Book Announcement: Taming Global Financial Flows

Kavaljit Singh kaval at
Wed Oct 4 10:32:56 MDT 2000

** Apologies for Cross Posting **   BOOK ANNOUNCEMENT   TITLE: TAMING GLOBAL
Challenges and Alternatives in the Era of Financial Globalization: A Citizen's
AUTHOR: Kavaljit Singh   PUBLISHERS: - Hong Kong University Press, Hong Kong -
IBON Foundation Inc, Manila - 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
  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 very successful previous
book, The Globalization of Finance: A Citizens Guide, contributes greatly to
public understanding of the intricacies of global finance and to the
possibilities of effective action by peoples' movements campaigning for a more
just and sound financial system.   WHAT THE CRITICS SAY   "We can always count
on Kavaljit Singh for lucid and hard-hitting analysis. This book is no
exception."- Susan George, author of A Fate Worse than Debt and co-author of
Faith and Credit.
"Singh is to be congratulated... an up-to-date critical assessment of financial
globalization." David Felix, Professor Emeritus of Economics, Washington
University in St. Louis, US.   "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, Professor Emeritus of Finance, Wharton School,
University of Pennsylvania.   "... should be made compulsory reading for all
finance ministers, central bankers, economic policy makers... learned
international experts." Arun Ghosh, former Member, Planning Commission of India.
  " Taming Global Financial Flows is a thought provoking book...It aims at an
encyclopaedic reach in terms of ideas and comments on almost every aspect of
this fascinating subject." S Venkitaramanan, former Governor, Reserve Bank of
India and ex-Member, Executive Board of the IMF.   "Kavaljit's book outlines
with impressive clarity extremely complex and crucial issues... A must for all
students of international finance as well as for policy makers and interested
NGOs." Professor Stephany Griffith-Jones, Sussex University.   "The book may
lean left, but the analysis remains fairly objective... it actually gives lay
readers a perspective on reforms. That's a feat matched by few." Intelligent
Investor   "It is not only a beautifully brought out book, but also a most
useful, exhaustive and informative one. Political activists like me will be
greatly helped by its lucid analysis." A B Bardhan, General Secretary, Communist
Party of India.   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 six 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 Email: kaval at 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
Phone : + 88 02 9565441, 9565444
Fax : + 88 02 9565443
Email : upl at , upl at
Website :
ISBN 984 05 1533 0 (pb) Price: Taka 500.00 =====================================
Lotus Company Ltd, GPO Box 1141, Bangkok, 10501, Thailand Phone: + 662
7416288-89, 3324915 Fax: + 662 7416287 Email: ande at
========================================== 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 Email: dwcheung at, hkupress at Website: ISBN 962 209 517 8 (pb) Price: HK $160
========================================== CUSTOMERS IN THE PHILIPPINES Contact:
IBON Foundation Inc.
3/F SCC Bldg.
4427 Int. Old Sta. Mesa Manila
Tel:  63-2-7132737 / 63-2-7132729
Fax: 63-2-7160108
Email: ibon at; editors at ISBN 971 8707 52 2 (pb)
====================================  CUSTOMERS IN THE REST OF THE WORLD For
information on your nearest stockist or to order a copy of this title by post,
Mohammed Umar
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===================================== In case, you wish to get in touch with the
author, send email: kaval at THE END  

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