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Book Synopsis

Today''s global financial system bears little resemblance to what it was at the end of the twentieth century. Shadow bankingfinancial activity taking place outside existing regulatory frameworkshas grown so important that it now serves as the backbone of the entire system. The shadow banking system, however, is highly unstable and the main reason why the financial system has remained in crisis mode since the 2008 financial crisis. To maintain stability, central banks like the Fed and the European Central Bank have come to use radical new monetary policy instruments which were inconceivable until very recently. Without intervention on the part of central banks, existing financial systems would completely collapse.

As Joscha Wullweber shows, there has been a radical change in the state-market nexus. With governments refraining from strong and comprehensive fiscal and financial regulatory policies, central banks have become the main stabilizing force and the nodal point of financ

Central Bank Capitalism

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    A Paperback by Joscha Wullweber

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      Book details

      Publisher Stanford University Press
      Published 8/13/2024
      ISBN-13 9781503639621
      978-1503639621
      ISBN-10 1503639622
      Also in:
      Business, Finance & Law Economic theory and philosophy

      Description

      Book Synopsis

      Today''s global financial system bears little resemblance to what it was at the end of the twentieth century. Shadow bankingfinancial activity taking place outside existing regulatory frameworkshas grown so important that it now serves as the backbone of the entire system. The shadow banking system, however, is highly unstable and the main reason why the financial system has remained in crisis mode since the 2008 financial crisis. To maintain stability, central banks like the Fed and the European Central Bank have come to use radical new monetary policy instruments which were inconceivable until very recently. Without intervention on the part of central banks, existing financial systems would completely collapse.

      As Joscha Wullweber shows, there has been a radical change in the state-market nexus. With governments refraining from strong and comprehensive fiscal and financial regulatory policies, central banks have become the main stabilizing force and the nodal point of financ

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