The objective of this paper is to bridge an important gap between academic literature and the lessons of recent financial crises in Latin America. Although standard economic theory holds that banking crises are a singular phenomenon that should be treated in a uniform fashion, the banking crises...

During the ongoing financial crisis in the North Atlantic, the central role that money plays in monetary production economies is undergoing fundamental changes. Specifically, traditional money-creating institutions, both public and private, increasingly eschew the fulfillment of aggregate demand...

Using an analytical framework that divides banking crises into ‘classic’ and ‘secondary’ crises, this article analyzes the banking crisis that broke out in the United States in the summer of 2007 and the response of US authorities. While quite simple in itself, this framework allows for...

In this article, the authors examine the recent evolution of Fannie Mae and Freddie Mac in light of the ongoing and massive public sector bailout of "too big to fail" private banks. The authors propose that instead of using these semi public banks as vehicles for a backdoor bailout of their...

This topical book addresses unemployment in Europe, the wrong-headed reliance on NAIRU to formulate policy, distributional conflicts and financial factors, as well as problems faced in developing countries with respect to exchange rate policy, central banking, challenges to growth, and...

This article will argue that the shadow banking system has been at the heart of the Great Crisis since its first manifestations in the summer of 2007. This system has been purposefully misunderstood, as it is essentially a complex machine of too-big-to-fail banks designed to make large private...