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Author: Joan M. Nelson
Publisher: Princeton University Press
ISBN: 9780691023106
Category : Business & Economics
Languages : en
Pages : 396
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Book Description
The acute economic pressures of the 1980s have forced virtually all of Latin America and Africa and some countries in Asia into painful austerity programs and difficult economic reforms. Scholars have intensively analyzed the economics of this situation, but they have given much less attention to the political forces involved. In this volume a number of eminent contributors analyze the politics of adjustment in thirteen countries and nineteen governments, drawing comparisons not only across the full set of cases but also within clusters selected to clarify specific issues. Why do some governments respond promptly to signs of economic trouble, while others muddle indecisively for years? Why do some confine their response to temporary macroeconomic measures, while others adopt broader, even sweeping, programs of reform? What leads some countries to experiment with heterodox approaches, while most, however reluctantly, pursue orthodox courses? Why, confronted with intense political protest, have some governments persisted while others have altered or abandoned course? The answers to these questions are political, not economic, and they are examined here by Thomas M. Callaghy, Stephan Haggard, Miles Kahler, Robert R. Kauman, Joan M. Nelson, and Barbara Stallings.
Author: Joan M. Nelson
Publisher: Princeton University Press
ISBN: 9780691023106
Category : Business & Economics
Languages : en
Pages : 396
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Book Description
The acute economic pressures of the 1980s have forced virtually all of Latin America and Africa and some countries in Asia into painful austerity programs and difficult economic reforms. Scholars have intensively analyzed the economics of this situation, but they have given much less attention to the political forces involved. In this volume a number of eminent contributors analyze the politics of adjustment in thirteen countries and nineteen governments, drawing comparisons not only across the full set of cases but also within clusters selected to clarify specific issues. Why do some governments respond promptly to signs of economic trouble, while others muddle indecisively for years? Why do some confine their response to temporary macroeconomic measures, while others adopt broader, even sweeping, programs of reform? What leads some countries to experiment with heterodox approaches, while most, however reluctantly, pursue orthodox courses? Why, confronted with intense political protest, have some governments persisted while others have altered or abandoned course? The answers to these questions are political, not economic, and they are examined here by Thomas M. Callaghy, Stephan Haggard, Miles Kahler, Robert R. Kauman, Joan M. Nelson, and Barbara Stallings.
Author: Nancy Bermeo
Publisher: Russell Sage Foundation
ISBN: 1610447921
Category : Political Science
Languages : en
Pages : 431
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Book Description
The financial crisis that erupted on Wall Street in 2008 quickly cascaded throughout much of the advanced industrial world. Facing the specter of another Great Depression, policymakers across the globe responded in sharply different ways to avert an economic collapse. Why did the response to the crisis—and its impact on individual countries—vary so greatly among interdependent economies? How did political factors like public opinion and domestic interest groups shape policymaking in this moment of economic distress? Coping with Crisis offers a rigorous analysis of the choices societies made as a devastating global economic crisis unfolded. With an ambitiously broad range of inquiry, Coping with Crisis examines the interaction between international and domestic politics to shed new light on the inner workings of democratic politics. The volume opens with an engaging overview of the global crisis and the role played by international bodies like the G-20 and the WTO. In his survey of international initiatives in response to the recession, Eric Helleiner emphasizes the limits of multilateral crisis management, finding that domestic pressures were more important in reorienting fiscal policy. He also argues that unilateral decisions by national governments to hold large dollar reserves played the key role in preventing a dollar crisis, which would have considerably worsened the downturn. David R. Cameron discusses the fiscal responses of the European Union and its member states. He suggests that a profound coordination problem involving fiscal and economic policy impeded the E.U.'s ability to respond in a timely and effective manner. The volume also features several case studies and country comparisons. Nolan McCarty assesses the performance of the American political system during the crisis. He argues that the downturn did little to dampen elite polarization in the U.S.; divisions within the Democratic Party—as well as the influence of the financial sector—narrowed the range of policy options available to fight the crisis. Ben W. Ansell examines how fluctuations in housing prices in 30 developed countries affected the policy preferences of both citizens and political parties. His evidence shows that as housing prices increased, homeowners expressed preferences for both lower taxes and a smaller safety net. As more citizens supplement their day-to-day income with assets like stocks and housing, Ansell's research reveals a potentially significant trend in the formation of public opinion. Five years on, the prospects for a prolonged slump in economic activity remain high, and the policy choices going forward are contentious. But the policy changes made between 2007 and 2010 will likely constrain any new initiatives in the future. Coping with Crisis offers unmatched analysis of the decisions made in the developed world during this critical period. It is an essential read for scholars of comparative politics and anyone interested in a comprehensive account of the new international politics of austerity.
Author: Anton Hemerijck
Publisher: Amsterdam University Press
ISBN: 9089641920
Category : Business & Economics
Languages : en
Pages : 285
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Book Description
"Aftershocks was written in the midst of the deepest economic crisis since the Great Depression. Although it would be premature to presume to identify the repercussions of the crisis, it is clear that it will have profound aftershock effects in the political, economic, and social spheres. The book contains essays based on semi-structured interviews with leading scholars, European politicians and representatives from the world of business. They reflect on the origins of the crisis as well as the possible social, economic, and political transformations it may engender."--Publisher's description.
Author: Olivier Blanchard
Publisher: MIT Press
ISBN: 0262301083
Category : Business & Economics
Languages : en
Pages : 251
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Book Description
Prominent economists reconsider the fundamentals of economic policy for a post-crisis world. In 2011, the International Monetary Fund invited prominent economists and economic policymakers to consider the brave new world of the post-crisis global economy. The result is a book that captures the state of macroeconomic thinking at a transformational moment. The crisis and the weak recovery that has followed raise fundamental questions concerning macroeconomics and economic policy. These top economists discuss future directions for monetary policy, fiscal policy, financial regulation, capital-account management, growth strategies, the international monetary system, and the economic models that should underpin thinking about critical policy choices. Contributors Olivier Blanchard, Ricardo Caballero, Charles Collyns, Arminio Fraga, Már Guðmundsson, Sri Mulyani Indrawati, Otmar Issing, Olivier Jeanne, Rakesh Mohan, Maurice Obstfeld, José Antonio Ocampo, Guillermo Ortiz, Y. V. Reddy, Dani Rodrik, David Romer, Paul Romer, Andrew Sheng, Hyun Song Shin, Parthasarathi Shome, Robert Solow, Michael Spence, Joseph Stiglitz, Adair Turner
Author: Agnès Bénassy-Quéré
Publisher:
ISBN: 0190912103
Category : Business & Economics
Languages : en
Pages : 705
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Book Description
Concepts -- Issues -- Interdependence -- Fiscal policy -- Monetary policy -- Financial stability -- International financial integration and foreign-exchange policy -- Tax policy -- Growth policies
Author: Joan M. Nelson
Publisher: Princeton University Press
ISBN: 0691228159
Category : Political Science
Languages : en
Pages : 392
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Book Description
The acute economic pressures of the 1980s have forced virtually all of Latin America and Africa and some countries in Asia into painful austerity programs and difficult economic reforms. Scholars have intensively analyzed the economics of this situation, but they have given much less attention to the political forces involved. In this volume a number of eminent contributors analyze the politics of adjustment in thirteen countries and nineteen governments, drawing comparisons not only across the full set of cases but also within clusters selected to clarify specific issues. Why do some governments respond promptly to signs of economic trouble, while others muddle indecisively for years? Why do some confine their response to temporary macroeconomic measures, while others adopt broader, even sweeping, programs of reform? What leads some countries to experiment with heterodox approaches, while most, however reluctantly, pursue orthodox courses? Why, confronted with intense political protest, have some governments persisted while others have altered or abandoned course? The answers to these questions are political, not economic, and they are examined here by Thomas M. Callaghy, Stephan Haggard, Miles Kahler, Robert R. Kauman, Joan M. Nelson, and Barbara Stallings.
Author: Larry Allen
Publisher: Reaktion Books
ISBN: 1780231288
Category : Business & Economics
Languages : en
Pages : 274
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Book Description
From Greece scrambling to meet Eurozone austerity measures to America’s sluggish job growth, there is every indication that the world has not recovered from the economic implosion of 2008. And for many of us, the details of what led to the recession—and why it has continued—remain murky. Economic historian Larry Allen clears up the subject in The Global Economic Crisis, offering an insightful and nonpartisan chronology of events and their consequences. Illuminating the interlocked economic processes that lay beneath the crisis, he analyzes the changing nature of the global financial system, central bank policies, housing bubbles, deregulation, sovereign debt crises, and more. Allen begins the timeline with the economic crisis in Japan in the late 1990s, asking whether Japan’s experience could be an indicator of the outcome of the recession and what it can teach us about managing a sluggish economy. He then takes a comparative look at the economies of Brazil, China, and India. Throughout, he argues that many elements have contributed to the ongoing crisis, including the introduction of the euro, the growth of new financial instruments such as securitization, collateralized debt obligations and credit default swaps, interest rate policies, and the housing boom and subprime mortgage fiasco. Lucid and informative, The Global Economic Crisis provides an impartial explanation to anyone seeking to understand the current state—and future—of the world’s economy.
Author: Sylvia Walby
Publisher: John Wiley & Sons
ISBN: 150950320X
Category : Social Science
Languages : en
Pages : 174
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Book Description
We are living in a time of crisis which has cascaded through society. Financial crisis has led to an economic crisis of recession and unemployment; an ensuing fiscal crisis over government deficits and austerity has led to a political crisis which threatens to become a democratic crisis. Borne unevenly, the effects of the crisis are exacerbating class and gender inequalities. Rival interpretations – a focus on ‘austerity’ and reduction in welfare spending versus a focus on ‘financial crisis’ and democratic regulation of finance – are used to justify radically diverse policies for the distribution of resources and strategies for economic growth, and contested gender relations lie at the heart of these debates. The future consequences of the crisis depend upon whether there is a deepening of democratic institutions, including in the European Union. Sylvia Walby offers an alternative framework within which to theorize crisis, drawing on complexity science and situating this within the wider field of study of risk, disaster and catastrophe. In doing so, she offers a critique and revision of the social science needed to understand the crisis.
Author: Alberto Alesina
Publisher: University of Chicago Press
ISBN: 022601844X
Category : Business & Economics
Languages : en
Pages : 596
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Book Description
The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.
Author: Thomas B. Pepinsky
Publisher: Cambridge University Press
ISBN: 1139480413
Category : Political Science
Languages : en
Pages : 345
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Book Description
Why do some authoritarian regimes topple during financial crises, while others steer through financial crises relatively unscathed? In this book, Thomas B. Pepinsky uses the experiences of Indonesia and Malaysia and the analytical tools of open economy macroeconomics to answer this question. Focusing on the economic interests of authoritarian regimes' supporters, Pepinsky shows that differences in cross-border asset specificity produce dramatically different outcomes in regimes facing financial crises. When asset specificity divides supporters, as in Indonesia, they desire mutually incompatible adjustment policies, yielding incoherent adjustment policy followed by regime collapse. When coalitions are not divided by asset specificity, as in Malaysia, regimes adopt radical adjustment measures that enable them to survive financial crises. Combining rich qualitative evidence from Southeast Asia with cross-national time-series data and comparative case studies of Latin American autocracies, Pepinsky reveals the power of coalitions and capital mobility to explain how financial crises produce regime change.
