Title: Financialisation and the financial and economic crises : country studies /
Authors: Detzer, Daniel; Hein, Eckhard, 1963-; Dodig, Nina
Year: 2016
Subjects: Economic history; Financial crises History; Financial institutions; Financial crises; Financial instruments.
Abstract: Financialisation and the Financial and Economic Crises provides comparative, empirical case studies of a diverse set of eleven countries. In particular, the book helps in understanding the current (mal)performance of Euro area economies by explaining the causes of the shifts in growth regimes during and after the crises. It goes well beyond the dominant interpretation of the recent financial and economic crises as being rooted in malfunctioning and poorly regulated financial markets. The contributions to this book provide detailed accounts of the long-term effects of financialisation and cover the main developments leading up to and during the crisis in 11 selected countries: the US, the UK, Spain, Greece, Portugal, Germany, Sweden, Italy, France, Estonia, and Turkey. The introductory chapter presents the theoretical framework and synthesizes the main findings of the country studies. Furthermore, the macroeconomic effects of financialisation on the EU as a whole are analysed in the final chapter. Offering an illuminating overview and invaluable alternative perspective on the long-run developments leading to the recent crises, this book is essential reading for researchers, students and policymakers and an ideal starting point for further research.
Contents: Preface -- 1. Financialisation and the financial and economic crises: theoretical framework and empirical analysis for 15 countries / Nina Dodig, Eckhard Hein and Daniel Detzer -- 2. The crisis of finance-led capitalism in the United States / Trevor Evans -- 3. Monetary adjustment and inflation of financial claims in the UK after 1980 / John Lepper, Mimoza Shabani, Jan Toporowski and Judith Tyson -- 4. Financialisation and the economic crisis in Spain / Jesús Ferreiro, Cataliana Gálvez and Anna Gonzáles -- 5. Financialisation and the crisis: the case of Greece / Yanis Varoufakis and Lefteris Tserkezis -- 6. The real sector developments in Estonia: financialisation effects behind the transition process / Egert Juuse -- 7. Financialisation and the crisis in the export-led mercantilist German economy / Daniel Detzer and Eckhard Hein -- 8. Swedish financialisation: 'Nordic noir' or 'safe haven'? / Alexis Stenfors -- 9. France, a domestic demand-led economy under the influence of external shocks / Gérard Cornilleau and Jérôme Creel -- 10. The transmission channels between the financial and the real sectors in Italy and the crisis / Giampaolo Gabbi, Elisa Ticci and Pietro Vozzella -- 11. The long boom and the early bust: the Portuguese economy in the era of financialisation / Ricardo Paes Mamede, Sérgio Lagoa, Emanuel Leão and Ricardo Barradas -- 12. Financialisation and the financial and economic crises: the case of Turkey / Serdal Bahçe, Hasan Cömert, Nilgün Erdem, Elif Karaçimen, Ahmet Haşim Köse, Özgür Orhangazi, Gökçer Özgür and Galip Yalman -- 13. The impact of the financial and economic crisis on European Union member states / Carlos A. Carrasco, Jesus Ferreiro, Catalina Galvez, Carmen Gomez and Ana González.