Macroeconomics And Financial Crises
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Macroeconomics And Financial Crises
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Author : Gary B. Gorton
language : en
Publisher: Princeton University Press
Release Date : 2023-07-11
Macroeconomics And Financial Crises written by Gary B. Gorton and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-07-11 with Business & Economics categories.
"After the Great Depression John Maynard Keynes led the way in building a new macroeconomic framework to deal with that unprecedented economic reality. Ten years after our own crisis, however, macroeconomics has not come to terms with how to grapple with the idea of financial crises in its models. In the stylized world of macroeconomic theory, crises are not an inherent or structural element. Gary Gorton and Guillermo Ordonez, who were prominent experts to first authoritatively respond to the financial crisis of 2008 have since been working to understand what needs to change in macroeconomic models to incorporate and address financial crises. In this book Gorton and Ordonez provide an authoritative first step on how to rebuild macroeconomics in a way that can take into account financial crises, and they make a strong case that we need to rethink things at a fundamental level. In the book they bring together ten years of work on what needs to happen. Their two key ideas of what has missing are information and credit. More specifically, how information and credit interact, for example, when investors learn that certain types of debt aren't safe investments and we see bank runs. Gorton and Ordonez provide a way to model this interaction and a roadmap of how to incorporate it into a macroeconomic equilibrium"--
A Crash Course On Crises
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Author : Markus K. Brunnermeier
language : en
Publisher: Princeton University Press
Release Date : 2023-06-06
A Crash Course On Crises written by Markus K. Brunnermeier and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-06-06 with Business & Economics categories.
An incisive overview of the macroeconomics of financial crises—essential reading for students and policy experts alike With alarming frequency, modern economies go through macro-financial crashes that arise from the financial sector and spread to the broader economy, inflicting deep and prolonged recessions. A Crash Course on Crises brings together the latest cutting-edge economic research to identify the seeds of these crashes, reveal their triggers and consequences, and explain what policymakers can do about them. Each of the book’s ten self-contained chapters introduces readers to a key economic force and provides case studies that illustrate how that force was dominant. Markus Brunnermeier and Ricardo Reis show how the run-up phase of a crisis often occurs in ways that are preventable but that may go unnoticed and discuss how debt contracts, banks, and a search for safety can act as triggers and amplifiers that drive the economy to crash. Brunnermeier and Reis then explain how monetary, fiscal, and exchange-rate policies can respond to crises and prevent them from becoming persistent. With case studies ranging from Chile in the 1970s to the COVID-19 pandemic, A Crash Course on Crises synthesizes a vast literature into ten simple, accessible ideas and illuminates these concepts using novel diagrams and a clear analytical framework.
Financial Crises And Recession In The Global Economy Fourth Edition
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Author : Roy E. Allen
language : en
Publisher: Edward Elgar Publishing
Release Date : 2016
Financial Crises And Recession In The Global Economy Fourth Edition written by Roy E. Allen and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Business & Economics categories.
This new edition of Financial Crises and Recession in the Global Economy explores the major financial instabilities and evolutionary trends in the global economy since the 1970s. A learned but accessible book, it is perfect for a broad audience of academics and practitioners but has also been used as a supplementary textbook for courses in international economics, international finance, money and banking, and macroeconomics.
Economic And Financial Crises
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Author : A. Cencini
language : en
Publisher: Springer
Release Date : 2015-06-02
Economic And Financial Crises written by A. Cencini and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-06-02 with Business & Economics categories.
This book deals with the structural origins of economic and financial crises. It explains that both economic theories and policies need to be grounded on a monetary macroeconomic analysis of the working of domestic and international economies. The volume outlines reform proposals to make sure that banking activities respect the nature of money.
Financial Crises Macroeconomic Shocks And The Government Balance Sheet A Panel Analysis
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Author : Matteo Ruzzante
language : en
Publisher: International Monetary Fund
Release Date : 2018-04-24
Financial Crises Macroeconomic Shocks And The Government Balance Sheet A Panel Analysis written by Matteo Ruzzante and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-04-24 with Business & Economics categories.
Government financial assets are increasingly recognized as playing an important role in assessing fiscal sustainability. However, very little research has been done on the dynamics of government financial assets compared to liabilities. In this paper, we investigate the impact of recent financial crises and macroeconomic shocks on government balance sheets, decomposing the separate effects on financial assets and liabilities. Using quarterly Government Finance Statistics (GFS) data, we analyze a panel of 27 countries over the period 1999Q1-2017Q1 through fixed effects and panel VAR techniques. Financial crises are shown to deteriorate the net financial worth of governments, but no significant impact is found on assets suggesting that they are not being used as fiscal buffers in bad times. On the contrary, countries that suffered both financial and banking crises experienced an “artificial” increase of their asset position through bank bailouts. Macroeconomic shock analyses reveal that government balance sheet items are countercyclical, but important asymmetries are found in their dynamics.
International Macroeconomics In The Wake Of The Global Financial Crisis
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Author : Laurent Ferrara
language : en
Publisher: Springer
Release Date : 2018-06-13
International Macroeconomics In The Wake Of The Global Financial Crisis written by Laurent Ferrara and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-06-13 with Business & Economics categories.
This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
The Macroeconomics Of Finance Dominated Capitalism And Its Crisis
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Author : Eckhard Hein
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-01-01
The Macroeconomics Of Finance Dominated Capitalism And Its Crisis written by Eckhard Hein and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Business & Economics categories.
'The rise to dominance of finance in the past three decades has had many profound effects on economic performance. In this book Eckhard Hein provides us with detailed, well-grounded and highly insightful analyses of the macroeconomic impacts on investment, employment, global imbalances, income distribution and much more. This is "must read" for those wanting to comprehend the macroeconomics of the era of financialization, and for those seeking macro-economic policies to address the financial crisis and bring economic prosperity.' – Malcolm Sawyer, University of Leeds, UK 'Eckhard Hein examines the causes and consequences of financialisation. His book is economics as it should always be: it combines reflections, data gathering, empirical analysis, theoretical formalization, and policy recommendations. Hein goes beyond the exuberant behaviour of the banking industry to analyse the global financial crisis and the eurozone crisis, showing, through various variants of a Kaleckian growth model, the macroeconomic consequences of the rising dominance of finance over modern capitalism during the last three decades.' – Marc Lavoie, University of Ottawa, Canada In this timely and thought-provoking book, Eckhard Hein illustrates that the Great Recession, which hit the world economy in 2008/09, is rooted in the contradictions of finance-dominated capitalism. the author provides an in-depth exploration of the macroeconomics of finance-dominated capitalism, its problems and its crisis, and presents economic policy lessons and alternatives. In particular, he shows that since the early 1980s, finance-dominated capitalism has affected long-run economic developments via three distinct channels: • the re-distribution of income at the expense of low labour incomes, • the dampening of investment in real capital stock, • and an increasing potential for wealth-based and debt-financed consumption. the author concludes that against the background of these basic macroeconomic tendencies, increasing instability potentials at the national economy levels and rising current account imbalances at both global and European levels have developed and have contributed to the severity of the Great Recession. This systematic study of finance-dominated capitalism presented from a macroeconomic perspective will prove a thought-provoking read for academics, researchers, graduate students and economic policy consultants with an interest in macroeconomics, financial economics, economic policies, and distribution and growth.
Financial Crises And The Nature Of Capitalist Money
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Author : Jocelyn Pixley
language : en
Publisher: Springer
Release Date : 2013-09-12
Financial Crises And The Nature Of Capitalist Money written by Jocelyn Pixley and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-09-12 with Political Science categories.
This volume is a debate about a sociology and economics of money: a form of positive trespassing. It is unique in being written by scholars of both disciplines committed to this mutual venture and in starting from the original groundwork laid by Geoffrey Ingham. The contributors look critically at money's institutions and the meanings and history of money-creation and show the cross cutting purposes or incommensurable sides of money and its crises. These arise from severe tensions and social conflicts about the production of money and its many purposes. We demonstrate the centrality of money to capitalism and consider social disorders since the 2007 crisis, which marks the timeliness and need for dialogue. Both disciplines have far too much to offer to remain in the former, damaging standoff. While we are thankful to see a possible diminution of this split, remnants are maintained by mainstream economic and sociological theorists who, after all the crises of the past 30 years, and many before, still hold to an argument that money really does not 'matter'. We suggest, to many different and interested audiences, that since money is a promise, understanding this social relation must be a joint though plural task between economics and sociology at the very least.
Financial Crises And The Politics Of Macroeconomic Adjustments
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Author : Stefanie Walter
language : en
Publisher: Cambridge University Press
Release Date : 2013-10-31
Financial Crises And The Politics Of Macroeconomic Adjustments written by Stefanie Walter and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-31 with Business & Economics categories.
This book explains why governments respond differently to macroeconomic problems and why necessary reforms are sometimes delayed until a serious financial crisis erupts. It argues that voter vulnerability to different reform strategies varies, and that these vulnerabilities influence the type and timing of governments' policy responses to economic crises. Empirical analyses at both the individual level across a broad range of countries and case studies of national policy responses to financial and economic crises in Asia and Eastern Europe support the argument.
The Demise Of Finance Dominated Capitalism
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Author : Eckhard Hein
language : en
Publisher: Edward Elgar Publishing
Release Date : 2015-04-30
The Demise Of Finance Dominated Capitalism written by Eckhard Hein and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-04-30 with Business & Economics categories.
This book provides an overview of different theoretical perspectives on the long-run transition towards finance-dominated capitalism, on the implications for macroeconomic and financial stability, and ultimately on the recent global financial and econo