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Intro -- Contents -- Contributors -- List of Figures -- List of Tables -- 1 A Retrospective on the 2008 Global Financial Crisis -- The Chapters in This Volume -- Part I The Source of the 2008 Global Financial Crisis -- 2 The Financial Alchemy That Failed -- Introduction -- The Four Ages of Capitalism -- The Financial Alchemy That Failed: Three Narratives -- Narrative One: Pecuniary Externalities in Investment Banking -- Narrative Two: Information Failures -- Myopia and the Leverage Cycle -- Asymmetric Information and Cheating -- Narrative Three: A Bank Run -- Two Fallacies of Composition -- Regulators Who Were Captured -- The Business Model that Failed -- Finally: What About the Law? -- In the US: 'Deferred Prosecution Agreements' -- In Iceland: Transparency and Prosecution -- In the UK: A Parliamentary Commission on Banking Standards -- Conclusion -- Postscript -- Annex A: Cross-Border Finance-A Snapshot -- Annex B: Emergency Liquidity and Capital Support Provided to Banking -- Annex C: Legal Penalties Imposed on US Investment Banks and Credit Rating Agencies -- References -- 3 Prudential Regulation and Capital Controls -- Introduction -- The Primrose Path or Sound Banking? -- Conclusions -- References -- 4 Three Grand State Projects Meet the Financial System -- Introduction -- Three Grand Projects -- The Grand Projects, Real Interest Rates, and the Financial Sector Response -- Conclusion -- 5 The 2008 GFC: Savings or Banking Glut? -- Comparing and Contrasting the Two Gluts -- Which Capital Flow Matches US Mortgage Market Trends? -- European Banks as Producers of MBS -- Did European Banks Hog Private US MBS? -- Why Did European Banks Bet the Bank on US Mortgages? -- Conclusions -- References -- 6 Capital Flows into the United States Ahead of the Great North Atlantic Financial Crisis -- Introduction.

Global financial crisis : implications for ASEAN -- Contents -- Preface -- Global Financial Crisis and Implications for Asean -- Commentaries: In Response to lead article, "Global Financial Crisis and Implications for ASEAN", by Masahiro Kawai -- Commentary: Charles Adams -- Commentary: V. Anantha-Nageswaran -- Commentary: Michael Lim Mah Hui -- Commentary: Pradumna B. Rana -- Commentary: Lim Chin -- What ASEAN Must do to Cope with the Crisis: Act Together to Maintain Confidence in the Underlying Strength of the Region's Economies -- About the Contributors.

"Preface" -- "Contents" -- "Notes on Authors" -- "List of Figures " -- "List of Tables " -- "Monetary Policy Since the Global Financial Crisis" -- "1 Introduction " -- "2 Inflation Targeting" -- "2.1 Theoretical Aspects of IT" -- "2.2 Theoretical and Empirical Problems of IT" -- "3 Monetary Policy Reactions Following the GFC and GR" -- "3.1 Reaction of the Main Central Banks" -- " US Fed Reactions" -- " UK BoE Reactions" -- " EMU ECB Reactions" -- "3.2 Unorthodox Monetary Policies" -- " Quantitative Easing" -- " Zero and Negative Interest Rates" -- "4 Financial Stability" -- "5 Summary and Conclusions" -- "References" -- "Lessons on Fiscal Policy After the Global Financial Crisis" -- "1 Introduction " -- "2 Fiscal Policy as Seen Before the Financial Crisis" -- "3 First Responses of Fiscal Policy After the Financial Crisis" -- "4 Second Rounds of Responses of Fiscal Policy" -- "5 The 'Debt Scare'" -- "6 The 'Multiplier'" -- "7 Composition of Deficit Reduction" -- "8 Structural Budgets" -- "8.1 Introduction to Structural Budgets" -- "8.2 'Potential Output'" -- "8.3 Estimating 'Potential Output'" -- "8.4 'Potential Output' and Unemployment" -- "8.5 Why Do Structural Budget Deficits Persist?" -- "9 Concluding Comments" -- "References" -- "Inequality and the Need for Relevant Policies" -- "1 Introduction " -- "2 Inequality Since 2008" -- "3 Why Is There So Much Inequality?" -- "3.1 Dimensions of Inequality" -- "3.2 Structural Factors" -- "3.3 Competitive Advantage Versus Comparative Advantage" -- "3.4 A Race to the Bottom" -- "3.5 Further Distortions" -- "3.6 Mechanisms of Rent Extraction" -- "4 Rentier Capitalism Par Excellence" -- "4.1 Rent Deflation" -- "4.2 Dominance of Financial Capital" -- "4.3 Illicit Financial Outflows

Intro -- Half-Title Page -- Title Page -- Contents -- List of Figures -- List of Tables -- Contributors -- Acknowledgements -- Introduction: The Legacy of the Global Financial Crisis -- Part 1 Perspectives on the Global Financial Crisis -- 1 Moral Hazard and Equity Finance: Why Policy has been Sub-optimal since the Global Financial Crisis -- 2 The Global Financial Crisis Ten Years On: Using and Forgetting the Past? -- 3 On Volatility, Economic Slow-Motion and Populism: The Global Financial Crisis and Beyond -- 4 Lessons from the Great Financial Crisis in Perspective -- 5 The Wasted Legacy of a Crisis -- Part 2 National Experiences -- 6 The Financial Crisis, National Policy Responses and the Rise of Conservative Nationalism -- 7 Financial Crisis Management: Unanswered Key Questions -- 8 SEB and the Financial Crisis in the Baltics -- 9 The Legacy of the Global Financial Crisis: The View from Greece -- Part 3 The Architecture of Control -- 10 The Danger of Raising and then Dashing Expectations: The Lesson from Lehman? -- 11 Governing EU Banks after the Global Financial Crisis: From Regulation to Governance -- 12 From Sets of Rules to Codes of Conduct -- 13 Risk Management and Corporate Governance -- Index -- Copyright.

Examines an important historic event -- the modern global financial crisis. Easy-to-read, compelling text explores the impact of the failing housing market and the credit crisis in the United States, the US government bailouts of banks, automakers, and other businesses, issues around financial regulation and the US Federal Reserve, the spread of financial problems to Europe, Japan, and China, and the effects of this event on society

In the wake of the most significant financial crisis since the Great Depression, the President signed into law on May 20, 2009, the Fraud Enforcement and Recovery Act of 2009, creating the Financial Crisis Inquiry Commission. The Commission was established to "examine the causes, domestic and global, of the current financial and economic crisis in the United States.".

1. The contours of the Marxist debate on the global capitalist crisis / David Thurston Martin -- 2. The global capitalist crisis : its origins, dynamics, and impact on the United States / Berch Berberoglu -- 3. "The great recession" of 2008 and the continuing global capitalist crisis / William I. Robinson -- 4. The global financial crisis : a crisis of capital or for labor? / James Petras and Henry Veltmeyer -- 5. The global capitalist crisis and the 2008 financial meltdown in the United States / Levin Welch -- 6. The impact of the global capitalist crisis on the Eurozone / David L. Elliott -- 7. Japan's long stagnation and the global capitalist crisis : the onset of inter-state rivalry? / Bill Lucarelli -- 8. The continuing global capitalist crisis and the transition to state neoliberalism in China / Alvin So -- 9. Russia and the global capitalist crisis / David M. Kotz -- 10. Latin America and the epochal crisis of capitalism / Luis Arizmendi and Gordon Welty -- 11. "Africa rising" or Africans uprising? : the impact of the global capitalist crisis on Africa / Patrick Bond -- 12. The structural crisis of global capitalism and the prospects for world revolution in the twenty-first century / Chris Chase-Dunn and Anthony Roberts -- 13. The global capitalist crisis and the end of empire / Martin Orr.

Intro -- U.S. FINANCIAL CRISIS: GLOBAL DIMENSION AND U.S. POLICY IMPLICATIONS -- U.S. FINANCIAL CRISIS: GLOBAL DIMENSION AND U.S. POLICY IMPLICATIONS -- CONTENTS -- PREFACE -- Chapter 1 THE GLOBAL FINANCIAL CRISIS: THE ROLE OF THE INTERNATIONAL MONETARY FUND (IMF) -- SUMMARY -- WHITHER THE IMF? -- Immediate Crisis Management -- Reforming Global Macroeconomic Surveillance -- End Notes -- Chapter 2 CHINA AND THE GLOBAL FINANCIAL CRISIS: IMPLICATIONS FOR THE UNITED STATES -- SUMMARY -- CHINA'S STAKE IN THE CURRENT CRISIS -- CHINA'S EXPOSURE TO THE GLOBAL FINANCIAL CRISIS -- CHINA'S RESPONSE TO THE CRISIS -- China's Stimulus Program -- Has China's Economy Bottomed Out? -- CHINA'S POTENTIAL ROLE AND IMPLICATIONS FOR THE UNITED STATES -- End Notes -- Chapter 3 THE GLOBAL FINANCIAL CRISIS: ANALYSIS AND POLICY IMPLICATIONS -- SUMMARY -- RECENT DEVELOPMENTS1 -- THE GLOBAL FINANCIAL CRISIS AND U.S. INTERESTS2 -- Policy and Legislation7 -- SENATOR DODD'S DRAFT FINANCIAL REGULATION BILL -- Four Phases of the Global Financial Crisis -- Contain the contagion and strengthen financial sectors -- Coping with macroeconomic effects -- Regulatory and financial market reform -- Dealing with political, social, and security effects59 -- Political leadership and regimes -- Economic philosophy, protectionism, and state capitalism -- U.S. leadership position -- International financial organizations -- Effects on poverty and flows of aid resources -- NEW CHALLENGES AND POLICY IN MANAGING FINANCIAL RISK74 -- The Challenges -- ORIGINS, CONTAGION, AND RISK85 -- Risk -- The Downward Slide -- EFFECTS ON EMERGING MARKETS100 -- WHAT ARE EMERGING MARKET COUNTRIES? -- Latin America114 -- Mexico -- Brazil -- Argentina -- Russia and the Financial Crisis146 -- EFFECTS ON EUROPE AND THE EUROPEAN RESPONSE155 -- The "European Framework for Action"

Intro -- The Crisis and the Kingdom -- Foreword -- Preface -- Acknowledgments -- Introduction -- Summary -- Chapter 1: Events of the Financial Crisis -- Chapter 2: Comparing the View of Humankind from Economics and Theology -- Chapter 3: The Financial Sector-Incentives to Underestimate Risks -- Chapter 4: The Household Sector-Private Debt -- Chapter 5: The Government Sector-Public Debt -- Chapter 6: Conclusions and Recommendations -- Appendix 1 -- Appendix 2 -- Bibliography -- Introducing the Author.

Did the financial crisis of 2008 and the subsequent recession rearrange the basic structures of the global economy? To answer that fundamental question, the authors of Exploring the Global Financial Crisis tackle a number of related questions: What has happened, for example, to global flows of people, goods, and capital? Will the euro and the dollar persist as global currencies? Can governments that bailed out failing banks by vastly expanding public debt manage to regain solvency, and at what political cost? Ranging across regions, and from the factors that gave birth to the crisis to current politico-economic rivalries, the authors present both mainstream and critical views on the central issues involved

Malaysia was hit hard by the global financial crisis of 2008-09. Anticipating the downturn that would follow the episode of extreme financial turbulence, Bank Negara Malaysia (BNM) let the exchange rate depreciate as capital flowed out, and preemptively cut the policy rate by 150 basis points. Against this backdrop, this paper tries to quantify how much deeper the recession would have been without the BNM's monetary policy response. Taking the most intense year of the crisis as our baseline (2008:Q4-2009:Q3), counterfactual simulations indicate that rather the actual outcome of a -2.9 percent

Cover -- Half Title -- Title Page -- Copyright -- Dedication -- Contents -- Acknowledgments -- Chapter 1: Household Financial Crisis in the United States -- Chapter 2: A Snapshot of U.S. Household Finances -- Chapter 3: Financial Insecurity -- Chapter 4: The Big Picture -- Chapter 5: Runaway Spending -- Chapter 6: Necessary "Necessities"? -- Chapter 7: A Look Abroad -- Chapter 8: The Choice -- Notes -- Index -- About the Author