In the context of the eurozone's sovereign debt crisis and the US subprime mortgage crisis, Senior Scholar Jan Kregel looks at the question of how we ought to distribute losses between borrowers and lenders in cases of debt resolution. Kregel tackles a prominent approach to this question that is...

Most economists expected that the "Great Recession" produced by the financial meltdown of 2008 would usher in a resurgence of traditional Keynesian economics and a decline of what has come to be called "market fundamentalism". By contrast, also due to the inadequate size of the 2009 stimulus...

The Secretary General's Report to the UN's 2005 World Summit called for a policy ofdebt sustainability that would support the development goals contained in the UN's 2000 Millennium Declaration. Debt sustainability analysis currently practiced by the multilateral financial institutions focuses...

The Secretary General's Report to the UN's 2005 World Summit called for a policy ofdebt sustainability that would support the development goals contained in the UN's 2000 Millennium Declaration. Debt sustainability analysis currently practiced by the multilateral financial institutions focuses...

It is now widely acknowledged that institutions are a crucial factor in economic performance. Major developments have been made in our understanding of the nature and evolution of economic institutions in the last few years. This book brings together some key contributions in this area by...

This Companion provides a timely and engaging treatment of Hyman Minsky’s approach to economics, which is enjoying a renewed appreciation because of its prescient analysis of the slow but sure transformation of the capitalist economy in the post-war period. Many have called the global...

This paper presents the major changes in financial regulation in the United States starting with the historical background and concluding with the most recent measures contained in, or mandated by, the 2010 Dodd-Frank Act. It will present the most important changes in regulatory legislation...

The effect of exchange rate risk on individual countries' macroeconomic variables can follow an ambiguous pattern, thus making it better to text each case empirically. The effect of exchange rate volatility on stock market development is still an enigma. This article investigates the effect of...

The Fed's zero interest policy rate (ZIRP) and quantitative easing (QE) policies failed to restore growth to the US economy as expected (i.e., increased investment spending a la John Maynard Keynes or from an expanded money supply a la Ben Bernanke / Milton Friedman). Senior Scholar Jan Kregel...