Persistently high debt ratios in advanced economies and emerging fragilities in the developing world cast clouds on the global fiscal landscape. In advanced economies, with narrowing budget deficits, the average public debt ratio is expected to stabilize in 2013–14—but it will be at a...

The scientific reassessment of the economic role of the state after the crisis has renewed interest in Abba Lerner’s theory of functional finance (FF). A thorough discussion of this concept is helpful in reconsidering the debate on the nature of money and the origin of the business cycle and...

Chapter 1. Introduction -- Chapter 2. Trends in Growth since the GFC -- Chapter 3. Credit, Employment and the Current Account -- Chapter 4. Capital Formation and Foreign Investment -- Chapter 5. Inflation and Monetary Developments -- Chapter 6. Policy and Analyses Chapter -- 7. Reflexive, not...