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Although there have been numerous studies of the causes and consequences of the Great Financial Crisis of 2007-2010 in the US and abroad, many of these were undertaken only for a small number of countries and before the financial and economic effects were fully realized and before various governmental policy responses were decided upon and actually implemented. This book aims to fill these voids by providing a more thorough assessment now that the worst events and the regulatory reforms are sufficiently behind us and much more information about these developments is available. It reviews and analyzes the causes and consequences of and the regulatory responses to the Great Financial Crisis, particularly from a public policy viewpoint. In the process, it explores such intriguing questions as: What caused the crisis? How did the crisis differ across countries? What is the outlook for another crisis, and when? This is a must read for those who are trying to find answers to these questions.
The papers collected in this volume are those presented at the eighteenth Colloquium arranged by the Societe Universitaire Europeenne de Recherches Financieres (SUERF), which took place in Dublin in May 1994. The Society is supported by a large number of central banks and com mercial banks, by other financial and business institutions and by personal subscriptions from academics and others interested in monetary and financial problems. Since its establishment in 1963, it has developed as a forum for the exchange of information, research results and ideas among academics and practitioners in these fields, including central bank and treasury officials responsible for formulating and applying monetary and financial policies, national and international. A major activity of SUERF is to organise and conduct Colloquia on subjects of topical interest to its members. The titles, places and dates of previous Colloquia for which volumes of the collected papers were published are noted on the last page of this volume.
Policy makers around the globe will find that Restructuring Regulation and Financial Institutions offers a cogent assessment of the contemporary regulatory environment in the U.S. financial markets, and a blueprint for action in evolving global financial markets. Financial markets are among the most highly-regulated markets in the world. Nevertheless, financial crises still occur, witness the U.S. savings-and-loan fiasco of the late 1980s and early 1990s, and the Mexican and East Asian Financial implosions of 1994 and 1997. What role does regulation play in stabilizing-or-destabilizing financial markets? Restructuring Regulation and Financial Institutions answers this question with incisive ...
Perhaps no economist was more vindicated by the global financial crisis than Hyman P. Minsky (1919–96). Although a handful of economists raised alarms as early as 2000, Minsky's warnings began a half-century earlier, with writings that set out a compelling theory of financial instability. Yet even today he remains largely outside mainstream economics; few people have a good grasp of his writings, and fewer still understand their full importance. Why Minsky Matters makes the maverick economist’s critically valuable insights accessible to general readers for the first time. L. Randall Wray shows that by understanding Minsky we will not only see the next crisis coming but we might be able t...
Financial systems around the world are undergoing a process of modernization due to many different forces. Advances in information technology, product and market innovations, and recent regional financial crises have contributed to this movement. As a result, evolution in the financial sector is leading to larger, more complex financial organizations that render inadequate the supervisory and regulatory structures currently in place. While some changes in regulatory policies have already occurred, the adaptation of supervisory oversight and regulation in the face of these new developments is expected to continue for many years to come. This book collects papers originally presented in Septem...
Мaбуть, жoдeн eкoнoмicт нe oтpимaв тaкoгo визнaння внacлiдoк глoбaльнoї фiнaнcoвoї кpизи, як Гaймaн Мiнcьки. Xoч i кiлькa дocлiдникiв били нa cпoлox пpo мoжливicть кpизи iщe нa пoчaтку 2000-x, — зacтepeжeння Мiнcьки з’явилиcя нa пiвcтoлiття paнiшe. Зaвдяки зacтocувaнню aльтepнaтивнoгo пiдxoду дo eкoнoмiчнoї тeopiї вiн пoбaчив вpaзливicть фiнaнcoвoї cиcтeми тoдi, кoли мeйнcтpiмнi eкoнoмicти щe нe вiдчувaли жoднoї зaгpoзи. Ocнoвнa iдeя Мiнcьки пoлягaє в тoму, щo «cтaбiльнicть дecтaбiлiзує». Щoйнo cиcтeмa дocягaє piвнoвaги, пoвeдiнкa людeй, eкoнoмiчнa пoлiтикa тa й влacнe бiзнec — уce пoчинaє змiнювaтиcя. Унacлiдoк цьoгo cиcтeмa cтaє cлaбкoю тa нecтaбiльнoю.
Since the summer of 2007, credit markets in almost all industrial countries have been in substantial turmoil and this has become the focus of intense policy debates. The papers in this volume are contributed by the world's leading financial experts and constitute a thorough examination of the first credit market turmoil of the 21st Century. They provide an overview of the main causes, transmission mechanisms and economic implications of what by now has become a major systemic financial crisis. They assess the most important policy considerations and conclude about how to stabilize financial systems, attenuate repercussions on the real economy and shape future regulatory structures. The analyses, conclusions, and recommendations can be expected to influence both public and private policies to mitigate, if not prevent, such crises in the future.
This book isa collection of research papers that contribute to the understanding of ongoing developments in financial institutions and markets both in the United States and globally.
First published in 1952, the International Bibliography of the Social Sciences (anthropology, economics, political science, and sociology) is well established as a major bibliographic reference for students, researchers and librarians in the social sciences worldwide. Key features * Authority: Rigorous standards are applied to make the IBSS the most authoritative selective bibliography ever produced. Articles and books are selected on merit by some of the world's most expert librarians and academics. *Breadth: today the IBSS covers over 2000 journals - more than any other comparable resource. The latest monograph publications are also included. *International Coverage: the IBSS reviews schol...
Monetary Policy in a Converging Europe covers the most important monetary issues in the transition towards an Economic and Monetary Union in Europe, containing contributions from renowned experts in relevant research and policy areas. Among other things, the contributions discuss the scope for inflation targeting, monetary interdependencies within the `core' ERM countries, money demand within the European Union, the difference between the monetary transmission mechanisms in the various European countries, and the preferred exchange rate policy in Stage Two of EMU. The book provides an excellent overview of current issues for anyone interested in monetary policy in a converging Europe.