In this book Wayne Hope analyzes the double relation between time and global capitalism. In order to do this, he cross-relates four epistemes of time - epochality, time reckoning, temporality and coevalness - with four materializations of time - hegemony, conflict, crisis and rupture. Using this framework allows Hope to argue that global capitalism is epochally distinctive, riven by time conflicts, prone to recurring crises, and vulnerable to collective opposition. These critical insights are not easily thematized in a mediated world of real-time reflexivity, detemporalized presentism, and denials of coevalness associated with structural exclusions of the poor. However, the worldwide repercussions of the 2008 financial collapse and the resulting confluence of occupation movements, riots, protests, strike activity, and anti-austerity activism raises the prospect of a rupture within and beyond global capitalism.

Monetary Policy and the Onset of the Great Depression challenges Milton Friedman and Anna Schwartz's now-consensus view that the high tide of the Federal Reserve System in the 1920s was due to the leadership skills of Benjamin Strong, head of the Federal Reserve Bank of New York. In this new work, Toma develops a self-regulated model of the Federal Reserve, which stands in contrast to a conventional discretionary model. Given the easy redemption of dollars for gold and the competition among Reserve banks, the self-regulated model implies that the early Fed could control neither the money supply nor the price level. Exploiting an untapped data set, later chapters test the thesis of self-regulation by focusing on the monetary decisions of individual Reserve banks.
The micro-based evidence indicates that "Reserve banks really did compete" - and that Benjamin Strong as decisive leader during the 1920s is a myth. This finding, with its emphasis on monetary policy in the years leading up to the Great Depression, will be of interest to scholars, students, and sophisticated lay readers with an interest in macroeconomic and monetary economic policy issues, specifically to those with an interest in economic history.

This edited collection comprehensively addresses the widespread regulatory challenges uncovered and changes introduced in financial markets following the 2007-2008 crisis, suggesting strategies by which financial institutions can comply with stringent new regulations and adapt to the pressures of close supervision while responsibly managing risk. It covers all important commercial banking risk management topics, including market risk, counterparty credit risk, liquidity risk, operational risk, fair lending risk, model risk, stress test, and CCAR from practical aspects. It also covers major components of enterprise risk management, a modern capital requirement framework, and the data technology used to help manage risk. Each chapter is written by an authority who is actively engaged with large commercial banks, consulting firms, auditing firms, regulatory agencies, and universities. This collection will be a trusted resource for anyone working in or studying the commercial banking industry.

The Global Financial Crisis is acknowledged to be the most severe economic downturn since the 1930s, and one that is unique in its underlying causes, its scope, and its wider social, political and economic implications. This volume explores some of the ethical issues that it has raised.

Written by a group of international experts, this book focuses on three interdependent themes: (a) origins and consequences of the current debt crisis; (b) the systemic nature of the crisis; (c) national and international policy efforts to avoid a global collapse and bring about lasting reforms in the Euro zone and in the financial system.

A ground-breaking and sharply insightful book revealing the wide-ranging effects of the global economic crisis, the Arab Spring and the ongoing rebalancing of the world economy on international migration and its configuration. It debunks 'the business as usual' approach to the future challenge of migration and argues for a new approach to the issue.

Building on the impressive first edition, this revised and updated book examines a wide range of highly topical issues. Dr Panic questions whether economic prosperity, social wellbeing and peace are sustainable given existing national attitudes, institutions and policies, and explores the changes needed to prevent another global economic collapse.

This book provides an analysis of the global economic crisis from an Asian perspective. It examines the impacts of the policy measures adopted, the remaining challenges in rebalancing the global economy, the next steps in regional economic integration in Asia, and issues related to reform of the international financial architecture.

This book examines the role of risk management in the recent financial crisis and applies lessons from there to the national security realm. It rethinks the way risk contributes to strategy, with insights relevant to practitioners and scholars in national security as well as business. Over the past few years, the concept of risk has become one of the most commonly discussed issues in national security planning. And yet the experiences of the 2007-2008 financial crisis demonstrated critical limitations in institutional efforts to control risk. The most elaborate and complex risk procedures could not cure skewed incentives, cognitive biases, groupthink, and a dozen other human factors that led companies to take excessive risk. By embracing risk management, the national security enterprise may be turning to a discipline just as it has been discredited.

This book examines the effectiveness of surveillance by international institutions for financial crisis prevention. It discusses issues relating to designing effective micro- and macro-prudential policies, their mixes and their coordination with monetary policies for achieving financial stability while promoting better macroeconomic performance.

When the global financial system crashed, governments in America and Britain perfomed the greatest bailout in history. The legacy is record government debt, low growth and a new era of austerity. A stellar cast of contributors, including Tim Bale, Wyn Grant and Graham Wilson provide a sophisticated account of how the administrations are faring.

This topical volume analyzes the impact of the 2008 financial crisis. It considers the origins and explanations of the current crisis, examines the regulatory implications and, with specific focus on developing countries, it provides a strategy for economic growth that can guarantee financial stability in the future.

Hardie investigates the link between the financialization - defined as the ability to trade risk - and the capacity of emerging market governments to borrow from private markets. He considers the government bond markets in Brazil, Lebanon and Turkey and includes interviews with 126 financial market actors.

Financial crisis, recession and worsening inequality have long been blamed on a surplus of capital. But the actions that led the latest boom and bust by banks and businesses, households and governments - can better be explained capital's increasing scarcity. Efforts to track it down confirm its disappearance.

Review: 'Fiat currency central banks claim to fight the inflation they cause, and likewise to offset the financial instability and systemic risk they create. The depreciation of the currencies they issue at will often cause falls in foreign exchange value, goods and services inflation, or asset price inflations. Of these, asset price inflations are the most insidious, for while they last they are highly popular, leading people to think they are growing rich and to run up their debt. When the asset inflations collapse, the central banks can come as the fire department to the fire they stoked. Nobody is better at diagnosing and dissecting these central bank games than Brendan Brown, whether it is the Federal Reserve (The Global Curse of the Federal Reserve) or the European Central Bank - this book, Euro Crash. It will give you a healthy boost in your scepticism about those who pretend to be the Platonic guardians of the financial system.' - Alex J. Pollock, Resident Fellow, American Enterprise Institute, Washington, DC; former president and chief executive officer, Federal Home Loan Bank of Chicago.

This volume provides a pluralistic discussion from world-renowned scholars on the international aspects of the debt crisis and prospects for resolution. It provides a comprehensive evaluation of how the debt crisis has impacted Western Europe, the emerging markets and Latin America, and puts forward different suggestions for recovery.

The 2008 financial crisis poses three fundamental questions for economists and policy makers; understanding the origins of the crisis, understanding the consequences of this crisis for the world economy, and finally understanding why the 2008 financial crisis is not as serious as the 1929 crisis. The prevailing view is that the 2008 financial crisis was solely the result of inadequate financial regulation together with a very loose monetary policy conducted by central banks, especially the Fed. It is believed that this crisis is a temporary detour in the normal course of the events, so that in the near future capitalist economies will resume the high growth path observed before the crisis. In terms of the third question, there is a widespread view that the fundamental reason that explains the avoidance of the harmful experiences of 1929 was the fiscal and monetary policy expansions in developed countries. No important role is assigned to developing countries in terms of the effects of the financial crisis. This book challenges the prevailing orthodoxy surrounding the origins and the consequences of the 2008 financial crisis. The book demonstrates that measures in addition to a profound change in the financial regulation are required if a new financial crisis is to be avoided in the future, measures include: a change in the conduct of economic policy; a reform of the national and international monetary systems; and a radical change in the pattern of income distribution. This book is essential reading for all interested in macroeconomics, monetary policy, development economics and the global impact of the financial crisis.

The recent crisis has redrawn attention to financial globalization. Dilip Das examines under what circumstances it can be welfare-enhancing and lead to rapid economic growth. Written in an accessible style, the book gives the latest insights on the topic.

What has gone wrong with economics? Economists now routinely devise highly sophisticated abstract models that score top marks for theoretical rigour but are clearly divorced from observable activities in the current economy. This creates an 'uneconomic economics', where models explain relationships in blackboard rather than real-life markets.

This book sheds light on the impact of the Great Recession from the perspective of both developing and developed countries. It traces the complex and multiple causes of the Great Recession, delineates the diversity in the macroeconomic and labour market consequences, and highlights the effectiveness of policy responses undertaken so far.

A complete and accessible explanation of the factors contributing to the onset of the 2007 financial and economic crisis. The myriad factors are explained in an orderly way with simple terms. The anticipation (or not) and reception of the crisis by mainstream economists and by Austrian economics leads to reflection on the state of economic theory.

This book provides a detailed and comprehensive synthesis of the literature on growth-linked securities, which are an equity-like method of financing for sovereigns. Based on an idea introduced by Shiller (1993), these securities enjoy growing intellectual support. Momentum in favour of them in policy circles has increased since the global financial crisis of 2007-9 and the subsequent debt crisis in Europe in 2010. This book covers many issues on the topic. After surveying the history of the idea and past experiences of countries that issued growth-linked warrants, chapters examine the pros and cons of this financial instrument from the point of view of issuers and investors. The book also discusses technical issues preventing the broad issuance of growth-linked securities and provides solutions to foster their acceptance by market participants.

This volume explores a wide range of case studies, analyses, histories, and polemics on the fate of post-socialist Europe- and why that matters to readers today. Nearly 30 years after the fall of the Berlin Wall, the post-socialist economies of the former East remain adrift, buffeted by the international financial crisis, the Ukraine crisis, and the ongoing instability in the European Union. This new book brings together a diverse range of scholars in offering a comprehensive look at the struggles faced by policymakers, economists and business people across the former East, and the ways that they responded to crisis. This volume also will be of great value to policymakers, academics, historians, and economists seeking to understand possible influence of China's One Belt One Road policy on Eastern Europe and Russia.

The current economic crisis has been assumed to reflect a cyclical problem, and some
economists have asked that it be dealt with 'fiscal stimulus packages', especially
packages associated with public spending. This action is similar to that of giving
steroids to a patient who suffers from a serious illness. It might make him or her feel
temporarily better, but it actually aggravates the illness.
Dollars, Euro's, and Debt suggests that an increase in public spending is the wrong
medicine, because it was precisely the increase in public spending that created some
of the structural problems that are now confused with, or have led to, the cyclical
slowdowns. The book argues that, over the years, and in a growing number of
countries, the high and increasing levels of public spending were, first and progressively,
being financed by higher tax levels and, subsequently, by increasing borrowing.
In the early years of the twenty-first century governments started facing strong
taxpayers' resistance to tax increases. Thus, they relied more and more on public
borrowing, pushing the public debts to high levels. More recently they started facing
stronger resistance by private lenders, that led to the progressive easing of monetary
conditions by central banks. The central banks' actions have made it difficult to
separate fiscal from monetary actions and have hidden some of the true deterioration
in the fiscal accounts. They have also increased future uncertainty and potential 'time
consistency' problems. The book evaluates the effects of 'fiscal stimulus packages',
especially when they start from precarious fiscal conditions, and presents a novel
'law of public expenditure growth', and suggests how that law may help in the design
of 'exit strategies' from the current crisis. It also discusses similarities and differences
between the monetary union that the euro and the monetary union that is the dollar.

The global financial and economic crisis has brought about many effects that are still difficult to interpret univocally. This book studies the consequences of the crisis on Europe by examining the effects on the European institutional setup, governance and architecture and by studying in detail the different member countries.