It appears that many boom-bust cycles are driven by linkages between the credit market and asset prices. Recently, in addition to credit, bonds and stocks, new complex securities have been developed, e.g., MBS, CDO and CDS, that act as instruments of financial intermediation and evaluation of...

This text analyzes the macroeconomics of global warming, especially the economics of possible preventative measures, various policy changes, and potential effects of climate change on developing and developed nations.