The United States suffers from a shortage of well-placed homes. This was true even at the peak of the housing boom in 2005. Using a broad array of evidence on housing inflation, income, migration, homeownership trends, and international comparisons, Shut Out demonstrates that high home prices have been largely caused by the constrained housing supply in a handful of magnet cities leading the new economy. The same phenomenon is occurring in leading countries across the globe. Gentrifying cities have become exclusionary bastions in the new postindustrial economy. The US housing bubble that peaked in 2005 is more accurately described as a refugee crisis than a credit bubble. Surging demand for limited urban housing triggered a spike of migration away from the magnet cities among households with moderate and lower incomes who could no longer afford to remain, causing a brief contagion of high prices in the cities where the migrants moved. In this book, author Kevin Erdmann observes that the housing bubble has been broadly and incorrectly attributed to various "excesses." Policymakers and economists concluded that our key challenge was that we had built too many homes. This misdiagnosis of the problem, according to Erdmann, led to misguided public polices, which were the primary cause of the subsequent financial crisis. A sort of moral panic about supposed excesses in home lending and construction led to destabilizing monetary and regulatory decisions. As the economy slumped, a sense of fatalism prevented the government from responding appropriately to the worsening situation. Shut Out provides a much-needed correction to the causes and consequences of financial crises and secular stagnation.

In the midst of the current world economic crisis, many claim there is a necessity to return to the Marxian and Keynesian traditions in order to better understand the dynamics of market economies. This book is an important step in that direction. It presents a critical examination of the foundations of macroeconomics as developed in the traditions of Marx, Keynes and Kalecki, which are contrasted with the current mainstream. Particular attention is given to the problem of market forms and their relevance for macroeconomics. Professional economists and postgraduate students in economics, in particular those concerned with macroeconomics and the history of economic thought in the 20th century, will find this insightful resource invaluable. This book should be required reading for a large proportion of the economics profession who are dissatisfied with the mainstream. Contents: Foreword Preface 1. Introduction 2. The Marxian Notion of a Monetary Economy and the Critique of Say's Law 3. General Overproduction Crises 4. Keynes s Critique of Say s Law 5. Keynesian Underemployment Equilibria 6. A Critique of Keynes s Microfoundations 7. Kaleckian Macroeconomics: An Outline 8. The Problem of Market Forms in Modern Macroeconomics 9. Concluding Remarks A. A Formalization of Marx s Schemes of Reproduction B. Effects of Wage Changes in Keynes s Model C. Price Determination and Income Distribution in Kalecki

Longlisted for the FT and McKinsey Business Book of the Year Award 2015. In September 2008, HBOS, with assets larger than Britain's GDP, was on the edge of bankruptcy. Its collapse would have created the biggest economic crisis since the 1930s and a major political disaster for the Labour government. With the help and support of Gordon Brown, HBOS was rescued by Lloyds TSB, one of the country's strongest banks, in circumstances that have since become the stuff of City legend. In the highly acclaimed Black Horse Ride, veteran financial journalist Ivan Fallon brings together the accounts of all the power players involved in this dramatic saga for the first time, including the key roles played by the Governor of the Bank of England, the Prime Minister and the Treasury. Through a compelling cast of prominent bankers, politicians and investors, Fallon reveals what really occurred in the aftermath of the crash of Lehman Brothers, perhaps the worst single day in banking history.

Originally written for a conference of the Federal Reserve, Gary Gorton's "The Panic of 2007" garnered enormous attention and is considered by many to be the most convincing take on the recent economic meltdown. Now, in Slapped by the Invisible Hand, Gorton builds upon this seminal work, explaining how the securitized-banking system, the nexus of financial markets and instruments unknown to most people, stands at the heart of the financial crisis.
Gorton shows that the Panic of 2007 was not so different from the Panics of 1907 or of 1893, except that, in 2007, most people had never heard of the markets that were involved, didn't know how they worked, or what their purposes were. Terms like subprime mortgage, asset-backed commercial paper conduit, structured investment vehicle, credit derivative, securitization, or repo market were meaningless. In this superb volume, Gorton makes all of this crystal clear. He shows that the securitized banking system is, in fact, a real banking system, allowing institutional investors and firms to make enormous, short-term deposits. But as any banking system, it was vulnerable to a panic. Indeed the events starting in August 2007 can best be understood not as a retail panic involving individuals, but as a wholesale panic involving institutions, where large financial firms "ran" on other financial firms, making the system insolvent.
An authority on banking panics, Gorton is the ideal person to explain the financial calamity of 2007. Indeed, as the crisis unfolded, he was working inside an institution that played a central role in the collapse. Thus, this book presents the unparalleled and invaluable perspective of a top scholar who was also a key insider.

Financial crises happen time and again in post-industrial economies—and they are extraordinarily damaging. Building on insights gleaned from many years of work in the banking industry and drawing on a vast trove of data, Richard Vague argues that such crises follow a pattern that makes them both predictable and avoidable. A Brief History of Doom examines a series of major crises over the past 200 years in the United States, Great Britain, Germany, France, Japan, and China—including the Great Depression and the economic meltdown of 2008. Vague demonstrates that the over-accumulation of private debt does a better job than any other variable of explaining and predicting financial crises. In a series of clear and gripping chapters, he shows that in each case the rapid growth of loans produced widespread overcapacity, which then led to the spread of bad loans and bank failures. This cycle, according to Vague, is the essence of financial crises and the script they invariably follow. The story of financial crisis is fundamentally the story of private debt and runaway lending. Convinced that we have it within our power to break the cycle, Vague provides the tools to enable politicians, bankers, and private citizens to recognize and respond to the danger signs before it begins again.

"Robert Shiller is two for two in predicting and identifying bubbles that will burst. This book is a must read for anyone predicting future bubbles or charting the course of recovery from our current difficulties."--Lawrence H. Summers, Harvard University

"The subprime crisis has visited ruin on thousands of Americans, and it threatens the health of the global economy. In this timely and fascinating book, Robert Shiller, an expert on irrational behavior in financial markets, conducts a postmortem. How could so many smart people have been so wrong? Shiller concludes that unchecked financial innovation works poorly in asset markets, and he describes the institutions needed to prevent future bubbles."--Gregory Clark, author of "A Farewell to Alms"

"Reading this exciting book is like watching a skilled surgeon at work. The diagnosis of the subprime mortgage mess is biting in its intensity--the best I have seen--and encompasses the human tragedy as well as the economic and financial crisis. The recommended therapy develops logically from Shiller's analysis and is unique in concept as well as powerful in application. The crystal-clear writing style makes his manifesto a pleasure to read."--Peter L. Bernstein, author of "Capital Ideas: The Improbable Origins of Modern Wall Street" and "Capital Ideas Evolving"

"Robert Shiller is a visionary."--Nassim Nicholas Taleb, author of "The Black Swan: The Impact of the Highly Improbable"

"Rigorous, innovative, and accessible, "The Subprime Solution" is a wonderful book that will appeal to a wide audience. Robert Shiller is uniquely qualified to analyze the recent unprecedented problems in the mortgage and housing markets, and the way theyhave spilled over into the wider credit markets. He has again proven his ability to communicate complex ideas and evidence about financial markets."--Diane Coyle, author of "The Soulful Science"

Research in the History of Economic Thought and Methodology Volume 38A features a symposium on public finance in the history of economic thought co-edited by guest editors Claire Silvant and Javier San Julian Arrupe, as well as general-research essays from Cosma Orsi and John Henry, and a heartfelt obituary by Mattheus Assaf of his friend, Gabriel Oliva, winner of RHETM's first Warren Samuels Prize for Interdisciplinary Research in the History of Economic Thought and Methodology. Including chapters on British public debt in the 19th century, French financial controversies in the mid-1800s, and a thoughtful reflection on the USA's New Deal, this volume is a global exploration of public finance history. For any researcher or student interested in the history of economics, this is an essential read containing the most up-to-date research.

Examining the news coverage of the economic crisis in Greece, this book develops a framework for identifying discourses of legitimation of actors, political decisions, and policies in the news. This study departs from the assumption that news is a privileged terrain where discursive struggles (over power) are represented and take place. Incorporating systematic analysis of news texts and journalistic practices, the model contextualises the analysis in its specific socio-political environment and examines legitimising discourse through the prism of the news. Ultimately the book recognises the active role played by journalists and media in legitimating economic crisis related policies and decisions, and how they help dominant actors establish and legitimate their authority, which in turn helps journalists legitimate their own role and authority. A concise, focused book that applies a strong theoretical and methodological framework, Discourse of Legitimation in the News is a strong contribution to the field for researchers and postgraduate students.

The new, fully-updated edition of the respected guide to understanding financial extremes, evaluating investment opportunities, and identifying future bubbles Now in its second edition, Boombustology is an authoritative, up-to-date guide on the history of booms, busts, and financial cycles. Engaging and accessible, this popular book helps investors, policymakers, and analysts navigate the radical uncertainty that plagues today's uncertain investing and economic environment. Author Vikram Mansharamani, an experienced global equity investor and prominent Harvard University lecturer, presents his multi-disciplinary framework for identifying financial bubbles before they burst. Moving beyond the typical view of booms and busts as primarily economic occurrences, this innovative book offers a multidisciplinary approach that utilizes microeconomic, macroeconomic, psychological, political, and biological lenses to spot unsustainable dynamics. It gives the reader insights into the dynamics that cause soaring financial markets to crash. Cases studies range from the 17th Century Dutch tulip mania to the more recent US housing collapse. The numerous cross-currents driving today's markets--trade wars, inverted yield curves, currency wars, economic slowdowns, dangerous debt dynamics, populism, nationalism, as well as the general uncertainties in the global economy--demand that investors, policymakers, and analysts be on the lookout for a forthcoming recession, market correction, or worse. An essential resource for anyone interested in financial markets, the second edition of Boombustology: Adopts multiple lenses to understand the dynamics of booms, busts, bubbles, manias, crashes Utilizes the common characteristics of past bubbles to assist in identifying future financial extremes Presents a set of practical indicators that point to a financial bubble, enabling readers to gauge the likelihood of an unsustainable boom Offers two new chapters that analyze the long-term prospects for Indian markets and the distortions being caused by the passive investing boom Includes a new foreword by James Grant, legendary editor of Grant's Interest Rate Observer A comprehensive exploration of how bubbles form and why they burst, Boombustology, 2nd Edition is packed with a wealth of new and updated information for individual and institutional investors, academics, students, policymakers, risk-managers, and corporate managers alike.

Some of the worst effects of the global economic downturn that commenced in 2008 have been felt in Europe, and specifically in the Eurozone's so-called PIIGS (Portugal, Italy, Ireland, Greece, and Spain) and Cyprus. This edited volume is the first collection to bring together ethnographies of living with austerity inside the Eurozone, and explore how people across Southern Europe have come to understand their experiences of increased social suffering, insecurity, and material poverty. The contributors focus on how crises stimulate temporal thought (temporality), whether tilted in the direction of historicizing, presentifying, futural thought, or some combination of these possibilities. One of the themes linking diverse crisis experiences across national boundaries is how people contemplate their present conditions and potential futures in terms of the past. The studies in this collection thus supply ethnographies that journey to the source of historical production by identifying the ways in which the past may be activated, lived, embodied, and refashioned under contracting economic horizons. In times of crisis modern linear historicism is often overridden (and overwritten) by other historicities showing that in crises not only time, but history itself as an organizing structure and set of expectations, is up for grabs and can be refashioned according to new rules. This book was originally published as a special issue of History and Anthropology.

Central banks play an important role in the course of national economies and the global economy. Their leaders are regularly feted or vilified, their policy pronouncements highly anticipated and routinely scrutinized. This is all the more so since the global financial crisis. The past fifteen years in monetary policy is essentially the story of two mistakes and one triumph, argues Pierre L. Siklos, a professor of economics at Wilfrid Laurier University. One mistake was that central bankers underestimated the connection between finance and the real economy. The other was a failure to realize how inter-connected the world's financial system had become. The triumph, in turn, was the recognition that price stability is a desirable objective. As a result of the financial crisis, central banks stepped into the breach to provide services other institutions were unwilling or unable to carry out. In doing so, the responsibilities for governing monetary policy and financial system stability became more elastic without due consideration for the appropriateness of the division of responsibilities. Central banks no longer influence just prices they also change financial system quantities. This leads to rising policy uncertainty. And low economic growth, an insufficiently unsubstantiated expansion of central bank responsibilities, and worries over future financial instability are sources of concern that contribute to a loss of confidence in the monetary authorities around the globe. Because no coherent new framework for central bank policy has since emerged, central banking is not broken, but it is in need of repair. Central Banks into the Breach provides an overarching analysis of the current and vulnerable state of central banks and offers potential solutions to stabilize the uncertain future of central banking.

In this highly original piece of work, Steven D. Gjerstad and Nobel Laureate Vernon L. Smith analyze the role of housing and its associated mortgage financing as a key element of economic cycles. The authors combine data from both laboratory and real markets to provide insight into the bubble propensity of real-world economic actors and use novel historical analysis on the Great Recession, the Great Depression, and all of the post-World War II recessions to establish the critical roles of housing, private-capital investment, and household and private institutional balance sheets in economic cycles. They develop a model that incorporates household balance sheets and bank balance sheets and offers insights based on this analysis concerning policy going forward, effectively changing the way economists think about economic cycles.

Italy from Crisis to Crisis seeks to understand Italy's approach to crises by studying the country in regional, international, and comparative context. Without assuming that the country is abnormal or unusually crisis-prone, the authors treat Italy as an example from which other countries might learn. The book integrates the analysis of domestic politics and foreign policy, including Italy's approach to military interventions, energy security, economic relations with the European Union (EU), and to the NATO alliance, and covers a number of issues that normally receive little attention in studies of "high politics," such as information policy, national identity, immigration, youth unemployment, and family relations. Finally, it puts Italy in a comparative perspective - with other European states, naturally - but also with Latin America, and even the United States, all countries that have experienced similar crises to Italy's and similar - often populist - responses. This text will be of key interest to scholars and students of, and courses on, Italian politics and history, European politics and, more broadly, comparative politics and democracy.

If you've got money in the bank, chances are you've never seriously worried about not being able to withdraw it. But there was a time in the United States, an era that ended just over a hundred years ago, when bank customers had to pay close attention to the solvency of the banking system, knowing they might have to rush to retrieve their savings before the bank collapsed. During the National Banking Era (1863-1913), before the establishment of the Federal Reserve, widespread banking panics were indeed rather common. Yet these pre-Fed banking panics, as Gary B. Gorton and Ellis W. Tallman show, bear striking similarities to our recent financial crisis. Fighting Financial Crises thus turns to the past to better understand our uncertain present, investigating how panics during the National Banking Era played out and how they were eventually quelled and prevented. The authors then consider the Fed's and the SEC's reactions to the recent crisis, building an informative new perspective on how the modern economy works.

Barely two decades after the Asian financial crisis Asia was suddenly confronted with multiple challenges originating outside the region: the 2008 global financial crisis, the European debt crisis, and finally developed economies' implementation of unconventional monetary policies. The implementation of quantitative easing, ultra-low interest rate policies, and negative interest rate policies by a number of large central banks has given rise to concerns over financial stability and international capital flows. Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets explains how shocks stemming from the global financial crisis have affected macroeconomic and financial stability in emerging Asia. Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets brings together the most up-to-date knowledge impacts of recent macroeconomic shocks on Asia's real economy; the spillover effects of macroeconomic shocks on financial markets and flows in Asia; and key challenges for monetary, exchange rate, trade and macro prudential policies of developing Asian economies. It is authored by experts in the field of international macroeconomics from leading academic institutions, central banks, and international organizations including the International Monetary Fund, the Bank for International Settlement, and the Asian Development Bank Institute.

With his usual verve and sharpness Samir Amin examines the factors that brought about the 2008 financial collapse and explores the systemic crisis of capitalism after two decades of neoliberal globalisation. He lays bare the relationship between dominating oligopolies and the globalisation of the world economy. The current crisis, he argues, is a profound crisis of the capitalist system itself, bringing forward an era in which wars, and perhaps revolutions, will once again shake the world. Amin examines the threat to the plutocracies of the US, Europe and Japan from decisions of recent G20 meetings. He analyses the attempts by these powers to get back to the pre-2008 system, and to impose their domination on the peoples of the South through intensifying military intervention by using institutions such as NATO. Amin presents original proposals for the way forward: an alternative strategy which, by building on the advances made by progressive forces in Latin America, would allow for a more humane society through both the North and the South working together. Samir Amin is a renowned radical economist, the director of the Forum du Tiers Monde (Third World Forum) in Dakar, Senegal, and chair of the World Forum for Alternatives. He is one of the best-known thinkers of his generation, both in political science and in the analysis of global capitalism.

The 2007-08 financial crisis surprised many economists and the public. But how did the crisis come about, why was it so deep, and why has the clean-up been so slow and painful? Many accounts of the crisis focus on renegade activity in marginal financial sectors. Shadow Networks challenges this pervading view and sets out to demonstrate that, far from a dissident branch, the shadow finance that initiated the crisis is tightly networked with, and highly profitable for, bank-based finance. The collapse was not an accident, but baked into the system of finance from the start. Shadow Networks traces the complex web of power that caused crisis and gives vivid descriptions of the actors in the quarter century leading up to 2007 to explain how the now decade-long crisis took shape. Shadow Networks: Financial Disorder and the System that Caused Crisis is a probing examination of the roles of the powerful elite. It traces the networks and institutions that support a finance-focused, market centered model of economy and society from their ascendancy to their surprising resilience in the face of manifest failures.

Although banking and sovereign debt crises are not unusual, the crisis that has unfolded across the world since 2007 has been unique in both its scale and scope. It has also been unusual in being both triggered by, and mainly affecting, developed economies. Starting with the US subprime mortgage crisis, and the recession in 2007-2009, the problem soon erupted into financial crisis in Europe. A few of these countries came to the brink of bankruptcy, and were rescued by the EU and the IMF on the condition they adopt austerity measures. The detrimental social effects of the crisis in both the US and Europe are still emerging. Although there have been several studies published on the US crisis in particular, there has so far been an absence of an accessible comparative overview of both crises. This insightful text aims to fill this gap, offering a critical overview of causes, policy responses, effects and future implications. Starting with the historical context and mutation of the crisis, the book explores the policies, regulations, and governance reforms that have been implemented to cope with the US subprime mortgage crisis. A parallel analysis considers the causes of the European sovereign debt crisis and the responses of the European Union (EU), examining why the EU is as yet unable to resolve the crisis. This book is supported with eResources that include essay questions and class discussion questions in order to assist students in their understanding. This uniquely comprehensive and readable overview will be of interest and relevance to those studying financial crises, financial governance, international economics and international political economy.

Winner of the 2019 Lionel Gelber Prize 'Majestic, informative and often delightful ... insights on every page' Yanis Varoufakis, Observer The definitive history of the Great Financial Crisis, from the acclaimed author of The Deluge and The Wages of Destruction. In September 2008 the Great Financial Crisis, triggered by the collapse of Lehman brothers, shook the world. A decade later its spectre still haunts us. As the appalling scope and scale of the crash was revealed, the financial institutions that had symbolised the West's triumph since the end of the Cold War, seemed - through greed, malice and incompetence - to be about to bring the entire system to its knees. Crashed is a brilliantly original and assured analysis of what happened and how we were rescued from something even worse - but at a price which continues to undermine democracy across Europe and the United States. Gnawing away at our institutions are the many billions of dollars which were conjured up to prevent complete collapse. Over and over again, the end of the crisis has been announced, but it continues to hound us - whether in Greece or Ukraine, whether through Brexit or Trump. Adam Tooze follows the trail like no previous writer and has written a book compelling as history, as economic analysis and as political horror story.

The Global Financial Crisis is a unique investigation into the causes of the most savage economic downturn experienced since the Great Depression. Employing wide and divergent perspectives - which are themselves critically examined - this study analyzes the measures that have been taken to restore our economies to acceptable rates of unemployment and growth. This book brings together economists, all of whom are from outside the mainstream and who collectively represent the broadest range of views from across the entire spectrum of economic opinion, to examine what has been learned from this experience. With the advent of this challenging new work, these alternative perspectives should now receive a far closer examination given the unmistakable economic failures endured over the past few years. Written in an accessible manner, this book will appeal to economists, economic policy makers and students of economics and public policy who are trying to look at alternative ways of understanding why the Global Financial Crisis (GFC) occurred and what ought to have been the appropriate response. Anyone who is genuinely interested in the causes of the GFC, and why the policies that were adopted failed to bring about the recovery that was intended, will find this book a fascinating read. Contributors include: P.J. Boettke, T. Congdon, H. Hanusch, S.G. Horwitz, W.J. Luther, S. Kates, S. Keen, J.E. King, M.K. Lewis, R.E. Prasch, M. Ricketts, R. Signorino, D.J. Smith, N.A. Snow, F. Wackermann, C.J. Whalen, L.R. Wray

The 25 years leading up to the international financial crisis have been depicted as 'capitalism unleashed', containing deregulation, privatisation, demutualisation and financialisation. Yet remarkably, given this economic and political context, co-operatives and mutuals appear to have been gaining ground in many countries, albeit modestly, even before the international financial crisis and the resulting global recession, from which the global economy is still only slowly recovering. The 2007-2008 international financial crisis called into question how appropriate the shareholder-owned model is, certainly if it is allowed to dominate the financial services sector. However the International Co-operative Alliance is determined to make the mutual and co-operative sector of the economy a dynamic, sustainable and increasingly important sector of the global economy. This book looks at the contribution of co-operative, mutual and employee-owned firms to the Asia Pacific economy - both currently and prospectively - and the challenges the standard 'Western' model faces regarding employment and output. It also looks at the role of Governments, the nature of co-operatives in China and the role of the state, and the future prospects for cross-border growth of co-operative and mutual business within Asia Pacific, and more widely. This book was originally published as a Special Issue of Asia Pacific Business Review.

Southern Europe has been hit hard by the global economic crisis and, as such, their welfare states have come under acute strain. Unmet need has sharply increased while significant welfare reforms and deep social spending cuts have been prominent in the crisis management solutions implemented by governments, labouring under EU constraints and the strict rescue-deal requirements for Greece and Portugal. This volume provides a systematic comparative appraisal of welfare-state reform trajectories across Southern Europe prior to and during the crisis, and traces the impact of austerity policies and wider recession upon income inequality and poverty. It brings together a number of cross-country studies on major social policy areas, raising crucial questions. What policy choices are driving reforms as Southern European economies work their way out of fiscal difficulty? Can the crisis provoke the improvement of institutional capabilities and recalibration of social? Or, instead, does structural adjustment indicate a significant policy turn towards the erosion of social rights? The contributions critically approach these issues and bring evidence to bear upon whether Southern European welfare capitalisms are becoming more dissimilar. This book was originally published as a special issue of South European Society & Politics.

The book analyses the emerging centre-periphery divisions within the European Union which result from the unprecedented conditions created by the 2008-09 global financial crisis and the subsequent Eurozone sovereign debt crisis. The multiple layers of policy coordination which emerged in response to the crisis have initiated a process by which the EU is increasingly divided in terms of the level of vertical integration between the Eurozone core group and differentiated peripheries amongst the outsiders. At the same time the sovereign debt crisis has created a periphery of predominantly Southern European countries within the Eurozone that became dependent on external financial support from the other member states. The contributions in this book critically examine various aspects of the emerging internal post-crisis constellation of the EU. The main focus lies on national and supranational governance issues, national dynamics and dynamics in the Eurozone core as well as in the periphery. This book was originally published as a special issue of Perspectives on European Politics and Society.

This is an open access title available under the terms of a CC BY-NC-ND 4.0 International licence. It is free to read at Oxford Academic and offered as a free PDF download from OUP and selected open access locations. Why was the Eurozone crisis so difficult to resolve? Why was it resolved in a manner in which some countries bore a much larger share of the pain than other countries? Why did no country leave the Eurozone rather than implement unprecedented austerity? Who supported and opposed the different policy options in the crisis domestically, and how did the distributive struggles among these groups shape crisis politics? Building on macro-level statistical data, original survey data from interest groups, and qualitative comparative case studies, this book argues and shows that the answers to these questions revolve around distributive struggles about how the costs of the Eurozone crisis should be divided among countries, and within countries, among different socioeconomic groups. Together with divergent but strongly held ideas about the 'right way' to conduct economic policy and asymmetries in the distribution of power among actors, severe distributive concerns of important actors lie at the root of the difficulties of resolving the Eurozone crisis as well as the difficulties to substantially reform EMU. The book provides new insights into the politics of the Eurozone crisis by emphasizing three perspectives that have received scant attention in existing research: a comparative perspective on the Eurozone crisis by systematically comparing it to previous financial crises, an analysis of the whole range of policy options, including the ones not chosen, and a unified framework that examines crisis politics not just in deficit-debtor, but also in surplus-creditor countries.

In the years leading up the global financial crisis, the European Union (EU) had emerged as a central actor in global financial governance, almost rivalling the United States in influence. While the USA and the EU continue to dominate financial rule setting in the post-crisis world, the context in which they do so has changed dramatically. Pre-crisis ideas about laissez-faire regulation have been discarded in favour of more interventionist ones. The G20 and the Financial Stability Board have been charged with stronger coordination of global efforts. At the same time, jurisdictions have re-emphasized the need "to get their own regulatory house in order" before committing to further global harmonization. And through banks failures and massive bail-outs, the financial sector hitherto a driving force behind the cross-border integration of finance has been reconfigured.

This book asks a straightforward question: what have these and other key post-crisis trends in global finance done to the position that the European Union occupies in it? The contributions to this book analyse the link between financial governance in the European Union and on the global level from diverse theoretical angles, and they cover the main issues that will shape the future European role on the global regulatory stage.

This book was published as a special issue of the Journal of European Public Policy."