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Money in the Great Recession - Did a Crash in Money Growth Cause the Global Slump? (Hardcover)
Loot Price: R3,323
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Money in the Great Recession - Did a Crash in Money Growth Cause the Global Slump? (Hardcover)
Series: Buckingham Studies in Money, Banking and Central Banking
Expected to ship within 12 - 17 working days
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No issue is more fundamental in contemporary macroeconomics than
identifying the causes of the recent Great Recession. The standard
view is that the banks were to blame because they took on too much
risk, 'went bust' and had to be bailed out by governments. However
very few banks actually had losses in excess of their capital. The
counter-argument presented in this stimulating new book is that the
Great Recession was in fact caused by a collapse in the rate of
change of the quantity of money. This was the result of a mistimed
and inappropriate tightening of banks' capital regulations, which
had vicious deflationary consequences at just the wrong point in
the business cycle. Central bankers and financial regulators made
serious mistakes. The book's argument echoes that on the causes of
the Great Depression made by Milton Friedman and Anna Schwartz in
their classic book A Monetary History of the United States.
Offering an alternative monetary explanation of the Great
Recession, this book is essential reading for all economists
working in macroeconomics and monetary economics. It will also
appeal to those interested in the wider public policy debates
arising from the crisis and its aftermath. Contributors include: P.
Booth, J.E. Castaneda, T. Congdon, C. Goodhart, S. Hanke, D.
Laidler, A. Ridley, R. Skidelsky, R. Thomas
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