five publishers, there are territorial restrictions (see below):
========================================
CUSTOMERS IN SOUTH ASIA (EXCEPT BANGLADESH)
Contact: Mr. Sudhir Singh
Madhyam Books
142, Maitri Apartments,
Plot No. 28, Patparganj,
Delhi: 110 092
India
Phone: + 91 11 2432054, 2221081
Fax: + 91 11 2224233
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ISBN 81 86816 13 5 (hb)
81 86816 12 7 (pb)
Price: Rupees 400 (hb)
Rupees 250 (pb)
========================================
CUSTOMERS IN BANGLADESH
Contact: Mr. M A Halim/Mr. Delewar Hossain
The University Press Limited
Red Crescent Building
114 Motijheel C/A.
Dhaka 1000
Bangladesh
Phone : + 88 02 9565441, 9565444
Fax : + 88 02 9565443
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Website : http://www.uplbooks.com
ISBN 984 05 1533 0 (pb)
Price: Taka 500.00
=====================================
CUSTOMERS IN BURMA, CAMBODIA, LAOS AND THAILAND
Contact: Mr. Diethard Ande
White Lotus Company Ltd,
GPO Box 1141,
Bangkok, 10501,
Thailand
Phone: + 662 7416288-89, 3324915
Fax: + 662 7416287
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==========================================
CUSTOMERS IN HONG KONG, CHINA AND TAIWAN
Contact: Mr. Dennis Cheung
Hong Kong University Press,
14/F Hing Wai Centre,
7 Tin Wan Praya Road, Aberdeen,
Hong Kong
Phone: + 852 2550 2703
Fax: + 852 2875 0734
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Website: www.hkupress.org
ISBN 962 209 517 8 (pb)
Price: HK $160
==========================================
CUSTOMERS IN THE REST OF THE WORLD
For information on your nearest stockist or to order a copy of this title by post, contact:
Mohammed Umar
Zed Books
7 Cynthia Street, London N1 9JF
Tel +44 (0)20 7837 4014 Fax +44(0)20 7833 3960
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ISBN 1 85649 783 6 (hb)
1 85649 784 4 (pb)
Hardback Price GBP45.00/US$65.00
Paperback Price GBP14.95/US$22.50
Please quote your full name and address for despatch, and payment
details (VISA or Mastercard number, expiry date and registration
address, sterling cheque or bank draft). Please add postage and
packing: GBP2.00 for one copy plus GBP1.00 per additional copy
(in the UK), or GBP2.50/US$4.50 per copy overseas.
Ordering details and order forms for all Zed titles may be found on
our website at http://www.zedbooks.demon.co.uk/
------------------------------------
Customers in the USA please contact:
Roxanne Hunte or RoseAnn Romeo
St Martin's Press, Scholarly and Reference Division
175 Fifth Avenue, New York NY 10010
Tel (212) 982 3900 Fax (212) 777 6359
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Customers in Canada please contact:
Fernwood Books Ltd
Box 406, Station C
Toronto, Ontario M6J 3P5
Tel (416) 595 1085 Fax (416) 595 1140
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Astam Books Pty Ltd
57-61 John Street
Leichhardt, Syney NSW 2040
Tel (02) 9566 4400 Fax (02) 9566 4411
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=====================================
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