Is Financial Stability Possible in the Current International System?

James M. Boughton
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James M. Boughton: Centre for International Governance Innovation (CIGI)

Chapter 5 in Contemporary Issues in Macroeconomics, 2016, pp 42-49 from Palgrave Macmillan

Abstract: Abstract If the world economy is going to serve global welfare, then the international financial system has to become more stable. The globalization of capital flows that has been a hallmark of the last quarter-century has the potential to promote trade and economic growth, but it has not yet done so in a sustained and beneficial way. A wave of financial crises has undone much of the benefit, with increasingly broad and deep effects. The question that this chapter addresses is whether the system can be strengthened so as to retain the advantage of openness while mitigating the instability that undermines it.

Keywords: Exchange Rate; Euro Area; Macroeconomic Policy; European Monetary System; Exchange Rate Policy (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-137-52958-9_6

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DOI: 10.1057/9781137529589_6

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