Can Financiers Learn from Traders?

Gary Hufbauer and Erika Wada

Journal of International Economic Law, 1999, vol. 2, issue 4, 567-601

Abstract: Over the past three decades, the world trading system has functioned well, while the financial system has stumbled. While the trading system cannot provide a template for redesigning the financial system, it can provide useful lessons. The primary goal of the world trading system has been to liberalize commerce. By contrast, the primary goal of the world financial system has been to stabilize markets. The trading system has nonetheless devised useful means for anticipating and coping with shocks. In the pre-crisis period, the trading system has stressed the articulation of binding agreements as to predictable rules. In the mid-crisis period, the trading system's distinction between external and internal causes has political, but not economic, resonance in financial shocks. In the post-crisis period, effective investigation of business conditions abroad and meaningful adjustment to world markets are both useful lessons. Copyright 1999 by Oxford University Press.

Date: 1999
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:jieclw:v:2:y:1999:i:4:p:567-601

Ordering information: This journal article can be ordered from
https://academic.oup.com/journals

Access Statistics for this article

Journal of International Economic Law is currently edited by Kathleen Claussen, Sergio Puig and Michael Waibel

More articles in Journal of International Economic Law from Oxford University Press Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK.
Bibliographic data for series maintained by Oxford University Press ().