An examination of Liquidity Crunch in triggering and characterizing financial crises.
Since the subprime mortgage crisis that began in 2007, advanced economies have felt a nagging sense of insecurity. In parallel, the profession has witnessed phenomena that are alien to mainstream macroeconomic models. Financial crises are systemic, occurring simultaneously in different economies. In this book, Guillermo Calvo focuses on liquidity factors as a commonality in financial crises. Specifically, he examines the role of "liquidity crunch" in triggering crises. He also identifies a fundamental (but overlooked) idea in Keynes's General Theory, termed by Calvo the price theory of money, to rationalize the resiliency of the U.S. dollar when other dollar-backed assets suffered a devastating liquidity crunch.
Calvo shows that a sharp focus on liquidity reveals some characteristics of liquid assets that are easy to miss otherwise. He argues for liquidity's centrality, presenting what he calls the Liquidity Approach. He shows that simple extensions of standard monetary models help rationalize the implications of the liquidity crunch, and then examines slightly more technical models that highlight liquidity issues. He explores the empirical effects of liquidity crunch by studying systemic sudden stops (of capital inflows), presuming that they are triggered by liquidity crunch-type phenomena.
Recurrent crises in emerging markets and in advanced economies in the last decades cast doubt about the ability of financial liberalization to meet the aims of sustainable economic growth and development. The increasing importance of financial markets and financial efficiency criterion over economic decisions and policies since the 1980s laid down the conditions of the development process of emerging market economies. Numerous crises experienced thereafter gave rise to flourishing work on the links between financialization and economic development. Several decades of observations and lessons can now be integrated into economic and econometric models to give more sophisticated and multivariable approaches to financial development with respect to growth and development issues. In the markets-based and private-enterprise dominated world economy, two conditions for a successful growth-enhancing financial evolution can at least be brought fore: macroeconomic stability and consistent supervision.
But even after the 2007-2008 global crisis, economists do not agree on the meaning of those conditions. For liberal and equilibrium-market economists, good finance and supervision mean market-friendly structures while for institutionalists, post-Keynesian and Marxist economists, good finance and supervision must lie in collectively designed and managed public structures. Drawing heavily on the tumultuous crises of the 1990s-2000s, this book argues that those experiences can shed light on such a crucial issue and lead economic theory and policy to go beyond the blindness of efficient free markets doctrine to economic catastrophes. It also points to new challenges to global stability in the wake of reconfiguration of international financial arena under the weight of major emerging market economies.
Автор: Grinin Название: Economic Cycles, Crises, and the Global Periphery ISBN: 3319412604 ISBN-13(EAN): 9783319412603 Издательство: Springer Рейтинг: Цена: 19564.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: This thought-provoking monograph analyzes long- medium- and short-term global cycles of prosperity, recession, and depression, plotting them against centuries of important world events. Major research on economic and political cycles is integrated to clarify evolving relationships between the global center and its periphery as well as current worldwide economic upheavals and potential future developments. Central to this survey are successive waves of industrial and, later, technological and cybernetic progress, leading to the current era of globalization and the changes of the roles of both Western powers and former minors players, however that will lead to the formation of the world order without a hegemon. Additionally, the authors predict what they term the Great Convergence, the lessening of inequities between the global core and the rest of the world, including the wealth gap between First and Third World nations. Among the topics in this ambitious volume: · Why politics is often omitted from economic analysis.· Why economic cycles are crucial to understanding the modern geopolitical landscape. · How the aging of the developed world will affect world technological and economic future.<· The evolving technological forecast for Global North and South. · Where the U.S. is likely to stand on the future world stage. Economic Cycles, Crises, and the Global Periphery will inspire discussion and debate among sociologists, global economists, demographers, global historians, and futurologists. This expert knowledge is necessary for further research, proactive response, and preparedness for a new age of sociopolitical change.
Описание: Rather than simply retell the story of British economic policymaking since World War II, this book draws upon the literatures on institutional path dependence, economic constructivism and political economy to explain this puzzle.
Описание: This book investigates from the perspective of the major economic dictionaries and encyclopaedias the notions of crises and cycles, featuring entries from Pascal Bridel, Cecile Dangel-Hagnauer, Ludovic Frobert, Harald Hagemann and Alain Raybaut.
Автор: Cencini Название: Economic and Financial Crises ISBN: 1137461896 ISBN-13(EAN): 9781137461896 Издательство: Springer Рейтинг: Цена: 13275.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание: This book deals with the structural origins of economic and financial crises. It explains that both economic theories and policies need to be grounded on a monetary macroeconomic analysis of the working of domestic and international economies. The volume outlines reform proposals to make sure that banking activities respect the nature of money.
Автор: Fukuda-Parr Sakiko, Heintz James, Seguino Stephani Название: Critical and Feminist Perspectives on Financial and Economic Crises ISBN: 1138886378 ISBN-13(EAN): 9781138886377 Издательство: Taylor&Francis Рейтинг: Цена: 5358.00 р. Наличие на складе: Есть у поставщика Поставка под заказ.
Описание:
Economic and financial crises have become perennial features of today's global economy. Macroeconomic theories of crisis, including the global crisis that unfolded in 2008, emphasize the role of financial deregulation; capital flow imbalances; and growing debt, fueled by income and wealth inequality. These approaches tend to be divorced from feminist thinking which analyzes broader distributional dynamics transmitted through structural channels and government policy responses, with an emphasis on gender, race, class and ethnicity. This volume brings together innovative thinking from heterodox macroeconomists and feminist economists to explore the causes, consequences, and ramifications of economic crises. By doing so, it highlights aspects of the economy that are frequently overlooked or ignored, such as the impact of crises on the vast amount of unpaid work which women perform relative to men.
The collection of international studies assembled here takes an innovative approach to analyzing a range of issues, from the subprime mortgage crisis to the gendered effects of austerity to the role of the International Monetary Fund in governing an unstable global economy. In so doing, it looks beyond causes and consequences and points to new directions for macroeconomic and financial policy.
This book was originally published as a special issue of Feminist Economics.
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