Recurrent instability has characterized the global financial system since the 1980s, eventually leading to the current global financial crisis. This instability and the resultant disruptions - sovereign debt defaults, exchange rate misalignments, financial market illiquidity and asset price...

Combining critical perspectives with a positive contribution to economic policy, both national and international, this book considers the causes and consequences of recent financial crises presenting cutting-edge material. The editors bring together a number of well-known scholars to offer their...

The global financial crisis that began in mid-2007 has renewedconcerns about financial instability and focused attention onthe fundamental role of central banks in preventing andmanaging systemic crises. In response to the turmoil, centralbanks have made extensive use of both new and existing...

In this paper, we assess the effects of changes to the primarycredit facility since August 2007 by performing out-of-samplesimulations based on a model developed by Artuç andDemiralp (2008). Our results are highly consistent with thepredictions of our 2008 study—that is, the revised...

Money, Financial Instability and Stabilization Policy consists of original articles by leading Post Keynesians, Kaleckians and other heterodox economists from the developed and developing world. Post Keynesian literature has long been associated with the study of money, financial markets and...

The causes and consequences of the Great Depression have been the subject of a vast profusion of literature within the field of macroeconomics. In this timely three-volume collection, Randall Parker brings together the most authoritative works written by some of the leading experts in this...

The achievement of financial stability is one of the most pressing issues today. This timely and innovative book provides an analytical framework to assess financial (in)stability as an equilibrium phenomenon compatible with the orderly functioning of a modern market economy. The authors...