The European Central Bank Between The Financial Crisis And Populisms
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The European Central Bank Between The Financial Crisis And Populisms
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Author : Corrado Macchiarelli
language : en
Publisher: Springer Nature
Release Date : 2020-08-25
The European Central Bank Between The Financial Crisis And Populisms written by Corrado Macchiarelli and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-08-25 with Political Science categories.
In light of the handover from the European Central Bank President Mario Draghi to Christine Lagarde in November 2019, this book provides an in-depth analysis of the events which unfolded since the euro area sovereign debt crisis in 2010 up until today. The book focuses on the far-reaching implications of the last decade, shedding light on a wide spectrum of political, economic and financial aspects of the European poly-crises and how monetary policy reacted to these challenges. The book places particular emphasis on the tensions that the supranational central bank was subject to during this period, and on their outcomes in terms of the policies, their legitimacy, and their public reception. As such, this book will be relevant not only to understand the political implications of the past crisis but also, and foremost, in understanding "what is next".
Central Bank Independence And The Future Of The Euro
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Author : Panicos O. Demetriades
language : en
Publisher: Comparative Political Economy
Release Date : 2020
Central Bank Independence And The Future Of The Euro written by Panicos O. Demetriades and has been published by Comparative Political Economy this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Euro categories.
Over the past decade central banks have taken on new and expanded roles in an attempt to manage the global financial crisis. Panicos Demetriades, former governor of the Central Bank of Cyprus during the country's bailout in 2013, examines the role of the ECB and its adoption of these new powers.
Monetary Policy In Times Of Crisis
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Author : Massimo Rostagno
language : en
Publisher: Oxford University Press
Release Date : 2021-06-11
Monetary Policy In Times Of Crisis written by Massimo Rostagno and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-06-11 with Business & Economics categories.
The first twenty years of the European Central Bank (ECB) offer a clear demonstration of how a central bank can navigate macroeconomic insecurity and crisis. As the global economy moves into a new phase of unheralded uncertainty, the story of the ECB holds multiple lessons of wider significance for the central banking community and researchers of monetary policy. This volume provides a unique account of how the ECB has reacted to the challenges confronting the euro area through its monetary policy, turning to innovative measures and unprecedented policy actions to fend off the various threats posed by the global financial turmoil of 2007/08, the euro area sovereign debt market crisis, and the subsequent period of anaemic growth and deflationary pressures. It also addresses some of the criticisms the ECB has faced regarding its policy initiatives. It identifies the ultimate motivation behind the ECB's cautious attitude in the early phases of the financial crisis, and its peculiar definition of price stability and attention for credit creation, as well as addressing the criticism that central banks were fundamentally unprepared to head off a major financial cataclysm as they were wedded to a deficient economic paradigm which made them blind to financial risks. It also shows that the ECB's unconventional low-interest policies have not compromised the position of financial intermediaries in the way commentators initially predicted they would. By condensing the facts and lessons of the first 20 years of the ECB, this volume will acquaint the reader with the structures and decision-making processes behind the complex, often controversial, crisis measures that were taken during some of the toughest economic challenges in the history of modern Europe, and provide them with fresh ex-post analysis on their effect on the real economy and inflation.
The International Monetary Fund The European Central Bank And The Federal Reserve And Their Role In The Economic Crisis
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Author : Katharina Lurz
language : en
Publisher: GRIN Verlag
Release Date : 2018-07-09
The International Monetary Fund The European Central Bank And The Federal Reserve And Their Role In The Economic Crisis written by Katharina Lurz and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-07-09 with Political Science categories.
Seminar paper from the year 2015 in the subject Politics - Region: USA, grade: 1,0, University of Bonn, language: English, abstract: This term paper is going to elaborate on the tasks and functions of certain international financial institutions, and subsequently on their role and course of action in the economic crisis. The institutions selected for that end are the International Monetary Fund, the European Central Bank and the Federal Reserve. Interestingly, all of these institutions have different spheres of influence, namely worldwide, Europe and the US, which also responds to the global character of the crisis itself. This suggests a global rescue effort which "transcended national boundaries" (Mihm and Roubini 177). This paper is concerned with the question what significant measures the respective institutions took and whether these actions were consistent with their original mandate and key objectives. For this purpose, each international institution will be examined individually, first according to their function and tasks (in tranquil times), and then with focus on their measures and reactions in the course of the economic crisis.
The Economics Of Discontent
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Author : Jean-Michel Paul
language : en
Publisher: Tomson
Release Date : 2019-06-14
The Economics Of Discontent written by Jean-Michel Paul and has been published by Tomson this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-14 with Business & Economics categories.
The social contract that has underpinned growth and political stability in the Western world since World War II has broken down. Houses, health care and higher education have become unaffordable to a majority of people, while the burden of unregulated monopolies, globalization and uncontrolled immigration has fallen disproportionately on the lower and middle classes. Wrapped in political correctness, an increasingly out of touch Western elite continues catering to special interests and fails to grasp the urgency for change. Populist movements harnessing public anger appear unable to propose and implement effective solutions. The last financial crisis was bad enough. But the next crisis will spread deeper and wider. And yet we stand economically, politically and most of all intellectually unprepared. This book is the story of how we have arrived at the brink of disaster and how we can move away from the win-lose policies of recent decades to restore much-needed balance.
Open Issues In European Central Banking
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Author : L. Smaghi
language : en
Publisher: Springer
Release Date : 2000-01-04
Open Issues In European Central Banking written by L. Smaghi and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-01-04 with Business & Economics categories.
With the start of EMU, the Eurosystem has taken over monetary policy for the 11 countries of the Euro-area. But the division of powers within the Eurosystem, between the European Central Bank and the constituent National Central Banks, is not satisfactory. This volume provides an analysis of the strengths and weaknesses of the Eurosystem and offers concrete proposals concerning the decision-making organs, balance sheets and the distribution of seigniorage.
The Imf And The European Debt Crisis
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Author : Mr. Harold James
language : en
Publisher: International Monetary Fund
Release Date : 2024-01-05
The Imf And The European Debt Crisis written by Mr. Harold James 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 2024-01-05 with Business & Economics categories.
The book explores the Fund’s engagement in Europe in the aftermath of the 2008 global financial crisis, and especially after 2010. It explains how, why, and with what consequences the International Monetary Fund—along with the European Central Bank and the European Commission (together known as “the troika”)—supported adjustment programs in Greece, Ireland, Portugal, and Cyprus as well as helping to monitor Spain’s adjustment program and exploring modalities for supporting Italy. Additionally, it analyzes how the euro area developments interacted with and affected the rest of Europe, including not only eastern and southeastern Europe but also the United Kingdom, where the political fallout from post-financial crisis populism—in the form of “Brexit” from the European Union—was, in the end, the most extreme. The IMF’s European programs embroiled the Fund in numerous controversies over the exceptionally large lending, over whether or not to impose losses on private creditors, and over the mix between external financing and internal adjustment undertaken by program countries. They also required the IMF to confront longstanding questions about its governance and evenhandedness in the treatment of different segments of its membership. The crisis programs, with Greece, Ireland, Portugal and Cyprus, all revolved around debt sustainability. In the Greek case, after an intense internal debate, the IMF initially chose a program without debt reduction because it feared that such a program–even if ultimately in the interests of Greece, the client country–would trigger a panic of banks and other creditors and thus generate contagion for the rest of Europe. Learning from the Greek case, in Ireland and Portugal, the IMF pushed for debt reduction, to which the government in Ireland but not in Portugal was sympathetic. There was thus no private sector debt reduction in Ireland and Portugal. The European programs were caught up in big geopolitical debates about the appropriate role of the Fund in the aftermath of the global financial crisis. The book examines the intellectual and policy shifts that took place in the IMF as a result of the controversies about its European programs. It concludes with some reflections on how all the programs also produced genuine policy reform and held out the possibility of a return to growth and prosperity.
Financial Crisis
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Author : James K. Jackson
language : en
Publisher: DIANE Publishing
Release Date : 2010
Financial Crisis written by James K. Jackson and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Business & Economics categories.
Contents: (1) Overview: Financial Architecture; Economic Performance; (2) The Financial Crisis and the European Union; (3) Phase I ¿ Build-up; (4) Phase II ¿ Liquidity Issues: Central Bank Operations; Interest Rates; Currency Swap Facilities; Depositor Guarantees; (5) Phase III ¿ Solvency and Deleveraging: The ¿European Framework for Action¿; ¿Bad Banks¿; (6) Phase IV ¿ Fiscal Intervention; European Economic Recovery Plan; Germany; France; United Kingdom; (7) Outlook. Charts and tables.
Populism And The Future Of The Fed
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Author : James A. Dorn
language : en
Publisher: Cato Institute
Release Date : 2022-04-19
Populism And The Future Of The Fed written by James A. Dorn and has been published by Cato Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-04-19 with Business & Economics categories.
"This book brings together some of the greatest thought leaders and monetary policy scholars to examine how the Fed is being politicized and what that means for our economy." -Jeb Hensarling, Former Chairman, House Financial Services Committee The 2008 financial crisis and the Covid-19 pandemic greatly expanded the Fed's scope and power. Populism and the Future of the Fed features highly readable essays that avoid technical jargon and provide a broad perspective on core issues-including the populist challenge to Fed independence, fiscal dominance and the return of inflation, the limits of Fed power versus the expansion of its dual mandate, and the strange world of helicopter money and fiscal QE. One could argue that those who want the Fed to allocate credit, help fund a Green New Deal, engage in helicopter drops, and so on, are well intentioned. However, the real issue is whether such actions are consistent with long-run price stability and the rule of law. Thus, several questions come to mind. What are the limits to what the Fed can do and what it should do in a free society? Where do we draw the line between fiscal and monetary policy? Do we want an activist central bank with wide discretion or a limited central bank guided by a monetary rule? What are the risks populism poses for the conduct of monetary policy, Fed independence, and central bank credibility? And can the Fed control inflation if populism and fiscal QE become pervasive? The distinguished contributors to this volume address those questions in a clear and compelling manner that will help improve both policymakers' and the public's understanding of the complex relationship between politics, policy, and the rule of law.
The Euro Area And The Financial Crisis
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Author : Miroslav Beblavý
language : en
Publisher: Cambridge University Press
Release Date : 2011-10-06
The Euro Area And The Financial Crisis written by Miroslav Beblavý 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 2011-10-06 with Business & Economics categories.
The financial crisis of 2007–10 has presented a number of key policy challenges for those concerned with the long-term stability of the euro area. It has shown that price stability as provided by the European Central Bank is not enough to guarantee financial stability, and exposed fault lines in governance and deficiencies in the architecture of the financial supervisory and regulatory framework. This book addresses these and other issues, including why the crisis affected some countries more than others, whether the euro is still attractive for new EU states, and what policy changes and structural reforms, both macro and micro, should be undertaken to ensure its future viability. Written by a team of leading academic and central bank economists, the book also includes chapters on the cross-country incidence of the crisis, the Irish crisis and ECB monetary policy during the crisis, and studies on Spain, the Baltics, Slovakia and Slovenia.