By Anthony Elson
This ebook presents a uniquely complete clarification of the 2008-2009 international monetary hindrance and ensuing scholarly learn within the context of establishing an time table for reform. With the readability supplied by way of nearly a decade of hindsight and a cautious eye towards making plans for prevention, Elson publications readers via either ancient truth and scholarly interpretation, highlighting parts the place cautious critique of and alterations within the foreign monetary structure and the mainstream macroeconomic paradigm can advertise better monetary balance sooner or later. Given the nice public trouble over transforming into source of revenue and wealth inequality, the e-book examines their hyperlinks to the elevated financialization of the economic climate, either sooner than and because the main issue. ultimately, the booklet identifies a few classes that have to be well-known if sufficient and powerful reforms are to be brought to prevent a monetary trouble of comparable importance sooner or later.
Comprehensive sufficient for collage scholars and sufficiently leading edge for monetary policymakers, this e-book will entice quite a lot of readers attracted to figuring out not only the place the situation has introduced us, yet what key economists have stated approximately it and the way we will boost our economy oversight to house the ongoing demanding situations of globalization.
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Extra resources for The Global Financial Crisis in Retrospect: Evolution, Resolution, and Lessons for Prevention
Example text
While there were unique conditions and characteristics of the crisis in terms of the role of “shadow” banks and new forms of securitization, certain commonalities with other financial crises can be identified. Second, the chapter tries to elucidate the fragility of the financial structure and the inverse pyramid of risk that had built up within that structure, which was at the center of the crisis. In particular, the crisis revealed the perils of an unregulated system of financial operations in which there was a complete failing of the private commercial market arrangements that © The Author(s) 2017 A.
According to his “financial instability” hypothesis, banks play an inherently destabilizing THE FINANCIAL CRISIS OF 2008–09: FRAGILE BANKING, ECONOMIC BUST... 5 This tendency is most clearly in evidence during periods of relative calm in economic activity, when banks are under increasing pressure from shareholders and boards of directors to increase their profits and return on equity. Accordingly, bank managers seek out increasingly risky ventures and investment opportunities in an effort to improve their profitability.
While there were unique conditions and characteristics of the crisis in terms of the role of “shadow” banks and new forms of securitization, certain commonalities with other financial crises can be identified. Second, the chapter tries to elucidate the fragility of the financial structure and the inverse pyramid of risk that had built up within that structure, which was at the center of the crisis. In particular, the crisis revealed the perils of an unregulated system of financial operations in which there was a complete failing of the private commercial market arrangements that © The Author(s) 2017 A.
