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Financial Stability in the Aftermath of the 'Great Recession' (Hardcover)
Loot Price: R3,802
Discovery Miles 38 020
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Financial Stability in the Aftermath of the 'Great Recession' (Hardcover)
Expected to ship within 10 - 15 working days
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The financial crisis and the ensued 'great recession' are primarily
caused by the excessive liquidity that was created in the last
thirty years or so of inequality that benefited greatly the
financial sector, deregulation and financial liberalisation as well
as financial innovation, which are based on the supposedly superior
intellectual model of the Efficient Markets Hypothesis. There were
also contributory factors that accentuated the process, such as
international financial imbalances, the monetary policy pursued at
the time, and the role played by the credit rating agencies. The
New Consensus Macroeconomics model that forms the backbone of the
way the economy works and how monetary policy should be formulated
in theory and practice is scrutinised. It is argued that the
traditional approach of viewing housing as a capital good must be
dropped and housing should be viewed as a speculative asset, akin
to equities. This new theorising is necessary as in the traditional
approach bubbles cannot exist. A chapter is devoted to the causes
of the European Union (EU) debt crisis, the reasons why the crisis
has dragged on, the remedial treatment applied so far, offering
alternative viable solutions to the crisis and examining the
channels through which the EU debt crisis might spread to the rest
of the world. Finally, the book draws on the lessons for theory and
policy from the recent experience and discusses in detail the new
regulatory environment that policymakers attempt to put in place to
avert another credit crisis.
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