Elson The Global Financial Crisis in Retrospect

Evolution, Resolution, and Lessons for Prevention
1. Auflage 2017
ISBN: 978-1-137-59750-2
Verlag: Palgrave Macmillan US
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 262 Seiten

Reihe: Economics and Finance (R0)

This book provides a uniquely comprehensive explanation of the 2008-2009 global financial crisis and resulting scholarly research in the context of building an agenda for reform. With the clarity provided by almost a decade of hindsight and a careful eye toward planning for prevention, Elson guides readers through both historical fact and scholarly interpretation, highlighting areas where careful critique of and changes in the international financial architecture and the mainstream macroeconomic paradigm can promote greater financial stability in the future. Given the great public concern over growing income and wealth inequality, the book examines their links to the increased financialization of the economy, both prior to and since the crisis. Finally, the book identifies a number of lessons that need to be recognized if adequate and effective reforms are to be introduced to avoid a financial crisis of similar magnitude in the future. Comprehensive enough for university students and sufficiently innovative for financial policymakers, this book will appeal to a wide range of readers interested in understanding not just where the crisis has brought us, but what key economists have said about it and how we can strengthen our financial system oversight to deal with the continuing challenges of globalization.

Anthony Elson is an international economist, writer, and university lecturer in the Washington, DC, area. For a number of years, he was a senior staff member of the International Monetary Fund and consultant with the World Bank. He has also taught at the Duke Center for International Development, the Paul H. Nitze School for Advanced International Studies at Johns Hopkins University, and Yale University.

Autoren/Hrsg.

Elson, Anthony

Inhaltsverzeichnis

1;Preface and Acknowledgments;6
2;Previous Books by this Author;9
3;Contents;10
4;List of Charts;12
5;Chapter 1: Introduction;13
5.1;Summary and Conclusion;29
5.2;Notes;30
6;Chapter 2: The Financial Crisis of 2008–09: Fragile Banking, Economic Bust and Deflationary Consequences;31
6.1;The Ingredients of a Financial Crisis: What Was Unique and What Was Common?;32
6.2;The Pyramid of Risks Preceding the Global Financial Crisis;38
6.3;Financial and Real Economy Links in the Transition from Boom to Bust;47
6.4;Summary and Conclusion;52
6.5;Notes;53
7;Chapter 3: Why Did Economists Get It So Wrong?;56
7.1;The Neoclassical Synthesis/New Macroeconomic Consensus;58
7.2;The Efficient Market Hypothesis of Finance;70
7.3;The Modigliani-Miller Theorem;73
7.4;Summary and Conclusion;76
7.5;Notes;78
8;Chapter 4: The Challenge for Macroeconomic Policy in the Wake of the Crisis;81
8.1;The Nature of the Emergency Response;84
8.2;The Monetary and Fiscal Policy Response to Limit the Economic Effects of the Crisis;92
8.3;Assessing the Impact of the Government’s Policy to Promote Economic Recovery;104
8.4;The Future of Monetary Policy;111
8.5;Summary and Conclusion;113
8.6;Notes;115
9;Chapter 5: The Role of the International Financial Architecture Prior to and Since the Global Financial Crisis;122
9.1;What Is the International Financial Architecture (IFA)?;123
9.2;The Role of the IFA in the Lead-Up to the Global Financial Crisis;126
9.2.1;International Policy Coordination;126
9.2.2;Oversight of Global Financial Stability;129
9.2.3;International Financial Regulation;131
9.2.4;The International Lender of Last Resort (ILOLR) Mechanism;133
9.3;The Role of the IFA in the Wake of the Global Financial Crisis;135
9.3.1;The IFA and Crisis Financing;135
9.3.2;Setting the Policy Agenda;137
9.3.3;Initiating the Process of IFA Reform;140
9.4;IMF Involvement in the Euro Zone Crisis;142
9.5;Summary and Conclusion;150
9.6;Notes;152
10;Chapter 6: The Global Financial Crisis and Inequality;156
10.1;The Financial Sector and Income Inequality;157
10.2;Inequality and Mainstream Economics Prior to the Crisis;162
10.3;The Role of Inequality in Bringing About the Global Financial Crisis and the Impact of the Crisis on Income Inequality;165
10.4;The Impact of Financial Reform Measures on Income Inequality;169
10.5;Summary and Conclusion;174
10.6;Notes;175
11;Chapter 7: The Quest for Financial Stability at the National and Global Levels;178
11.1;The Oversight of Financial System Stability;178
11.2;Reform of the International Financial Architecture;188
11.2.1;Global Governance;189
11.2.2;International Policy Coordination;191
11.2.3;International Lender of Last Resort Mechanism;195
11.2.4;A Sovereign Debt-Restructuring Mechanism;197
11.3;Summary and Conclusion;199
11.4;Notes;200
12;Chapter 8: Toward a Rethinking of Macroeconomics;205
12.1;Does the Economy Conform to Keynesian or Neoclassical Principles?;206
12.2;Alternative Economic Visions of the World;215
12.3;How Has the Global Financial Crisis Influenced the Teaching of Economics?;221
12.4;Summary and Conclusion;224
12.5;Notes;225
13;Chapter 9: Conclusions and Lessons for the Future;229
13.1;The Financial Sector and Its Regulation;230
13.2;Monetary Policy;234
13.3;Fiscal Policy;238
13.4;The International  Financial Architecture;241
13.5;Thinking About the Aggregate Economy;245
13.6;Note;251
14;Index;252