Philip Arestis, Rogério Sobreira, José Luis Oreiro's An Assessment of the Global Impact of the Financial Crisis PDF

By Philip Arestis, Rogério Sobreira, José Luis Oreiro

ISBN-10: 023027160X

ISBN-13: 9780230271609

This topical volume analyzes the influence of the 2008 monetary obstacle. It considers the origins and factors of the present crisis, examines the regulatory implications and, with particular specialize in constructing international locations, it presents a method for monetary development which can warrantly monetary balance sooner or later.

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Extra resources for An Assessment of the Global Impact of the Financial Crisis

Sample text

Indeed, asset bubbles are often preceded by price stability. A few examples make the point very well: the US 1929; Japan 1990s; South East Asia 1997; the US again 2007. In all these cases, price stability was followed by the burst of a bubble. Central banks should 28 Assessing the Global Impact of the Crisis move beyond price stability. It is also relevant to note at this point that focusing on interest rate variations to prick a bubble cannot be relied upon. This is so for the simple reason that since such an attempt would require quite substantial changes in the rate of interest, the rest of the economy is bound to be seriously and adversely affected.

Several banks are also active in trading actual shipments of oil, gas, industrial metals and other physical assets. Part of this trading is also speculative in terms of current and future prices. Unlike banks, commodity-trading companies face no rules in their operations. Consequently, the ‘Volcker Plan’ could present a chance for the trading houses to enlarge their market share in that banks are likely to cut back on this type of trade. However, it is the case that banks are the main dealers of derivatives used to hedge risks in specialised commodity markets.

3 This was particularly so after the burst of the IT bubble in March 2000 when central banks, led by the Fed, pursued highly accommodative monetary policies to avoid a deep recession. Looking at debt statistics (see, BIS, 2008, p. 6 per cent respectively. This suggests that while monetary policy did not have a role in causing the crisis it was, nonetheless, largely responsible for its promotion and continuation. It should be clear that the dominant argument that increased liquidity is always beneficial may not be so wide-ranging.

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An Assessment of the Global Impact of the Financial Crisis by Philip Arestis, Rogério Sobreira, José Luis Oreiro


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