The Financial Crisis [electronic resource] : Origins and Implications /
Arestis, Philip.editor.
Sobreira, Rogério.editor.
Oreiro, José Luis.editor.
The 2008 financial crisis poses three fundamental questions for economists and policy makers; understanding the origins of the crisis, understanding the consequences of this crisis for the world economy, and finally understanding why the 2008 financial crisis is not as serious as the 1929 crisis. The prevailing view is that the 2008 financial crisis was solely the result of inadequate financial regulation together with a very loose monetary policy conducted by central banks, especially the Fed. It is believed that this crisis is a temporary detour in the normal course of the events, so that in the near future capitalist economies will resume the high growth path observed before the crisis. In terms of the third question, there is a widespread view that the fundamental reason that explains the avoidance of the harmful experiences of 1929 was the fiscal and monetary policy expansions in developed countries. No important role is assigned to developing countries in terms of the effects of the financial crisis. This book challenges the prevailing orthodoxy surrounding the origins and the consequences of the 2008 financial crisis. The book demonstrates that measures in addition to a profound change in the financial regulation are required if a new financial crisis is to be avoided in the future, measures include: a change in the conduct of economic policy; a reform of the national and international monetary systems; and a radical change in the pattern of income distribution. This book is essential reading for all interested in macroeconomics, monetary policy, development economics and the global impact of the financial crisis.
Description based upon print version of record.
Cover; Contents; List of Tables and Figures; Notes on the Contributors; 1 Introduction; 2 Current Crisis in the US and Economic Policy Implications; 3 The Global Economic and Financial Crisis: Which Way Forward?; 4 Crises and the Bretton Woods Institutions and the Crises of the Bretton Woods Institutions; 5 Crisis in the Euro Zone; 6 The Impact of the Current Crisis on Emerging Market and Developing Countries; 7 The Crisis in Western and Eastern EU: Does the Policy Reaction Address its Origins?
8 The Impact of the Subprime Financial Crisis on the Transition and Central Asian Economies: Causes and Consequences9 The World Financial Crisis and the Implications for China; 10 The 2008 Financial Crisis and Banking Regulation in Brazil; 11 Exchange-Rate Derivatives, Financial Fragility and Monetary Policy in Brazil during the World Financial Crisis; Index
The 2008 financial crisis poses three fundamental questions for economists and policy makers; understanding the origins of the crisis, understanding the consequences of this crisis for the world economy, and finally understanding why the 2008 financial crisis is not as serious as the 1929 crisis. The prevailing view is that the 2008 financial crisis was solely the result of inadequate financial regulation together with a very loose monetary policy conducted by central banks, especially the Fed. It is believed that this crisis is a temporary detour in the normal course of the events, so that in the near future capitalist economies will resume the high growth path observed before the crisis. In terms of the third question, there is a widespread view that the fundamental reason that explains the avoidance of the harmful experiences of 1929 was the fiscal and monetary policy expansions in developed countries. No important role is assigned to developing countries in terms of the effects of the financial crisis. This book challenges the prevailing orthodoxy surrounding the origins and the consequences of the 2008 financial crisis. The book demonstrates that measures in addition to a profound change in the financial regulation are required if a new financial crisis is to be avoided in the future, measures include: a change in the conduct of economic policy; a reform of the national and international monetary systems; and a radical change in the pattern of income distribution. This book is essential reading for all interested in macroeconomics, monetary policy, development economics and the global impact of the financial crisis.
Macroeconomics.
Development economics.
Finance.
Macroeconomics/Monetary Economics//Financial Economics.
Development Economics.
Finance, general.