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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

Intro -- Preface -- Contents -- List of Figures -- List of Tables -- Chapter 1: Introduction to the Research -- Background -- Origins of the European Union -- Study Purpose and Objectives -- Research Overview -- Methodology -- Overview of State Structures -- Overview of EU Institutions and Key Actors -- Structure of Research Report -- Summary -- Bibliography -- Chapter 2: Research Methods -- Introduction -- Research Design, Research Philosophy and Research Strategy -- Research Design -- Research Philosophy -- Research Strategy -- Research Methodology -- Data Gathering -- Data Analysis -- Reliability and Validity -- Ethics -- Limitations -- Summary -- Bibliography -- Chapter 3: State Intervention and Principle of Proportionality -- Theories of European Integration -- Neofunctionalism -- Intergovernmentalist Theory -- State Intervention by EU -- Postfunctionalism -- Theories Underlying Rise of Neoliberalism -- Public Choice Theory -- Rational Choice Theory -- The Concept and Definition of Proportionality, Theoretical Roots and Practical Applications -- Justice Theory -- The Nature of State Intervention in the Post-crisis Developed World -- Financial Reforms -- Financial Stabilisation -- Enhancing Economic Governance -- Generating Economic Growth -- The Economic Recovery Plan (ERR) -- Outline of the Impact of State Intervention After 2008 -- Economic Impact -- Social Impact -- Bibliography -- Chapter 4: Literature Review: Global Economics Before and After the 2007 Economic Crisis -- Events Leading to the 2007 Global Recession -- Origins of the Factors and Initial Symptoms -- Historical Influences -- Securitisation -- Mortgage-Backed Securities -- Advantages of SPVs -- Financial Markets Immediately Prior to the 2007 Crisis -- Changing Regulation -- Liquidity -- Consequences of the Crisis -- Outline of the Financial Effects -- Economic Effects.

"Investors in 2000 looking back at the 1990s could have been pardoned for feeling euphoric. The S&P 500 (Chart 1.1) had risen 237% since 1992-a compound annual rate of 16.4%. This gain followed a plethora of troubles at the end of the 1980s-the savings & loan crisis that corresponded with widespread commercial real estate problems; the collapse of the nascent junk bond market; the bankruptcy of Drexel Burnham, and the jailing of its hero, Michael Milken; and the military down-sizing that followed the end of the Cold War."

Given the huge impact of the 2008 financial crash and post-crash austerity on so many people's lives, there is a need for a concise, accessible guide to the crash and its longer-term significance. Written by an expert in political science and straddling finance, economics and political science, this entry-level summary demystifies global finance and puts the financial crisis in its historical context.

Cover -- Half Title -- Title -- Copyright -- Summary of Contents -- Contents -- Foreword -- Acknowledgments -- About the Authors -- Abbreviations -- Overview -- PART I: Setting the Stage -- Chapter 1 Debt: Evolution, Causes, and Consequences -- Motivation -- Contributions to the literature -- Key findings and policy messages -- Synopsis -- References -- Chapter 2 Benefits and Costs of Debt: The Dose Makes the Poison -- Introduction -- Benefits of debt -- Costs of debt -- Debt: How much is too much? -- Conclusion -- References -- PART II: Waves of Debt -- Chapter 3 Global Waves of Debt: What Goes Up Must Come Down? -- Introduction -- The first wave, 1970-89: Crisis in Latin America and low-income countries -- The second wave, 1990-2001: The East Asian financial crisis and its aftermath -- The third wave, 2002-09: The global financial crisis in the EGA region -- Similarities between waves -- Differences across waves -- Conclusion -- References -- Chapter 4 The Fourth Wave: Ripple or Tsunami? -- Introduction -- The fourth wave -- Similarities with the previous waves -- Differences from the previous waves -- Conclusion -- References -- PART III: Crises and Policies -- Chapter 5 Debt and Financial Crises: From Euphoria to Distress -- Introduction -- National debt accumulation episodes -- Debt and financial crises -- Selected country case studies -- Conclusion -- Annex 5A: Selected case studies of debt accumulation -- References -- Chapter 6 Policies: Turning Mistakes into Experience -- Introduction -- The current wave: What next? -- Striking the right balance -- Seven major lessons -- Policy implications -- Conclusion -- References -- Appendixes -- Appendix A: Event study methodology -- Appendix B: Regression methodology -- Appendix C: Case studies -- Appendix D: Income classifications -- Figures -- Figure 1.1 Evolution of debt.

"Globalization is quite different from internationalization: the by-now global market economy overwhelmed the sovereignty of the old national states. Close to the 2007 crisis, some de-coupling effects were consequent in most developed countries in comparison with the ex-Third World. Latin America seemed to entail a "divergence" with the First World, as unlike the past, it was not hit by the financial crisis, but old historical fragilities invalidated the short positive cycle produced by high international prices. This work deals with this crisis and its basic differences from the older crises of the Thirties and Seventies."

"The collapse of Lehman Brothers, the oldest and fourth-largest US investment bank, in September 2008 precipitated the global financial crisis. This deepened the contraction in economic activity that had already started in December 2007 and has become known as the Great Recession. Following a sluggish and uneven period of recovery, levels of private debt have recently been on the rise again making another financial crisis almost inevitable. This book answers the key question: can anything be done to prevent a new financial crisis or minimize its impact? The book opens with an analysis of the main elements responsible for the 2007/2009 financial crisis and assesses the extent to which they are still present in todays financial system. The responses to the financial crises - particularly the Dodd-Frank Act, the establishment of the Financial Stability Board, and attempts to regulate shadow banking - are evaluated for their effectiveness. It is found that there is a high risk of a new bubble developing, there remains a lack of transparency in the financial industry, and risk-taking continues to be incentivised among bankers and investors. Proposals are put forward to ameliorate the risks, arguing for the need for an international lender of last resort, recalling Keynes' idea for an International Clearing Union."

Offering a fresh take on a crucial phase of European history, this book explores the years between the 1980s and 1990s when the European Union took shape. Whilst contributing to existing literature on the Maastricht Treaty and European integration at the end of the twentieth century, the book also brings those debates into the twenty-first century and makes connections with longer-term issues. The transformation of the European political climate in the wake of the global financial crisis in 2008, and the watershed Brexit vote in 2016, has made it all the more urgent to reconsider the way scholars and opinion-makers have looked at European integration in the past. Drawing from recently released archival documents, the authors analyse European cooperation as part of the broader international history in which it unfolded, taking into account the changes in the Cold War order and the advance of a new phase of globalisation. Comparing and contrasting the debates, objectives and achievements of the 1980s and 1990s with the current political landscape of the European Union, this book proposes a novel interpretation of the choices that were made during the Maastricht years, and of their longer-term consequences. Michele Di Donato is Assistant Professor of Contemporary History at the University of Pisa in Italy. His research focuses on the international history of the European Left, the Cold War and late 20th Century globalisation Silvio Pons is Professor of Contemporary History at the Scuola Normale Superiore of Pisa in Italy. He is the president of the Gramsci Foundation in Rome and a member of the Editorial Board of the Journal of Cold War Studies.

"This book studies the main characteristics of the operation of the Chinese economy and the world economy after the financial crisis in 2008. The analysis starts from the core logic of the dilemma of the anti-crisis and rebalancing growth of the world economy. It further analyzes the impact of major countries' macro-economic policies on the global economy and the external risks and countermeasures faced by the Chinese economy. In addition, this book studies the development of foreign direct investment and the service industry in major countries after the crisis"--

'To the Brink of Destruction' exposes how America's rating agencies helped generate the global financial crisis of 2007 and beyond, surviving and thriving in the aftermath. Despite widespread scrutiny, rating agencies continued to operate on the same business model and wield extraordinary power, exerting extensive influence over public policy. Timothy J. Sinclair brings the shadowy corners of this story to life by examining congressional testimony, showing how the wheels of accountability turned - and ultimately failed - during the crisis. He asks how and why the agencies risked their lucrative franchise by aligning so closely with a process of financial innovation that came undone during the crisis.