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While the traditional approach to the adjustment of international imbalances assumes industrialized countries at a similar level of development and with similar production structures, such imbalances have historically been the result of a process of catching up by late-industrializing developing...
Persistent link: https://www.econbiz.de/10003727278
glutʺ observed in the era of advancing financial globalization. The supposed paradox is that the developing world has … States’ position as issuer of the world’s premiere reserve currency and supremacy in global finance explain the related …
Persistent link: https://www.econbiz.de/10003727283
Following an analysis of the forces behind the global capital flows paradoxʺ observed in the era of advancing financial globalization, this paper sets out to investigate the opportunity costs of self-insurance through precautionary reserve holdings. We reject the idea of reserves as low-cost...
Persistent link: https://www.econbiz.de/10003807715
well-known and less discussed paths of transmission through which crises affect women's world of work and overall wellbeing … femaleintensive industries. In addition, the gendered nature of the world of work suggests that women will see an increase in their …
Persistent link: https://www.econbiz.de/10003859880
The enormity and pervasiveness of the global economic crisis that began in 2008 makes it relevant to analyze the circumstances that can explain this catastrophe. This will also provide clues to the appropriate remedial measures needed to prevent future occurrences of similar developments. The...
Persistent link: https://www.econbiz.de/10008664024
Regulatory forbearance and government financial support for the largest U.S. financial companies during the crisis of 2007–09 highlighted a “too big to fail” problem that has existed for decades. As in the past, effects on competition and moral hazard were seen as outweighed by the threat...
Persistent link: https://www.econbiz.de/10003975091
The worst global downturn since the Great Depression has caused ballooning budget deficits in most nations, as tax revenues collapse and governments bail out financial institutions and attempt countercyclical fiscal policy. With notable exceptions, most economists accept the desirability of...
Persistent link: https://www.econbiz.de/10003975102
Stability is destabilizing. These three words concisely capture the insight that underlies Hyman Minsky's analysis of the economy's transformation over the entire postwar period. The basic thesis is that the dynamic forces of a capitalist economy are explosive and must be contained by...
Persistent link: https://www.econbiz.de/10008906540
This paper reconsiders fiscal policy effectiveness in light of the recent economic crisis. It examines the fiscal policy approach advocated by the economics profession today and the specific policy actions undertaken by the Bush and Obama administrations. An examination of the labor market...
Persistent link: https://www.econbiz.de/10008906599
spread around the world. Those playing along are rewarded with high returns because highly leveraged funding drives up prices …
Persistent link: https://www.econbiz.de/10003943049