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Systemic Fragility In The Global Economy
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Book Synopsis Systemic Fragility in the Global Economy by : Dr, Jack Rasmus
Download or read book Systemic Fragility in the Global Economy written by Dr, Jack Rasmus and published by SCB Distributors. This book was released on 2016-01-08 with total page 511 pages. Available in PDF, EPUB and Kindle. Book excerpt: Just as contemporary economics failed to predict the 2008-09 crash, and over-estimated the subsequent brief recovery that followed, economists today are again failing to accurately forecast the slowing global economic growth, the growing fragility, and therefore rising instability in the global economy. This book offers a new approach to explaining why mainstream economic analyses have repeatedly failed and why fiscal and monetary policies have been incapable of producing a sustained recovery. Expanding upon the early contributions of Keynes, Minsky and others, it offers an alternative explanation why the global economy is slowing long term and becoming more unstable, why policies to date have largely failed, and why the next crisis may therefore prove even worse than that of 2008- 09. Systemic fragility is rooted in 9 key empirical trends: slowing real investment; a drift toward deflation; money, credit and liquidity explosion; rising levels of global debt; a shift to speculative financial investing; the restructuring of financial markets to reward capital incomes; the restricting of labor markets to lower wage incomes; the failure of Central Bank monetary policies; and the ineffectiveness of fiscal policies. It results from financial, consumer, and government balance sheet fragilities exacerbating each other -- creating a massive centripetal force disaggregating and tearing apart the whole, untameable by either fiscal or monetary means. This book clarifies how the price system in general, and financial asset prices in particular, transform into fundamentally destabilizing forces under conditions of systemic fragility. It explains why the global system has in recent decades become dependent upon, and even addicted to, massive liquidity injections, and how fiscal policies have been counterproductive, exacerbating fragility and instability. Policymakers’ failure to come to grips with how fundamental changes in the structure of the 21st century global capitalist economy—in particular in financial and labor market structures—make the global economy more systemically fragile can only propel it toward deeper instability and crises.
Download or read book Leveraged written by Moritz Schularick and published by University of Chicago Press. This book was released on 2022-12-13 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: An authoritative guide to the new economics of our crisis-filled century. Published in collaboration with the Institute for New Economic Thinking. The 2008 financial crisis was a seismic event that laid bare how financial institutions’ instabilities can have devastating effects on societies and economies. COVID-19 brought similar financial devastation at the beginning of 2020 and once more massive interventions by central banks were needed to heed off the collapse of the financial system. All of which begs the question: why is our financial system so fragile and vulnerable that it needs government support so often? For a generation of economists who have risen to prominence since 2008, these events have defined not only how they view financial instability, but financial markets more broadly. Leveraged brings together these voices to take stock of what we have learned about the costs and causes of financial fragility and to offer a new canonical framework for understanding it. Their message: the origins of financial instability in modern economies run deeper than the technical debates around banking regulation, countercyclical capital buffers, or living wills for financial institutions. Leveraged offers a fundamentally new picture of how financial institutions and societies coexist, for better or worse. The essays here mark a new starting point for research in financial economics. As we muddle through the effects of a second financial crisis in this young century, Leveraged provides a road map and a research agenda for the future.
Book Synopsis Global Governance of Financial Systems by : Kern Alexander
Download or read book Global Governance of Financial Systems written by Kern Alexander and published by Oxford University Press. This book was released on 2006 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book sets forth the economic rationale for international financial regulation and what role, if any, international regulation can play in effectively managing systemic risk while providing accountability to all affected nations. The book suggests that a particular type of global governance structure is necessary to have more efficient regulation of the international financial system.
Book Synopsis The Butterfly Defect by : Ian Goldin
Download or read book The Butterfly Defect written by Ian Goldin and published by Princeton University Press. This book was released on 2015-10-20 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: How to better manage systemic risks—from cyber attacks and pandemics to financial crises and climate change—in a globalized world The Butterfly Defect addresses the widening gap between the new systemic risks generated by globalization and their effective management. It shows how the dynamics of turbo-charged globalization has the potential and power to destabilize our societies. Drawing on the latest insights from a wide variety of disciplines, Ian Goldin and Mike Mariathasan provide practical guidance for how governments, businesses, and individuals can better manage globalization and risk. Goldin and Mariathasan demonstrate that systemic risk issues are now endemic everywhere—in supply chains, pandemics, infrastructure, ecology and climate change, economics, and politics. Unless we address these concerns, they will lead to greater protectionism, xenophobia, nationalism, and, inevitably, deglobalization, rising inequality, conflict, and slower growth. The Butterfly Defect shows that mitigating uncertainty and risk in an interconnected world is an essential task for our future.
Book Synopsis Global Trends 2040 by : National Intelligence Council
Download or read book Global Trends 2040 written by National Intelligence Council and published by Cosimo Reports. This book was released on 2021-03 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.
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.
Book Synopsis Race and Rurality in the Global Economy by : Michaeline A. Crichlow
Download or read book Race and Rurality in the Global Economy written by Michaeline A. Crichlow and published by SUNY Press. This book was released on 2018-09-26 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essays that examine globalizations effects with an emphasis on the interplay of race and rurality as it occurs across diverse geographies and peoples. Issues of migration, environment, rurality, and the visceral politics of place and space have occupied center stage in recent electoral political struggles in the United States and Europe, suffused by an antiglobalization discourse that has come to resonate with Euro-American peoples. Race and Rurality in the Global Economysuggests that this present fractious global politics begs for closer attention to be paid to the deep-rooted conditions and outcomes of globalization and development. From multiple viewpoints the contributors to this volume propose ways of understanding the ongoing processes of globalization that configure peoples and places via a politics of rurality in a capitalist world economy, and through an optics of raciality that intersects with class, gender, identity, land, and environment. In tackling the dynamics of space and place, their essays address matters such as the heightened risks and multiple states of insecurity in the global economy; the new logics of expulsion and primitive accumulation dynamics shaping a new savage sorting; patterns of resistance and transformation in the face of globalizations political and environmental changes; the steady decline in the livelihoods of people of color globally and their deepened vulnerabilities; and the complex reconstitution of systemic and lived racialization within these processes. This book is an invitation to ask whether our dystopia in present politics can be disentangled from the deepening sense of white fragility in the context of the historical power of globalizations raced effects.
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.
Book Synopsis Global Economic Prospects, June 2021 by : World Bank
Download or read book Global Economic Prospects, June 2021 written by World Bank and published by World Bank Publications. This book was released on 2021-08-03 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world economy is experiencing a very strong but uneven recovery, with many emerging market and developing economies facing obstacles to vaccination. The global outlook remains uncertain, with major risks around the path of the pandemic and the possibility of financial stress amid large debt loads. Policy makers face a difficult balancing act as they seek to nurture the recovery while safeguarding price stability and fiscal sustainability. A comprehensive set of policies will be required to promote a strong recovery that mitigates inequality and enhances environmental sustainability, ultimately putting economies on a path of green, resilient, and inclusive development. Prominent among the necessary policies are efforts to lower trade costs so that trade can once again become a robust engine of growth. This year marks the 30th anniversary of the Global Economic Prospects. The Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). Each edition includes analytical pieces on topical policy challenges faced by these economies.
Download or read book States of Fragility 2020 written by OECD and published by OECD Publishing. This book was released on 2020-09-17 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: States of Fragility 2020 sets a policy agenda for fragility at a critical turning point: the final countdown on Agenda 2030 is at hand, and the pandemic has reversed hard-fought gains. This report examines fragility as a story in two parts: the global state of fragility that existed before COVID-19, and the dramatic impact the pandemic is having on that landscape.
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.
Book Synopsis Systemic Risk in the Financial Sector by : Douglas W. Arner
Download or read book Systemic Risk in the Financial Sector written by Douglas W. Arner and published by Cigi Press. This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2008 global financial crisis brought the world's economy closer to collapse than ever before. Has enough been done to prevent another crisis?
Download or read book Inclusion Matters written by World Bank and published by World Bank Publications. This book was released on 2013-11-26 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social inclusion is on the agenda of governments, policymakers, and nonstate actors around the world. Underpinning this concern is the realization that despite progress on poverty reduction, some people continue to feel left out. This report aims to unpack the concept of social inclusion and understand better how policies can be designed to further inclusion. First, the report offers a definition of social inclusion as the "process of improving the terms for individuals and groups to take part in society." It unpacks different domains of society that excluded groups and individuals are at particular risk of being left out of -- markets, services, and spaces. Second, the report discusses the most important global mega-trends such as migration, climate chnage, and aging of societies, which will impact challenges and opportunities for inclusion. Finally, it argues that despite these challenges, change towards inclusion is possible and offers examples of inclusionary policies.
Book Synopsis Systemic Risk, Crises, and Macroprudential Regulation by : Xavier Freixas
Download or read book Systemic Risk, Crises, and Macroprudential Regulation written by Xavier Freixas and published by MIT Press. This book was released on 2015-06-19 with total page 487 pages. Available in PDF, EPUB and Kindle. Book excerpt: A framework for macroprudential regulation that defines systemic risk and macroprudential policy, describes macroprudential tools, and surveys the effectiveness of existing macroprudential regulation. The recent financial crisis has shattered all standard approaches to banking regulation. Regulators now recognize that banking regulation cannot be simply based on individual financial institutions' risks. Instead, systemic risk and macroprudential regulation have come to the forefront of the new regulatory paradigm. Yet our knowledge of these two core aspects of regulation is still limited and fragmented. This book offers a framework for understanding the reasons for the regulatory shift from a microprudential to a macroprudential approach to financial regulation. It defines systemic risk and macroprudential policy, cutting through the generalized confusion as to their meaning; contrasts macroprudential to microprudential approaches; discusses the interaction of macroprudential policy with macroeconomic policy (monetary policy in particular); and describes macroprudential tools and experiences with macroprudential regulation around the world. The book also considers the remaining challenges for establishing effective macroprudential policy and broader issues in regulatory reform. These include the optimal size and structure of the financial system, the multiplicity of regulatory bodies in the United States, the supervision of cross-border financial institutions, and the need for international cooperation on macroprudential policies.
Book Synopsis A Decade after the Global Recession by : M. Ayhan Kose
Download or read book A Decade after the Global Recession written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-19 with total page 475 pages. Available in PDF, EPUB and Kindle. Book excerpt: This year marks the tenth anniversary of the 2009 global recession. Most emerging market and developing economies weathered the global recession relatively well, in part by using the sizable fiscal and monetary policy ammunition accumulated during prior years of strong growth. However, their growth prospects have weakened since then, and many now have less policy space. This study provides the first comprehensive stocktaking of the past decade from the perspective of emerging market and developing economies. Many of these economies have now become more vulnerable to economic shocks. The study discusses lessons from the global recession and policy options for these economies to strengthen growth and prepare for the possibility of another global downturn.
Author :International Monetary Fund Staff Publisher :International Monetary Fund ISBN 13 :145197941X Total Pages :210 pages Book Rating :4.4/5 (519 download)
Book Synopsis Global Financial Stability Report by : International Monetary Fund Staff
Download or read book Global Financial Stability Report written by International Monetary Fund Staff and published by International Monetary Fund. This book was released on 2008-04-08 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: The events of the past six months have demonstrated the fragility of the global financial system and raised fundamental questions about the effectiveness of the response by private and public sector institutions. the report assesses the vulnerabilities that the system is facing and offers tentative conclusions and policy lessons. the report reflects information available up to March 21, 2008.
Download or read book Gridlock written by Thomas Hale and published by John Wiley & Sons. This book was released on 2013-07-11 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: The issues that increasingly dominate the 21st century cannot be solved by any single country acting alone, no matter how powerful. To manage the global economy, prevent runaway environmental destruction, reign in nuclear proliferation, or confront other global challenges, we must cooperate. But at the same time, our tools for global policymaking - chiefly state-to-state negotiations over treaties and international institutions - have broken down. The result is gridlock, which manifests across areas via a number of common mechanisms. The rise of new powers representing a more diverse array of interests makes agreement more difficult. The problems themselves have also grown harder as global policy issues penetrate ever more deeply into core domestic concerns. Existing institutions, created for a different world, also lock-in pathological decision-making procedures and render the field ever more complex. All of these processes - in part a function of previous, successful efforts at cooperation - have led global cooperation to fail us even as we need it most. Ranging over the main areas of global concern, from security to the global economy and the environment, this book examines these mechanisms of gridlock and pathways beyond them. It is written in a highly accessible way, making it relevant not only to students of politics and international relations but also to a wider general readership.
