This new edition of Financial Crises and Recession in the Global Economy explores the major financial instabilities and evolutionary trends in the global economy since the 1970s. Financial globalization has produced an expanded money-credit pyramid, increased the risk of crisis, and created and transferred wealth from periphery to core regions.This book presents some new thinking, which explains the continuing occurrence of large-scale financial crises. Roy E. Allen examin...

This book presentshuman ecology economics as a new and more comprehensive interdisciplinary framework for understandingworld conditions and human systems. This book helps economists rethink the boundaries and methods of their discipline - so that they can participate more fully in debates over humankinds present problems and on the ways that

Why our addiction to debt caused the global financial crisis and is the root of our financial woesAdair Turner became chairman of Britain's Financial Services Authority just as the global financial crisis struck in 2008, and he played a leading role in redesigning global financial regulation. In this eye-opening book, he sets the record straight about what really caused the crisis. It didn’t happen because banks are too big to fail—our addiction to private debt is ...

"Of all the economic bubbles that have been pricked," the editors of The Economist recently observed, "few have burst more spectacularly than the reputation of economics itself." Indeed, the financial crisis that crested in 2008 destroyed the credibility of the economic thinking that had guided policymakers for a generation. But what will take its place? In How the Economy Works, one of our leading economists provides a jargon-free exploration of the current crisis, offer...

Get a new perspective from the ‘other half’ of macroeconomicsThe failure of the vast majority of economists in government, academia and the private sector to predict either the post-2008 Great Recession or the degree of its severity has raised serious credibility issues for the profession. The repeated failures of central banks and other policymakers in all advanced countries to meet their inflation or growth targets in spite of astronomical moneta...

A penetrating critique tracing how under-regulated trading between European and U.S. banks led to the 2008 financial crisis—with a prescription for preventing another meltdown There have been numerous books examining the 2008 financial crisis from either a U.S. or European perspective. Tamim Bayoumi is the first to explain how the Euro crisis and U.S. housing crash were, in fact, parasitically intertwined. Starting in the 1980s, Bayoumi outlines the cumul...

The 1990s saw global flows of foreign direct investment increase some sevenfold, spurring economists to explore FDI from a micro- or trade-based perspective. Foreign Direct Investment is one of the first books to analyze the macroeconomics of FDI, treating FDI as a unique form of international capital flow between specific pairs of countries.By examining the determinants of the aggregate flows of FDI at the bilateral, source-host-country level, Assaf Razin and Efraim Sadka...

*What were the causes of the financial and economic crises of 2008-2009?*What intellectual and policy mistakes prevented academics and policymakers from anticipating the crisis?*What is the future of financial regulation both domestic and international?*What role did global macroeconomic imbalances play in the run-up to the crisis?*What is the future of the export-led growth model and what are the implications for developing countries?*To what extent will government remain involved in the eco...

This historically-based textbook on international finance and open-economy macroeconomics provides a complete course on the theory and policies that shaped our international financial system. Utilizing the 1944 Bretton Woods Conference as a unifying theme, the book covers all the standard topics of international finance, such as foreign exchange markets, balance of payments accounting, macroeconomic policy in an open economy, exchange rate crises, multinational enterprises, international b...

The world has changed dramatically in recent years and so has the field of economics, but many introductory economics textbooks have remained stuck in the past. This book provides a new beginning for the study of macroeconomics, fundamentally international in its approach and emphasizing current debates and research trends. The first, mostly descriptive half of the book presents the main macroeconomic and financial patterns observed across the world, the institutions that govern national e...

The recent financial crisis has demonstrated the dangers of ignoring the factors that led to previous crises, and the effectiveness of the policies designed to deal with them. Over time, these macroeconomic policies have evolved, oscillating between state intervention and a free-market approach. Following a story that runs from the pre-Great Depression era up until the Financial Crisis of 2007–11, this book reveals an intimate connection between new macroeconomic ideas and policies and the...

Thought-provoking and clearly explained, the new edition provides students of international economics and international business with a rigorous explanation of global economic theory and policy, both current trends and historic developments. It explores key models through case studies and review questions, enabling students to challenge the reporting of economic events by press and government alike.Split into 2 parts – International Trade and International Finance – the text explai...