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214 publications found, searching for 'Financial Instability '
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Working Paper No. 653March 02, 2011
Financial Keynesianism and Market Instability
AbstractIn this paper I will follow Hyman Minsky in arguing that the postwar period has seen a slow transformation of the economy from a structure that could be characterized as…more
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Working Paper No. 652March 01, 2011
The Dismal State of Macroeconomics and the Opportunity for a New Beginning
AbstractThe Queen of England famously asked her economic advisers why none of them had seen “it” (the global financial crisis) coming. Obviously, the answer is complex, but it must include…more
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One-Pager No. 8February 14, 2011
It’s Time to Rein In the Fed
AbstractThe economic crisis that has gripped the US economy since 2007 has highlighted Congress’s limited oversight of the Federal Reserve, and the limited transparency of the Fed’s actions. And since…more
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Working Paper No. 642December 06, 2010
China in the Global Economy
AbstractChina occupies a unique position among developing countries. Its success in achieving relative stability in the financial sector since the institution of reforms in 1979 has given way to relative…more
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Working Paper No. 637November 12, 2010
Financial Stability, Regulatory Buffers, and Economic Growth
AbstractOver the past 40 years, regulatory reforms have been undertaken on the assumption that markets are efficient and self-corrective, crises are random events that are unpreventable, the purpose of an…more
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One-Pager No. 5November 11, 2010
Preventing Another Crisis
AbstractThere is no justification for the belief that cutting spending or raising taxes by any amount will reduce the federal deficit, let alone permit solid growth. The worst fears about…more
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Working Paper No. 634November 03, 2010
How Brazil Can Defend Against Financialization and Keep Its Economic Surplus for Itself
AbstractThe post-1945 mode of global integration has outlived its early promise. It has become exploitative rather than supportive of capital investment, public infrastructure, and living standards. In the sphere of…more
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Working Paper No. 632November 01, 2010
The Household Sector Financial Balance, Financing Gap, Financial Markets, and Economic Cycles in the US Economy
AbstractThis paper investigates private net saving in the US economy—divided into its principal components, households and (nonfinancial) corporate financial balances—and its impact on the GDP cycle from the 1980s to…more
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Working Paper No. 630October 26, 2010
Managing Finance in Emerging Economies
AbstractIndia has been experiencing rising inflows of overseas capital since the deregulation of its financial sector. Often looked upon as a success story among other emerging economies, the country has…more
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Working Paper No. 627October 19, 2010
The Transition from Industrial Capitalism to a Financialized Bubble Economy
AbstractFor the past decade, the US economy has been driven not by industrial investment but by a real estate bubble. Although the United States may seem to be the leading…more
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Working Paper No. 623September 28, 2010
The Meltdown of the Global Economy
AbstractThe enormity and pervasiveness of the global economic crisis that began in 2008 makes it relevant to analyze the circumstances that can explain this catastrophe. This will also provide clues…more
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Working Paper No. 619September 19, 2010
Asia and the Global Crisis
AbstractThe global crisis of 2007–09 affected developing Asia largely through a decline in exports to the developed countries and a slowdown in remittances. This happened very quickly, and by 2009…more
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Working Paper No. 612August 20, 2010
What Do Banks Do? What Should Banks Do?
AbstractBefore we can reform the financial system, we need to understand what banks do; or, better, what banks should do. This paper will examine the later work of Hyman Minsky…more
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Working Paper No. 606August 02, 2010
Changes in Central Bank Procedures during the Subprime Crisis and Their Repercussions on Monetary Theory
AbstractThe subprime financial crisis has forced several North American and European central banks to take extraordinary measures and to modify some of their operational procedures. These changes have made even…more
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Working Paper No. 605June 29, 2010
Detecting Ponzi Finance
AbstractDifferent frameworks of analysis lead to different conceptions of financial instability and financial fragility. On one side, the static approach conceptualizes financial instability as an unfortunate byproduct of capitalism that…more
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Working Paper No. 604June 28, 2010
Three Futures for Postcrisis Banking in the Americas
AbstractThis would seem an opportune moment to reshape banking systems in the Americas. But any effort to rethink and improve banking must acknowledge three major barriers. The first is a…more
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One-Pager No. 3May 20, 2010
“The Spectre of Banking”
AbstractA year and a half after the collapse in the financial markets, the debate about necessary “reforms” is still in its early stages, and none of the debaters seriously claims…more
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One-Pager No. 2May 19, 2010
Reforms Without Politicians
AbstractCongress is currently debating new regulations for financial institutions in an effort to avoid a repeat of the recent crisis that brought the banking system to the brink. Some of…more
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Working Paper No. 598May 17, 2010
The Economic and Financial Crises in CEE and CIS
AbstractThis paper looks at the countries of Central and Eastern Europe (CEE) and the Commonwealth of Independent States (CIS), where economies have been most dramatically hit by the global crisis…more
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Working Paper No. 597May 11, 2010
Bretton Woods 2 Is Dead, Long Live Bretton Woods 3?
AbstractThis paper sets out to investigate the forces and conditions that led to the emergence of global imbalances preceding the worldwide crisis of 2007–09, and both the likelihood and the…more
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Working Paper No. 593May 07, 2010
A Contribution to the Theory of Financial Fragility and Crisis
AbstractThe paper examines three aspects of a financial crisis of domestic origin. The first section studies the evolution of a debt-financed consumption boom supported by rising asset prices, leading to…more
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Working Paper No. 592May 06, 2010
The Global Financial Crisis and a New Capitalism?
AbstractThe 2008 global financial crisis was the consequence of the process (1) of financialization, or the creation of massive fictitious financial wealth, that began in the 1980s,; and (2) the…more
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Working Paper No. 591March 18, 2010
Global Imbalances, the US Dollar, and How the Crisis at the Core of Global Finance Spread to “Self-Insuring†Emerging Market Economies
AbstractThis paper investigates the spread of what started as a crisis at the core of the global financial system to emerging economies. While emerging economies had exhibited some resilience through…more
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Working Paper No. 587February 19, 2010
The Global Financial Crisis and the Shift to Shadow Banking
AbstractWhile most economists agree that the world is facing the worst economic crisis since the Great Depression, there is little agreement as to what caused it. Some have argued that…more
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