If we are to manage a financially integrated world better than we have done so far, banks must be more effectively caged in the countries at the core of the financial system and those at the periphery”. (p.298)……………….“The fads and fancies of foolish bankers in the core countries have lain behind most of the financial crises of the past three decades.
When elephants stampede, they trample down everything in the way. That is what happened to Latin America in the 1970s and 1980s and then East Asia in the 1990s. For this reason, Dobson and Hubauer have rightly argued that making the world safer requires changes at both the core and the periphery.