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Author: International Monetary Fund. External Relations Dept.
Publisher: International Monetary Fund
ISBN: 1475566980
Category : Business & Economics
Languages : en
Pages : 60
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Book Description
This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality by Jonathan Ostry and Andrew Berg are also illustrated. Since the 2008 global crisis, global economists must change the way they look at the world.
Author: Richard A. Ile
Publisher: Edward Elgar Publishing
ISBN: 1781951861
Category : Business & Economics
Languages : en
Pages : 309
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Book Description
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.
Author: International Monetary Fund. External Relations Dept.
Publisher: International Monetary Fund
ISBN: 1475566980
Category : Business & Economics
Languages : en
Pages : 60
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Book Description
This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality by Jonathan Ostry and Andrew Berg are also illustrated. Since the 2008 global crisis, global economists must change the way they look at the world.
Author: Barry Eichengreen
Publisher: World Scientific
ISBN: 9814452203
Category : Business & Economics
Languages : en
Pages : 230
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Book Description
List of contributors The global credit crisis of 2008–2009 was the most serious shock to the world economy in fully 80 years. It was for the world as a whole what the Asian crisis of 1997–1998 was for emerging markets: a profoundly alarming wake-up call. By laying bare the fragility of global markets, it raised troubling questions about the operation of our deeply integrated world economy. It cast doubt on the efficacy of the dominant mode of light-touch financial regulation and more generally on the efficacy of the prevailing commitment to economic and financial liberalization. It challenged the managerial capacity of inherited institutions of global governance. And it augured a changing of the guard, pointing to the possibility that the economies that had been the leaders in the “global growth stakes” in the past might no longer be the leaders in the future. What the crisis means for reform, however, is still unclear. This book brings together leading scholars and policy analysts to describe and weigh the options. Successive chapters assess options for the global financial system, the global trading system, the international monetary system, and the Group of 20 and global governance. A final set of chapters contemplates the policy challenges for emerging markets and the advanced economies in the wake of the financial crisis. Contents:IntroductionFinancial Reform after the CrisisDid WTO Rules Restrain Protectionism During the Recent Systemic Crisis?The International Monetary System after the Financial CrisisThe Group of 20: Trials of Global Governance in Times of CrisisEmerging Markets in the Aftermath of the Global Financial CrisisChallenges for Emerging AsiaLong-Term Challenges for the Advanced Economies: Reducing Government Debt Readership: Students and researchers in the fields of international economics, macroeconomics, finance and development. Keywords:World Economy;Financial Crisis;Global Trading System;Global Financial System;International Monetary System;G20;Global Governance;Emerging Markets;Asia;Advanced EconomiesKey Features:Gives comprehensive treatment covering trade, finance, macroeconomics and development policyCombines the perspectives of leading analysts from North America, Europe and AsiaContains accessible technical
Author: Bokyeong Park
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The global credit crisis of 2008-09 was the most serious shock to the world economy in 80 years. It was for the world what the Asian crisis of 1997-98 had been for emerging markets: a profoundly alarming wake-up call. By laying bare the fragility of global markets, it raised troubling questions about the operation of the 21st-century world economy. It cast doubt on the efficacy of light-touch financial regulation and, more generally, on the prevailing commitment to economic and financial liberalization. It challenged the managerial capacity of institutions of global governance. It augured a changing of the guard, pointing to the possibility that the economies that had been leaders in the global growth stakes in the past would no longer be leaders in the future. Given that the 2008-09 crisis was first and foremost a financial crisis, it is appropriate that analysis should start with an assessment of the causes of recent financial problems and the successes and failures of post-crisis financial reform. The author argues that the traditional separation of macroeconomic and financial policies - the “Tinbergen principle” of assigning monetary policy to the maintenance of price stability and regulatory policy to financial stability - is part of what caused the crisis, and that the development of a synthesis, which flies under the flag of “macro-prudential” or “macro-financial” policy, points the way to a solution. Another striking aspect of the crisis was the abrupt collapse of international trade, which declined even more precipitously than the production of goods and services. Why the impact on trade was so dramatic continues to be debated. Then there was the protectionist response, described in Chapter 3. A few governments responded to the crisis and recession with overtly protectionist policies, but more important was “murky protectionism” defined to include not simply import tariffs, quotas and export taxes but also subsidies, bailouts, preferential public procurement practices. The global crisis also deepened disenchantment with the structure and operation of the international monetary system. It was already a commonplace that a system in which the U.S. dollar enjoyed the “exorbitant privilege” of providing the vast majority of global foreign exchange reserves was dangerously prone to imbalances. Chapter 4 sketches likely future trajectories for the international monetary arrangements. The author is dismissive of far-reaching reforms ranging from a regime based on Special Drawing Rights on the one hand to restoration of a gold-based system on the other. But he is equally skeptical about the viability of a dollar-centric monetary system like that of the recent past. The remaining option being a system organized around several national currencies - not just the dollar but also the euro and the Chinese renminbi, the question then becomes how to ease the transition to such a system and to smooth its operation once it arrives. Among the notable long-term consequences of the crisis has been the emergence of the Group of Twenty (G20) as the de facto steering committee for the world economy, displacing earlier advanced-country-centered groupings, notably the Group of Seven/Eight (G7/8). But, institutionally, the G20 remains a work in progress. As explained in Chapter 5, it has no permanent staff or written constitution. It has no global mandate; why it includes the countries it does reflects the particular historical process out of which it emerged. The details of how the G20 will work with multilateral organizations such as the International Monetary Fund and Financial Stability Board when additional problems arise remain to be determined. As the growing prominence of the G20 reveals, another consequence of the crisis has been to enhance the weight of emerging markets in the world economy. Their economies held up best in the face of the shock, and they continue to grow robustly. Chapter 6 marshals a number of indicators showing just how fast the emerging markets have grown and how importantly they now figure in the world economy. At the same time, as the author explains, these countries face serious challenges in the post-crisis environment. Stagnation in the advanced countries is a challenge for their traditional strategy of export-led growth. Chapter 7 focuses more closely on the challenges facing the emerging markets of East Asia in particular. The global crisis of 2008-09 and, more recently, financial turmoil in Europe had relatively little impact on East Asia's fast-growing economies. The emerging markets of East Asia, it was increasingly asserted, had successfully decoupled from the advanced-country world. The authors ask in the chapter whether this will remain the case going forward. As global liquidity strains rose again in the latter part of 2011, a number of East Asian currencies weakened substantially, highlighting the region's continuing dependence on external financial conditions. But if the challenges that emerging markets will face in the new post-crisis environment will be formidable, they pale in comparison with those that will confront the advanced economies. The advanced economies as a group emerged from the crisis with large budget deficits and heavy debts. Winding down those deficits without derailing recovery and damaging the prospects for growth will not be easy. All this takes place against a gloomy demographic backdrop that implies rising old-age dependency ratios, heavy pension obligations and health care costs, and a declining share of the population participating in the labor force. Chapter 8 takes up these issues. The authors frame their analysis around a number of distinctions. Notwithstanding numerous differences among economies, medium-term fiscal challenges are daunting across the advanced-country world. Under any plausible projection of the evolution of macroeconomic variables, current policies are not sustainable. Difficult decisions are unavoidable. The global financial crisis has cast a long shadow. It has profoundly affected the advanced economies, emerging markets and the balance between them. The implications for the international trade, the monetary and financial system, and global governance are far reaching. Drawing out those implications and beginning to comprehend what they mean for the future is the task the authors take up, collectively, in this volume.
Author: M. Ayhan Kose
Publisher: World Bank Publications
ISBN: 1464815283
Category : Business & Economics
Languages : en
Pages : 475
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Book Description
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: Paolo Savona
Publisher: Routledge
ISBN: 1317127803
Category : Business & Economics
Languages : en
Pages : 351
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Book Description
Out of the debate over the effectiveness of the policy responses to the 2008 global financial crisis as well as over the innovativeness of global governance comes this collection by leading academics and practitioners who explore the dynamics of economic crisis and impact. Edited by Paolo Savona, John J. Kirton, and Chiara Oldani Global Financial Crisis: Global Impact and Solutions examines the nature of the recent crisis, its consequences in major regions and countries, the innovations in the ideas, instruments and institutions that constitute national and regional policy responses, building on the G8's response at its L'Aquila Summit. Experts from Africa, North America, Asia and Europe examine the implications of those responses for international cooperation, coordination and institutional change in global economic governance, and identify ways to reform and even replace the architecture created in the mid 20th century in order to meet the global challenges of the 21st.
Author: Laurent Ferrara
Publisher: Springer
ISBN: 3319790757
Category : Business & Economics
Languages : en
Pages : 300
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Book Description
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.
Author: Lars Anell
Publisher: London : F. Pinter
ISBN:
Category : Business & Economics
Languages : en
Pages : 198
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Book Description
Monograph examining issues relating to international economic relations trends and economic recession in OECD countries - examines causes and significance of the crisis, increasing interdependence, changing international division of labour and relations with newly industrializing countries, and discusses the prerequisites for and role of OECD countries in a new international economic order. Graphs, illustrations, references and statistical tables.
Author: Joseph Stiglitz
Publisher: The New Press
ISBN: 1595585915
Category : Business & Economics
Languages : en
Pages : 241
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Book Description
The fact that our global economy is broken may be widely accepted, but what precisely needs to be fixed has become the subject of enormous controversy. In 2008, the president of the United Nations General Assembly convened an international panel, chaired by Nobel Prize–;winning economist Joseph Stiglitz and including twenty leading international experts on the international monetary system, to address this crucial issue. The Stiglitz Report, released by the committee in late 2009, sees the recent financial crisis as the latest and most damaging of several concurrent crises—of food, water, energy, and sustainability—that are tightly interrelated. The analysis and recommendations in the report cover the gamut from short-term mitigation to deep structural changes, from crisis response to reform of the global, economic, and financial architecture. The report establishes a bold agenda for policy change, that is sure to be the gold standard for understanding and contending with the international economy for many years to come. The Stiglitz Report is essential reading for anyone concerned about a secure and prosperous world.
Author: Catherine R. Schenk
Publisher: Taylor & Francis
ISBN: 1136727949
Category : Business & Economics
Languages : en
Pages : 193
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Book Description
The international economy since 1945 has endured dramatic changes in its balance of power, from the early period of prosperity for industrialised nations, to the 2008/9 global crisis. In this volume Catherine Schenk outlines these huge changes, examines how the world’s economic leaders have tried to organise and influence the international economy and presents the key frameworks in which international economic relations have developed. Focusing on the pattern of international trade, international investment and the changing organisation of the international monetary system, this volume takes a chronological approach of key time-frames, and shows how policy has impacted the balance of the international economy. Major events such as European integration in the 1960’s, the collapse of the international monetary system and oil crisis in the 1970’s the return of China to the international economy in the 1980’s and emerging market crises in the 1990s are discussed within the context of key themes including global economic and regulatory co-ordination, the role of American economic hegemony, the evolution of exchange rate policy and unequal development. International Economic Relations since 1945 is the perfect guide for all students of economic history and international history, and for those seeking to understand recent economic trends in a longer term perspective.
