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Item Details
Title:
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AN ASSESSMENT OF THE GLOBAL IMPACT OF THE FINANCIAL CRISIS
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By: |
Philip Arestis (Editor), Rogerio Sobreira (Editor), Jose Luis Oreiro (Editor) |
Format: |
Electronic book text |
List price:
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£65.00 |
We believe that this item is permanently unavailable, and so we cannot source
it.
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ISBN 10: |
0230306918 |
ISBN 13: |
9780230306912 |
Publisher: |
PALGRAVE MACMILLAN |
Pub. date: |
14 December, 2010 |
Description: |
This topical volume analyzes the impact of the 2008 financial crisis. It considers the origins and explanations of the current crisis, examines the regulatory implications and, with specific focus on developing countries, it provides a strategy for economic growth that can guarantee financial stability in the future. |
Synopsis: |
The 2008 financial crisis hit the heart of capitalism, but the effects were much weaker in the 'periphery' of the capitalist system than in its center. This book provides a solution to this paradox. The analysis presented here shows that current account surpluses and accumulation of foreign reserves are important for developing countries because they allow them to conduct anti-cyclical policies in the face of a financial crisis in developed countries. Stabilization of output is important for robust growth in the long term due to its effects over capitalist animal spirits. Developed countries should never pursue a growth strategy based merely on accumulation of 'foreign savings'. This book presents an extensive and in-depth analysis of the crisis as it influenced both developed and developing countries. It is shown that the impact of this crisis is far from being homogenous across the developed and developing world. The most intriguing aspect of it is the fact that it affected less those economies responsible for the generation of the 'global savings glut', and more those economies that are more dependent on foreign capital inflows.In this aspect, the book also addresses the question of why this crisis has been rather limited in magnitude and of such relatively short duration. It is also shown that financial liberalization alone cannot fully explain the crisis. It is necessary to take a good look on the size of the financial sector all over the world and the redistributive impact related to it. Thus, one of the main lessons that can be learned by this volume is a profound need to implement policies that can guarantee financial stability. This book is essential reading for all interested in economic growth, macroeconomics, and development economics. |
Illustrations: |
29 black & white tables, 40 figures |
Publication: |
UK |
Imprint: |
Palgrave Macmillan |
Returns: |
Non-returnable |
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