The 2008 financial crisis is arguably the most dramatic outcome of globalization. International economic integration, if unregulated, can bring about huge inequalities and the destruction of the environment. This thought-provoking book illustrates why the ‘old’ international order is unable...

The financial crisis-- originated in 2008 in the United States--had a dramatic impact on the world economy. The European Union was immediately involved, but its reaction to the crisis was clearly inadequate. The misgovernment of the European economy not only put at risk the European Monetary...

This paper relates to the macroeconomic and monetary policy aspects of the so-called "credit channel" of monetary transmission. We present an intertemporal macroeconomic equilibrium model of a competitive economy where current production is financed by bank credit, and then we use it to identify...