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All Fall Down - Debt, Deregulation and Financial Crises (Hardcover)
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All Fall Down - Debt, Deregulation and Financial Crises (Hardcover)
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All Fall Down traces the ways in which changes in financial
structure and regulation eroded monetary control and led to
historically high levels of debt relative to GDP in both developed
and emerging economies. Rising stocks of debt drove the global
financial system into crisis in 2008 when households, businesses,
financial institutions and the public sector in some countries
strained to generate sufficient income for debt service. The
stagnation and fall in asset prices that followed began the process
of unwinding that led to a run on the financial sector by the
financial sector. This engaging examination describes critical
developments that changed the structure of US financial markets as
well as developments and innovations in US credit markets that
created the context for crisis. It discusses the advent of dollar
hegemony, the critical role of international reserves in generating
credit, the emergence of the debt bubble in the 1980s and the
mounting risks of debt in the new millennium. The author also
proposes a systemic approach to monetary control, offering two new
reform proposals. The analysis concludes that reforms are needed in
order to support sustainable economic activity in the US and global
economies. This volume will appeal to students and scholars of
economics interested in international finance and banking,
financial regulation and monetary policy implementation. It will
also be of interest to business economists, lawyers, policymakers
and journalists concerned with the effects of financial instability
and involved in ongoing debates on financial and monetary reform.
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