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Pre-Industrial and Post-War Economic Development: Is There a Link?
Burkett, John; Humblet, Catherine; Putterman, Louis - 1997
-industrial economic conditions. We hypothesize that if these countries are arrayed on a continuum of pre-industrial development such as …
Persistent link: https://www.econbiz.de/10010420247
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Financing the capital development of the economy: A Keynes-Schumpeter-Minsky synthesis
Mazzucato, Mariana; Wray, Larry Randall - 2015
This paper discusses the role that finance plays in promoting the capital development of the economy, with particular … development" very broadly. We begin with the observation that the financial system evolved over the postwar period, from one in … the United States. To a large degree, this was because finance, instead of financing the capital development of the …
Persistent link: https://www.econbiz.de/10011545297
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The global financial crisis: how similar? How different? How costly?
Claessens, Stijn; Kose, M. Ayhan; Terrones, Marco E. - 2010
This paper provides a brief analysis of three major questions raised in the context of the recent global financial crisis. First, how similar is the crisis to previous episodes? We argue that the crisis featured some close similarities to earlier ones, including the presence of credit and asset...
Persistent link: https://www.econbiz.de/10010273680
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A tale of two surplus countries: China and Germany
Cheung, Yin-Wong; Steinkamp, Sven; Westermann, Frank - 2019
We analyze current account imbalances through the lens of the two largest surplus countries; China and Germany. We observe two striking patterns visible since the 2007/8 Global Financial Crisis. First, while China has been gradually reducing its current account surplus, Germany's surplus has...
Persistent link: https://www.econbiz.de/10012271920
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Assessing Credit Gaps in CESEE Based on Levels Justified by Fundamentals – A Comparison Across Different Estimation Approaches
Comunale, Mariarosaria; Eller, Markus; Lahnsteiner, Mathias - 2020
Relying on a rich panel regression framework, we study the role of different "fundamental" credit determinants in Central, Eastern and Southeastern European (CESEE) EU Member States and compare actual private sector credit-to-GDP ratios to the derived fundamental levels. It turns out that...
Persistent link: https://www.econbiz.de/10013370146
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Financial crises and the global supply network: Evidence from multinational enterprises
Basco, Sergi; Felice, Giulia; Merlevede, Bruno; … - 2023
This paper empirically examines the effects of financial crises on the organization of production of multinational enterprises. We construct a panel of European multinational networks from 2003 through 2015. We use as a financial shock the increase in risk premia between August 2007 and July...
Persistent link: https://www.econbiz.de/10014480534
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Understanding Financial Crises: Causes, Consequences, and Policy Responses
Claessens, Stijn; Kose, M. Ayhan; Laeven, Luc; … - 2013
The global financial crisis of 2007-09 has led to an intensive research program analyzing a wide range of issues related to financial crises. This paper presents a summary of a forthcoming book, Financial Crises: Causes, Consequences, and Policy Responses, that includes 19 contributions...
Persistent link: https://www.econbiz.de/10010500233
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How the Fed reanimated Wall Street: The low and extended lending rates that revived the big banks
Matthews, Nicola - 2013
Walter Bagehot's putative principles of lending in liquidity crises - to lend freely to solvent banks with good collateral but at penalty rates - have served as a theoretical basis for thinking about the lender of last resort for close to 100 years, while simultaneously providing justification...
Persistent link: https://www.econbiz.de/10010318672
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A Minskyan road to financial reform
Wray, L. Randall - 2011
system is to promote the capital development of the economy. By this he did not simply mean that banks should finance … development to improve living standards, broadly defined. In this paper, we first examine Minsky's general proposals for reform of …
Persistent link: https://www.econbiz.de/10010281697
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Minsky crisis
Wray, L. Randall - 2011
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/10010281733