Two Crises, Different Outcomes

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Publisher : Cornell University Press
ISBN 13 : 0801455014
Total Pages : 280 pages
Book Rating : 4.8/5 (14 download)

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Book Synopsis Two Crises, Different Outcomes by : T. J. Pempel

Download or read book Two Crises, Different Outcomes written by T. J. Pempel and published by Cornell University Press. This book was released on 2015-05-06 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two Crises, Different Outcomes examines East Asian policy reactions to the two major crises of the last fifteen years: the global financial crisis of 2008–9 and the Asian financial crisis of 1997–98. The calamity of the late 1990s saw a massive meltdown concentrated in East Asia. In stark contrast, East Asia avoided the worst effects of the Lehman Brothers collapse, incurring relatively little damage when compared to the financial devastation unleashed on North America and Europe. Much had changed across the intervening decade, not least that China rather than Japan had become the locomotive of regional growth, and that the East Asian economies had taken numerous steps to buffer their financial structures and regulatory regimes. This time Asia avoided disaster; it bounced back quickly after the initial hit and has been growing in a resilient fashion ever since. The authors of this book explain how the earlier financial crisis affected Asian economies, why government reactions differed so widely during that crisis, and how Asian economies weathered the Great Recession. Drawing on a mixture of single-country expertise and comparative analysis, they conclude by assessing the long-term prospects that Asian countries will continue their recent success.

A Tale of Two Crises

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Publisher : Routledge
ISBN 13 : 1136172416
Total Pages : 152 pages
Book Rating : 4.1/5 (361 download)

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Book Synopsis A Tale of Two Crises by : Seetharam Kallidaikurichi

Download or read book A Tale of Two Crises written by Seetharam Kallidaikurichi and published by Routledge. This book was released on 2013-03-05 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: Some analysts looked at the 1997/98 East Asian crisis not as one crisis but as a combination of crises, beginning with a crisis of confidence and evolving into a currency crisis, a financial crisis, an economic crisis, a social crisis and a political crisis. This book is a multidisciplinary study of financial crises, in particular, the Asian crisis of 1997 and the more recent global financial crisis of 2008. Looking at financial crises not as one crisis, but as a combination of crises beginning with a crisis of confidence, this study steps out of the traditional mould and examines financial crises from novel perspectives. The book highlights that since the origin of a financial crisis is a confidence crisis, either in the whole economy or a particular sector, the Asian and recent global crises could have backward and forward linkages to political regimes and institutions, culture and tradition, the role of the media, society and societal evolution and development processes of regulatory regimes. Through contributions by authors in fields ranging from sociology and political science, media and Islamic banking, to law and regulation, this study adopts a broad framework for understanding financial crises, and sheds light on the interwoven and complex structures and often overlooked aspects which contribute to the holistic understanding of this topic.

Asia's Turning Point

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Publisher : John Wiley & Sons
ISBN 13 : 1118580621
Total Pages : 392 pages
Book Rating : 4.1/5 (185 download)

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Book Synopsis Asia's Turning Point by : Ivan Tselichtchev

Download or read book Asia's Turning Point written by Ivan Tselichtchev and published by John Wiley & Sons. This book was released on 2012-11-26 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asia was probably the biggest economic sensation of the post-war decades. The breathtaking success of Japan was followed by a remarkable rise of "four tigers", then ASEAN founder states and then China. The Asian miracle became a commonly accepted definition of this success. In the late 1970s and especially 80s it became clear that the balance of power in the world had changed. Politicians, businessmen, scholars began to talk about "the new Asia Pacific age" and Asian economic model, different from and, maybe, even superior to Western capitalism. However, in 1997-98 the Asian economic crisis came and made the region a sick man. Six years before that Japan, the regional powerhouse entered more than a decade-long period of stagnation. The miracle was over. However, the crisis was overcome within a surprisingly short period of time. Naturally, the question arises: What now? What is going on in the region after the miracle and after the crisis? What is today's face of Asian capitalism and how should we view its performance? Readers interested in regional developments will find a lot of literature about miracle decades and crisis years. However, few analysts have addressed the challenging questions addressed in this book. The authors vividly show that Asian capitalism is undergoing a radical structural transformation. These changes are directly affecting its key institutions: governments, companies, labor relations, etc. As a result Asian economic systems are becoming much closer to the Western-style, especially Anglo-Saxon capitalism, though the region retains some important specific features, especially regarding business culture. This book is a must for business people worldwide, for all those who study the region in colleges and business schools, for people engaged in various international activities and, finally, for all those who want learn more about our world at the dawn of the new century.

Misunderstanding Financial Crises

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Publisher : Oxford University Press
ISBN 13 : 0199986886
Total Pages : 296 pages
Book Rating : 4.1/5 (999 download)

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Book Synopsis Misunderstanding Financial Crises by : Gary B. Gorton

Download or read book Misunderstanding Financial Crises written by Gary B. Gorton and published by Oxford University Press. This book was released on 2012-11-02 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Before 2007, economists thought that financial crises would never happen again in the United States, that such upheavals were a thing of the past. Gary B. Gorton, a prominent expert on financial crises, argues that economists fundamentally misunderstand what they are, why they occur, and why there were none in the U.S. from 1934 to 2007. Misunderstanding Financial Crises offers a back-to-basics overview of financial crises, and shows that they are not rare, idiosyncratic events caused by a perfect storm of unconnected factors. Instead, Gorton shows how financial crises are, indeed, inherent to our financial system. Economists, Gorton writes, looked from a certain point of view and missed everything that was important: the evolution of capital markets and the banking system, the existence of new financial instruments, and the size of certain money markets like the sale and repurchase market. Comparing the so-called "Quiet Period" of 1934 to 2007, when there were no systemic crises, to the "Panic of 2007-2008," Gorton ties together key issues like bank debt and liquidity, credit booms and manias, moral hazard, and too-big-too-fail--all to illustrate the true causes of financial collapse. He argues that the successful regulation that prevented crises since 1934 did not adequately keep pace with innovation in the financial sector, due in part to the misunderstandings of economists, who assured regulators that all was well. Gorton also looks forward to offer both a better way for economists to think about markets and a description of the regulation necessary to address the future threat of financial disaster.

Economic Crises and the Breakdown of Authoritarian Regimes

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Author :
Publisher : Cambridge University Press
ISBN 13 : 1139480413
Total Pages : pages
Book Rating : 4.1/5 (394 download)

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Book Synopsis Economic Crises and the Breakdown of Authoritarian Regimes by : Thomas B. Pepinsky

Download or read book Economic Crises and the Breakdown of Authoritarian Regimes written by Thomas B. Pepinsky and published by Cambridge University Press. This book was released on 2009-08-17 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Why do some authoritarian regimes topple during financial crises, while others steer through financial crises relatively unscathed? In this book, Thomas B. Pepinsky uses the experiences of Indonesia and Malaysia and the analytical tools of open economy macroeconomics to answer this question. Focusing on the economic interests of authoritarian regimes' supporters, Pepinsky shows that differences in cross-border asset specificity produce dramatically different outcomes in regimes facing financial crises. When asset specificity divides supporters, as in Indonesia, they desire mutually incompatible adjustment policies, yielding incoherent adjustment policy followed by regime collapse. When coalitions are not divided by asset specificity, as in Malaysia, regimes adopt radical adjustment measures that enable them to survive financial crises. Combining rich qualitative evidence from Southeast Asia with cross-national time-series data and comparative case studies of Latin American autocracies, Pepinsky reveals the power of coalitions and capital mobility to explain how financial crises produce regime change.

A Region of Regimes

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Publisher : Cornell University Press
ISBN 13 : 1501758810
Total Pages : 161 pages
Book Rating : 4.5/5 (17 download)

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Book Synopsis A Region of Regimes by : T. J. Pempel

Download or read book A Region of Regimes written by T. J. Pempel and published by Cornell University Press. This book was released on 2021-09-15 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Region of Regimes traces the relationship between politics and economics—power and prosperity—in the Asia-Pacific in the decades since the Second World War. This book complicates familiar and incomplete narratives of the "Asian economic miracle" to show radically different paths leading to high growth for many but abject failure for some. T. J. Pempel analyzes policies and data from ten East Asian countries, categorizing them into three distinct regime types, each historically contingent and the product of specific configurations of domestic institutions, socio-economic resources, and external support. Pempel identifies Japan, Korea, and Taiwan as developmental regimes, showing how each then diverged due to domestic and international forces. North Korea, Myanmar, and the Philippines (under Marcos) comprise "rapacious regimes" in this analysis, while Malaysia, Indonesia, and Thailand form "ersatz developmental regimes." Uniquely, China emerges as an evolving hybrid of all three regime types. A Region of Regimes concludes by showing how the shifting interactions of these regimes have profoundly shaped the Asia-Pacific region and the globe across the postwar era.

Financial Crises

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Author :
Publisher : International Monetary Fund
ISBN 13 : 1475543409
Total Pages : 670 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Financial Crises by : Mr.Stijn Claessens

Download or read book Financial Crises written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2014-02-19 with total page 670 pages. Available in PDF, EPUB and Kindle. Book excerpt: The lingering effects of the economic crisis are still visible—this shows a clear need to improve our understanding of financial crises. This book surveys a wide range of crises, including banking, balance of payments, and sovereign debt crises. It begins with an overview of the various types of crises and introduces a comprehensive database of crises. Broad lessons on crisis prevention and management, as well as the short-term economic effects of crises, recessions, and recoveries, are discussed.

Global Waves of Debt

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Publisher : World Bank Publications
ISBN 13 : 1464815453
Total Pages : 403 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Global Waves of Debt by : M. Ayhan Kose

Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Crashed

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Publisher : Penguin
ISBN 13 : 0143110357
Total Pages : 722 pages
Book Rating : 4.1/5 (431 download)

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Book Synopsis Crashed by : Adam Tooze

Download or read book Crashed written by Adam Tooze and published by Penguin. This book was released on 2019-08-27 with total page 722 pages. Available in PDF, EPUB and Kindle. Book excerpt: WINNER OF THE LIONEL GELBER PRIZE A NEW YORK TIMES NOTABLE BOOK OF 2018 ONE OF THE ECONOMIST'S BOOKS OF THE YEAR A NEW YORK TIMES CRITICS' TOP BOOK "An intelligent explanation of the mechanisms that produced the crisis and the response to it...One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature of the European and American financial systems."--The New York Times Book Review From the prizewinning economic historian and author of Shutdown and The Deluge, an eye-opening reinterpretation of the 2008 economic crisis (and its ten-year aftermath) as a global event that directly led to the shockwaves being felt around the world today. We live in a world where dramatic shifts in the domestic and global economy command the headlines, from rollbacks in US banking regulations to tariffs that may ignite international trade wars. But current events have deep roots, and the key to navigating today’s roiling policies lies in the events that started it all—the 2008 economic crisis and its aftermath. Despite initial attempts to downplay the crisis as a local incident, what happened on Wall Street beginning in 2008 was, in fact, a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America, forcing a rearrangement of global governance. With a historian’s eye for detail, connection, and consequence, Adam Tooze brings the story right up to today’s negotiations, actions, and threats—a much-needed perspective on a global catastrophe and its long-term consequences.

Regulatory Cycles: Revisiting the Political Economy of Financial Crises

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Author :
Publisher : International Monetary Fund
ISBN 13 : 1484337743
Total Pages : 89 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Regulatory Cycles: Revisiting the Political Economy of Financial Crises by : Jihad Dagher

Download or read book Regulatory Cycles: Revisiting the Political Economy of Financial Crises written by Jihad Dagher and published by International Monetary Fund. This book was released on 2018-01-15 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial policy during ten of the most infamous financial booms and busts since the 18th century, and presents consistent evidence of pro-cyclical regulatory policies by governments. Financial booms, and risk-taking during these episodes, were often amplified by political regulatory stimuli, credit subsidies, and an increasing light-touch approach to financial supervision. The regulatory backlash that ensues from financial crises can only be understood in the context of the deep political ramifications of these crises. Post-crisis regulations do not always survive the following boom. The interplay between politics and financial policy over these cycles deserves further attention. History suggests that politics can be the undoing of macro-prudential regulations.

Financial Crises Explanations, Types, and Implications

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Publisher : International Monetary Fund
ISBN 13 : 1475561008
Total Pages : 66 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Financial Crises Explanations, Types, and Implications by : Mr.Stijn Claessens

Download or read book Financial Crises Explanations, Types, and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.

Fragile by Design

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Publisher : Princeton University Press
ISBN 13 : 0691168350
Total Pages : 584 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis Fragile by Design by : Charles W. Calomiris

Download or read book Fragile by Design written by Charles W. Calomiris and published by Princeton University Press. This book was released on 2015-08-04 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why stable banking systems are so rare Why are banking systems unstable in so many countries—but not in others? The United States has had twelve systemic banking crises since 1840, while Canada has had none. The banking systems of Mexico and Brazil have not only been crisis prone but have provided miniscule amounts of credit to business enterprises and households. Analyzing the political and banking history of the United Kingdom, the United States, Canada, Mexico, and Brazil through several centuries, Fragile by Design demonstrates that chronic banking crises and scarce credit are not accidents. Calomiris and Haber combine political history and economics to examine how coalitions of politicians, bankers, and other interest groups form, why they endure, and how they generate policies that determine who gets to be a banker, who has access to credit, and who pays for bank bailouts and rescues. Fragile by Design is a revealing exploration of the ways that politics inevitably intrudes into bank regulation.

Ten Crises

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Publisher : Routledge
ISBN 13 : 1134601042
Total Pages : 365 pages
Book Rating : 4.1/5 (346 download)

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Book Synopsis Ten Crises by : Peter Montiel

Download or read book Ten Crises written by Peter Montiel and published by Routledge. This book was released on 2013-12-17 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial crises are dramatic events. When they emerge, they tend to dominate the attention of the press and become the focus of policymakers. In one form or another, they have affected the lives of millions of people throughout the world. As references to 16th century Dutch tulips, 18th South Seas merchant ventures, or 1920s Florida real estate make clear, they have been around for a long time. At their worst, such as in the cases of the Great Depression or the current Great Recession, their effects have been felt worldwide, with the number of people affected counted into the billions. They have at times changed the course of history. This book analyses ten of the most important financial crises of the last thirty years. The specific crises covered in the book are the 1982 Chilean crisis, the 1992 ERM crisis, the 1994 Mexican crisis, the 1997 Asian crisis, the 1998 Russian crisis, the 1999 Brazilian crisis, the 1999 Ecuadorian crisis, the 2000 Turkish crisis, the 2002 Argentine crisis, and the 2008 crisis in Iceland. The set includes the most important emerging-market crises of the last three decades as well as two particularly informative advanced-country crises, the ERM crisis of 1992 and the Icelandic crisis of 2008. A separate chapter is devoted to each crisis, and a brief concluding chapter sums up some of the key lessons that I believe that we can draw from these events.

International Macroeconomics in the Wake of the Global Financial Crisis

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Author :
Publisher : Springer
ISBN 13 : 3319790757
Total Pages : 298 pages
Book Rating : 4.3/5 (197 download)

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Book Synopsis International Macroeconomics in the Wake of the Global Financial Crisis by : Laurent Ferrara

Download or read book International Macroeconomics in the Wake of the Global Financial Crisis written by Laurent Ferrara and published by Springer. This book was released on 2018-06-13 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 Global Financial Crisis

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Author :
Publisher : DIANE Publishing
ISBN 13 : 1437919847
Total Pages : 127 pages
Book Rating : 4.4/5 (379 download)

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Book Synopsis The Global Financial Crisis by : Dick K. Nanto

Download or read book The Global Financial Crisis written by Dick K. Nanto and published by DIANE Publishing. This book was released on 2009 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contents: (1) Recent Developments and Analysis; (2) The Global Financial Crisis and U.S. Interests: Policy; Four Phases of the Global Financial Crisis; (3) New Challenges and Policy in Managing Financial Risk; (4) Origins, Contagion, and Risk; (5) Effects on Emerging Markets: Latin America; Russia and the Financial Crisis; (6) Effects on Europe and The European Response: The ¿European Framework for Action¿; The British Rescue Plan; Collapse of Iceland¿s Banking Sector; (7) Impact on Asia and the Asian Response: Asian Reserves and Their Impact; National Responses; (8) International Policy Issues: Bretton Woods II; G-20 Meetings; The International Monetary Fund; Changes in U.S. Reg¿s. and Regulatory Structure; (9) Legislation.

A Crisis of Beliefs

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Publisher : Princeton University Press
ISBN 13 : 0691202230
Total Pages : 264 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis A Crisis of Beliefs by : Nicola Gennaioli

Download or read book A Crisis of Beliefs written by Nicola Gennaioli and published by Princeton University Press. This book was released on 2020-03-10 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: "How investor expectations move markets and the economy. The collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government rushed to rescue other financial institutions from a similar fate after Lehman, it could not prevent the deepest recession in postwar history. A Crisis of Beliefs makes us rethink the financial crisis and the nature of economic risk. In this authoritative and comprehensive book, two of today's most insightful economists reveal how our beliefs shape financial markets, lead to expansions of credit and leverage, and expose the economy to major risks. Nicola Gennaioli and Andrei Shleifer carefully walk readers through the unraveling of Lehman Brothers and the ensuing meltdown of the US financial system, and then present new evidence to illustrate the destabilizing role played by the beliefs of home buyers, investors, and regulators. Using the latest research in psychology and behavioral economics, they present a new theory of belief formation that explains why the financial crisis came as such a shock to so many people--and how financial and economic instability persist. A must-read for anyone seeking insights into financial markets, A Crisis of Beliefs shows how even the smartest market participants and regulators did not fully appreciate the extent of economic risk, and offers a new framework for understanding today's unpredictable financial waters."--

This Time Is Different

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Publisher : Princeton University Press
ISBN 13 : 0691152640
Total Pages : 513 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis This Time Is Different by : Carmen M. Reinhart

Download or read book This Time Is Different written by Carmen M. Reinhart and published by Princeton University Press. This book was released on 2011-08-07 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt: An empirical investigation of financial crises during the last 800 years.