Economic and financial crises and disasters Books

Book SynopsisThis comparative study at hand has been the result of a two-year research project on floods in 2014 in the Western Balkans engaging eight research teams from Bosnia and Herzegovina, Serbia and Croatia. Representing quite different disciplines, the authors of this volume have analysed diverse aspects of the crisis governance and its ramifications. This publication’s goals are twofold. Firstly, it pins down the characteristics of the crisis responses during the floods of 2014 in three affected countries, preconditioned by the existing institutions, crisis leadership, the role of media and the social capital as well as the foreign financial aid. On the other hand, through the lenses of the crisis governance we conclude on the state capacities and the nature of political regime of the cases under study. The flood megacrisis did not constitute a "window of opportunity" for individual or institutional learning. On the contrary, it did unveil some authoritarian tendencies in Serbia and Bosnia, and thus stalled the hitherto ongoing democratization process.Table of ContentsVedran Džihić/Magdalena Solska: The Floods of 2014: Crisis Governance, State Capacities and Political Regimes in Bosnia and Herzegovina, Serbia and Croatia – Damir Kapidžić/Dušan Pavlović/Gordan Bosanac: Crisis Response in Bosnia and Herzegovina, Serbia and Croatia – Marko Vujačić: Leadership in Megacrisis: The Case of the 2014 Floods in Serbia – Snježana Milivojević/Bojana Barlovac: Media and Floods under Crisis in Serbia – Danijela Majstorović/Zoran Vučkovac: Managing Floods, Challenging Ethnopolitics in Bosnia and Herzegovina: The Example of the Town of Doboj – Adnan Efendić: The Role of Economic and Social Capital during the Floods in Bosnia and Herzegovina – Iva Kornfein Groš: International Financial Aid in the Postcrisis Phase in Bosnia and Herzegovina, Croatia and Serbia – Sanneke Kuipers: Crisis Leadership in Governing Floods: Lessons from the Western Balkans – Appendix 1: Damir Kapidžić/Dušan Pavlović/Gordan Bosanac: Mapping an Unfolding Crisis: Key Developments during the Floods in Bosnia and Herzegovina, Croatia and Serbia – Appendix 2: Dušan Pavlović/Damir Kapidžić/Gordan Bosanac: Flood Protection Systems in the Precrisis Phase: The Cases of Serbia, Croatia, Bosnia and Herzegovina

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Book SynopsisIn response to the international financial crisis of 2007, a network of social scientists from seven countries analyzed the various changes in the regulation of financial markets, and this book presents their results. The articles published here show patterns of institutional change that were triggered by the economic crisis on different political levels, and details their implementation and effectiveness. An indispensable tool for political scientists, "Crisis and Control" contributes significantly to the theory of institutional change.

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Book SynopsisThe World Economic Forum prepared a manifesto-like statement and opened the issue of the great reset to the discussion. The great reset lays out the main idea of rebuilding the world economy and redesigning capitalism in the wake of the Covid-19 pandemic. The idea is emerging that the biggest crisis after the great depression in 1929 is currently being experienced due to Covid-19 and that Covid-19 will have very serious and long-term effects on economic growth, public debt, employment and human welfare. According to the fathers of the great reset, for the world to recover after Covid-19, radical changes should be made in many areas from education to social contracts and working conditions, countries should act together, and all industries should be transformed per new conditions and ways of working.Table of ContentsGreat Reset, Economic Forum, Covid 19, Education, Politics, Human Resource, Finance, Banking

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Book SynopsisThis book examines the main causes of financial instability and highlights that,with the exception of wars and pandemics, the financial system is the source of thecrisis, not just a means of spreading it, as most mainstream experts believe. Based onthe following findings, the innovative sections of this book provide academics andpolicymakers with important and practical knowledge: because negative shifts in thefinancial system precede recessions, financial indicators can predict the onset of acrisis much earlier than real variables; the proposed recession forecasting model canpredict the emergence of the crisis a month in advance. When the economy’s sensitivityto the financial system is reduced, there will be only modest negative economicgrowth and no true recessions.Table of ContentsIntroduction — THE RADIOGRAPHY OF THE FINANCIAL SYSTEM, WITH A FOCUS ON THE U.S.— Historical, conceptual and empirical approaches to crises — Coordinates and determinants of financial instability — Potential solutions for financial stability — Economic CrisIs Forecast Model — References — List of Appendixes — List of Figures — List of Tables .

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Book SynopsisDebate among politicians and academics alike vacillates as to whether the euro is the crowning achievement of a half-century of European integration efforts, or now constitutes a force that threatens to drive European Union member states apart. This book introduces both the political and economic forces at play in the eurozone crisis that have shaped this debate and changed the face of European integration.Table of ContentsFrom the Contents: Contribution of Critical Discourse Analysis and Capability Approach to education policy analysis The Environment in the Capabilities Approach: Why its constitutive role for social justice matters Disadvantage and capability deprivation in context of youth unemployment

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Book SynopsisThe book explores how the European Union and its members have been renegotiating Europeanisation and renationalisation in response to the multiple crises they faced in recent years. The authors highlight varying understandings of ´crises´ in different national and supranational policy and institutional contexts. They show how in some cases these have challenged the legitimacy of European Union norms and institutions and even triggered disintegration, while in other cases these crises have served as sources of inspiration for European social innovation and political development.

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Book SynopsisSocial Movements and Solidarity Structures in Crisis-Ridden Greece explores the rich grassroots experience of social movements in Greece between 2008 and 2016. The harsh conditions of austerity triggered the rise of vibrant mobilizations that went hand-in-hand with the emergence of numerous solidarity structures, providing unofficial welfare services to the suffering population. Based on qualitative field research conducted in more than 50 social movement organizations in Greece’s two major cities, the book offers an in-depth analysis of the contentious mechanisms that led to the development of such solidarity initiatives. By analyzing the organizational structure, resources and identity of markets without middlemen, social and collective kitchens, organizations distributing food parcels, social clinics and self-managed cooperatives, this study explains the enlargement of boundaries of collective action in times of crisis.Table of ContentsAcknowledgements Introduction Aim and Contribution Research Design Structure of the Book PART I: Boundary Enlargement and Anti-Austerity Mobilizations 1 Theorizing the Process of Boundary Enlargement 1.1 Why Boundary Enlargement? 1.2 Dismantling the process of boundary enlargement 1.3 Limitations 1.4 Conclusion 2 The Greek Wave of Anti-Austerity Mobilizations in Context 2.1 Three decades of mobilizations 2.2 From December 2008, onwards 2.3 The Period of Austerity 2.4 Alternative Repertoires of Action 2.5 Conclusion PART II: Social Movements in Food, Health and Labour 3 The Social Movement Scene of Food 3.1 Organizational Structure 3.2 Resources 3.3 Identity 3.4 Conclusion 4 The Social Movement Scene of Health 4.1 Organizational Structure 4.2 Resources 4.3 Identity 4.4 Conclusion 5 The Social Movement Scene of Labour 5.1 Organizational Structure 5.2 Resources 5.3 Identity 5.4 Conclusion PART III: Different applications of Boundary Enlargement 6 Different Scenes, Different Trajectories but the Same Process: A Within-Case Comparison 6.1 Comparing the Scenes 6.2 Comparing the Trajectories 7 Boundary Enlargement in Different Contexts 7.1 The Spanish anti-austerity mobilizations 7.2 The 2001 Argentinean Crisis 8 Epilogue 8.1 Expanding the notion of boundary enlargement 8.2 Future Research Bibliography Annex SMOs Material List of Interviewees Index

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Book SynopsisSystemic Risk: History, Measurement and Regulation presents an overview of this emerging form of risk from a global perspective. Systemic risks endanger entire financial systems, not just individual financial institutions. In this volume, the authors review how systemic risk has evolved over the last 40 years across continents to come to the forefront of regulatory attention. They then discuss transmissions channels, provide a review of systemic risk measures, and describe new regulations that have been introduced, as well as the theory and practice of financial stability committees that have been set up internationally. Overall, the book provides a practical guide to understand, identify, assess and control systemic risk.While the financial research on systemic risk has strongly increased since the events of 2008, this book is a first in providing a detailed yet concise overview of the topic, covering the history of systemic risk, its measurement, and its regulation. The authors provide both academic and practitioner-oriented insights, and draw on their different regions of expertise to provide a global perspective on systemic risk.

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Book SynopsisThis book takes stock of and analyzes the events during the Asian financial crisis (AFC) and subsequent developments, including the global financial crisis (GFC), that led to the development of the ASEAN+3 regional financial cooperation framework and the establishment of the ASEAN+3 Macroeconomic Research Office. The book is the first of its kind to compile comprehensive recollections of the major players during the AFC and the GFC, including country-level narratives on the causes and developments of the crises, and measures to overcome them. The book not only presents an analytical and deeper examination of country experiences during both crises, but also assesses the two crises and covers the lessons learnt from the crises, particularly with a focus on the development of regional financial cooperation. The book concludes with regional financial cooperation in retrospect, aiming to catalyze further discussions on the direction of the region's financial cooperation.

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Book SynopsisThis book seeks to understand the New Normal in a post-Covid-19 world, amid the ongoing battle against the pandemic. With emerging variants like Omicron, it is likely that the fight against Covid-19 would be a protracted one. It is thus timely to review how we have coped since its first outbreak in December 2019 and what the future holds from the economic, political and health perspectives.What is the New Normal in the internationalisation of the renminbi and in retail? What about China's crisis management and ASEAN-China relations in a post-Covid-19 world? What is the current scenario and future outlook of the Covid-19 fight in ASEAN? Looking forward, how do we live with the 'Twindemic' of Covid-19 and the Influenza pandemic? These questions and more are addressed in this book.

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Book SynopsisTriggered by the US subprime mortgage crisis in 2007, the Financial Tsunami is the most serious global financial crisis since the Great Depression. This book studies financial stability in terms of its determining factors, causal mechanisms and institutional requirements. It aims at understanding how to construct a mechanism for maintaining long-term financial stability.The book focuses on economic analysis of the understanding what China can and should do to safeguard its economic and financial stability. In its assessment and discussion of financial stability in China, this book takes full account of China's specific conditions and constructs an index system for the country. It also reflects on the country's monetary policy, government functions and behavior, fluctuations in real estate prices, and financial security network design.The book contributes to better understanding of financial stability in transition economies. It proposes a systematic solution to financial instability in China and strategies for building a mechanism to maintain financial stability in the country.Table of ContentsFinancial Stability: Research Framework and Current Theories; Monetary Policy and Financial Stability: From the Perspective of Financial Accelerator; Government's Function and Financial Stability; Real Estate Price Fluctuation and Financial Stability; China's Financial Stability: Standards and Methods of Measurement; Financial Safety Net and Financial Stability;

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Book SynopsisThe first major global economic contraction of the 21st century, or the 'Great Recession', as it is more commonly known, began in December of 2007, and would prove to be one of the most catastrophic economic events in postmodern history. The bursting of the American housing bubble and the subprime mortgage crisis that followed are widely attributed as being the primary causes for this economic downturn.The content of this book presents an in-depth analysis of several of the leading causes of the subprime crisis, as well as the subsequent measures that were used to contain a widespread economic recession. It is the aim of this book to provide adequate information and tools for readers to gain insight on how we can prevent the same mistakes from happening again. This analysis also explores an interesting question when considering public policy; was the economic disaster, that ensued, caused by overzealous consumers who borrowed more than they could afford, or was it caused by institutional entities that gambled away the American economy?

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Book Synopsis'Overall, the book provides an interesting and useful synthesis of the authors’ research on the predictions of stock market crashes. The book can be recommended to anyone interested in the Bond Stock Earnings Yield Differential model, and similar methods to predict crashes.'Quantitative FinanceThis book presents studies of stock market crashes big and small that occur from bubbles bursting or other reasons. By a bubble we mean that prices are rising just because they are rising and that prices exceed fundamental values. A bubble can be a large rise in prices followed by a steep fall. The focus is on determining if a bubble actually exists, on models to predict stock market declines in bubble-like markets and exit strategies from these bubble-like markets. We list historical great bubbles of various markets over hundreds of years.We present four models that have been successful in predicting large stock market declines of ten percent plus that average about minus twenty-five percent. The bond stock earnings yield difference model was based on the 1987 US crash where the S&P 500 futures fell 29% in one day. The model is based on earnings yields relative to interest rates. When interest rates become too high relative to earnings, there almost always is a decline in four to twelve months. The initial out of sample test was on the Japanese stock market from 1948-88. There all twelve danger signals produced correct decline signals. But there were eight other ten percent plus declines that occurred for other reasons. Then the model called the 1990 Japan huge -56% decline. We show various later applications of the model to US stock declines such as in 2000 and 2007 and to the Chinese stock market. We also compare the model with high price earnings decline predictions over a sixty year period in the US. We show that over twenty year periods that have high returns they all start with low price earnings ratios and end with high ratios. High price earnings models have predictive value and the BSEYD models predict even better. Other large decline prediction models are call option prices exceeding put prices, Warren Buffett's value of the stock market to the value of the economy adjusted using BSEYD ideas and the value of Sotheby's stock. Investors expect more declines than actually occur. We present research on the positive effects of FOMC meetings and small cap dominance with Democratic Presidents. Marty Zweig was a wall street legend while he was alive. We discuss his methods for stock market predictability using momentum and FED actions. These helped him become the leading analyst and we show that his ideas still give useful predictions in 2016-2017. We study small declines in the five to fifteen percent range that are either not expected or are expected but when is not clear. For these we present methods to deal with these situations.The last four January-February 2016, Brexit, Trump and French elections are analzyed using simple volatility-S&P 500 graphs. Another very important issue is can you exit bubble-like markets at favorable prices. We use a stopping rule model that gives very good exit results. This is applied successfully to Apple computer stock in 2012, the Nasdaq 100 in 2000, the Japanese stock and golf course membership prices, the US stock market in 1929 and 1987 and other markets. We also show how to incorporate predictive models into stochastic investment models.

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Book Synopsis'Overall, the book provides an interesting and useful synthesis of the authors’ research on the predictions of stock market crashes. The book can be recommended to anyone interested in the Bond Stock Earnings Yield Differential model, and similar methods to predict crashes.'Quantitative FinanceThis book presents studies of stock market crashes big and small that occur from bubbles bursting or other reasons. By a bubble we mean that prices are rising just because they are rising and that prices exceed fundamental values. A bubble can be a large rise in prices followed by a steep fall. The focus is on determining if a bubble actually exists, on models to predict stock market declines in bubble-like markets and exit strategies from these bubble-like markets. We list historical great bubbles of various markets over hundreds of years.We present four models that have been successful in predicting large stock market declines of ten percent plus that average about minus twenty-five percent. The bond stock earnings yield difference model was based on the 1987 US crash where the S&P 500 futures fell 29% in one day. The model is based on earnings yields relative to interest rates. When interest rates become too high relative to earnings, there almost always is a decline in four to twelve months. The initial out of sample test was on the Japanese stock market from 1948-88. There all twelve danger signals produced correct decline signals. But there were eight other ten percent plus declines that occurred for other reasons. Then the model called the 1990 Japan huge -56% decline. We show various later applications of the model to US stock declines such as in 2000 and 2007 and to the Chinese stock market. We also compare the model with high price earnings decline predictions over a sixty year period in the US. We show that over twenty year periods that have high returns they all start with low price earnings ratios and end with high ratios. High price earnings models have predictive value and the BSEYD models predict even better. Other large decline prediction models are call option prices exceeding put prices, Warren Buffett's value of the stock market to the value of the economy adjusted using BSEYD ideas and the value of Sotheby's stock. Investors expect more declines than actually occur. We present research on the positive effects of FOMC meetings and small cap dominance with Democratic Presidents. Marty Zweig was a wall street legend while he was alive. We discuss his methods for stock market predictability using momentum and FED actions. These helped him become the leading analyst and we show that his ideas still give useful predictions in 2016-2017. We study small declines in the five to fifteen percent range that are either not expected or are expected but when is not clear. For these we present methods to deal with these situations.The last four January-February 2016, Brexit, Trump and French elections are analzyed using simple volatility-S&P 500 graphs. Another very important issue is can you exit bubble-like markets at favorable prices. We use a stopping rule model that gives very good exit results. This is applied successfully to Apple computer stock in 2012, the Nasdaq 100 in 2000, the Japanese stock and golf course membership prices, the US stock market in 1929 and 1987 and other markets. We also show how to incorporate predictive models into stochastic investment models.

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Book SynopsisThis book is an annual effort by the economists at the Nanyang Technological University to provide analysis, interpretations and insights of contemporary economic issues affecting Singapore and Asia. It covers two key themes: (1) Global Financial Tsunami and (2) other economic issues affecting Singapore and Asia.The Global Financial Tsunami is currently ravaging the world financial systems and the world economy. The authors brilliantly tackle pertinent issues such as fiscal and monetary management of the current crisis, impacts of the crisis on the Singapore and Asian economies, policy measures implemented by Singapore and other countries to combat the crisis, and regional efforts to mitigate the adverse impacts of the crisis.A wide range of important economic issues affecting Singapore and Asia, including inflation, exchange rate, workfare, environmental economics, population and worth of human life in Singapore are addressed competently. The chapters build on economic and analytical frameworks to help readers better understand the economic and policy issues discussed.Table of ContentsMonetary and Fiscal Management and the Current Global Financial Crisis; The Surprising Resurgence of Fiscal Policy; Global Financial Tsunami: Can the Old Tool Still Work for Singapore?; The Global Financial Tsunami: Implications for the Asian Economies; The On-going Global Financial Crisis and Asian Regionalism; Crisis Identification, Remedies and Management in Singapore; Inflation, Exchange Rate and the Singapore Economy: A Policy Simulation; Workfare, Not Welfare: An Exploration on International Experiences and Policy Implications for Singapore; What's Human Life Worth?; Singapore's Future Population: Some implications of Scenarios to 2050; Oil, Economy and the Environment; Is the Environment a Game? Game Theoretical Analysis of the Kyoto Protocol.

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Book SynopsisSince the summer of 2007, credit markets in almost all industrial countries have been in substantial turmoil and this has become the focus of intense policy debates. The papers in this volume are contributed by the world's leading financial experts and constitute a thorough examination of the first credit market turmoil of the 21st Century. They provide an overview of the main causes, transmission mechanisms and economic implications of what by now has become a major systemic financial crisis. They assess the most important policy considerations and conclude about how to stabilize financial systems, attenuate repercussions on the real economy and shape future regulatory structures. The analyses, conclusions, and recommendations can be expected to influence both public and private policies to mitigate, if not prevent, such crises in the future.Table of ContentsWhat Happened, Where?; How Serious is the Damage?; Why Did It Go Undetected/Underestimated for so Long?; Experience with Crisis Management; Implications for Basel II and Bank Capital Regulation; Implications for Regulation of Financial Markets and Instruments; Policy Panel: Where to From Here?.

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Book SynopsisThe book analyzes the nature of Chinese economy which enables it to go through the financial tsunami pretty unscathed. It discusses the stimulus package designed by the Chinese government to keep the economy on course, as well as its results — both positive and negative aspects in the middle and long term.The 2008-09 financial crisis makes it very clear that we need a two-pronged approach to deal with the situation, namely governments need a) to take quick and decisive actions to stem any further deterioration in financial systems; b) to revamp their economies by refitting existing engines in the real economy. China, as the third largest economy in the world, and with its robust domestic consumption and a healthy financial system, is one of the most important drivers to pull the world out of recession.According to the Chinese leadership, China's main contribution is to keep its own economy running smoothly. In response to the crisis, the Beijing government has poured money into the following sectors: public housing, earthquake reconstruction, physical infrastructure, social security, education and healthcare. So far, the results have helped China to maintain the targeted high growth. Given the open nature of its economy, its high growth has also benefited other countries, thereby contributing to the global economy.The current crisis strengthens a trend that has emerged since the Asian financial crisis of 1997. And that is the enhanced economic integration of China with its East Asian neighbours and Southeast Asia. This augurs well for East Asian regionalism which may include the birth of Asian Monetary Fund.The global environment in the wake of the crisis poses new challenges to China, for example, in the form of shrinking size of its traditional export market in the USA and Europe. China needs to modify its strategy from previous export-oriented and investment-driven strategy into one with more emphasis on consumption. There is a lot of scope for China to embark on productive consumption such as cleaning up the environment, physical infrastructure, social security, education and healthcare. If done well, they will lay a firm basis for long-term economic development. It represents an occasion for China to embark on a nation-wide effort to upgrade its economy in the key sectors. At the same time, attention needs to be paid to improving economic-legal institutional framework to support China's role as a major global player.Table of ContentsThis book provides an overview on the global financial crisis and a detailed study of its impact on China. It covers topics such as China's response to tackling the crisis and its impact on her once mighty manufacturing industry. Standing Up to the Challenge will also investigate its effect on China's property and stock markets, and explore whether the crisis will have a positive effect with regard to China's overseas investments thus acting as an impetus for its Western development process. Written in a simple and accessible manner, this book can be used as a reference source by students and academics interested in China's economy and the global financial crisis.

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Book SynopsisThe current global financial turmoil, triggered by the US subprime crisis, has spread quickly and resulted in the worst global economic crisis since the 1930s. As the world's third largest economy and the second largest trading nation, China is inevitably affected seriously. How China responds to the crisis and how effective its measures are in sustaining a healthy growth will have important implications, both domestically and internationally.The chapters in this volume are divided into five sections. Section one examines the overall impact of the global economic crisis and the responses of the Chinese government. Section two studies the regional aspect of the economy affected by the crisis. Section three explores such economies of the Mainland's southern neighbors as Hong Kong, Macao and Taiwan, and the prospect of China's trade. Section four surveys the impact on the ideological and social aspects of the country. Section five concludes with an assessment of China's external policies. The volume offers a comprehensive and in-depth assessment of the impact of the crisis and the measures of the Chinese government to overcome the difficulties.Table of ContentsChina's Economy in 2009: Crisis of a Sharp Slowdown; How Severe is China's Economic Downturn? China's Responses to the Economic Crisis; Crisis of Industrialization in the Pearl River Delta Region; Global Economic Crisis and China's Regional Economy: A Comparative Study of PRD and YRD; ECFA Proposal and its Implication for Cross-Strait Relations; Hong Kong's Economy in the Financial Crisis; China's Trade Prospect in 2009; Global Financial Crisis and the Voice of the New Left in China; Unemployment and Social Instability in China: Will They Run Out of Control; International Economic Crisis and China's External Response.

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Book SynopsisMany books on the 2008 financial crisis and the current recession focus on the financial sector. Unlike them, this book takes the real economy as the starting point and it situates the downturn within the societal context over the last several decades. Important elements of the story include global manufacturing overcapacity and declining profitability, failure of advanced industrial economies to make a quantum jump in discoveries and innovations across a broad range of technologies, ascent of neo-liberalism after the fall of the Berlin Wall, the Asian financial crisis, the Japanese “lost decade”, and the dot-com boom. This provides the backdrop of the birth of a market society, deregulation, easy credit, and financial excesses.The financial crisis reveals much that has gone astray in the business world over the last few decades — short term thinking, manipulation of figures and image management at the cost of the basics. The financial sector has become an arena for accounting shenanigans and corporate skullduggery. It is also a symptom of deeper social and cultural change. Crisis of a very serious nature functions as a cleansing exercise. Already we have seen debates which re-examine values and ideas, state policy and business practices. If the world could rise to the challenge, history will view the crisis as a blessing in disguise and thus render it in positive terms.Table of ContentsFrom Berlin Wall to Wall Street; A Tale of Two Crises; Insights from Japan's Lost DecadeA"; Special Features of the Crisis; Bonfire of Financial Excesses; Moral Economy; New Financial Landscape?; The World is Round; Don't Waste the Crisis.

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Book SynopsisThe recent global financial crisis has caused massive upheavals worldwide. The papers in this volume analyze whether financial principles seem to have shifted in recent years, and what that may mean for international financial markets and regulation. What “broke” in the current crisis? Is there no “playbook” on how to respond to systemic crises? What is the optimal role of the state in dealing with crises? How should asset bubbles be addressed in the future? Do we need a major overhaul of governance in the industry? What means exist to address systemic crises? What reforms are needed? These and related issues are discussed by an impressive list of well-known scholars, policymakers and practitioners, with an emphasis on the implications for public policy.Table of ContentsSpecial Addresses: Back from the Brink (C D Romer); Longer Days, Fewer Weekends (K M Warsh); What Broke? The Root Causes of the Crisis: Origins of the Subprime Crisis (C W Calomiris); The Role of the Financial Sector in the Great Recession (M Mussa); Containing a Systemic Crisis: Is There Really No Playbook?: Regulating Systemic Risk (M Kawai & M Pomerleano); Systemic Risk: Is There a Playbook? (R K Steel); Dealing with the Crisis: The Role of the State: Banking on the State (P Alessandri & A G Haldane); The Role of the State in a Crisis (P L Swagel); What To Do About Bubbles: Monetary Policy and Macroprudential Regulation: Financial Instability and Macroeconomics: Bridging the Gulf (C Borio & M Drehmann); Bubbles? (A H Meltzer); Dealing with Crises in a Globalized World: Challenges and Solutions: Global Financial Reform: Diagnosis and Prognosis - A Network Approach (A L T Sheng); Dealing with Cross-Border Bank Distress: Some Specific Options for Reform (S Claessens); How to Make Regulators and Government More Accountable: Regulatory Governance and Agency Design: Making Safety-Net Managers Accountable for Safety-Net Subsidies (E J Kane); The Sentinel: Improving the Governance of Financial Policies (R Levine); Policy Panel: Where Do We Go from Here?: Where Do We Go from Here? (A K Kashyap); Where to from Here? Have the Rules of Finance Changed? (J Silvia); and other papers.

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Book SynopsisCanterbery's latest literary work provides a definitive account of the Great Recession of 2007-2010. It presents an output-employment framework for evaluating the Great Recession. A chapter on the Great Depression provides a basis for comparison while outlining the institutions still intact that moderated that downturn. Finally, the aftermath of the recession is accounted for.In 2003 John Kenneth Galbraith, who knew both Michal Kalecki and John Maynard Keynes, called Canterbery, ';the best.';Table of ContentsAn Output-Employment Framework; The Role of Money; The Great Depression; Precursors to the Great Recession; The Spring 2008 Financial Crisis; The Housing Bubble; The Subprime Mortgage Collapse; Complications from Derivatives; The Global Dimension; The Economic Crisis of Summer 2008; The Fiscal Stimulus; The Unconventional Use of Monetary Policy; The Crisis in the Automotive Industry and Obama's Response; Culmination of the Housing and Banking Crises; The Conduct of Monetary Policy Under Bernanke; The Aftermath and the Future.

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Book SynopsisThis book is an annual effort by the economists from the Nanyang Technological University to provide analysis, interpretations and insights on contemporary economic issues affecting Singapore.In 2010, Singapore's economy was just recovering from the sharp economic downturn in 2008/09 caused by the Global Financial Crisis. The global economic outlook in the short and medium term remained uncertain and the risk of another economic or financial crisis remains high. Thus, one of the key themes of this book is to study economic crises and financial crises, and the policy measures that are available to manage them.Looking ahead, in order to ensure long term growth and prosperity for Singapore's economy, microeconomic policy adjustments and fine-tuning is still needed to build a competitive and resilient nation. Therefore, the second key theme of the book is to review several public policies in Singapore, such as competition, healthcare, training, free trade agreements, state capitalism and inequality.Table of ContentsEconomic Crisis Management: The National Wages Council (NWC) and Macroeconomic Management in Singapore (C Y Lim); Unpreparedness in the Great Recession (C Y Lim & H Y Sng); Why are Financial Crises so Costly? (K H Tan); A Case for Selective Capital Control (C Y Lim & S Chan); Public Policies and Other Economic Issues: Competition Policy and Law in Singapore (C L Lam); Healthcare: Containing Cost without Comprising Quality (H M L Tan & S B Chew); Economics of Training: Market Failure and Government Intervention (R Chew); A Review of the US-Singapore Free Trade Agreement (Y H Chee & W M Chia); State Capitalism in Singapore (H Y Sng); Growth, Opportunity, and Inequality: Some Empirics from Singapore (K W Ho); A Fine City without the Fines? Beyond Rational Self-Interest in the Pursuit of Public Policy (W E Theseira).

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Book SynopsisThis book is a collection of invited and selected papers from the Singapore Economic Policy Forum 2009 around a central theme, Challenges Facing Singapore in the Post-Crisis Era and Policy Responses.There are very few books on the Singapore economy. This one is largely non-technical in nature and brings the reader up to speed on the key issues facing policymakers in Singapore in the wake of the worst financial crisis since the Great Depression. The contributors are all experts in their field and have extensive experience of the Singapore economy. The book also offers an international dimension to look at the role of China in the Asian economy and the impact on Asia of reforms to the international financial architecture.Table of ContentsThe Post-Crisis Era: Challenges for the Singapore Economy; Economic Policy-Making in Singapore: Some Reflections; Reform of the International Financial Architecture, the G20 and Asia; The Current Productivity Drive in Singapore and Labor Market Policies; China as an Emerging Market for Singapore: Challenges and Opportunities; Equity in Singapore's Healthcare Financing; Monetary Policy in Singapore and the Global Financial Crisis; Fiscal Policy in Singapore and the 2010 Budget; Singapore's Exchange Rate Policy: An Evaluation; Citizen-Government Partnership for Social Equity: How It Strengthened with the Global Crisis.

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Book SynopsisFour years have passed since the onset of the 2008 global crisis, and although some believe that there may be a second down draft soon, attention has shifted from crisis narration to assessing lessons essential for preventing or managing recurrences. The exercise is worthy, but there is always the danger of preparing for the last war when the next attack takes another form. Prevention and Crisis Management addresses this problem by highlighting the future threat to Asia from a broader perspective that takes account of the Japanese and Asian financial crises during the 1990s as well as the global crisis of 2008. The enlarged framework turns out to be illuminating for two distinct reasons. First, it reveals that Asian crises take many diverse forms, and second, the solutions devised to date have only been locally and not universally effective. Policymakers are accordingly advised to always plan for the element of surprise.Table of ContentsCrises 1990 - 2010: Asian Currency and Financial Crises in the 1990s (Steven Rosefielde and Assaf Razin); The 2008 - 2009 Global Crisis (Steven Rosefielde and Assaf Razin); Crisis in Transitioning Countries (Yoji Koyama); PIIGS (Steven Rosefielde and Assaf Razin); Global Default (Steven Rosefielde and Daniel Quinn Mills); Prevention: Prevention and Counter-Measures (Torbjorn Becker); Threats and Deterrents: Global Imbalances (Huan Zhou and Steven Rosefielde); Chinese Protectionism (Jonathan Leightner); China's Economic Future (Akio Kawato); Optimal Asian Dollar Surplus (Eric Fisher); Toward an East Asian Economic Community (Yun Chen and Ken Morita); Asian Union (Steven Rosefielde, Jong-Rong Chen and Masumi Hakogi); Buddhist Crisis Prevention and Management (Teerana Bhongmakapat).

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Book SynopsisThe 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.Table of ContentsIntroduction (Barry Eichengreen and Bokyeong Park); The Global Financial System after the Crisis (Nicolas Veron); The Global Trading System after the Crisis (Simon Evenett); The International Monetary System after the Crisis (Barry Eichengreen); The G20 and Global Governance after the Crisis (Ignazio Angeloni); Challenges for Emerging Markets (Eswar Prasad); Challenges for the Asian Economy (Bokyeong Park); Challenges for the Advanced Economies (Joseph Gagnon and Mark Hinterschwieger).

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Book SynopsisThis book examines the need for greater East Asian cooperation and the challenges to this grand endeavor. With differing national outlooks, how can East Asia preserve peace, prosperity and stability amidst geopolitical competition? To answer this question, the volume examines the political and economic relations between Beijing and its neighbors against the backdrop of two trends: the power shift from the West to the East in the aftermath of the American Financial Crisis and the ongoing eurozone crisis, as well as the rise of China.Table of ContentsIntroduction (Peng Er Lam, Mu Yang and Yaqing Qin); East Asia's Political and Economic Architecture: East Asian Regionalism: Architecture, Approach and Attributes (Yaqing Qin); China in the Post-Financial Crisis East Asia: Towards a New Regional Economic Order (John Wong); China as World's Largest Economy: Qualifications and Implications (Liping He); Trade and Investment Facilitation in East Asia; Development, Challenges and Cooperation (Ying Fan and Wentao Li); Elections in Hong Kong: International Perspectives and Implications for China (Bill K P Chou); East Asian Regionalism in the Post-Financial Crisis World: Developments, Models and Proposals (Ling Wei); East Asian Community: Dream or Reality? (Peng Er Lam); China and Its Neighbors: Will China Give Up North Korea (Young-Rok Cheong and Mee Joo Song); China's Investment in Southeast Asia: Trends and Prospects (Mu Yang and Catherine Siew Keng Chong); Defending ASEAN's "Centrality": Indonesia and the Politics of East Asian Regional Architecture in the Post-American Financial Crisis Era (Syamsul Hadi); Twenty Years of Sino-Singapore Diplomatic Ties: An Assessment (Liang Fook Lye); Vietnam-China Economic Relations: 2009 - 2010 (Do Tien Sam and Ha Thi Hong Van); Malaysia-China Economic Relations: 2000 - 2010 (Kam Hing Lee); The Philippines and China: Towards a Strategic Partnership? (Andrea Chloe Wong).

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Book SynopsisThis edited volume presents the most recent achievements in risk measurement and management, as well as regulation of the financial industry, with contributions from prominent scholars and practitioners such as Robert Engle, 2003 Nobel Laureate in Economics, Viral Acharya, Torben Andersen, Zvi Bodie, Menachem Brenner, Aswath Damodaran, Marti Subrahmanyam, William Ziemba and others. The book provides a comprehensive overview of recent emerging standards in risk management from an interdisciplinary perspective. Individual chapters expound on the theme of standards setting in this era of financial crises where new and unseen global risks have emerged. They are organized in a such a way that allows the reader a broad perspective of the new emerging standards in macro, systemic and sovereign risk before zooming into the micro perspective of how risk is conceived and treated within a corporation. A section is dedicated to credit risk and to the increased importance of liquidity both in financial systems and at the firm's level.Table of ContentsThe Evolution of Risk Management: New Standards for Risk Measurement and Measurement. An Evolutionary Perspective of the Risk Management Discipline during the Financial Crisis (Oliviero Roggi); Sovereign and Systemic Risk: Toward A Bottom-Up Approach to Assessing Sovereign Default Risk: An Update (Edward Altman); Measuring Systemic Risk (Robert Engle et al.); Taxing Systemic Risk (Viral Acharya et al.); Liquidity: Liquidity and Efficiency in Three Related Foreign Exchange Options Markets (Menachem Brenner and Ben Schreiber); Illiquidity or Credit Deterioration: A Study of Liquidity in the US Corporate Bond Market during Financial Crises (Marti Subrahmanyam et al.); Risk Management: Integrated Wealth and Risk Management: First Principles (Zvi Bodie); Analyzing the Impact of Effective Risk Management: Innovation and Capital Structure Effects (Torben Andersen); Credit Risk: Modelling Credit Risk for SMEs: Evidence from the US Market (Edward Altman and Gabriele Sabato); Predicting SME Default Risk. Does A Regional Model Make Sense? (Oliviero Roggi and Alessandro Giannozzi); Credit Loss and Systematic Loss Given Default (Jon Frye and Michael Jacobs Jr.); Equity Risk and Market Crashes: Equity Risk Premiums (ERP): Determinants, Estimation and Implications - The 2012 Edition (Aswath Damodaran); Stock Market Crashes in 2007 - 2009: Were We Able to Predict Them? (Sebastien Lleoyz and William Ziemba).

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Book SynopsisThe two most topical issues in current financial markets deal with the causes of the recent financial crisis and the means to prevent future crises. This book addresses the latter and stresses a major shift in most countries toward a better understanding of financial stability and how it can be achieved. In particular, the papers in this volume examine the recent change in emphasis at central banks with regard to financial stability. For example: What were the cross-country differences in emphasis on financial stability in the past? Did these differences appear to affect the extent of the adverse impact of the financial crisis on individual countries? What are perceived to be the major future threats to financial stability? These and related issues are discussed in the book by well-known experts in the field — some of the best minds in the world pursuing financial stability. Following the global financial crisis, significant reforms have been initiated in many countries to address financial stability more directly, frequently focusing on macroprudential policy frameworks in which central banks play a more active role.Table of ContentsSpecial Addresses: The (Changing) Role of Central Banks in Financial Stability Policies (Peter Praet); The Role of Central Banks in Financial Stability: How Has It Changed? (Willem H Buiter); Pursuing Financial Stability at the Federal Reserve (Janet L Yellen); The Role of Central Banks in Financial Stability: Historical Review and Critique: Financial Stability: Lessons Learned from the Recent Crisis and Implications for the Federal Reserve (Nellie Liang); Role of Central Banks in Financial Stability: Lessons from the Experience of the Bank of Japan (Takeo Hoshi); Overcoming the Fear of Free Falling: Monetary Policy Graduation in Emerging Markets (Carlos A Vegh and Guillermo Vuletin); Can We Identify the Financial Cycle? (Mathias Drehmann, Claudio Borio and Kostas Tsatsaronis); Central Banks and Asset Price Bubbles: Low Interest Rates and Housing Bubbles: Still No Smoking Gun (Kenneth N Kuttner); Classic FIT and Lean FIT: Is Inflation-Targeting Guilty of Causing the Financial Instability of 2007 - 2009? (Takatoshi Ito); Current, Past, and Potential Future Threats to Financial Stability: Bank Capital Regulations: Learning the Right Lessons from the Crisis (Asli Demirguc-Kunt); International Monetary Reform: Exchange Rates or Interest Rates? (Ronald McKinnon); Threats to Financial Stability in Emerging Markets: The New and Very Active Role of Central Banks (Liliana Rojas-Suarez); The Social Productivity of the Financial Sector: In Defense of Wall Street: The Social Productivity of the Financial System (Ross Levine); Output Growth Variability: The Role of Financial Markets (Alexander Popov); Occupying the Wrong Street? The Social Productivity of the Financial Sector: Some Comments (Gerard Caprio, Jr.); Open Issues in the Regulatory Debate: Failure Resolutions, Bailouts, Moral Hazard, and Market Discipline: Bankers and Brokers First: Loose Ends in the Theory of Central Bank Policymaking (Edward J Kane); The Elusive Scale Economies of the Largest Banks and Their Implications for Global Competitiveness (Joseph P Hughes); The Ex Ante versus Ex Post Effect of Public Guarantees (Evren Damar, Reint Gropp and Adi Mordel); Real and Imaginary Resolution Options for Large Financial Institutions (David A Skeel, Jr.); Policy Panel: Where to from Here?: Is Our Economy's Financial Sector Worth What It Costs Us? (Benjamin M Friedman); The Eurozone Crisis: Causes, Remedy, and Misperceptions (Richard C Koo); Macroprudential and Monetary Policies (Frederic S Mishkin); The Eurozone Crisis (Richard Portes); The Way Forward - Central Banks with Financial Stability Mandates: The Case of the Eurosystem (Anne Sibert).

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Book SynopsisFinancial Systems at the Crossroads: Lessons for China is written by leading financial experts to study the causes of financial disasters internationally. The research team is drawn from the global research networks of three leading universities: the Antai College of Economics and Management at Shanghai Jiao Tong University, the School of Economics at Fudan University, and the Earth Institute at Columbia University.This review volume identifies the regulatory framework to guide the emergence of efficient financial institutions that are prudent; and to specify the required institutional mechanisms to prevent and resolve systemic collapse. It examines the specific circumstances of China to come up with a comprehensive agenda to reform China's financial sector. It provides in-depth analysis of China's financial industry to show its future evolution and offers lessons for developing a financial system that is efficient, innovative and resilient.Table of ContentsAnalytical Overview: Mobilising the Financial Sector Efficiently and Safely for Sustaining the Transformation of the Chinese Economy (Yingli Pan, Jeffrey Sachs, Wing Thye Woo and Qi Zhu); Understanding the Important Lessons from the International Experience: How the Financial Sector in the US Became Lawless and Unstable (Jeffrey D Sachs); Systemic Lack of Prudence in Wealthy Nations: Avoiding the Dark Side of Financial Development (Peter Boone and Simon Johnson); Lessons from the Financial Liberalization in the Nordic Countries in the 1980's (Seppo Honkapohja); Asian Financial Markets and Financial Internationalization in China (Kiyohiko Nishimura); Tokyo's Ultimately Failed Bid for First Tier International Financial Centre Status: Why Did It Fall Short and What Are the Lessons for Shanghai? (Huw McKay); Designing the Right Financial System for China: The Great Accommodation: Chinese Central Banking in the New Millennium (Junhui Qian); The Structural Friction in China's Banking System: Causes, Measurement and Solutions (Hongzhong Liu); Credit Rationing, Bank Bailouts, and the Deleterious Impact of Credit: Evidence from China (Jean-Louis Arcand); The Options for Reforming the Renminbi Exchange Rate Regime (Yingli Pan, Jing Nie, Si Zhou and Xinru Wu); The Internationalization of the Renminbi in Accordance with China's National Interests and Global Responsibilities (Yingli Pan, Yingfeng Xu and Jun Wu); Reforming China's Rural Financial Market (Wing Thye Woo and Xi Zhu).

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Book SynopsisFinancial Systems at the Crossroads: Lessons for China is written by leading financial experts to study the causes of financial disasters internationally. The research team is drawn from the global research networks of three leading universities: the Antai College of Economics and Management at Shanghai Jiao Tong University, the School of Economics at Fudan University, and the Earth Institute at Columbia University.This review volume identifies the regulatory framework to guide the emergence of efficient financial institutions that are prudent; and to specify the required institutional mechanisms to prevent and resolve systemic collapse. It examines the specific circumstances of China to come up with a comprehensive agenda to reform China's financial sector. It provides in-depth analysis of China's financial industry to show its future evolution and offers lessons for developing a financial system that is efficient, innovative and resilient.Table of ContentsAnalytical Overview: Mobilising the Financial Sector Efficiently and Safely for Sustaining the Transformation of the Chinese Economy (Yingli Pan, Jeffrey Sachs, Wing Thye Woo and Qi Zhu); Understanding the Important Lessons from the International Experience: How the Financial Sector in the US Became Lawless and Unstable (Jeffrey D Sachs); Systemic Lack of Prudence in Wealthy Nations: Avoiding the Dark Side of Financial Development (Peter Boone and Simon Johnson); Lessons from the Financial Liberalization in the Nordic Countries in the 1980's (Seppo Honkapohja); Asian Financial Markets and Financial Internationalization in China (Kiyohiko Nishimura); Tokyo's Ultimately Failed Bid for First Tier International Financial Centre Status: Why Did It Fall Short and What Are the Lessons for Shanghai? (Huw McKay); Designing the Right Financial System for China: The Great Accommodation: Chinese Central Banking in the New Millennium (Junhui Qian); The Structural Friction in China's Banking System: Causes, Measurement and Solutions (Hongzhong Liu); Credit Rationing, Bank Bailouts, and the Deleterious Impact of Credit: Evidence from China (Jean-Louis Arcand); The Options for Reforming the Renminbi Exchange Rate Regime (Yingli Pan, Jing Nie, Si Zhou and Xinru Wu); The Internationalization of the Renminbi in Accordance with China's National Interests and Global Responsibilities (Yingli Pan, Yingfeng Xu and Jun Wu); Reforming China's Rural Financial Market (Wing Thye Woo and Xi Zhu).

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Book SynopsisSixteen countries across the world — including the United States and many European nations — have fallen into economic crises since the late 1990s. In The Limits of Fiscal, Monetary, and Trade Policies: International Comparisons and Solutions, Jonathan E Leightner convincingly argues that the fundamental cause of the global malaise is a surplus of savings. He provides compelling evidence (via statistical estimates) that fiscal, monetary, and trade policies cannot solve the resulting problems since their effectiveness has plummeted. Leightner also shows that the solution to the current global economic woes is a “consumption driven growth model” (which China advocates but has yet to fully implement) because when there is insufficient consumption, excess savings will remain idle, seek a return from rent or deception, or fund speculative bubbles.Table of ContentsThe Core Problem Underlying the Current Crisis; Other Hypotheses About the Crisis; How the Crisis Began, Is Continuing to Unfold, and Is Being Addressed in the USA, the UK, Japan, China, Brazil, Russia, Cyprus, Greece, Ireland, Italy, Portugal, and Spain; The Declining Effectiveness of Monetary policy; The Declining Effectiveness of Fiscal Policy; The Declining Effectiveness of Exchange Rate and Trade Policy; China's Role and Approach to the Crisis; Conclusion; Technical Appendix on the Statistical Technique Used.

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Book SynopsisThe global financial crisis of 2008 was resolved over the course of two years after the collapse of the US housing bubble, but the world economy did not vigorously rebound as expected. The West has been torpid, while Asian economic vitality has steadily waned. These developments have been diversely interpreted and authorities have responded with a series of institutional reforms and policy fixes, without coming to grips with accumulating national debts, the kinds of speculative practices that caused the financial crisis, and the inadequacies of neoclassical and Keynesian macroeconomic explanations.Global Economic Turmoil and the Public Good presents the cumulative research of both authors. It updates the readers on global economic developments since 2008, while providing a concise, yet comprehensive survey of the causes and protracted consequences of the 2008 financial crisis. The book explains the global financial disequilibrium and catastrophic crisis risks; surveys and appraises institutional reforms designed to reinvigorate growth and ameliorate financial crisis risk; and proposes specific actions which will prevent another global financial crisis and its economic fallout.

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