If Texas Were Chile: A Primer on Banking Reform (A Sequoia Seminar)

Philip Lawton Brock

Published by Sequoia Inst
ISBN 10: 1558152075 / ISBN 13: 9781558152076
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Synopsis: The central message of this book is that government shielding of banks from the hazards and influence of a free market fosters unsound, crisis-prone banking systems. Almost anywhere in the world, insolvent and mismanaged banks are allowed to go out of business only at the discretion of government supervisors. Banks are often maintained in business for so long that their afflictions spread throughout a regional or national economy: a situation that has yielded catastrophe for entire financial systems. Historically, efforts to mandate government monitoring of financial institutions and state-directed closing of insolvent banks do not adequately take account of bureaucratic inertia and the failure -- for whatever reason -- of supervisors to enforce such guidelines. This book explores the means by which bank closures that should occur will occur -- at the earliest possible date, and with the least possible damage. Chile's 1986 banking law, and how it came about, anchors this volume - ensuring that its discussion of ideas for banking reform would also provide details and direction for their translation into workable law. This law makes banking operations transparent to the public and permits bank monitors a minimum of discretion in either the recapitalization or the closing of failing firms -- thus increasing the regulatory atmosphere's resemblance to a free market. Chile's banking legislation has had a profound effect on the Chilean financial community and has influenced financial reforms in Mexico and elsewhere in Latin America. This volume provides the first English-language publication of the legislation, and, accompanied by the analysis and discussion of its text by distinguished practitioners, the Chilean experience may now benefit future reforms in many other countries, not least those throughout Asia at the end of the 1990s.

As George G. Kaufman (Loyola University, Chicago) said in his review of the book, If Texas Were Chile "brings together a number of the best observers of banking in both Chile and the United States [and] deserves the attention of all serious students of banking and bank regulation."

From the Publisher: Of the ten books in this series, this book is the one in which we take greatest pride of production (and we're rather proud of each). The next paragraph is an informative statement that applies to all. The succeeding paragraphs apply to this one.

This volume is the result of one in a series of ten seminars designed to reexamine established precepts and practices of economic and political development. Each reflects the series theme -- Including the Excluded: Extending the Benefits of Development. Throughout the series, contemporary Third World experience is explicitly joined with the historical experience of the United States and other countries during comparable periods of development. The lively, frequently pointed, always instructive give-and-take among seminar participants is included in non-summarized form in each of the resulting products, published by ICS Press on behalf of their producer, Sequoia Institute, as Sequoia Seminar Publications.

Proud as we are of the Discussion pages woven into each book in the series, none surpasses the 71 pages that represent the spirited debate among authors, lead commentators, and other distinguished discussants comprising the dialogue in If Texas Were Chile. Nor have we seen any other publication whose dialogue among contributors is so obviously valuable to gaining a firm appreciation of its subject matter.

The discussion of the monitoring and regulation of banks, and of the minimization of costs of banking crises, makes the substantial subject-matter addressed by more than 400 pages of text, readily accessible to most college-educated readers in 71 pages of insightful, often entertaining, dialogue.

Also, though each Sequoia Seminar Publication has substantial relevance for practitioners, as well as students, of public policy, none is more pertinent to the nitty-gritty business of designing and implementing legislation for effecting fundamental policy reform than is If Texas Were Chile. Indeed, we are aware of no other single source that would have greater utility for those legislators and their staffs whose objective is to improve banking legislation. No one having that objective should be without this primer, as a handbook for addressing fundamental banking reform.

Putting these distinguishing characteristics of If Texas Were Chile together, there should be no doubt as to which of its seventy-one pages we recommend practitioners begin their reading. Then, as they might well decide to import some banking legislation from Chile, English-language extracts of the 1986 law are available in another 39 pages of appendices near the end of the book.

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Title: If Texas Were Chile: A Primer on Banking ...
Publisher: Sequoia Inst
Binding: Paperback
Book Condition: VERY GOOD

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