Author: Jerome L. SteinPublisher:
ISBN:
Category :
Languages : en
Pages : 23
Book Description
A Tale of Two Debt Crises
Author: Jerome L. SteinSustainable Economy and Emerging Markets
Author: Stefania PaladiniPublisher:
ISBN: 9781138346413
Category : Developing countries
Languages : en
Pages : 240
Book Description
"Sustainable Economic and Emerging Markets provides a snapshot of the different dimensions of sustainability and analyses how they interact and configure themselves, case by case, in selected emerging economies. The parameters of economic growth in developing economics are explored in the context of systems, climate change, and environmental challenges. With contributions from a range of business academics, economists and practitioners, this book builds a picture of the nature of the new global business environment, especially the geopolitical dynamics of emerging countries, to break down the challenges across geographic fault lines, and offer real world insights into doing business in and with emerging markets. Using an in-depth case study approach, it examines examples from several emerging markets and elucidates how these organisations have modelled a business based on sustainable development and found institutional acceptance. This book will prove valuable reading for students and scholars of international business, international marketing, development, sustainability and development"--
The Greek Debt Crisis
Author: Christos FlorosPublisher: Springer
ISBN: 3319591029
Category : Business & Economics
Languages : en
Pages : 323
Book Description
This book sheds new light on the Greek economic challenges and helps readers understand the current debt crisis. Chapters from leading experts in the field identify and outline potential solutions to the on-going decline of the Greek economy by considering both Eurozone-adopted current policy framework explanations and potential alternative explanations. In contrast to the standard chronological approach toward the Greek debt crisis typically adopted by other texts, this book draws on the experience and views of specialized economists and offers divergent opinions that could potentially form alternative solutions. It will be of interest to researchers and academics interested in the Greek economy, modern financial modelling, and risk management.
Too Little, Too Late
Author: Martin GuzmanPublisher: Columbia University Press
ISBN: 023154202X
Category : Business & Economics
Languages : en
Pages : 307
Book Description
The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and address too little. Though unresolved debt crises impose enormous costs on societies, many recent restructurings have not been deep enough to provide the conditions for economic recovery (as illustrated by the Greek debt restructuring of 2012). And if the debtor decides not to accept the terms demanded by the creditors, finalizing a restructuring can be slowed by legal challenges (as illustrated by the recent case of Argentina, deemed as "the trial of the century"). A fresh start for distressed debtors is a basic principle of a well-functioning market economy, yet there is no international bankruptcy framework for sovereign debts. While this problem is not new, the United Nations and the global community are now willing to do something about it. Providing guidance for those who intend to take up reform, this book assesses the relative merits of various debt-restructuring proposals, especially in relation to the main deficiencies of the current nonsystem. With contributions by leading academics and practitioners, Too Little, Too Late reflects the overwhelming consensus among specialists on the need to find workable solutions.
A Tale of Two Crises
Author: Ross P. BuckleyPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
The Asian economic crisis of 1997 spawned a vast analytical literature and a reconsideration of the international financial architecture. This article seeks a broader perspective on these issues by comparing the causes of the debt crisis of 1982 with those of the Asian crisis. These two crises are the most significant of the last fifty years. Their joint analysis reveals seven enduring lessons of international financial reform that need to be incorporated in any revisions to the international financial system. The debt crisis that erupted in August 1982 was the most damaging and far reaching financial crisis of the late 20th century. It spawned a voluminous literature. Of late we have had crises in Mexico in 1994, East Asia in 1997, Russia in 1998 and Brazil in early 1999. These more recent crises have served to supersede the debt crisis in the public imagination to the extent that that we hear nonsense such as the repeated descriptions of the Asian crisis as “the most severe crisis of the last fifty years”. This article seeks to re-examine the debt crisis in light of our more recent experiences of financial crises. “Those who cannot remember the past are condemned to repeat it.” and mistakes in the finance of developing countries cost the lives of thousands and sacrifice the futures of millions. The methodology of this article is to compare the causes of, and lessons from, the debt crisis with the causes of, and lessons from, the Asian crisis with reference, as appropriate, to the Mexican, Russian and Brazilian experiences. There are certain similarities among each of these four financial crises of the 1990s. The debt crisis of the 1980s was in many ways quite a different type of crisis. The goal of this article is to identify the lessons that have held good throughout the last thirty years of international financial history and across these two different types of crisis. These, it is postulated, will be the lessons most likely to be of relevance in these early years of the next century as we seek to improve the architecture of the international financial system.
Bust
Author: Matthew LynnPublisher: John Wiley & Sons
ISBN: 1119990688
Category : Business & Economics
Languages : en
Pages : 290
Book Description
Athens, Greece—May Day 2010. The International Monetary Fund (IMF) and the European Union (EU) were putting together the final details of a $100 billion euro rescue package for the country. The Greek Prime Minister, George Papandreou, had agreed to a savage package of “austerity measures” involving cuts in public spending and lower salaries and pensions. Outside, riot police were deployed as protestors gathered to fight the austerity program. A country with a history of revolution and dictatorship hovered on the brink of collapse—with the world’s financial markets watching to see if the deal cobbled together would be enough to both calm the markets and rescue the Greek economy, and with it the euro, from oblivion. In Bust: Greece, the Euro, and the Sovereign Debt Crisis, leading market commentator Matthew Lynn blends financial history, politics, and current affairs to tell the story of how one nation rode the wave of economic prosperity and brought a continent, a currency, and, potentially, the global financial system to its knees. Bust is a story of government deceit, unfettered spending, and cheap borrowing: a tale of financial folly to rank alongside the greatest in history. It charts Greece’s rise, and spectacular fall from grace, but it also explores the global repercussions of a financial disaster that has only just begun. It explains how the Greek debt crisis spread like wildfire through the rest of Europe, hitting Ireland, Portugal, Italy, and Spain, and ultimately provoking a crisis that brought the euro to the edge of collapse. And it argues that the Greek crisis is just the start of a decade of financial turmoil that will eventually force the break up of the euro, and a massive retrenchment in the living standards of all the developed economies. Written in a lively and entertaining style, Bust: Greece, the Euro, and the Sovereign Debt Crisis is an engaging and informative account of a country gone wrong and a must-read for anyone interested in world events and global economics.
The Fall of the Celtic Tiger
Author: Donal DonovanPublisher: Oxford University Press, USA
ISBN: 0199663955
Category : Business & Economics
Languages : en
Pages : 339
Book Description
Examines how the Celtic Tiger, an economy that was hailed as one of the most successful in history, fell into a macroeconomic abyss necessitating an unheard of bail-out. A highly-readable account of the unprecedented near collapse of the Irish economy, it covers property market bubbles, regulatory incompetency, and disastrous economic policies.
Lost Decades: The Making of America's Debt Crisis and the Long Recovery
Author: Menzie D. ChinnPublisher: W. W. Norton & Company
ISBN: 0393080501
Category : Business & Economics
Languages : en
Pages : 259
Book Description
A clear, authoritative guide to the crisis of 2008, its continuing repercussions, and the needed reforms ahead. The U.S. economy lost the first decade of the twenty-first century to an ill-conceived boom and subsequent bust. It is in danger of losing another decade to the stagnation of an incomplete recovery. How did this happen? Read this lucid explanation of the origins and long-term effects of the recent financial crisis, drawn in historical and comparative perspective by two leading political economists. By 2008 the United States had become the biggest international borrower in world history, with more than two-thirds of its $6 trillion federal debt in foreign hands. The proportion of foreign loans to the size of the economy put the United States in league with Mexico, Indonesia, and other third-world debtor nations. The massive inflow of foreign funds financed the booms in housing prices and consumer spending that fueled the economy until the collapse of late 2008. This was the most serious international economic crisis since the Great Depression of the 1930s. Menzie Chinn and Jeffry Frieden explain the political and economic roots of this crisis as well as its long-term effects. They explore the political strategies behind the Bush administration’s policy of funding massive deficits with foreign borrowing. They show that the crisis was foreseen by many and was avoidable through appropriate policy measures. They examine the continuing impact of our huge debt on the continuing slow recovery from the recession. Lost Decades will long be regarded as the standard account of the crisis and its aftermath.
Leveraged
Author: Moritz SchularickPublisher: University of Chicago Press
ISBN: 022681694X
Category : Business & Economics
Languages : en
Pages : 318
Book Description
An authoritative guide to the new economics of our crisis-filled century. Published in collaboration with the Institute for New Economic Thinking. The 2008 financial crisis was a seismic event that laid bare how financial institutions’ instabilities can have devastating effects on societies and economies. COVID-19 brought similar financial devastation at the beginning of 2020 and once more massive interventions by central banks were needed to heed off the collapse of the financial system. All of which begs the question: why is our financial system so fragile and vulnerable that it needs government support so often? For a generation of economists who have risen to prominence since 2008, these events have defined not only how they view financial instability, but financial markets more broadly. Leveraged brings together these voices to take stock of what we have learned about the costs and causes of financial fragility and to offer a new canonical framework for understanding it. Their message: the origins of financial instability in modern economies run deeper than the technical debates around banking regulation, countercyclical capital buffers, or living wills for financial institutions. Leveraged offers a fundamentally new picture of how financial institutions and societies coexist, for better or worse. The essays here mark a new starting point for research in financial economics. As we muddle through the effects of a second financial crisis in this young century, Leveraged provides a road map and a research agenda for the future.
Crashed
Author: Adam ToozePublisher: Penguin
ISBN: 0525558802
Category : Business & Economics
Languages : en
Pages : 720
Book Description
WINNER OF THE LIONEL GELBER PRIZE A NEW YORK TIMES NOTABLE BOOK OF 2018 ONE OF THE ECONOMIST'S BOOKS OF THE YEAR A NEW YORK TIMES CRITICS' TOP BOOK "An intelligent explanation of the mechanisms that produced the crisis and the response to it...One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature of the European and American financial systems."--The New York Times Book Review From the prizewinning economic historian and author of Shutdown and The Deluge, an eye-opening reinterpretation of the 2008 economic crisis (and its ten-year aftermath) as a global event that directly led to the shockwaves being felt around the world today. We live in a world where dramatic shifts in the domestic and global economy command the headlines, from rollbacks in US banking regulations to tariffs that may ignite international trade wars. But current events have deep roots, and the key to navigating today’s roiling policies lies in the events that started it all—the 2008 economic crisis and its aftermath. Despite initial attempts to downplay the crisis as a local incident, what happened on Wall Street beginning in 2008 was, in fact, a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America, forcing a rearrangement of global governance. With a historian’s eye for detail, connection, and consequence, Adam Tooze brings the story right up to today’s negotiations, actions, and threats—a much-needed perspective on a global catastrophe and its long-term consequences.