While humanity continues to grapple with COVID-19 and its ramifications, Beyond COVID-19: Multidisciplinary Approaches and Outcomes on Diverse Fields provides a unique opportunity to foresee the repercussions of the pandemic across a range of fields through the lens of chaos and complexity theory. This book takes COVID-19 as a holistic event, providing an interesting analysis of this chaotic phenomenon with the contributions of multidisciplinary scholars. The expert views within this book come from a wide range of fields, from international relations to education and from sociology to law.Unique in terms of its content and contributions, the chapters within explore the various consequences of COVID-19 with the aim of attracting the attention of researchers, postgraduate students, practitioners, and policymakers.

A decade after the Global Financial Crisis and Great Recession, developed economies continue to struggle under excessive household debt. While exacerbating inequality and political unrest, this debt - when combined with wage stagnation and a shrinking welfare state - has played a key role in maintaining economic growth and allowing households faced with rising costs of living to make ends meet. In Bankruptcy: The Case for Relief in an Economy of Debt, Joseph Spooner examines this economic model and finds it increasingly unsustainable. In a call to action to reduce debt burden, he turns to bankruptcy law, which is uniquely situated as a mechanism of social insurance against the risks of a debt-dependent economy. This book should be read by anyone interested in understanding the problem of consumer debt and how best to address it.

This new book from MOCOMILA, the Monetary Law Committee of the ILA, is a unique collaboration of the top academic and practitioner monetary and financial lawyers from around the world. It examines current legal issues of international monetary and financial law in the light of the current global financial crisis and consequent reforms of international and domestic financial architecture. The book deals with post-crisis financial regulation and supervision, including that of rating agencies and sovereign wealth funds, and financial crisis resolution with an analysis of bank rescue operations.
Covering matters of current interest such as central banks, international payments, money laundering, and sovereign debt, this book is for banking and financial practitioners, in-house lawyers, central banks and international financial institutions as well as academics in the field of international and financial law.

The unprecedented housing and homelessness crisis in Ireland is having profound impacts on Generation Rent, the wellbeing of children, worsening wider inequality and threatening the economy. Hearne contextualises the Irish housing crisis within the broader global housing situation by examining the origins of the crisis in terms of austerity, marketisation and the new era of financialisation, where global investors are making housing unaffordable and turning it into an asset for the wealthy. He brings to the fore the perspectives of those most affected, new housing activists and protesters whilst providing innovative global solutions for a new vision for affordable, sustainable homes for all.

This book demonstrates the variation in the reaction of the UK's 'big four' banks - RBS, Lloyds, Barclays and HSBC - to the Great Financial Crisis 2008. Over a decade on from the financial crisis, this book asks: have banks in the UK learned lessons from the crisis? Bank learning in the UK after the Great Financial Crisis is something we need to know more about. Whether banks are now safer and more likely to aid rather than disrupt the economy are important questions of social relevance. Through a documentary analysis of Britain's 'big four' banks in the post-crisis decade (2008-2018), this book demonstrates that while some institutions have become more risk averse and display positive signs of learning, others have shown little evidence of change. The book uses notions of agency, path dependency and structural competitive pressures to explain these inter-bank variations of behaviour. This book contributes to wider post-crash structural debates about growth, markets, and regulatory reform, showing how the agency of banks has played a vital role in driving the reform process.

This book investigates the presence of Chinese and Indian companies in Europe and the impact that the current global financial crisis has had on their corporate behaviour and strategies. Have investments been cancelled or postponed? Has the crisis created new opportunities for investment? Is the behaviour of Chinese and Indian firms to these new circumstances similar? In addressing these challenging questions the authors used a proprietary data base encompassing over 1,500 investments (greenfield operations, mergers-and-acquisitions, joint ventures, horizontal/vertical extensions) made throughout Europe by companies from China (Mainland and Hong Kong) and India since the 1990s. Comparisons were made according to several criteria (eg: spatial patterns, modes of entry, sector and function distribution) -- to pinpoint differences and likenesses. In addition, face-to-face interviews were conducted in order to elaborate congruent case studies in traditional sectors (textile/clothing), or in new sectors (software for Chinese companies). The crisis had an impact on both investors in the following terms: lower amounts of investment, more merger-and-acquisition deals in absolute and relative terms, more focus on the largest economies (particularly the UK), and a targeting of specific assets such as critical technologies, international management capability, renowned brands and sale networks. In conclusion, in the years following the global financial crisis Indian investments in Europe have been more significantly affected than Chinese investments due, to a large extent, to the support of the Chinese state.

Two of the greatest financial fiascos of all time took place at the same time and were instigated by two acquaintances: the Mississippi Bubble, on which John Law at first made a vast fortune and gained sway over French finances; and the South Sea Bubble, launched by Law and Thomas Pitt, Jr., Lord Londonderry, his main partner in England. This book tells the story of these two financial schemes from the letters and accounts of two leading personalities. Larry Neal, a distinguished economic historian, highlights the rationality of each person and also finds that the primitive exchanges of the day, though informal and completely unregulated, actually performed reasonably well.

The coming financial apocalypse and what government and individuals can do to insulate themselves against the worst shocks In this controversial book a noted adherent of Austrian School of Economics theories advances the thesis that the United States is fast approaching the end stage of the biggest asset bubble in history. He describes how the bursting of the bubble will cause a massive interest rate shock that will send the US consumer economy and the US government pumped up by massive Treasury debt into bankruptcy, an event that will send shockwaves throughout the global economy. Michael Pento examines how policies followed by both the Federal Reserve and private industry have contributed to the impending interest rate disaster and highlights the similarities between the US and European debt crisis. But the book isn't all doom and gloom. Pento also provides well-reasoned solutions that, government, industry and individuals can take to insulate themselves against the coming crisis. * Paints an alarmingly vivid picture of the massive interest rate shock which soon will send consumers and the government into bankruptcy * Backed by a wealth of historical and economic data, Pento explains how the bubble was created and what the U.S. can do to mitigate the impending crisis * Provides investors with sound strategies for protecting themselves and their assets against the coming financial apocalypse * Explains why retirees, in particular, will be at risk as real estate prices decline, pensions weaken, and the bond bubble bursts

In 2007-8 the world economy started its heady journey to recession. The Queen herself asked "why didn't we see this coming," but it's a question that remains unanswered. A decade later and it is still not clear exactly who is responsible for the crisis. The world has experienced the long-term impact of austerity policies on its welfare system and the political landscape is completely changed. This analysis of the media that reported on this crisis and where it came from is long overdue. The media were responsible for warning the public-a role they failed in. This book provides evidence that journalists, like bankers and regulators, need to be held accountable. The Global Financial Crisis is a starting point, but it deserves a much wider context and explanation, one this book provides for the first time. Looking at three global and pivotal financial crises, this book assesses the degree to which financial and economics journalists have played a watchdog role for society. It takes a long glance back from the Global Financial Crisis of 2007-8 to look at the (as it shows, gradually narrowing) content we have been reading in mainstream publications, and speaks to journalists in three countries to gauge the reality of the situation from the perspective of the newsroom.

This book sheds new light on the Greek economic challenges and helps readers understand the current debt crisis. Chapters from leading experts in the field identify and outline potential solutions to the on-going decline of the Greek economy by considering both Eurozone-adopted current policy framework explanations and potential alternative explanations. In contrast to the standard chronological approach toward the Greek debt crisis typically adopted by other texts, this book draws on the experience and views of specialized economists and offers divergent opinions that could potentially form alternative solutions. It will be of interest to researchers and academics interested in the Greek economy, modern financial modelling, and risk management.

The UK and Multi-level Financial Regulation examines the role of the United Kingdom (UK) in shaping post-crisis financial regulatory reform, and assesses the implications of the UK's withdrawal from the European Union (EU). It develops a domestic political economy approach to examine how the interaction of three domestic groups - elected officials, financial regulators, and the financial industry - shaped UK preferences, strategy, and influence in international and EU-level regulatory negotiations. The framework is applied to five case studies: bank capital and liquidity requirements; bank recovery and resolution rules; bank structural reforms; hedge fund regulation; and the regulation of over-the-counter derivatives. It concludes by reflecting on the future of UK financial regulation after Brexit. The book argues that UK regulators pursued more stringent regulation when they had strong political support to resist financial industry lobbying. UK regulators promoted international harmonisation of rules when this protected the competitiveness of industry or enabled cross-border externalities to be managed more effectively; but were often more resistant to new EU rules when these threatened UK interests. Consequently, the UK was more successful at shaping international standards by leveraging its market power, regulatory capacity, and alliance building (with the US). But it often met with greater political resistance at the EU level, forcing it to use legal challenges to block reform or secure exemptions. The book concludes that political and regulatory pressure was pivotal in defining the UK's 'hard' Brexit position, and so the future UK-EU relationship in finance will most likely be based on a framework of regulatory equivalence.

The Great Financial Crash had cataclysmic effects on the global economy, and took conventional economists completely by surprise. Many leading commentators declared shortly before the crisis that the magical recipe for eternal stability had been found. Less than a year later, the biggest economic crisis since the Great Depression erupted. In this explosive book, Steve Keen, one of the very few economists who anticipated the crash, shows why the self-declared experts were wrong and how ever-rising levels of private debt make another financial crisis almost inevitable unless politicians tackle the real dynamics causing financial instability. He also identifies the economies that have become 'The Walking Dead of Debt', and those that are next in line including Australia, Belgium, China, Canada and South Korea. A major intervention by a fearlessly iconoclastic figure, this book is essential reading for anyone who wants to understand the true nature of the global economic system.

'We need to organise politically to defend the weak, empower the many and prepare the ground for reversing the absurdities of capitalism.' - Yanis Varoufakis 'Capitalism over the past twenty-five years has been an incredible moral good.' - David Brooks The Munk debate on capitalism There is a growing belief that the capitalist system no longer works. Inequality is rampant. The environment is being destroyed for profits. In some western nations, life expectancy is even falling. Political power is wielded by wealthy elites and big business, not the people. But for proponents of capitalism, it is the engine of progress, not just making all of us materially better off, but helping to address everything from women's rights to political freedoms. We seem to stand at a crossroads: do we need to fix the system as a matter of urgency, or would it be better to hold our nerve?

This book assesses the current state of the Greek economy and detects its development and growth prospects up to 2030. The analysis begins with 19th century Greece, addressing the repeated defaults that led to the formation of a dependent state, and the failed modernizing attempts. Then the book addresses current geostrategic dimensions as well as the current structure of institutions and culture in Greece. The second part presents the evolution of sustainability, governance, and inclusivity, as well as the evolution of culture in Greek society and insights into the production prototype. The third part of the book looks forward to what lays ahead for Greece up to 2030. It presents the theoretical background for two scenarios: the normal scenario (business as usual, including the effects of the recent Covid-19 pandemic) and the optimal scenario (a pro-growth scenario including increases of Total Factor Productivity through structural reforms). In presenting these scenarios, the book discusses issues ranging from a comparative analysis between Greece and the Eurozone, the developments in output gap and potential output, public debt, competitiveness, basic macroeconomic variables, a detailed analysis on investments, and inclusive growth.

This book not only analyzes and evaluates the current state of economic growth and development in Greece, but also investigates the potential for growth and development in the mid- to long-term horizon. This book presents a unique theoretical framework drawing on structural elements of political economy such as institutions, cultural background, and the complex nature of politics and political power, as well as neoclassical economics and behavioral economics. The first part of the book introduces readers to some key concepts of normative analysis from a theoretical and methodological perspective, presents the relation between theory and policy, placing the Greek economy within the framework of the Eurozone, and provides the political economy of integrated growth and development in Greek economy. The second part of the book describes the current condition of Greece in the global economy and attempts to detect the major social, economic and political trends that will prevail in the Greek society, while pointing the challenges that the Greek economy will face across the coming decade by taking into account the Covid-19 crisis. The third part of the book provides an overview of growth and development theory as specifically applied to Greece, focusing on the endogenous forces driving the economy, and portrays how the 2008 financial crisis and the crisis of Covid-19 transformed the framework of Greek growth and development policy, to the ground of a new consolidated situation of low growth, low inflation and low employment in the case of Greek economy.

This comprehensive historical account tells the story of 200 years of financial panics in America, from 1819 through to the economic hardship of 2020, showing how and why so many financial crises have occurred in the United States and offering solutions to avoiding these sorts of crises moving forward. In 200 Years of American Financial Panics, Thomas P. Vartanian examines the myriad factors that contributed to financial crises throughout American history: the imposition of tariffs and the creation of dozens of poorly regulated, uncapitalized state banks facilitated the collapse of 1819; government battling over whether gold, silver or paper money should be the preeminent method of exchange created the perfect conditions for the depression of 1893; in the 1920s, the Federal Reserve kept interest rates low to assist the central banks in England and France, allowing an overheated stock market in the United States to shift into overdrive and crash in 1929; the roots of the S&L crisis in the late '80s can be found in 1966, when Congress and the states imposed artificial caps on deposit and mortgage interest rates to encourage greater home ownership; in the 1990's, the government pressured banks to offer mortgages to low and middle-income borrowers while the Fed engaged in loose monetary policies - leading to the greatest economic crisis since the Depression. This book dissects financial crises in a way not attempted before, showing that the pyramid of governmental financial oversight deployed to foster economic safety has been turned on its head in our current era, making our system of financial oversight less effective and more susceptible to financial crises. Uniquely, Vartanian also explains how the technology explosion, from artificial intelligence to cryptocurrencies, is impacting capital investment, liquidity and business psychology, making it even more critical that the formula for financial oversight in the country be renovated. In a fair-minded and nonpartisan way, Vartanian, the Executive Director of the Program on Financial Regulation & Technology at George Mason University's Antonin Scalia Law School, presents extensive evidence of how some forms of government intervention - certainly not all - threaten market equilibrium.

This book examines the problem of constitutional change in times of crisis. Divided into five main parts, it both explores and interrogates how public law manages change in periods of extraordinary pressure on the constitution. In Part I, "Emergency, Exception and Normalcy," the contributors discuss the practices and methods that could be used to help legitimize the use of emergency powers without compromising the constitutional principles that were created during a period of normalcy. In Part II, "Terrorism and Warfare," the contributors assess how constitutions are interpreted during times of war, focusing on the tension between individual rights and safety. Part III, "Public Health, Financial and Economic Crises," considers how constitutions change in response to crises that are neither political in the conventional sense nor violent, which also complicates how we evaluate constitutional resilience in times of stress. Part IV, "Constitutionalism for Divided Societies," then investigates the pressure on constitutions designed to govern diverse, multi-national populations, and how constitutional structures can facilitate stability and balance in these states. Part V, titled "Constitution-Making and Constitutional Change," highlights how constitutions are transformed or created anew during periods of tension. The book concludes with a rich contextual discussion of the pressing challenges facing constitutions in moments of extreme pressure. Chapter "Public Health Emergencies and Constitutionalism Before COVID-19: Between the National and the International" is available open access under a Creative Commons Attribution 4.0 International License via link.springer.com.

The world is presently buffeted by many challenges, some of which manifest in new forms, such as Fintech and cryptocurrencies, while some challenges prevail out of the legacy trailed behind by the 2007 global financial crisis. Financial stability represents a highly complex and multi-dimensional concept. This being so, a sound and holistic financial stability assessment requires a focus not only on the distinct sectors which make up an economy but also on certain key economic areas. Economic Areas Under Financial Stability examines several core areas which interact directly with financial stability. A comprehensive consideration is given to local and international developments, the payment and settlements system, reserves, derivatives,and exchange rates. The book examines critical developments on both the local and international fronts, the systematic risks which characterise the payment and settlements system, different instruments of derivatives, and the significance of fiscal and monetary policy in relation to exchange rates. This book will prove valuable to central bankers, economists, and policy-makers who are involved in the field of financial stability, as well as researchers studying the field.

Central banks are major players in today's economic and financial policy-making. While respected for their technical acumen and their pivotal role in defusing the global financial crisis, they are at the same time mistrusted by others and considered to be too powerful. In order to contribute to a better understanding of the why, what and how of central banking, this book traces the progress of central banks from modest beginnings, including financing wars, to the powerful institutions they have become. It describes the evolution of the Bank of England to a fully-fledged central bank, the very different route taken by the Federal Reserve and, much later, by the European Central Bank. The gold standard, floating exchange rates, and the battle against inflation are covered in depth, alongside a review of modern monetary policy and central banks' role in maintaining financial stability. Throughout the book, the ups and downs of central banks' relationship vis-a-vis their governments are a recurring theme, even surmising that reigning in the independence of central banks risks inflicting serious damage to economic and financial stability. Uncovering the challenges that the money masters may face in an uncertain future, this book will be of interest to academics, researchers, and practitioners in central banking, finance, and economics at large.

Disaster risk management is of increasing significance in today's world. Every year, natural disasters cause tens of thousands of deaths and tens of billions of dollars' worth of losses. Northeast Asia holds a high propensity for natural disasters, including earthquakes, tsunamis, typhoons, floods and landslides. Countries in the region have a long history of natural disasters that have devastated populations, cities and their heritage. Restoring livelihoods and rebuilding social and economic infrastructures requires adequate political actions and financial resources, necessitating the implementation of a comprehensive strategy for the management of catastrophe risks. Coping with Disaster: Risk Management in Northeast Asia provides an examination of the disaster risk management approaches and financing practices adopted in China, Taiwan, Japan and South Korea. The objective of this book is to provide the necessary information on hazards, exposures and vulnerabilities to assist policy development design to increase governmental preparedness for catastrophe risks. It addresses the traditional aspects of disaster risk management, but goes further to focus on the measures of financial protection required to secure post-disaster resources and strengthen budgetary discipline. Written in an accessible and comprehensible manner, the book will appeal to a wide audience, but is of special interest to policy-makers, public officials, insurance managers and students eager to learn more about disaster risk management in one of the most exposed regions in the world.

Alternative Spaces/Transformative Places addresses the rise of unruly spaces in society, as well as communicative strategies that citizens and activists may use to democratize them. With the widespread use of austerity measures by governments and cities, unruly spaces are an increasing fixture in our modern world. Cities such as Flint and Detroit in Michigan, Berlin in Germany, and even regions of rural America, have all been damaged by the neoliberal policies that have left cityscapes and physical environments altered and unrecognizable. We now understand that unruliness has become a constant in contemporary globalized society. As such austerity has degraded infrastructure, depleted local economies, and poisoned neighborhoods, we feel citizens must be empowered to reclaim such unruly spaces themselves. The book explores different strategies for the democratization of such spaces in urban environments, and the potential and problems of each. Such strategies can create alternative perceptions and alter pathways through those spaces-even connect communities hidden from one another. Students and scholars of urban communication and community activism, as well as human geography, will find the concepts and strategies explored in this book useful. The discussions related to austerity measures provide context for many contemporary neighborhoods and communities that have come to be neglected, while the chapters concerning unruly spaces provide explanations for the difficulty with such neglected or degraded environments. Finally, the illustration of different communicative strategies for the democratization of unruly spaces will demonstrate the possibilities for empowerment within communities that face such problems.

This book analyzes the banking crisis and the events surrounding it in Hungary and other emerging EU member countries in 2007-2013. Written by Julia Kiraly, a former policymaker, and the Deputy Governor of the Hungarian Central Bank at the time of the crisis, it also offers a firsthand account of the processes in and responses to the financial crisis. While there is extensive literature on the crisis, most of it focuses on the US or the Eurozone, sometimes mentioning the "emerging world" in passing. However, Central and Eastern Europe experienced the crisis very differently than other emerging countries. In the pre-crisis years, the region in accession to the EU attracted abundant fresh capital, but the seemingly unconstrained global liquidity fuelled credit bubbles. After the Lehman crisis, capital rapidly fled these countries. In this part of the world, the recession proved to be much worse than elsewhere, with double-digit growth soon turning into a double-digit decline in GDP. Several countries had to turn to the IMF and the EU for stand-by credit. Based on her own inside experience as a top central banker, the author offers a personal yet professional analysis of the causes and consequences of the financial hurricane.

Combatting financial stability risks is a highly challenging task which can by no means be concentrated into a 'one-size fits all' approach. It is important to select the appropriate tools and techniques in order to monitor, analyse, and maintain financial stability through proactive policy measures. Tools and Techniques for Financial Stability Analysis explores all key aspects of analytical tools and challenges for sound financial stability assessments. Comprehensive coverage is given to value at risk, stress testing, graphical tools for financial stability, the financial system stress index, as well as ratios and metrics of financial stability assessment. Finally, a concluding chapter is devoted to understand the key challenges involved in maintaining financial stability. This book will prove valuable to central bankers, economists, and policy-makers who are involved in the field of financial stability, as well as researchers studying the field.

The financial stress of 2008 propelled the world into the most severe recession since the great depression. Despite the significant risk that it poses to the real economy, the complex interaction between financial stress and economic performance is not well understood due to the crucial gaps that remain in our understanding of this critical and dynamic relationship. Dynamics of Financial Stress and Economic Performance: Insights and Analysis from the World Economy attempts to understand the complex non-linear dynamics between financial system stress and economic performance on a global level. An analytical approach is taken to examine twelve major countries, and provide a detailed understanding of the crucial financial and economic issues faced in light of financial stress; including interest rate bottoms, inflation asymmetries, financial health of households, money supply bubbles, fiscal issues, trade dynamics, over leveraging of the financial markets, behaviour of housing prices, debt problems, potential for economic growth, or a complex combination of any of the above. This book will appeal to practitioners, students and researchers in fields such as financial economics, risk management and quantitative finance who wish to expand their knowledge of these crucial and complex dynamics. It is also an appealing read for those who are generally curious about business, banking, financial markets and macro-economic issues occurring on both an individual country and global level.

The Great Recession is more than four years old and counting. Yet, as Paul Krugman points out in this powerful volley, "Nations rich in resources, talent, and knowledge all the ingredients for prosperity and a decent standard of living for all remain in a state of intense pain." How bad have things gotten? How did we get stuck in what now can only be called a depression? And above all, how do we free ourselves? Krugman pursues these questions with his characteristic lucidity and insight. He has a powerful message for anyone who has suffered over these past four years a quick, strong recovery is just one step away, if our leaders can find the "intellectual clarity and political will" to end this depression now."