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Palgrave Macmillan

Financial Instability and the International Debt Problem

  • Book
  • © 1992

Overview

Authors:
  1. George McKenzie

    1. Centre for International Economics, University of Southampton, UK

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  2. Stephen Thomas

    1. Department of Accounting and Management Science, University of Southampton, UK

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    You can also search for this author in PubMed   Google Scholar

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

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Table of contents (7 chapters)

  1. Front Matter

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

    1. Front Matter

      Pages 1-1
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    2. The Fundamentals

      • George McKenzie, Stephen Thomas
      Pages 3-17

    3. Objective Risk Assessment

      • George McKenzie, Stephen Thomas
      Pages 19-33

    4. A Behavioural Approach to Financial Institution Behaviour

      • George McKenzie, Stephen Thomas
      Pages 35-53

  3. The Evolving Debt Crisis

    1. Front Matter

      Pages 55-55
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    2. International Debt: The Anatomy of a Financial Crisis, 1973–83

      • George McKenzie, Stephen Thomas
      Pages 57-108

    3. The Maturing Crisis: 1983–87

      • George McKenzie, Stephen Thomas
      Pages 109-132

  4. Responses to the Debt Crisis

    1. Front Matter

      Pages 133-133
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    2. The Market’s Response: Debt Swaps

      • George McKenzie, Stephen Thomas
      Pages 135-161

    3. The Regulator’s Response: The BIS Capital Adequacy Proposals

      • George McKenzie, Stephen Thomas
      Pages 163-191

  5. Back Matter

    Pages 193-211
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Keywords

About this book

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.

Authors and Affiliations

  • Centre for International Economics, University of Southampton, UK

    George McKenzie

  • Department of Accounting and Management Science, University of Southampton, UK

    Stephen Thomas

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