As the financial crisis engulfs the world economy, there is an ambitous agenda for regulatory reform. This book provides a comprehensive review of the analysis of finance, economics and the law and economics, illuminating past and current banking and financial regulation designed to prevent another credit/dollar crisis and global recession.

This book investigates the changing nature of economic policies following the Global Financial Crisis of 2007-9. Well-respected, international scholars come together to discuss the level of economic growth following the crisis, concerns over inequality in industrialised countries, and labour market policies.

This edited collection critically engages with a range of contemporary issues in the aftermath of the North Atlantic financial crisis that began in 2007. From challenging the erosion of academic authority to the myth that parliamentary democracy is not worth engaging with, it addresses three interrelated questions facing young people today: how to reclaim our universities, how to revitalise our democracy and how to recast politics in the 21st century. This book emphasises the crucial importance of generational experience as a wellspring for progressive social change. For it is the young generations who have come of age in a world marred by crises that are at the forefront of challenging the status quo. With insight into new social movements and protests in the UK, Canada, Greece and Ukraine, this stimulating collection of works will be invaluable for those teaching, studying and campaigning for alternatives. It will also be of relevance to scholars in social movement studies, the sociology and anthropology of economic life, the sociology of education, social and political theory, and political sociology.

This book analyses the logic of applying the American Post-Keynesian economist Hyman Minsky's Financial Instability Hypothesis (FIH) to the financial crisis of 2007-08. Arguing that most theories of financial crisis, including Minsky's own, only describe events, but do not actually explain them, the book surveys theories of financial crisis that have been developed to describe instability in the post-WW2 US financial system and analyses them in their historical context. The book argues that explanation of the financial crisis of 2007-08 should involve interpretation of the concept of 'risk', which guides the construction and pricing of contemporary financial products such as derivatives and asset backed securities, as a form of 'liquidity', the concept that Minsky sought to explain the financial crises of the 1970s and 1980s with. The book highlights the continuing relevance of Minsky's theory of liquidity crisis as "immanent", in a historical sense, to the products and trading practices of modern finance, because these products were developed to obviate the crisis dynamics that Minsky described. Minsky's FIH can therefore inform historical understanding of the crisis of 2007-08 but is not directly explanatory itself. The book explores explanation of the financial crisis of 2007-08 interpreting 'liquidity', in practical historical terms, as involving a process of development out of prior crisis dynamics. Seeking to contribute to debates over the causes of the financial crisis of 2007-08 by blending a discussion of historicizing philosophy, economic theory and contemporary financial banking and trading practices this work will be of great interest to scholars of international political economy, heterodox economics and critical theory.

The past 30 years have seen risk become a major field of study, most recently with the COVID-19 pandemic positioning it at the centre of public awareness, yet there is limited understanding of how risk can and should be used in policy making. This book provides an accessible guide to the key elements of risk in policy making, including its role in rhetoric to legitimise decisions and choices. Using risk as a framework, it examines how policy makers in a range of countries responded to the COVID-19 pandemic and explains why some were more successful than others.

This book analyzes the shifting global economic architecture, indicating the decentralizing authority in global economic governance since the Cold War and, especially, following the 2008-09 global financial crisis. The author examines recent adjustments to the organizational framework, contestation of policy principles, norms, and practices, and destabilizing actor hierarchies, particularly in global macroeconomic, trade, and development governance. The study's 'analytical eclecticism' includes a core constructivist IR approach, but also incorporates insights from several international relations theories as well as political and economic theory. The book develops a unique 'analytical matrix', which analyzes effects of strategic, political, and cognitive authority in the organizational, policy, and actor contexts of the global economic architecture. It concludes that, despite concerns about potential fragmentation, decentralizing authority has increased the integration of leading developing states and new actors in contemporary global economic governance.

Work sharing' is a labor market instrument devised to distribute a reduced volume of work to the same (or similar) number of workers over a diminished period of working time in order to avoid redundancies. This fascinating and timely study presents the concept and history of work sharing and explores the complexities and trade-offs involved in its use as both a strategy for preserving jobs and a policy for increasing employment.The expert contributors examine the resurgence in the use of work sharing as a job preservation strategy via country case studies of work-sharing programmes implemented across the globe during the Great Recession of 2008-2009. These studies clearly illustrate that work sharing has been successful as a crisis-response measure in a number of countries. Lessons learned and their implications are presented alongside prescriptions on how to design permanent work-sharing policies that would provide appropriate incentives to generate positive effects for employment and promote a sustainable and job-rich economic recovery. This enlightening book will prove invaluable to academics, researchers, students and policymakers in the fields of labor economics, public sector economics and social policy. Contributors: L. Bellmann, A. Crimmann, J. Flecker, H.-D. Gerner, N. Ghosheh, S. Glosser, L. Golden, M.J. Gonzalez Fernandez, J.C. Messenger, K. Ogura, A. Schoenauer, F. Wiessner, E. Yeldan

The U.S. experiences a major crisis about every eighty years, and the last big crisis started more than eighty years ago. If history is any indicator, argues author Tom Osenton, we are in the very early stages of the next major crisis--one that could make the Great Depression seem like a day at the beach. The storm clouds are on the horizon: A slowing U.S. economy, major banks failing, a weakening dollar, the subprime mortgage debacle, a widening gap between the wealthy and working class, credit delinquencies and bankruptcies on the rise, infrastructure crumbling, healthcare in crisis--the list goes on and on. Baby Boomers, says Osenton, are standing precisely where FDR stood at the beginning of the Great Depression, and they are in a unique position to help pull society out of the morass and set the country on a course of growth and contentment for generations to come.

It's no wonder that most young people do not feel they will be better off than their parents. Besides a looming economic crisis, we face a number of other crises: budget deficit, environmental, real estate, infrastructure, education, immigration, and healthcare. Now throw in some unforeseen wild cards such as terrorism, war, disease, poverty, homelessness, and natural disasters, and you have a recipe for a cataclysmic, multi-generational failure that will take decades and trillions of dollars to fix. Boomers are about to move into the role as the elders of an America desperate for leadership. It will be Boomers who take responsibility for directing us through the minefield of crises that will profoundly shape the U.S. for decades to come. It will be the Boomers' responsibility--and their destiny and legacy--to lead the U.S. through a thicket of issues that have been back-burnered by at least the last five presidential administrations. Full of solutions to seemingly intractable problems, "Boomer Destiny" shows how they can do it.

Financialisation and the Financial and Economic Crises provides comparative, empirical case studies of a diverse set of eleven countries. In particular, the book helps in understanding the current (mal)performance of Euro area economies by explaining the causes of the shifts in growth regimes during and after the crises. It goes well beyond the dominant interpretation of the recent financial and economic crises as being rooted in malfunctioning and poorly regulated financial markets. The contributions to this book provide detailed accounts of the long-term effects of financialisation and cover the main developments leading up to and during the crisis in eleven selected countries: the US, the UK, Spain, Greece, Portugal, Germany, Sweden, Italy, France, Estonia, and Turkey. The introductory chapter presents the theoretical framework and synthesizes the main findings of the country studies. Furthermore, the macroeconomic effects of financialisation on the EU as a whole are analyzed in the final chapter. Offering an illuminating overview and invaluable alternative perspective on the long-run developments leading to the recent crises, this book is essential reading for researchers, students and policymakers and an ideal starting point for further research. Contributors: S. Bahce, R. Barradas, C.A. Carrasco, H. Coemert, G. Cornilleau, J. Creel, D. Detzer, N. Dodig, N. Erdem, T. Evans, J. Ferreiro, G. Gabbi, C. Galvez, C. Gomez, A. Gonzalez, E. Hein, E. Juuse, E. Karacimen, A.H. Koese, S. Lagoa, E. Leao, J. Lepper, OE. Orhangazi, G. OEzgur, R. Paes Mamede, M. Shabani, A. Stenfors, E. Ticci, J. Toporowski, L. Tserkezis, J. Tyson, Y. Varoufakis, P. Vozzella, G.L. Yalman

The 2008 financial crisis rocked British capitalism to its foundations. More than a decade after the crash, the country is still dealing with its consequences. This book explores the extent to which British capitalism has been reconfigured in this tumultuous period. Advancing an in-depth analysis of the political economy of New Labour, the Coalition and the period after Brexit, the book argues that deep structural weaknesses have been re-embedded within British capitalism. The Coalition promised to eliminate the deficit in one parliament and to 'rebalance' the British economy. It did neither. Instead, real wages slumped, uneven development intensified and productivity stagnated. An era of volatile post-crisis politics - exemplified by Brexit, the May government and the rise of Corbyn - emerged in this context, threatening the foundations of the old order. This book is required reading for students and scholars interested in the fractious political economy of British capitalism after the crisis. "Lavery's book on the flawed political economy of Britain's hybrid variant of capitalism after the 2008 financial crisis is a tour de force. It is theoretically sophisticated, historically informed, conjuncturally nuanced, empirically robust and provides a solid basis for analysing developments following the Brexit debacle, whatever these might be."-Bob Jessop, Lancaster University, UK "If you are not yet familiar with Scott Lavery's work, you very soon will be, as it is becoming increasingly difficult to overlook. With a clear mastery of both the politics and the economics of Coalition attempts to reduce the size of the state, Lavery shows with compelling precision how far and how quickly post-crisis Britain travelled from New Labour's previous 'one nation' approach to macroeconomic governance."-Professor Matthew Watson, University of Warwick, UK "British capitalism was changed but not reformed after the financial crisis, and its deep pathologies now find expression in political volatility and ideological polarisation. In a persuasive and rich analysis Scott Lavery shows how we got to this point and what the future might hold."-Andrew Gamble, University of Sheffield, UK

1. It places economic health and redevelopment at the forefront of knowing when a community has recovered. 2. It looks at the differences between different countries, their intergovernmental arrangements, and collaborative structures to determine whether lessons can be gleaned for other countries facing the laborious task of rebuilding. 3. It provides quantitative measures to analyze the recovery of an economy in the postdisaster crises which can be duplicated in other future disasters. 4. Finally, it provides a framework for policymakers and decision makers who are involved in the rebuilding process. Because it is international in focus, it is the hope of the author that this book provides concrete steps that can be used both domestically and internationally in planning economic development activities in recovering places.

1. It places economic health and redevelopment at the forefront of knowing when a community has recovered. 2. It looks at the differences between different countries, their intergovernmental arrangements, and collaborative structures to determine whether lessons can be gleaned for other countries facing the laborious task of rebuilding. 3. It provides quantitative measures to analyze the recovery of an economy in the postdisaster crises which can be duplicated in other future disasters. 4. Finally, it provides a framework for policymakers and decision makers who are involved in the rebuilding process. Because it is international in focus, it is the hope of the author that this book provides concrete steps that can be used both domestically and internationally in planning economic development activities in recovering places.

In this topical book, Boudewijn de Bruin examines the ethical 'blind spots' that lay at the heart of the global financial crisis. He argues that the most important moral problem in finance is not the 'greed is good' culture, but rather the epistemic shortcomings of bankers, clients, rating agencies and regulators. Drawing on insights from economics, psychology and philosophy, de Bruin develops a novel theory of epistemic virtue and applies it to racist and sexist lending practices, subprime mortgages, CEO hubris, the Madoff scandal, professionalism in accountancy and regulatory outsourcing of epistemic responsibility. With its multidisciplinary reach, Ethics and the Global Financial Crisis will appeal to scholars working in philosophy, business ethics, economics, psychology and the sociology of finance. The many concrete examples and case studies mean that this book will also prove useful to policy-makers and regulators.

Contemporary capitalism is always evolving. From digital technologies to cryptocurrencies, current trends in political economy are much discussed, but often little understood. So where can we turn for clarity? As Michael Roberts and Guglielmo Carchedi argue, new trends don't necessarily call for new theory. In Capitalism in the 21st Century, the authors show how Marx's law of value explains numerous issues in our modern world. In both advanced economies and the periphery, value theory provides a piercing analytical framework through which we can approach topics as varied as labour, profitability, automation and AI, the environment, nature and ecology, the role of China, imperialism and the state. This is an ambitious work that will appeal to both heterodox economists and labour movement activists alike, as it demonstrates the ongoing contemporary relevance of Marxist theory to current trends in political economy.

This book is one of the first historical revisions of the Latin American debt crisis of 1982, exploring recently disclosed archival sources for a number of creditor and debtor institutions. It fills a gap on the national and international historiography on international finance in the 1970s and the Latin American debt crisis of the 1980s. The domestic banking approach in revisiting the 1982 financial crisis is a main distinction of this work and the consequences of the involvement of Mexican banks in international finance a major contribution to the literature. Beyond its thoroughly international approach, the book addresses a broad array of disciplines: financial history, political economy, international relations and business history. While the focus is on financial crisis, its implications extend to current regulatory and financial policy relative to crisis and non-crisis matters. In addition to providing a template for understanding other instances of financial crisis, the book points the way to research in a wide range of additional questions. These include the economic role of foreign capital, the transmission of financial crisis, and the decision criteria of states during crises. It also offers a strong example of the importance of politics in resolving economic problems. Because of this, the book will be of interest to historians, economists and political scientists.

This book features contributions from leading researchers into the effect of the recent financial crisis on lending in the banking sector. They explore the emergence of alternative methods of firm financing, including crowdfunding, firm network financing and venture capital, and analyse the performance of listed European innovative firms. The book discusses related topics such as the role of loan dynamics and structure for Central and Eastern European economic growth, the liquidity policy of the European Central Bank during the Euro crisis, sovereign pensions and social security reserve funds. Lending, Investments and the Financial Crisis addresses the ways in which the strategies of institutional investors have been impacted by the crisis. The study focuses on Western, Central and Eastern Europe, while providing a wider context in terms of comparison with the Chinese banking system.

By 2000, Ireland had achieved a remarkable macroeconomic performance: 10% economic growth annually, a budget surplus, and a very low debt to GDP ratio. Emigration had disappeared and there was significant immigration from Eastern Europe. Yet, by November 2010, output had collapsed to an extent unprecedented among post war industrial countries, the budget deficit was out of control, and the debt to GDP ratio had soared to around 100%. In an unprecedented development, Ireland was forced to apply for an emergency bail-out package from the Troika (European Commission, European Central Bank, and the International Monetary Fund). This book examines how the Celtic Tiger, a high growth performing economy, fell into a macroeconomic abyss. It is a story that shows how the Irish economy moved from a property market crisis to a banking crisis and fiscal crisis, and how these three crises led to a fourth crisis, the massive financial crisis of 2010. Against the backdrop of the newly created Eurozone, the book demonstrates how a housing boom was transformed into a property market bubble through excessive credit creation. Accompanying the market bubble, buoyant property related taxes enabled a profligate government to over spend and under tax. Few, either in Ireland or Europe, recognised the danger signals because the prevailing economic ideology suggested that financial markets could self-regulate. The book analyses the roles of banks, builders, developers, regulators (the EU, the ECB, the Central Bank of Ireland, and the Irish Financial Regulator), politicians, economists, the media, and a property driven populace during the various stages of the downfall of the Celtic Tiger. It pays particular attention to the decisions to provide a highly controversial comprehensive guarantee for the covered Irish banks in 2008, and the subsequent events that left the government with no alternative but to request the 2010 bail out. Throughout the book, attention is devoted to the allocation of responsibilities for the unfolding crises. First, who or what was responsible for what happened and in what sense? Second, could specific actions have been taken at various stages to prevent the final recourse to the bail out? Finally, the book addresses the future of the Celtic Tiger. It discusses the impact of measures to help resolve the current Euro debt crisis as well as the underlying lessons to be learned from this traumatic period in Ireland's economic and financial history.

The current consensus economic model, the neoclassical synthesis, depends on aprioristic assumptions that are shown to be invalid when tested against the data and fails to include finance. Economic policy based on this consensus has led to the financial crisis of 2008, the 'Great Recession' that followed, and the slow subsequent rate of growth. In The Economics of the Stock Market, Andrew Smithers proposes a model that is robust when tested, and by including the impact of the stock market on the economy, overcomes both these defects. The faults of the current consensus model are shown to result typically from an unscientific methodology in which assumptions are held to be valid despite their incompatibility with data evidence. Smithers demonstrates examples of these faults: the Miller/Modigliani Theorem (the assumption that leverage does not affect the value of produced capital assets); the assumption that short-term and long-term interest rates, and the cost of equity capital, are co-determined; and the assumption that the decisions of corporate managements aim to maximise the present value of corporate assets ('profit maximisation') rather than the value determined by the stock market. The Economics of the Stock Market proposes a model that includes and explains the stationarity of real returns on equity, based on the interaction of the differing utility preferences of the managers of companies and the owners of financial capital. These claims are highly controversial, and Smithers proposes that the relative merits of the neoclassical synthesis and this proposed alternative can only be properly considered through public debate.

Academic finance research has shown that emerging markets still suffer from a myriad of risks such as credit, operational, market, legal and exchange rate risks. The onset of the subprime crisis 2007, the global financial crisis 2008-2009, and the Eurozone public debt crisis since the end of 2009 has brought to the light a number of emerging markets facing tumbling currencies, rising inflation, slowing growth, heavy dependence on foreign capital, and high levels of vulnerability to external shocks due to increased market integration. This context calls for not only a reconsideration of recent risk assessment models and risk management practices, but also the improvement and innovation of these models and practices. Factors such as liquidity, tail dependence, comovement, contagion, and timescale interactions have thus to be part of an integrated risk assessment and management framework. This book addresses three main dimensions of risk management in emerging markets: 1) the effectiveness of risk management practices; 2) current issues and challenges in risk assessment and modelling in emerging market countries; 3) the responses of emerging markets to the recent financial crises and the design of risk management models.

Flow-of-funds accounts are a component of the national accounts system reporting the financial transactions and balance sheets of the economy, classified by sectors and financial instruments. The biggest financial crisis in a lifetime has shown how important it is to have a deep knowledge of the financial balance sheets of the main sectors of the economy and the financial flows that take place between them. This type of information is essential for a proper understanding of the transmission of monetary and financial shocks through the economy and to identify macroeconomic imbalances that could undermine financial stability.
This publication takes a flow-of-funds perspective of the financial crisis. The book illustrates the broad range of interlinkages between the financial side and the real side of the economy and highlights the role of balance sheet variables and sectoral balance sheet positions in the evolution of the financial crisis, covering the United States, the Eurozone, the United Kingdom, Japan and Slovenia. The authors also reflect on the use of financial data in the context of diagnosing and addressing excessive macroeconomic imbalances in Europe and on the use of financial accounts to underpin the analysis of systemic risks in the financial system. In this respect, the flow of funds offers a framework for looking at the right kind of questions when policy-makers consider how to prevent, manage and resolve financial crises.

In the long aftermath of the acute global financial crisis of 2008/09, the need to get economies back on track and to handle high levels of public and private debt has created conflicting objectives. Challenges yet to be mastered are the need to avoid counterproductive measures of adjustment and the persistent need to 'rebalance' the economy with new sources of growth and productivity. Hence, there is an urgent requirement for policies to reverse the decline in public and private investment, and to fuel innovation.These needs, and the corresponding policy challenges, are especially prevalent in Europe, in particular Central, Eastern and South-Eastern Europe. On this issue, this book contributes important lessons learned from earlier balance sheet recessions. It also addresses the often overlooked link between macroeconomic imbalances and economic inequality. A mix of contributions from academics and policy-makers focus on the interaction between monetary policy and financial stability, adding regional perspectives to the resulting dilemmas and trade-offs. This book is essential reading for the study of economics in emerging economies. Contributors: T. Beck, M. Belka, S. Chakrabarti, D. Daianu, J.B. DeLong, N. Fabris, M. Gachter, M. Geiger, F. Glotzl, D. Gros, M. Holzner, J. in 't Veld, R.C. Koo, R. Kuodis, E. Nowotny, P. Pontuch, R. Raciborski, L. Reichlin, D. Ritzberger-Grunwald, H. Schuberth, M. Singer, L.E.O. Svensson, T. van Treeck

The Front Office Manual is unique, providing clear and direct explanations of tools and techniques relevant to front office work. From how to build a yield curve, to how a swap works, to what exactly 'product control' is supposed to do, this book is essential reading for anyone who works (or wants to work) on the 'sell side'.

Huw Macartney examines the conflicting movements gripping Europe. He explains why 'more Europe and less democracy' seems to be the order of the day. He argues that state managers responses reflect a long-term disquiet about the economic consequences of democracy. Through a critical engagement with ordo-liberal and neo-liberal intellectual traditions, Macartney explains why participation and consent have given way to coercion and depoliticisation. Financial speculation and growing social unrest have thus fuelled attempts to further mystify the political character of economic policymaking. This comes at precisely the time when the everyday life of European citizens is most affected by the decisions of political classes at the heart of Europe. There are strong reasons to believe though that the kind of violent outbreaks in Greece and elsewhere point to the limitations of this authoritarian, undemocratic governing strategy. The end-result could prove devastating for Europe.

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