Author: Avinash Persaud
G7 policy makers chant three things about international Finance: more market-sensitive risk management, stronger prudential standards and improved transparency. These are likely to be a positive force in the long run when markets are better at discerning between the good and bad. But in the short run there is growing evidence that market participants Find it hard to discern between the good and the unsustainable, they often herd, and contagion from one crisis to another is common.
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