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A penetrating critique tracing how under-regulated trading between
European and U.S. banks led to the 2008 financial crisis--with a
prescription for preventing another meltdown There have been
numerous books examining the 2008 financial crisis from either a
U.S. or European perspective. Tamim Bayoumi is the first to explain
how the Euro crisis and U.S. housing crash were, in fact,
parasitically intertwined. Starting in the 1980s, Bayoumi outlines
the cumulative policy errors that undermined the stability of both
the European and U.S. financial sectors, highlighting the catalytic
role played by European mega banks that exploited lax regulation to
expand into the U.S. market and financed unsustainable bubbles on
both continents. U.S. banks increasingly sold sub-par loans to
under-regulated European and U.S. shadow banks and, when the
bubbles burst, the losses whipsawed back to the core of the
European banking system. A much-needed, fresh look at the origins
of the crisis, Bayoumi's analysis concludes that policy makers are
ignorant of what still needs to be done both to complete the
cleanup and to prevent future crises.
Robust GDP growth, declining unemployment, low and stable
inflation, and a string of fiscal and current account surpluses -
it's a record to be envied. These outcomes in Canada owe much to
sound macroeconomic policies as well as to a favorable external
environment. This book focuses on these policies and the economy's
salient features, including its close trade integration with the
United States, large commodity sector, and substantial
decentralization and regional diversity. What is unique about the
Canadian experience is delineated, while polices and philosophies
that can be fruitfully applied in other economies are illuminated.
A penetrating critique tracing how under-regulated trading between
European and U.S. banks led to the 2008 financial crisis-with a
prescription for preventing another meltdown There have been
numerous books examining the 2008 financial crisis from either a
U.S. or European perspective. Tamim Bayoumi is the first to explain
how the Euro crisis and U.S. housing crash were, in fact,
parasitically intertwined. Starting in the 1980s, Bayoumi outlines
the cumulative policy errors that undermined the stability of both
the European and U.S. financial sectors, highlighting the catalytic
role played by European mega banks that exploited lax regulation to
expand into the U.S. market and financed unsustainable bubbles on
both continents. U.S. banks increasingly sold sub-par loans to
under-regulated European and U.S. shadow banks and, when the
bubbles burst, the losses whipsawed back to the core of the
European banking system. A much-needed, fresh look at the origins
of the crisis, Bayoumi's analysis concludes that policy makers are
ignorant of what still needs to be done both to complete the
cleanup and to prevent future crises.
Currency crises in Europe and Mexico during the 1990s provided
stark reminders of the importance and the fragility of
international financial markets. These experiences led some
commentators to conclude that open international capital markets
are incompatible with financial stability. But the pre-1914 gold
standard is an obvious challenge to the notion that open capital
markets are sources of instability. To deepen our understanding of
how this system worked, this volume draws together recent research
on the gold standard. Theoretical models are used to guide
qualitative discussions of historical experience, while econometric
methods are used to help the historical data speak clearly. The
result is an overview of the gold standard, a survey of the
relevant applied research in international macroeconomics, and a
demonstration of how the past can help to inform the present.
Currency crises in Europe and Mexico during the 1990s provided
stark reminders of the importance and the fragility of
international financial markets. These experiences led some
commentators to conclude that open international capital markets
are incompatible with financial stability. But the pre-1914 gold
standard is an obvious challenge to the notion that open capital
markets are sources of instability. To deepen our understanding of
how this system worked, this volume draws together recent research
on the gold standard. Theoretical models are used to guide
qualitative discussions of historical experience, while econometric
methods are used to help the historical data speak clearly. The
result is an overview of the gold standard, a survey of the
relevant applied research in international macroeconomics, and a
demonstration of how the past can help to inform the present.
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