Inside The Financial Crisis

Inside The Financial Crisis

This book discusses several popular crisis origin theories, such as the failure of monetary policy, abuse of financial derivatives, failure of supervision, the global economy imbalance, the imbalance of the American economic structure, and so-called "excessive" saving in emerging economies. We find that the recent financial crisis is closely linked to the operation of the dollar standard, and we also study its inherent vulnerability, and that of the US monetary policy. Finally, we conclude that the operation of the dollar standard was a primary cause of the financial crisis.

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Monetary Policy and the Global Financial Crisis

Monetary Policy and the Global Financial Crisis

Since its revival in the 80''s, Monetary Policy''s role and importance never ceased to grow and has reached new heights with the globalization and interconnection of financial markets. The Federal Reserve, guardian of the U.S. monetary policy, has two contrasting goals: ensure price stability and full employment. In 2007, the monetary institution was put to the test with the emergence of the global financial crisis. The Federal Reserve responded by lowering interest rate to near zero rates and when that wasn''t enough it relied on discretionary unorthodox measures. This book, starts by providing an analysis of the Global financial Crisis and the actions taken by the Federal Reserve to combat it.It later goes on to combine a theoretical analysis with an empirical study of the past financial crises and the present one in order to determine the implications of the global financial crisis on the U.S. Monetary Policy in the short and medium run.

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Thomas Simpson D. Financial Markets, Banking, and Monetary Policy

Thomas Simpson D. Financial Markets, Banking, and Monetary Policy

Praise for Financial Markets, Banking, and Monetary Policy “A lucid treatment that takes on board shadow-banking, Dodd-Frank, the zero lower bound, and forward guidance. In short, all the key post-crisis issues.” —Anil Kashyap, Edward Eagle Brown Professor of Economics and Finance, University of Chicago “The financial sector is a vital component of the US economic machinery. The Federal Reserve works within this sector to promote its congressional mandates of maximum employment and low inflation. Unfortunately, the contribution of the financial system to the economy’s performance is not well understood. Students of standard college courses on money, banking, and monetary policy often find that the textbooks have not kept pace with the evolution of the financial sector, including the rise of securitized finance and the Federal Reserve’s evolving monetary operations. Tom Simpson’s book represents a huge step forward in this regard. His comprehensive exposition of the essential parts of the financial system and modern explanation of how the Federal Reserve supports the economy gives readers a much better understanding of the US financial system and the Federal Reserve.” —James Glassman, Managing Director and Head Economist for the Commercial Bank, JPMorgan Chase & Co. “Financial Markets, Banking, and Monetary Policy by Tom Simpson provides a comprehensive introduction to the financial system, including the markets, institutions, and mechanisms of finance, as well as the role of the Federal Reserve and monetary policy. The economic principles underlying finance are woven through the chapters, and the book includes an insightful introduction into the causes of and responses to the recent financial crisis. Tom Simpson has had a front-row seat on financial developments in recent decades and has written a book that provides an ideal introduction to the financial system and monetary policy.” —Dan Sichel, Professor of Economics, Wellesley College

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Impact of 2008 Global Financial Crisis on Workers in South Africa

Impact of 2008 Global Financial Crisis on Workers in South Africa

In 2008, a crisis occurred in the global financial system. This crisis negatively affected all the increasingly interconnected economies of the world in various significant ways. South Africa was one of the world’s economies which experienced a recession as a result of the 2008 Global Financial crisis which had led to lower export demand, weaker commodity prices, reduced capital inflows and falling asset prices. Following the impact of 2008 Global Financial crisis on the South Africa’s automobile industry and the economy at large, the National Union of Metal workers in South Africa (NUMSA) responded with various broad based policy options geared towards addressing the impacts of the 2008 Global Financial crisis. This book discusses the impacts of the 2008 Global Financial crisis on workers at FORD in South Africa.

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Monetary Policy in India

Monetary Policy in India

The outbreak of the global financial crisis, triggered by the US sub-prime mortgage crisis, has brought several issues related to monetary policy to the forefront. Unlike wider awareness about monetary policy in the United States and the Europe, the world is not well read about similar experiences in an emerging economy like India. This book is primarily a humble contribution to spread awareness about monetary policy in India, which presents a successful story, of achieving high growth rates with largely stable prices for last three decades. Beginning with an analytical review of evolution of monetary policy in India, this book highlights various empirical issues related to the impact of monetary policy on the economy. It explores dynamics of monetary transmission mechanism by introducing a ‘synthetic framework'' to the literature as also examines key issues related to the current operating procedure of monetary policy, before drawing up policy implications for conduct of monetary policy in India. The book will be a valuable guide for researchers and students interested to learn about conduct of monetary policy in India.

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International Monetary and Financial Stability Policy Coordination

International Monetary and Financial Stability Policy Coordination

A new debate on revisiting global surveillance architecture follows every financial crisis. A new ‘system’ surfaces, transforms itself fast to a ‘non-system’ or even an ‘anti-system. The prevailing ‘Top-Down’ approach of decision making however, is evidently not succeeding warranting a debate on a newer configuration – the “Bottom-Up” structure of international policy making, in which the concept of hegemony – whether regional or global – benign or malign - would not have any place. It could leverage on the emerging ideas of Financial Stability Councils being set up nationally, comprising national authorities overseeing the Monetary Policy, Financial Sector Regulation and Fiscal Policy. This ‘group’ would take a holistic view of issues of potential vulnerabilities generated out of intra-sector, inter-sector and inter-economy connectedness. It would be macro-financial by nature and would rely on a ‘Committee Approach’ to address financial stability in a democratic, effective and legitimate manner. The “Chairs and Shares” mode of global governance should give way to a “CARE and SHARE” mode and monetary history may be steered by “WELFARE, not “WARFARE”.

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Topics on Financial Crises in Emerging Countries

Topics on Financial Crises in Emerging Countries

This book investigates the effect of monetary policy on financial stability and part of the real side of the Jordanian economy over the time period 1976-2009. It uses a number of empirical methodologies including: a Vector Autoregressive (VAR) to investigate the relationship between monetary policy and financial stability in Jordan; A Logit model and Markov switching model to study the currency crisis in Jordan; and an Autoregressive Distributed Lag (ARDL) to estimate an investment function for the Jordanian economy.

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Thammarak Moenjak Central Banking. Theory and Practice in Sustaining Monetary and Financial Stability

Thammarak Moenjak Central Banking. Theory and Practice in Sustaining Monetary and Financial Stability

Understand the theories and interpret the actions of modern central banks Central Banking takes a comprehensive look at the topic of central banking, and provides readers with an understanding and insights into the roles and functions of modern central banks in advanced as well as emerging economies, theories behind their thinking, and actual operations practices. The book takes a systematic approach to the topic, while providing an accessible format and style that is appropriate for general audiences and students with only a minimal macroeconomic background. Theoretical reviews and examples of how the theories are applied in practice are presented in an easy-to-understand manner and serve as a guide for readers to further investigate specific ancillary central banking topics and as a means to make informed judgments about central bank actions. Important topics covered in the book include: Evolution of central banking functions and the international monetary system Theoretical backgrounds that are the foundation to the modern practice of monetary policy Monetary policy regimes, including exchange rate targeting, money supply growth targeting, the risk management approach, inflation targeting, and unconventional monetary policy. Actual practice in market operations and transmission mechanisms of monetary policy The exchange rate and central banking Theoretical backgrounds related to various dimensions of financial stability Current developments with regards to sustaining financial stability The future of central banking in the wake of the 2007-2010 global financial crisis Case studies on relevant practical issues and key concepts in central banking Designed as essential reading for students, market analysts, investors, and central banks' new recruits, Central Banking better positions readers to interpret the actions of central banks and to understand the complexities of their position in the global financial arena.

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The Global Financial Crisis and Its Aftermath

The Global Financial Crisis and Its Aftermath

In The Global Financial Crisis, contributors argue that the complexity of the Global Financial Crisis challenges researchers to offer more comprehensive explanations by extending the scope and range of their traditional investigations. To achieve this, the volume views the financial crisis simultaneously through three different lenses---economic, psychological, and social values.

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