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Author: Stijn Claessens
Publisher: Springer Science & Business Media
ISBN: 1475733143
Category : Business & Economics
Languages : en
Pages : 461
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Book Description
No sooner had the Asian crisis broken out in 1997 than the witch-hunt started. With great indignation every Asian economy pointed fingers. They were innocent bystanders. The fundamental reason for the crisis was this or that - most prominently contagion - but also the decline in exports of the new commodities (high-tech goods), the steep rise of the dollar, speculators, etc. The prominent question, of course, is whether contagion could really have been the key factor and, if so, what are the channels and mechanisms through which it operated in such a powerful manner. The question is obvious because until 1997, Asia's economies were generally believed to be immensely successful, stable and well managed. This question is of great importance not only in understanding just what happened, but also in shaping policies. In a world of pure contagion, i.e. when innocent bystanders are caught up and trampled by events not of their making and when consequences go far beyond ordinary international shocks, countries will need to look for better protective policies in the future. In such a world, the international financial system will need to change in order to offer better preventive and reactive policy measures to help avoid, or at least contain, financial crises.
Author: Stijn Claessens
Publisher: Springer Science & Business Media
ISBN: 1475733143
Category : Business & Economics
Languages : en
Pages : 461
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Book Description
No sooner had the Asian crisis broken out in 1997 than the witch-hunt started. With great indignation every Asian economy pointed fingers. They were innocent bystanders. The fundamental reason for the crisis was this or that - most prominently contagion - but also the decline in exports of the new commodities (high-tech goods), the steep rise of the dollar, speculators, etc. The prominent question, of course, is whether contagion could really have been the key factor and, if so, what are the channels and mechanisms through which it operated in such a powerful manner. The question is obvious because until 1997, Asia's economies were generally believed to be immensely successful, stable and well managed. This question is of great importance not only in understanding just what happened, but also in shaping policies. In a world of pure contagion, i.e. when innocent bystanders are caught up and trampled by events not of their making and when consequences go far beyond ordinary international shocks, countries will need to look for better protective policies in the future. In such a world, the international financial system will need to change in order to offer better preventive and reactive policy measures to help avoid, or at least contain, financial crises.
Author: Roberto Chang
Publisher: World Bank Publications
ISBN:
Category : Bankruptcy and Resolution of Financial Distress
Languages : en
Pages : 40
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Book Description
What can the international community do to prevent financial contagion?
Author: Shalendra D. Sharma
Publisher: Cambridge University Press
ISBN: 1107027209
Category : Business & Economics
Languages : en
Pages : 405
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Book Description
This book is an authoritative account of the economic and political roots of the 2008 financial crisis. It examines why it was triggered in the United States, why it morphed into the Great Recession, and why the contagion spread with such ferocity around the globe. It also examines how and why economies - including the Eurozone, Russia, China, India, East Asia, and the Middle East - have been impacted and explores their response to the unprecedented challenges of the crisis and the effectiveness of their policy measures. Global Financial Contagion specifically looks at how the Obama administration's policy missteps have contributed to America's huge debt and slow recovery, why the Eurozone's response to its existential crisis has become a never-ending saga, and why the G-20's efforts to create a new international financial architecture may fall short. This book will long be regarded as the standard account of the crisis and its aftermath.
Author: Giovanni Majnoni
Publisher:
ISBN:
Category :
Languages : en
Pages : 40
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Book Description
What can the international community do to prevent financial contagion?Chang and Majnoni try to identify and evaluate the public policy implications of financial contagion on the basis of a very simple model of financial crises. In this model, financial contagion can be driven by a combination of fundamentals and by self-fulfilling market expectations.The model allows the authors to identify different notions of contagion, especially the distinction between monsoonal effects, spillovers, and switchers between equilibria.They discuss both domestic and international policy options.Domestic policies, they say, should be aimed at reducing financial fragility - that is, reducing unnecessary short-term debt commitments. With explicit commitments, the maturity of external debts should be lengthened. With implicit commitments, such as private liability guarantees, they emphasize limiting or eliminating such guarantees, to improve an economy's international liquidity and reduce its exposure to contagion.Internationally, they stress the need for improving financial standards, which makes it easier to assess when a country is subject to different kinds of contagion. The effectiveness of international rescue packages depends on the kind of contagion to which a country is exposed.Implications: The international community should help those countries that are already helping themselves.This paper - a product of the Financial Sector Strategy and Policy Group -is part of a larger effort in the group to study the determinants and policy implications of international financial contagion. The author Giovanni Majnoni may be contacted at
[email protected].
Author: Priscilla Wald
Publisher: Duke University Press
ISBN: 9780822341536
Category : Literary Criticism
Languages : en
Pages : 396
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Book Description
DIVShows how narratives of contagion structure communities of belonging and how the lessons of these narratives are incorporated into sociological theories of cultural transmission and community formation./div
Author: National Research Council
Publisher: National Academies Press
ISBN: 0309263646
Category : Medical
Languages : en
Pages : 152
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Book Description
The past 25 years have seen a major paradigm shift in the field of violence prevention, from the assumption that violence is inevitable to the recognition that violence is preventable. Part of this shift has occurred in thinking about why violence occurs, and where intervention points might lie. In exploring the occurrence of violence, researchers have recognized the tendency for violent acts to cluster, to spread from place to place, and to mutate from one type to another. Furthermore, violent acts are often preceded or followed by other violent acts. In the field of public health, such a process has also been seen in the infectious disease model, in which an agent or vector initiates a specific biological pathway leading to symptoms of disease and infectivity. The agent transmits from individual to individual, and levels of the disease in the population above the baseline constitute an epidemic. Although violence does not have a readily observable biological agent as an initiator, it can follow similar epidemiological pathways. On April 30-May 1, 2012, the Institute of Medicine (IOM) Forum on Global Violence Prevention convened a workshop to explore the contagious nature of violence. Part of the Forum's mandate is to engage in multisectoral, multidirectional dialogue that explores crosscutting, evidence-based approaches to violence prevention, and the Forum has convened four workshops to this point exploring various elements of violence prevention. The workshops are designed to examine such approaches from multiple perspectives and at multiple levels of society. In particular, the workshop on the contagion of violence focused on exploring the epidemiology of the contagion, describing possible processes and mechanisms by which violence is transmitted, examining how contextual factors mitigate or exacerbate the issue. Contagion of Violence: Workshop Summary covers the major topics that arose during the 2-day workshop. It is organized by important elements of the infectious disease model so as to present the contagion of violence in a larger context and in a more compelling and comprehensive way.
Author: Dennis M. Gormley
Publisher: US Naval Institute Press
ISBN: 9781591143321
Category : Political Science
Languages : en
Pages : 0
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Book Description
Political Science/International Relations/Arms Control
Author: Sara E. Davies
Publisher: Johns Hopkins University Press
ISBN: 1421427397
Category : Medical
Languages : en
Pages : 225
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Book Description
Providing an immediate, contemporary example of a region networking its response to disease outbreak events, this insightful book will appeal to global health governance scholars, students, and practitioners.
Author: Aaron Lynch
Publisher:
ISBN: 0786725648
Category : Philosophy
Languages : en
Pages : 210
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Book Description
Fans of Douglas Hofstadter, Daniel Bennet, and Richard Dawkins (as well as science buffs and readers of Wired Magazine) will revel in Aaron Lynch’s groundbreaking examination of memetics--the new study of how ideas and beliefs spread. What characterizes a meme is its capacity for displacing rival ideas and beliefs in an evolutionary drama that determines and changes the way people think. Exactly how do ideas spread, and what are the factors that make them genuine thought contagions? Why, for instance, do some beliefs spread throughout society, while others dwindle to extinction? What drives those intensely held beliefs that spawn ideological and political debates such as views on abortion and opinions about sex and sexuality?By drawing on examples from everyday life, Lynch develops a conceptual basis for understanding memetics. Memes evolve by natural selection in a process similar to that of Genes in evolutionary biology. What makes an idea a potent meme is how effectively it out-propagates other ideas. In memetic evolution, the "fittest ideas” are not always the truest or the most helpful, but the ones best at self replication.Thus, crash diets spread not because of lasting benefit, but by alternating episodes of dramatic weight loss and slow regain. Each sudden thinning provokes onlookers to ask, "How did you do it?” thereby manipulating them to experiment with the diet and in turn, spread it again. The faster the pounds return, the more often these people enter that disseminating phase, all of which favors outbreaks of the most pathogenic diets. Like a software virus traveling on the Internet or a flu strain passing through a city, thought contagions proliferate by programming for their own propagation. Lynch argues that certain beliefs spread like viruses and evolve like microbes, as mutant strains vie for more adherents and more hosts. In its most revolutionary aspect, memetics asks not how people accumulate ideas, but how ideas accumulate people. Readers of this intriguing theory will be amazed to discover that many popular beliefs about family, sex, politics, religion, health, and war have succeeded by their "fitness” as thought contagions.
Author: Rob Quail
Publisher: John Wiley & Sons
ISBN: 1118016521
Category : Business & Economics
Languages : en
Pages : 570
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Book Description
"Financial Contagion: The Viral Threat to the Wealth of Nations covers a lot of territory. It is, of course, terribly important to analyze case histories to discover potential triggers, mechanisms of transmission, and viable ways to contain the damage of financial contagion. The problem is, as these articles amply demonstrate, that there’s always a new virus or a mutation of a former one lurking in some corner of the financial world. We don’t know what it is or where it is. And, even if we had some inkling, there’s almost never enough time to develop a financial flu shot." --SeekingAlpha.com The latest insights on financial contagion and how both nations and investors can effectively deal with it. The domino-style structure in which the financial system exists is a perilous one. Although historically, the financial system has been able to deal with major shocks, the fact remains that our financial system is not as secure as it should be. Recent years have brought about too many examples of contagion and systemic risk. That is why Financial Contagion is such an important read. In it, the serious concerns that revolve around our fragile economic system are investigated, researched, and explained. Throughout the book, Kolb offers valuable insights on this dilemma as he compiles the history of financial contagion, highlights the latest research on systemic failure and interrelated markets, and analyzes the risks and consequences we face moving forward. Examines the importance of careful regulation and what must be done to stabilize the global financial system Includes contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Details how close we are to witnessing a financial contagion that could devastate the world economy We have been harshly reminded of how fragile our economic ecosystem is. With Financial Contagion, you'll hold a better understanding of what needs to be done to strengthen our system and safeguard our financial future.
