The Shifts And The Shocks

Author: Martin Wolf
Publisher: Penguin UK
ISBN: 0718197976
Size: 79.55 MB
Format: PDF, Kindle
View: 1494
Download Read Online

The Shifts And The Shocks from the Author: Martin Wolf. In The Shifts and the Shocks, Martin Wolf - one of the world's most influential economic commentators and author of Why Globalization Works - presents his controversial and highly original analysis of the economic course of the last seven years There have been many books that have sought to explain the causes and courses of the financial and economic crisis which began in 2007-8. The Shifts and the Shocks is not another detailed history of the crisis, but the most persuasive and complete account yet published of what the crisis should teach us us about modern economies and economics. The book identifies the origin of the crisis in the complex interaction between globalization, hugely destabilizing global imbalances and our dangerously fragile financial system. In the eurozone, these sources of instability were multiplied by the tragically defective architecture of the monetary union. It also shows how much of the orthodoxy that shaped monetary and financial policy before the crisis occurred was complacent and wrong. In doing so, it mercilessly reveals the failures of the financial, political and intellectual elites who ran the system. The book also examines what has been done to reform the financial and monetary systems since the worst of the crisis passed. 'Are we now on a sustainable course?' Wolf asks. 'The answer is no.' He explains with great clarity why 'further crises seem certain' and why the management of the eurozone in particular 'guarantees a huge political crisis at some point in the future.' Wolf provides far more ambitious and comprehensive plans for reform than any currently being implemented. Written with all the intellectual command and trenchant judgement that have made Martin Wolf one of the world's most influential economic commentators, The Shifts and the Shocks matches impressive analysis with no-holds-barred criticism and persuasive prescription for a more stable future. It is a book no-one with an interest in global affairs will want to neglect. MARTIN WOLF is Associate Editor and Chief Economics Commentator at the Financial Times, London. He is the recipient of many awards for financial journalism, for which he was also made a CBE in 2000. His previous books include Why Globalization Works and Fixing Global Finance. "We have been inundated with books about the 'financial' aspects of the crisis. There have also been many books about specific institutions or memoirs by retired policy-makers. We need something different. There are two dimensions of the crisis that have received surprisingly little treatment. One is the link between developments in the macro-economy and the behaviour of the financial sector. The other is the global dimension of the crisis. Both these lie at the heart of Martin Wolf's analysis of the causes of the crisis and of his proposals to reduce the risk of another crisis. For these two reasons this is an important book that will be influential. Most important of all, it is in my view the right analysis and remedy" Mervyn King "To think straight about the causes and solutions of the financial crisis we must reject orthodox assumptions that more finance and global financial integration are limitlessly beneficial. The Shifts and the Shocks does just that, providing an intellectually sparkling and vital account of why the crisis occurred, and of the radical reforms needed if we are to avoid a future repeat" Adair Turner "Martin Wolf is unsurpassed in the world of economic journalists. His superb book may be the best of all those spawned by the Great Recession. It is analytical and rigorous without ever succumbing to fatalism or complacency" Lawrence Summers

I

Author: Naomi Klein
Publisher: Nash Format
ISBN: 6177279309
Size: 14.50 MB
Format: PDF, ePub, Docs
View: 3525
Download Read Online

I from the Author: Naomi Klein. Ця книга не про те, що знають усі. У ній Наомі Кляйн – авторка трьох світових бестселерів – майстерно аналізує те, як великі корпорації та ідеологія вільного ринку блокують і без того непевні спроби боротися з кліматичними змінами. Більше того, Кляйн викриває та відверто критикує багатьох наших так званих рятівників – великі організації «зелених», які автор пов’язує з нафтовими компаніями; мільярдерів на зразок Річарда Бренсона, котрі, за її словами, більше обіцяють, ніж роблять. У цій книзі ви не знайдете жодних повчань і не почуєте голосу моралізаторства. На основі різних думок, культурологічних досліджень та журналістських розслідувань авторка знаходить рішення проблеми кліматичних змін та пояснює те, як з нею пов’язана економічна система. Можете забути те, що ви коли-небудь чули про кліматичні зміни. Ця книга «змінить усе», зокрема і ваше уявлення про них.

Author: Ювал Ной Харарі
Publisher: Family Leisure Club
ISBN: 6171217425
Size: 61.78 MB
Format: PDF, ePub
View: 1023
Download Read Online

from the Author: Ювал Ной Харарі. Дослідження, що стало світовим бестселером № 1 за версією The New York Times та лідером продажів на Amazon.com, ламає усталені уявлення про земну історію від появи людини й народження мови до сьогодення і примушує задуматися: шлях розвитку наших предків міг бути зовсім іншим. Долучіться до історичної розвідки, і вас приголомшать неочікувані й сміливі припущення. У книжці ви не знайдете нудної хронології та сухих дат, але разом з автором розмірковуватимете про численні «чому?». ▶ Чому Людина Розумна отримала шанс на майбутнє та що винищило її найближчих древніх родичів? ▶ Чому перехід від збиральництва до сільського господарства став пасткою для людини й погіршив її життя? ▶ Чому могутні імперії інків та монголів зазнали краху та були переможені нечисленними групами європейців? ▶ Що таке «теорія пліток» і як розмови про те, чого насправді не існує, підняли людину на вищий щабель цивілізації? ▶ Що спільного між релігією та ідеологією? Чим відрізняються християнство та буддизм? ▶ Як гроші та кредити стали однією з основних рушійних сил цивілізації? ▶ Чому зруйновані імперії досі керують людством?

Author: Milton Friedman
Publisher: Nash Format (PublishDrive)
ISBN: 6177388167
Size: 22.39 MB
Format: PDF, Mobi
View: 4891
Download Read Online

from the Author: Milton Friedman. «Капіталізм і свобода» — класика політико-економічної літератури ХХ століття — як ніколи актуальна для України. Нобелівський лауреат Мілтон Фрідман розглядає зв’язок між економічною та політичною свободою. Він описує, чому варто обмежити вплив держави в економіку, децентралізувати владу, забезпечити гнучкий валютний курс, роздержавити сфери освіти і соціального забезпечення.

Yield Curve Dynamics And Spillovers In Central And Eastern European Countries

Author: Mr. Alexander W. Hoffmaister
Publisher: International Monetary Fund
ISBN: 1451989091
Size: 15.24 MB
Format: PDF, ePub
View: 7149
Download Read Online

Yield Curve Dynamics And Spillovers In Central And Eastern European Countries from the Author: Mr. Alexander W. Hoffmaister. This paper applies the models used to study yield curve dynamics and spillovers in the U.S. and other countries to Central and Eastern European countries (CEE countries). Using the Diebold, Rudebusch, and Aruoba (2006) dynamic version of the Nelson-Siegel representation of the yield curve, the paper finds that the two-way relationship between macroeconomic and financial variables in the CEE countries is similar to the one in mature economies. However, inflation shocks have very little persistence in the CEE countries, owing to the strong convergence trends in these countries-which tend to re-anchor expectations faster. Increased convergence in policies and market integration over time are associated with a stronger correlation between the levels of the yield curves, while the curves slopes are more driven by idiosyncratic factors. Shifts in the euro yield curve are transmitted both to interest rates and inflation expectations in the CEE countries-and transmission is stronger after 2004.

International Dimensions Of Monetary Policy

Author: Jordi Galí
Publisher: University of Chicago Press
ISBN: 0226278875
Size: 15.77 MB
Format: PDF, ePub, Docs
View: 3408
Download Read Online

International Dimensions Of Monetary Policy from the Author: Jordi Galí. United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.

Lectures On Behavioral Macroeconomics

Author: Paul De Grauwe
Publisher: Princeton University Press
ISBN: 1400845378
Size: 38.22 MB
Format: PDF, ePub, Docs
View: 3171
Download Read Online

Lectures On Behavioral Macroeconomics from the Author: Paul De Grauwe. In mainstream economics, and particularly in New Keynesian macroeconomics, the booms and busts that characterize capitalism arise because of large external shocks. The combination of these shocks and the slow adjustments of wages and prices by rational agents leads to cyclical movements. In this book, Paul De Grauwe argues for a different macroeconomics model--one that works with an internal explanation of the business cycle and factors in agents' limited cognitive abilities. By creating a behavioral model that is not dependent on the prevailing concept of rationality, De Grauwe is better able to explain the fluctuations of economic activity that are an endemic feature of market economies. This new approach illustrates a richer macroeconomic dynamic that provides for a better understanding of fluctuations in output and inflation. De Grauwe shows that the behavioral model is driven by self-fulfilling waves of optimism and pessimism, or animal spirits. Booms and busts in economic activity are therefore natural outcomes of a behavioral model. The author uses this to analyze central issues in monetary policies, such as output stabilization, before extending his investigation into asset markets and more sophisticated forecasting rules. He also examines how well the theoretical predictions of the behavioral model perform when confronted with empirical data. Develops a behavioral macroeconomic model that assumes agents have limited cognitive abilities Shows how booms and busts are characteristic of market economies Explores the larger role of the central bank in the behavioral model Examines the destabilizing aspects of asset markets

Econometric Modelling Of World Shipping

Author: M. Beenstock
Publisher: Springer Science & Business Media
ISBN: 9780412367205
Size: 80.42 MB
Format: PDF, ePub, Docs
View: 3248
Download Read Online

Econometric Modelling Of World Shipping from the Author: M. Beenstock. Econometric Modelling of World Shipping describes an economic model that may be used to forecast world shipping markets. A unique feature of the model is that it relates to both sectors of world shipping, the dry cargo sector and the tanker sector. This is the first time that a model of this type has been published. This book also breaks new ground in explaining the behaviour of vessel prices, both new and secondhand.

Why Do Emerging Economies Borrow Short Term

Author: Fernando Broner
Publisher: World Bank Publications
ISBN:
Size: 53.22 MB
Format: PDF, Docs
View: 7536
Download Read Online

Why Do Emerging Economies Borrow Short Term from the Author: Fernando Broner. "Broner, Lorenzoni, and Schmukler argue that emerging economies borrow short term due to the high risk premium charged by international capital markets on long-term debt. They first present a model where the debt maturity structure is the outcome of a risk-sharing problem between the government and bondholders. By issuing long-term debt, the government lowers the probability of a liquidity crisis, transferring risk to bondholders. In equilibrium, this risk is reflected in a higher risk premium and borrowing cost. Therefore, the government faces a tradeoff between safer long-term borrowing and cheaper short-term debt. Second, the authors construct a new database of sovereign bond prices and issuance. They show that emerging economies pay a positive term premium (a higher risk premium on long-term bonds than on short-term bonds). During crises, the term premium increases, with issuance shifting toward shorter maturities. This suggests that changes in bondholders' risk aversion are important to understand emerging market crises. This paper--a product of the Investment Climate Team, Development Research Group--is part of a larger effort in the group to understand financial markets in emerging economies"--World Bank web site.