Financial Fragility, Debt and Economic Reforms PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Financial Fragility, Debt and Economic Reforms PDF full book. Access full book title Financial Fragility, Debt and Economic Reforms by Sunanda Sen. Download full books in PDF and EPUB format.
Author: Sunanda Sen
Publisher: Springer
ISBN: 1349138010
Category : Business & Economics
Languages : en
Pages : 273
Get Book Here
Book Description
The present volume articulates a state of concern with the destabilising and the growth retarding effects of current world finance relations. Emphasis laid in this volume on finance is justified, not only in terms of its dominance over real activities in the world economy but also with its influence on the pace of economic reforms in the debt-ridden countries. A large number of essays in this volume deals with the recent pattern of capital flows in the world economy. The latter has been of a high priority in the agenda for research in economics in recent times, especially with tendencies for financial fragility in the major financial markets and the enforcing of the structural adjustment programmes in the developing countries as a part of loan conditionalities. The volume provides a rich analysis of contemporary international finance relations, with individual chapters contributed by reputed economists who have made significant contributions to the literature.
Author: Sunanda Sen
Publisher: Springer
ISBN: 1349138010
Category : Business & Economics
Languages : en
Pages : 273
Get Book Here
Book Description
The present volume articulates a state of concern with the destabilising and the growth retarding effects of current world finance relations. Emphasis laid in this volume on finance is justified, not only in terms of its dominance over real activities in the world economy but also with its influence on the pace of economic reforms in the debt-ridden countries. A large number of essays in this volume deals with the recent pattern of capital flows in the world economy. The latter has been of a high priority in the agenda for research in economics in recent times, especially with tendencies for financial fragility in the major financial markets and the enforcing of the structural adjustment programmes in the developing countries as a part of loan conditionalities. The volume provides a rich analysis of contemporary international finance relations, with individual chapters contributed by reputed economists who have made significant contributions to the literature.
Author: Moritz Schularick
Publisher: University of Chicago Press
ISBN: 022681694X
Category : Business & Economics
Languages : en
Pages : 318
Get Book Here
Book Description
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.
Author: M. Ayhan Kose
Publisher: World Bank Publications
ISBN: 1464815453
Category : Business & Economics
Languages : en
Pages : 403
Get Book Here
Book Description
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.
Author: E. Philip Davis
Publisher: Clarendon Press
ISBN: 0191521612
Category : Business & Economics
Languages : en
Pages : 324
Get Book Here
Book Description
A remarkable feature of the period since 1970 has been the patterns of rapid and turbulent change in financing behaviour and financial structure in many advanced countries. These patterns have, in turn, often been marked by rising indebtedness, default on loans and periods of financial instability, whether in the non-financial sectors, the financial sector or both. This book explores, both in theoretical and empirical terms, the nature of the relationships between underlying phenomena; namely levels and changes in borrowing (debt), vulnerability to default in the corporate and household sectors (financial fragility), and widespread disorder in the financial sector (systemic risk). Davis focuses on the wider generality of the phenomena at issue whereby similar patterns are observable in several countries, but not in others, as well as in the international capital markets themselves. Particular attention is paid to the importance of the nature and evolution of financial structure to the genesis of instability. Given the international scope of the analysis, the work is germane to the study of the devlopment of financial systems in all advanced countries, as well as the euromarkets. It will be of particular relevance, however, in the US, Japan, Germany, France, the UK, and Canada, Italy, Australia, Sweden, Norway, Finland, whose experience is examined in detail. In this expanded and revised edition, the macroeconomic consequences of fragility and the appropriate policy response are examined in particular detail, with the analysis focusing on macroeconomic performance in eleven countries over 1988-93. A wide range of issues relating to financial stability, including risk in payments systems, derivatives, and property lending, are also considered.
Author: A. Nesvetailova
Publisher: Springer
ISBN: 0230592309
Category : Business & Economics
Languages : en
Pages : 202
Get Book Here
Book Description
Fragile Finance examines financial crisis in the era of global credit. Drawing on the work of Hyman Minsky, the book discusses the global financial system over the past decade, suggesting that financial fragility stems from an explosive combination of financial innovation, over-borrowing, and progressive illiquidity of financial structures.
Author: Jane D'Arista
Publisher:
ISBN: 9781789907759
Category : Debt
Languages : en
Pages : 0
Get Book Here
Book Description
All Fall Down traces the ways in which changes in financial structure and regulation eroded monetary control and led to historically high levels of debt relative to GDP in both developed and emerging economies. Rising stocks of debt drove the global financial system into crisis in 2008 when households, businesses, financial institutions and the public sector in some countries strained to generate sufficient income for debt service. The stagnation and fall in asset prices that followed began the process of unwinding that led to a run on the financial sector by the financial sector. This engaging examination describes critical developments that changed the structure of US financial markets as well as developments and innovations in US credit markets that created the context for crisis. It discusses the advent of dollar hegemony, the critical role of international reserves in generating credit, the emergence of the debt bubble in the 1980s and the mounting risks of debt in the new millennium. The author also proposes a systemic approach to monetary control, offering two new reform proposals. The analysis concludes that reforms are needed in order to support sustainable economic activity in the US and global economies. This volume will appeal to students and scholars of economics interested in international finance and banking, financial regulation and monetary policy implementation. It will also be of interest to business economists, lawyers, policymakers and journalists concerned with the effects of financial instability and involved in ongoing debates on financial and monetary reform.
Author: Aditya Narain
Publisher: International Monetary Fund
ISBN: 1616352299
Category : Business & Economics
Languages : en
Pages : 291
Get Book Here
Book Description
The IMF, with the Bank for International Settlements and the Financial Stability Board, has been at the forefront of discussions on reform of the global financial system to reduce the possibility of future crises, as well as to limit the consequences if they do occur. The policy choices are both urgent and challenging, and are complicated by the relationship between sovereign debt and risks to the banking sector. Building a More Resilient Financial Sector describes the key elements of the reform agenda, including tighter regulation and more effective supervision; greater transparency to strengthen market discipline and limit incentives for risk taking; coherent mechanisms for resolution of failed institutions; and effective safety nets to limit the impact on the financial system of institutions viewed as "too big to fail." Finally, the book takes a look ahead at how the financial system is likely to be shaped by the efforts of policymakers and the private sector response.
Author: John B. Taylor
Publisher: Hoover Institution Press
ISBN: 0817917861
Category : Business & Economics
Languages : en
Pages : 417
Get Book Here
Book Description
The financial crisis of 2008 devastated the American economy and caused U.S. policymakers to rethink their approaches to major financial crises. More than five years have passed since the collapse of Lehman Brothers, but questions still persist about the best ways to avoid and respond to future financial crises. In Across the Great Divide, a co-publication with Brookings Institution, contributing economic and legal scholars from academia, industry, and government analyze the financial crisis of 2008, from its causes and effects on the U.S. economy to the way ahead. The expert contributors consider post-crisis regulatory policy reforms and emerging financial and economic trends, including the roles played by highly accommodative monetary policy, securitization run amok, government-sponsored enterprises (GSEs), large asset bubbles, excessive leverage, and the Federal funds rate, among other potential causes. They discuss the role played by the Federal Reserve and examine the concept of "too big to fail." And they review and assess resolution frameworks, considering experiences with Lehman Bros. and other firms in the crisis, Title II of the Dodd-Frank Act, and the Chapter 14 bankruptcy code proposal.
Author: Mario Draghi
Publisher: Centre for Economic Policy Research
ISBN: 9781898128687
Category : Business & Economics
Languages : en
Pages : 100
Get Book Here
Book Description
Discussions of the role of derivatives and their risks, as well as discussions of financial risks in general, often fail to distinguish between risks that are taken consciously and ones that are not. To understand the breeding conditions for financial crises, the prime source of concern is not risk per se, but the unintended, or unanticipated accumulation of risks by individuals, institutions or governments including the concealing of risks from stakeholders and overseers of those entities. This report, the fourth in the ICMB/CEPR series of Geneva Reports on the World Economy, analyses specific situations in which significant unanticipated and unintended financial risks can accumulate. The focus is, in particular, on the implicit guarantees that governments extend to banks and other financial institutions, and which may result in the accumulation, often unrecognised from the viewpoint of the government, of unanticipated risks in the balance sheet of the public sector. that a government's exposure to risk arising from a guarantee is non-linear. For instance, in the case of a government which guarantees the liabilities of the banking system, the additional liability transferred onto the government's balance sheet by a 10% shock to the capital of firms is larger the lower that capital is to start with. Recognising this non-linearity in the transmission of risk exposures is essential to the reduction of the accumulation of unanticipated risks on the government's balance sheet. Analyses of recent international financial crises recognise that the implicit guarantees governments extend to banks and corporations create the potential to greatly weaken their balance sheets. exist, rather than on measurement of the exposures they create. This report offers just such a framework for measuring the extent of a government's exposure to risk and how that exposure changes over time. The report also discusses ideas on how risk exposures can be controlled, hedged and transferred through the use of derivatives, swap contracts, and other contractual agreements.
Author: Constantine Stephanou
Publisher: Springer
ISBN: 1137030577
Category : Business & Economics
Languages : en
Pages : 186
Get Book Here
Book Description
Written by a group of international experts, this book focuses on three interdependent themes: (a) origins and consequences of the current debt crisis; (b) the systemic nature of the crisis; (c) national and international policy efforts to avoid a global collapse and bring about lasting reforms in the Euro zone and in the financial system.
