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A Decade after the Global Recession by M. Ayhan Kose,Franziska Ohnsorge Pdf
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.
The World Economy after the Global Crisis by Barry Eichengreen,Bokyeong Park Pdf
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
Global Financial Crisis by Paolo Savona,John J. Kirton,Chiara Oldani Pdf
This collection gathers experts from Africa, North America, Asia and Europe to examine international policy responses to the 2008 global financial crisis. In doing so they reveal the implications 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.
Global Political Economy After the Crisis by Sadik Ünay Pdf
The established structural parameters of the global political economy underwent a profound transformation following the global economic crisis which triggered a paradigmatic change in terms of both the theoretical underpinnings and practical formulations of mainstream approaches to macroeconomic management and development. Neither the industrialized nor the newly industrializing economies were immune from the tumultuous impact of the ever-deepening global crisis, as a result of which a series of non-conventional policy responses were developed and swiftly implemented by policy makers across a wide range of policy areas. Counter-cyclical fiscal policies and stimulus packages to spur dwindling growth, heterodox monetary and central banking policies to rescue financial institutions in distress, strategic trade policies to maintain international competitiveness and market share become increasingly widespread. Neo-Keynesian emergency measures almost became the global norm, rather than the exception, in most of the leading global economic powers; thereby substantially increasing the relative emphasis in the economic importance and role of the state in the post-crisis period. Against this critical global background, this collection represents the manifestation of a brave effort by a fledgling group of political economy experts from Turkey striving to explore the nature of the multi-layered structural transformations triggered by the global economic crisis in the established institutions, norms, policy patterns, and theoretical tenets of the modern global political economy. The collection contains articles that present general analyses pertaining to theoretical and practical issues pertinent to the post-crisis transformation of the global political economy; as well as interesting country case studies illuminating the positive and negative features of national experiments with crisis-management in emerging economies. The authors seek to reply to the critical question of how the global governance structures, theoretical perspectives used to legitimize them, national policy patterns, and public policy attitudes affecting crisis response strategies were influenced by the unprecedented impact of the global economic crisis. The collection includes innovative pieces of analysis that look at the ascendancy of multipolarity in the global system and perceptive changes on the BRICS; the shifting natures of macroeconomic management, central banking and global governance architecture through the empowerment of global platforms such as the G20; the fate of the developmental state in East Asia after the global crisis; the crisis-exit performances of emerging economic powers such as China, India, Brazil and Turkey; post-crisis methods of economic adjustment across East Asia in Japan, China and Korea; the potential of new metropoles such as Shanghai to emerge as international financial centres; the dynamics influencing the level of gold reserves held by central banks; changes in Cuba along with the world economy; and energy security in the Persian Gulf. The book carries the promise of offering the readers a fresh and insightful analysis on both the theoretical and practical manifestations of the ongoing structural transformation in the global system from an inclusive international political economy (IPE) perspective that liberally draws from the disciplines of political science, economics, history, international relations and sociology. As such, it will attract the attention of scholars, academics and intellectuals contemplating the future trajectory of the global political economy after the crisis; as well as policy makers and practitioners focusing on the global shift towards emerging economies.
Crisis in the Global Economy by Andrea Fumagalli,Sandro Mezzadra Pdf
'Crisis in the Global Economy' reflects on the state of global capitalism, developed in the mobile 'multiversity' of the UniNomade network of international researchers and activists during the months immediately following the first signals of the current financial and economic crisis.
maintained." "In The Storm, Vince Cable transcends party politics, to show with authority, clarity and humour, that we must acknowledge and endorse the expansion of the economic centre of influence beyond the West if we are to move forward into calmer waters." --Book Jacket.
Before and Beyond the Global Economic Crisis by Mats Benner Pdf
ÔThis outstanding book examines whether and how the finance-led growth model can be transformed. The authorsÕ insightful analyses make significant contributions to our understanding of the global economic crisis since 2008 and the search for possible new paths beyond the crisis.Õ Ð Stein Kuhnle, University of Bergen, Norway and Hertie School of Governance, Germany ÔThis book sheds a powerful light on the current uncertainty of the world economy. Indispensable reading for understanding the roots of the crisis and the possible ways out.Õ Ð Carlota Perez, Technological University of Tallinn, Estonia and London School of Economics, UK This timely and far-reaching book addresses the long-term impact of the recent global economic crisis. New light is shed on the crisis and its historical roots, and resolutions for a more robust, resilient future socio-economic model are prescribed. Leading experts across a range of field including macroeconomics, politics, economic history, social policy, linguistics and global economic relations address key issues emerging from the crisis. They consider whether a new era in interactions between state, society and markets is actually dawning, and whether the finance-led economic growth model will be transformed into a new and more stable model. The role of the crisis in economy, polity and society, in shaking up existing institutional regimes and in paving the way for new ones is also discussed. Post-crisis combinations of state-society-economy relations are identified, and the question of whether the crisis has led to the reconsideration of economic relations and their institutional embeddedness is explored. This challenging book will provide a thought provoking read for academics, students and researchers focusing on economics, political science and sociology. Policymakers in the fields of economic, industrial and social policy will also find this book to be an informative point of reference.
The Global Economic Crisis and the Developing World by Ashwini Deshpande,Keith Nurse Pdf
The world economy is currently in the throes of a global economic crisis reminiscent of the great depressions of the 1930s and the 1870s. As back then, the crisis has exposed the major structural imbalances in financial and credit markets in addition to global trade forcing many governments, developed and developing, to impose debilitating austerity measures that are exacerbating the structural weaknesses that caused the crisis in the first place. This volume offers historical insights into the origins of the contemporary crisis as well as detailed analyses of the financial and trade dimensions, an assessment of the technological and innovation context along with perspectives on the implications for unemployment and gender imbalances.
Global Financial Contagion by Shalendra D. Sharma Pdf
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.
Hasan Cömert,Technical University, Turkey and Rex A. McKenzie
Author : Hasan Cömert,Technical University, Turkey and Rex A. McKenzie Publisher : Edward Elgar Publishing Page : 296 pages File Size : 54,6 Mb Release : 2016-07-27 Category : Business & Economics ISBN : 9781783474318
The Global South after the Crisis by Hasan Cömert,Technical University, Turkey and Rex A. McKenzie Pdf
This volume is split into two accessible sections. The first part concentrates on the impact of the crisis on growth, inequality, policy responses and policy shifts in key areas such as central banking. The second part comprises individual country case studies and includes an exploration of the vulnerabilities related to the integration of developing economies into the world economy. The effect of the crisis on trade, and the ways in which some developing countries have entered into a prolonged period of stagnant growth following the global crisis are all considered.
Russia After the Global Economic Crisis by Anders Åslund,Sergei Guriev,Andrew Kuchins Pdf
Russia After the Global Economic Crisis examines this important country after the financial crisis of 2007–09. The second book from The Russia Balance Sheet Project, a collaboration of two of the world's preeminent research institutions, the Peterson Institute for International Economics and the Center for Strategic and International Studies (CSIS), not only assesses Russia's international and domestic policy challenges but also provides an all-encompassing review of this important country's foreign and domestic issues. The authors consider foreign policy, Russia and its neighbors, climate change, Russia's role in the world, domestic politics, and corruption.
Economic Policies since the Global Financial Crisis by Philip Arestis,Malcolm Sawyer Pdf
This book investigates the changing nature of economic policies following the Global Financial Crisis of 2007–9. Well-respected, international scholars come together to discuss the level of economic growth following the crisis, concerns over inequality in industrialised countries, and labour market policies.
New Ideas on Development after the Financial Crisis by Nancy Birdsall,Francis Fukuyama Pdf
The global financial crisis of 2008–9 has changed the way people around the world think about development. The market-friendly, lightly regulated model of capitalism promoted by the United States is now at risk, and development thinking worldwide is at something of an impasse. Editors Nancy Birdsall and Francis Fukuyama bring together leading scholars to explore the implications of the global financial crisis on existing and future development strategies. In addressing this issue, the contributors contemplate three central questions: What effect has the crisis had on current ideas in development thinking? How has it affected and how will it affect economic policy and political realities in Latin America and Asia, including China and India? Will the financial collapse reinforce shifts in geopolitical power and influence, and in what form? Essays answering these questions identify themes that are essential as economic and political leaders address future challenges of development. To help move beyond this time of global economic turmoil, the contributors—the foremost minds in the field of international development—offer innovative ideas about stabilizing the international economy and promoting global development strategies. Contributors: Nancy Birdsall, Center for Global Development; Michael Clemens, Center for Global Development; Kemal Dervis, Brookings Institution; Larry Diamond, Stanford University; Francis Fukuyama, Stanford University; Peter S. Heller, Johns Hopkins University; Yasheng Huang, Massachusetts Institute of Technology; Justin Yifu Lin, World Bank; José Antonio Ocampo, Columbia University; Mitchell A. Orenstein, Johns Hopkins University; Minxin Pei, Claremont McKenna College; Lant Pritchett, Harvard University; Liliana Rojas-Suarez, Center for Global Development; Arvid Subramanian, Johns Hopkins University
Global Economic Crisis by Maurice Obstfeld,Dongchul Cho,Andrew Mason Pdf
In 2008, the global economy experienced the most severe crash since World War II. A sharp collapse in international trade followed, leaving no country on the globe immune to a sequence of economic shocks. This timely book explores many of the key issues raised in the wake of the global economic crisis and provides an in-depth analysis of crisis transmission to emerging markets. The expert contributors compare the recent crisis with earlier crises, explore international aspects of the crisis from the perspectives of markets and trade, and examine macroeconomic policy responses. In so doing, they address important questions including: How did this crisis differ from those suffered previously? How and why did flaws in financial markets contribute to the crisis? How important were global imbalances and global overheating in explaining the global meltdown? Did different pre-crisis fundamentals generate different post-crisis performances? And, how severe were the economic shocks to countries such as Korea and other emerging economies? Academics, students and policymakers in the fields of economics, international economics, finance money and banking and Asian studies will find this book to be a thought-provoking and stimulating read.
