Monetary Policy In The Context Of Financial Crisis
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Monetary Policy In The Context Of Financial Crisis
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Author : Fredj Jawadi
language : en
Publisher: Emerald Group Publishing
Release Date : 2015-07-02
Monetary Policy In The Context Of Financial Crisis written by Fredj Jawadi and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-07-02 with Business & Economics categories.
This is Volume 24 of the monograph series International Symposia in Economic Theory and Econometrics. ISETE publishes proceedings of conferences and symposia, as well as research monographs of the highest quality and importance.
Challenges To Central Banking In The Context Of Financial Crisis
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Author : Subir Gokarn
language : en
Publisher:
Release Date : 2011
Challenges To Central Banking In The Context Of Financial Crisis written by Subir Gokarn and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.
Contributed papers presented at the first International Research Conference on "Challenges to Central Banking in the Context of Financial Crisis," organized by Reserve Bank of India on Feb. 12-13, 2010, in Mumbai, India.
Monetary Policy And Financial Stability
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Author : Ioanna T. Kokores
language : en
Publisher: Cambridge Scholars Publishing
Release Date : 2022-12-08
Monetary Policy And Financial Stability written by Ioanna T. Kokores and has been published by Cambridge Scholars Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-12-08 with Business & Economics categories.
This book explores how monetary policy contributes to the efficient allocation of resources, with special reference made to the contribution of the effective workings of the financial system. It argues that the stability of the financial system promotes the smooth functioning of the payment systems and the effective transmission of monetary policy, thus promoting the achievement of monetary policy objectives. The interrelated issues addressed here include the ways various monetary policy objectives are achieved, their effective presentation to the public, and the strategic role of money growth in the conduct of monetary policy. The analysis underlines the context of financial-market performance in recent decades and the varied central bank responses to the emergence of the global financial crisis. This book constitutes a useful companion to graduate students in economics, researchers and business and central banking practitioners in understanding the unending quest of the shifting roles of money and financial practices to reconcile growth and stability.
Capitalizing On Crisis
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Author : Greta R. Krippner
language : en
Publisher: Harvard University Press
Release Date : 2011-02-15
Capitalizing On Crisis written by Greta R. Krippner and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-02-15 with Business & Economics categories.
In the context of the recent financial crisis, the extent to which the U.S. economy has become dependent on financial activities has been made abundantly clear. In Capitalizing on Crisis, Greta Krippner traces the longer-term historical evolution that made the rise of finance possible, arguing that this development rested on a broader transformation of the U.S. economy than is suggested by the current preoccupation with financial speculation. Krippner argues that state policies that created conditions conducive to financialization allowed the state to avoid a series of economic, social, and political dilemmas that confronted policymakers as postwar prosperity stalled beginning in the late 1960s and 1970s. In this regard, the financialization of the economy was not a deliberate outcome sought by policymakers, but rather an inadvertent result of the state’s attempts to solve other problems. The book focuses on deregulation of financial markets during the 1970s and 1980s, encouragement of foreign capital into the U.S. economy in the context of large fiscal imbalances in the early 1980s, and changes in monetary policy following the shift to high interest rates in 1979. Exhaustively researched, the book brings extensive new empirical evidence to bear on debates regarding recent developments in financial markets and the broader turn to the market that has characterized U.S. society over the last several decades.
Global Finance After The Crisis
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Author : Richard A. Ile
language : en
Publisher: Edward Elgar Publishing
Release Date : 2013-01-01
Global Finance After The Crisis written by Richard A. Ile 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 2013-01-01 with Business & Economics categories.
ÔRichard Iley and Mervyn Lewis have written an extremely useful book on the global economy since the Western financial crisis. Well-written, well-informed and easily accessible to non-economists, it offers much good sense about many questions, from the future of the renminbi to that of the United States. They wisely urge that, as ChinaÕs rise continues, the United States should engage with China rather than resist it. This is a book full of good judgement that deserves a wide readership.Õ Ð Martin Jacques, author, When China Rules the World: The End of the Western World and the Birth of a New Global Order ÔThe interplay between the macro-economic imbalances, notably in the relationship between the USA and China, and the more micro-economic shortcomings of the WestÕs financial systems, particularly the lax regulation, forms the centre-piece of this excellently written book. In the disputes about the relative culpability of China and the USA for current macro-economic problems, they tend to support the Chinese arguments, and give well-considered arguments for so doing. This book provides an excellent, clear, and at times provocative, assessment of the course of the macro-monetary problems of the world since the Ògreat recessionÓ struck.Õ Ð Charles A.E. Goodhart, London School of Economics, UK This thought-provoking book addresses challenging questions raised in light of the aftermath of the global financial crisis that saw an accelerated rise in the economic growth of China and other emerging market economies, while the US, Japan and Europe have laboured under the great recession. The authors examine global post-crisis reordering in a long-run context, identify five fundamental flaws in global bank business models and document the explosion of gross capital flows. They tackle difficult-to-answer lines of enquiry such as: can zero interest rates and quantitative easing lift the advanced world back to growth, or will they be dragged down by the overhang of debt? Might costs on savers, retirees and distortions to the pattern of global financing render zero rates counter-productive? What issues face the BRICs? Could ÔChina as number oneÕ see the renminbi soon challenge the dollar and the euro as a major international currency? Providing a detailed analysis of the post-crisis world and the issues posed by the rise of China and emerging market economies relative to developed countries, this book will prove a stimulating account for academics, students and researchers in the fields of economics, money, finance and banking, and world trade. Bank and market economists as well as policymakers based in central banks, governments and think-tanks will also find this book to be an invaluable reference tool.
Keynes On Monetary Policy Finance And Uncertainty
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Author : Jorg Bibow
language : en
Publisher: Routledge
Release Date : 2013-03-01
Keynes On Monetary Policy Finance And Uncertainty written by Jorg Bibow and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-01 with Business & Economics categories.
This book provides a reassessment of Keynes’ theory of liquidity preference. It argues that the failure of the Keynesian revolution to be made in either theory or practice owes importantly to the fact that the role of liquidity preference theory as a pivotal element in Keynes’ General Theory has remained underexplored and indeed widely misunderstood even among Keynes’ followers and until today. The book elaborates on and extends Keynes’ conceptual framework, moving it from the closed economy to the global economy context, and applies liquidity preference theory to current events and prominent hypotheses in global finance. Jörg Bibow presents Keynes’ liquidity preference theory as a distinctive and highly relevant approach to monetary theory offering a conceptual framework of general applicability for explaining the role and functioning of the financial system. He argues that, in a dynamic context, liquidity preference theory may best be understood as a theory of financial intermediation. Through applications to current events and prominent hypotheses in global finance, this book underlines the richness, continued relevance, and superiority of Keynes’ theory of liquidity preference; with Hyman Minsky standing out for developing Keynes’ vision of financial capitalism.
Monetary Policy Rule In Theory And Practice
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Author : Nicolas Barbaroux
language : en
Publisher: Routledge
Release Date : 2013-08-21
Monetary Policy Rule In Theory And Practice written by Nicolas Barbaroux and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-08-21 with Business & Economics categories.
This new volume sheds new light on current monetary issues, in particular the debate on monetary policy making, by blending theoretical economic analysis, history of economics, and historical case studies. A discretionary monetary policy refers to cases in which the central bank is free to change its policy actions or key instruments when the need arises, whilst a monetary policy rule can be defined as a commitment from (independent) central banks to reach one or several objective(s) by way of systematic policy actions. This book uses case studies from France and Sweden, and places them in the context of Keynes’ argument from his 1923 ‘Tract on Monetary Reforms’, to support the argument that the use of discretionary practices within a monetary policy rule (such as in the Gold Standard era) is the best approach. This book takes an innovative approach in combining a theoretical analysis (mainly the work of New Neoclassical Synthesis throughout Woodford's model) a history of economic thought analysis (based on the monetary works from Wicksell, Cassel and Keynes) and an historical study of central bank practices both in France (based on Bank of France archives materials) and in Sweden. The final section of the book explores the debate on monetary policy rule in light of the 2008 financial crisis. As such, the book provides a unique synthesis that will be of interest not only to scholars of history of economic thought and economic theory, but also to anyone with an interest in monetary economics and contemporary monetary policy.
The Role Of Monetary Policy In Turkey During The Global Financial Crisis
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Author : Mr.Harun Alp
language : en
Publisher: International Monetary Fund
Release Date : 2011-06-01
The Role Of Monetary Policy In Turkey During The Global Financial Crisis written by Mr.Harun Alp 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 2011-06-01 with Business & Economics categories.
Turkey is an interesting case study because it was one of the hardest hit emerging economies by the global financial crisis, with a year-over-year contraction of 15 percent during the first quarter of 2009. At the same time, anticipating the fallout from the crisis, the Central Bank of the Republic of Turkey (CBRT) decreased policy rates by an astounding 1025 basis points over the November 2008 to November 2009 period. In this context, this paper addresses the following broad question: If an inflation targeting framework underpinned by a flexible exchange rate regime was not adopted, how much deeper would the recent recession have been? Counterfactual experiments based on an estimated structural model provide quantitative evidence which suggests that the recession would have been substantially more severe. In other words, the interest rate cuts implemented by the CBRT and exchange rate flexibility both helped substantially soften the impact of the global financial crisis.
Central Banks And Financial Markets
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Author : Hasan Cömert
language : en
Publisher: Edward Elgar Publishing
Release Date : 2013
Central Banks And Financial Markets written by Hasan Cömert 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 2013 with Business & Economics categories.
ÔHasan CšmertÕs timely book reaches us during the prolonged conditions of the global great recession. By providing a thorough and detailed econometric analysis of the institutional and historical developments of the hegemonic leader of capitalism, Cšmert reveals that the simplistic monetary policy tools of the central banks of the so-called Òmodern great moderationÓ era are over, and we are now at cross-roads of a paradigmatic shift. CšmertÕs book suggests itself as one of the first leading examples of this shift.Õ Ð Erini Yeldan, Yasar University, Turkey ÔThis provocative book shows that the Federal Reserve has, in the last four decades, gradually lost influence over credit and financial markets. This argument, supported by institutional analysis and econometric tests, has two explosive implications: first, Federal Reserve policy did not cause the subprime crisis; second, central banks no longer have instruments for intervening in economies whose growth they are now expected to restore. Anyone concerned with the future of global capitalism should consider ComertÕs work as a matter of urgency.Õ Ð Gary Dymski, Leeds University Business School, UK and University of California, Riverside, US ÔPrior to the outbreak of the financial crisis in 2008, mainstream economists celebrated a ÒNew ConsensusÓ on monetary policy in which independent central banks were assumed able to bring about a ÒGreat ModerationÓ of low inflation and high economic growth by manipulating short-term interest rates. In this important and interesting book, Hasan Cšmert demonstrates convincingly, through institutional analysis and econometrics, that central banks lost control of the price and quantity of credit starting two decades before this celebration. He shows that central banks themselves, through their support of financial market deregulation and globalization, helped bring about both monetary policy impotence and the global crisis. ItÕs a must-read.Õ Ð James Crotty, University of Massachusetts, Amherst, US In the wake of the financial crisis of 2008, there has been increasing debate over the appropriate role of central banks in mitigating economic disaster. This timely volume combines detailed historical and econometric analyses to explore the profound changes that occurred within the US financial system from the 1980s to the present, and shows how these changes have affected the US economy. Hasan Cšmert demonstrates how dramatic shifts in the financial system undermined the ability of the US Federal Reserve to control the price and quantity of credit. He identifies several key factors that facilitated this loss of control, including deregulation, rapid financial innovations, increased financial integration and a number of policy decisions implemented within the Federal Reserve itself. Through a combination of several methods, including historical and institutional analyses, descriptive statistics, simulation and econometric techniques, the author provides a well-rounded and vitally important picture of the US financial system and offers insightful policy recommendations for the future. Students, professors and policymakers with an interest in economics, finance, banking and monetary policy will no doubt find this book a fascinating and invaluable resource.
The Evolution Of Central Banking And Monetary Policy In The Asia Pacific
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Author : Akhand Akhtar Hossain
language : en
Publisher: Edward Elgar Publishing
Release Date : 2015-08-28
The Evolution Of Central Banking And Monetary Policy In The Asia Pacific written by Akhand Akhtar Hossain 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 2015-08-28 with Business & Economics categories.
This book of case studies is a significant contribution to monetary macroeconomics in which country-specific experience and issues in inflation and monetary policy are reviewed and analysed in an historical context. In doing so, the key ideas and views