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pt. 1. Introduction -- pt. 2. Solutions in America and Asia -- pt. 3. Solutions in Europe -- pt. 4. Impacts and responses in the BRICs -- pt. 5. Impacts and responses in developing countries -- pt. 6. Innovation in global economic governance -- pt. 7. From G8 to G20 -- pt. 8. Conclusion.

We argue that the fundamental cause of the financial crisis of 2007-09 was that large, complex financial institutions (LCFIs) took excessive leverage in the form of manufacturing tail risks that were systemic in nature and inadequately capitalized. We employ a set of headline facts about the build-up of such risk exposures to explain how and why LCFIs adopted this new banking model during 2003-2Q 2007, relative to earlier models. We compare the crisis to other episodes in the United States, in particular, the panic of 1907, the failure of Continental Illinois and the Savings and Loan crisis. We conclude that several principal imperfections, in particular, distortions induced by regulation and government guarantees, developed in decades preceding the current one, allowing LCFIs to take on excessive systemic risk. We also examine alternative explanations for the financial crisis. We conclude that while moral hazard problems in the originate-and-distribute model of banking, excess liquidity due to global imbalances and mispricing of risk due to behavioral biases have some merit as candidates, they fail to explain the complete spectrum of evidence on the crisis

A fundamental belief in personal liberty and in the ability of free markets to realise the good lies at the heart of the neoliberal economic orthodoxy that has now shaped public policy for a generation. Confidence in orthodox economics has, however, been badly shaken by the financial crisis of 2008 and, in the years following, by the effects of the Great Recession. The era of casino banking was not only an era of de-industrialisation and under-employment, but also of iniquitous tax avoidance schemes, and of grotesquely inflated levels of social inequality. Such factors, we now realise, have reduced the life-prospects of millions of our fellow-citizens. This interdisciplinary volume of essays, with wide-ranging contributions by theologians and social scientists, explores the theological, economic, and moral implications of these developments. Its central claim is that neoliberalism's failure to appreciate the limitations of its fiduciary commitments contributed massively to the economic crisis. A more honest appraisal of the relation between the language of belief and the sphere of economic behaviour is therefore required. This must also result in appropriate policy changes, to harness the power of the economy to serve a more generous vision of the human good

Contents: 1. Introduction By Charles A. E. Goodhart and Dimitrios P. Tsomocos -- 2. "Principles for Macroprudential Regulation", (A.K. Kashyap, D.P. Tsomocos and A.P. Vardoulakis), Banque de France Financial Stability Review, No.18, pp. 173-182, April -- 3. "The Macroprudential Toolkit", (R. Berner, A. Kashyap and C.A.E. Goodhart), I.M.F. Economic Review, Vol. 59, No 2, 2011 -- 4. "Financial Regulation in General Equilibrium", (C.A.E. Goodhart, A.K. Kashyap, D.P. Tsomocos and A.P. Vardoulakis), NBER WP17909, University of Oxford, Said Business School, 2011 -- 5. "An Integrated Framework for Multiple Financial Regulations", (C.A.E.Goodhart, A.K. Kashyap, D.P. Tsomocos and A.P. Vardoulakis), International Journal of Central Banking, Vol. 9, Supplement 1, pp.109-143, 2013 -- 6. "The Lender of Last Resort in a General Equilibrium Framework", (Akshay Kotak, Han Ozsoylev and D.P.Tsomocos) Saïd Business School WP 2017-18 -- 7. "A Reconsideration of Minsky's Financial Instability Hypothesis", (with S. Bhattacharya, C.A.E. Goodhart and A.P.Vardoulakis), Journal of Money, Credit and Banking, Volume 47, Issue 5, pages 931{973, August 2015 -- 8. "Liquidity and default in an exchange economy", (Juan Francisco Martinez S. and -- D.P. Tsomocos), Journal of Financial Stability, In press, 2016 -- 9. "Monetary Transaction Costs and the Term Premium", (R. Espinoza and D. P. Tsomocos), Economic Theory 59(2), pp 355-375, June 2015 -- 10. "Debt Defation Effects of Monetary Policy", (Li Lin, D.P. Tsomocos and Alexandros Vardoulakis), Journal of Financial Stability 21 (2015): 81-94, also appeared as Federal Reserve Board Staff Working Paper (2014-37), May, 2014 -- 11. "International Monetary Equilibrium with Default", (M.U. Peiris and D. P. Tsomocos), Journal of Mathematical Economics 56, pp 47-57, 2015 -- 12. "Global Capital Imbalances and Taxing Capital Flows", (C.A.E. Goodhart, M.U. Peiris and D.P. Tsomocos), International Journal of Central Banking, Vol. 9, Number 2, pp.13-45, 2013 -- 13. "International Monetary Regimes", (C.A.E. Goodhart and D.P. Tsomocos), Capitalism and Society, Vol. 9, No. 2, Article 2, 2014 -- 14. "Debt, Recovery Rates and the Greek Dilemma", (C.A.E. Goodhart and M.U. Peiris and D.P. Tsomocos), Journal of Financial Stability, forthcoming -- Index.

This work explores the IMF's role within the politics of austerity by providing a path-breaking comprehensive analysis of how the IMF approach to fiscal policy has evolved since 2008, and how the IMF worked to alter advanced economy policy responses to the global financial crisis and the Eurozone crisis. It updates our understanding of how the IMF seeks to wield ideational power by analysing the Fund's post-crash their ability to influence what constitutes legitimate knowledge, and their ability fix meanings attached to economic policies within the social process of constructing economic orthodoxy. This text is interested in the politics of economic ideas, focused on the assumptive foundations of different approaches to economic policy, and how the interpretive framework through which authoritative voices evaluate economic policy is an important site of power in world politics.

This paper examines the impact of macroeconomic and financial sector policy announcements in the United States, the United Kingdom, the euro area, and Japan during the recent crisis on interbank credit and liquidity risk premia. Announcements of interest rate cuts, liquidity support, liability guarantees, and recapitalization were associated with a reduction of interbank risk premia, albeit to a different degree during the subprime and global phases of the crisis. Decisions not to reduce interest rates and bail out individual banks in an ad hoc manner had adverse repercussions, both domestical

pt. IBackground to the Global Financial and Economic Crisis --ch. 1Global Financial and Economic Crisis: Origins, Effects and Responses in the Global South. An Overview /Jose Luis Leon-Manriquez --pt. IICrisis in Latin America: Origins, Responses, Connections and Comparisons --ch. 2Financial Crisis, Its Diverse Economic Effects and Responses from Latin America: A Global Crisis? /Gaston J. Beltran --ch. 3All Keynesian Now? Mexico and South Korea's Diverging Responses to the Global Crisis /Jose Luis Leon-Manriquez --ch. 4Global Crisis and the Arrival of the People's Republic of China in Latin America and the Caribbean /Pablo Alejandro Nacht --pt. IIIGlobal Crisis in Africa: Profiles and Responses from Countries and Economic Sectors --ch. 5African Stock Exchanges: Does Integration with the Global South Reduce Susceptibility to Financial Crisis? /Terfa Williams Abraham --ch. 6Global Economic Crisis and South Africa's Manufacturing Industry: Case of the Automotive, Textile and Clothing and Mining Industries /Theresa Moyo --ch. 7Analysis of the Effects of the Global Financial Crisis and Government Measures: the Case of Timber Industry in Congo, Cameroon and Gabon /Bertrand Mafouta --ch. 8Impact of the Financial Crisis: Developments in the Mobile Telecommunications Industry in Africa /Maxwell Chanakira --pt. IVPerspectives and Experiences from Asia --ch. 9Shoot Yourself in the Foot: Philippine State and Society in the 1997 and 2008 Financial Crises /Rolando Talampas --ch. 10Global Economic Crisis and Insecurity in Afghanistan, Pakistan and Tajikistan /Hidayet Siddikoglu --ch. 11Accountability in Public-Private Partnerships. The Emerging Development Paradigm in India /Tanvir Aeijaz --pt. VBuilding Political and Economic Alternatives for the Economic Crisis --ch. 12Chinese Social Transformation and Its Implications for the Future of Afro-Asian Solidarity /Horace G. Campbell.

1. Introduction : re-writing the "official history" of the Korean economy and financial crises in emerging markets -- 2. The five conventional wisdoms and the five financial theorems on the global financial market -- 3. The global financial crisis and the Korean financial crisis -- 4. Emerging market responses to financial crises -- 5. Conclusions : how to make a system transition.