Youssef Cassis
- Published in print:
- 2011
- Published Online:
- May 2011
- ISBN:
- 9780199600861
- eISBN:
- 9780191724930
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199600861.003.0003
- Subject:
- Business and Management, Finance, Accounting, and Banking, Business History
This chapter discusses the four major financial crises that broke out in the core industrial countries between the end of Bretton Woods in 1971 and the early 21st century: the Financial Instability ...
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This chapter discusses the four major financial crises that broke out in the core industrial countries between the end of Bretton Woods in 1971 and the early 21st century: the Financial Instability of the early 1970s and the ensuing bank failures, especially in Britain, Germany, and the United States, within the context of ‘stagflation’ and the end of fixed exchange rates; the International Debt Crisis of 1982, when the international financial system was threatened with collapse; the Japanese Banking Crisis of 1997–8, which undermined the financial system of the world's second largest economic power; and the Financial Debacle of 2007–8.Less
This chapter discusses the four major financial crises that broke out in the core industrial countries between the end of Bretton Woods in 1971 and the early 21st century: the Financial Instability of the early 1970s and the ensuing bank failures, especially in Britain, Germany, and the United States, within the context of ‘stagflation’ and the end of fixed exchange rates; the International Debt Crisis of 1982, when the international financial system was threatened with collapse; the Japanese Banking Crisis of 1997–8, which undermined the financial system of the world's second largest economic power; and the Financial Debacle of 2007–8.
Yujiro Hayami and Yoshihisa Godo
- Published in print:
- 2005
- Published Online:
- October 2005
- ISBN:
- 9780199272709
- eISBN:
- 9780191602870
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199272700.003.0009
- Subject:
- Economics and Finance, Development, Growth, and Environmental
The question of what kind of institutional set-up would be appropriate for promoting economic development is approached in terms of combination between market and state. The traditional debates on ...
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The question of what kind of institutional set-up would be appropriate for promoting economic development is approached in terms of combination between market and state. The traditional debates on the choice of development strategy between free trade and infant industry protection is examined with reference to the historical experiences of developed economies as well as recent confrontations between import substitution industrialization and the IMF-World Bank structural adjustment policies. The nature and significance of market failures versus government failures are illustrated in terms of comparisons between the Latin American Debt Crisis in the 1880s and the Asian Financial Crisis in the 1990s. The choice of the market versus the state, as well as growth versus equity, is discussed in reference to the changing paradigms in the IMF-World Bank.Less
The question of what kind of institutional set-up would be appropriate for promoting economic development is approached in terms of combination between market and state. The traditional debates on the choice of development strategy between free trade and infant industry protection is examined with reference to the historical experiences of developed economies as well as recent confrontations between import substitution industrialization and the IMF-World Bank structural adjustment policies. The nature and significance of market failures versus government failures are illustrated in terms of comparisons between the Latin American Debt Crisis in the 1880s and the Asian Financial Crisis in the 1990s. The choice of the market versus the state, as well as growth versus equity, is discussed in reference to the changing paradigms in the IMF-World Bank.
Charlotte Rommerskirchen
- Published in print:
- 2019
- Published Online:
- March 2019
- ISBN:
- 9780198829010
- eISBN:
- 9780191867446
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198829010.003.0001
- Subject:
- Political Science, Political Economy
The economic and financial fallout of the Great Recession upended the belief that advanced economies enjoyed some kind of superior inoculation against deep crises. It presented EU states with the ...
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The economic and financial fallout of the Great Recession upended the belief that advanced economies enjoyed some kind of superior inoculation against deep crises. It presented EU states with the unanticipated and unprecedented challenge of coordinating fiscal crisis responses. The EU crisis framework laid out in the European Economic Recovery Plan (EERP) represented an attempt to coordinate not fiscal constraint but, for the first time, fiscal expansion. This chapter places this study within two intertwined crises, the international economic and financial crises and the European Debt Crisis, before going on to present the main empirical puzzle and research questions of the book.Less
The economic and financial fallout of the Great Recession upended the belief that advanced economies enjoyed some kind of superior inoculation against deep crises. It presented EU states with the unanticipated and unprecedented challenge of coordinating fiscal crisis responses. The EU crisis framework laid out in the European Economic Recovery Plan (EERP) represented an attempt to coordinate not fiscal constraint but, for the first time, fiscal expansion. This chapter places this study within two intertwined crises, the international economic and financial crises and the European Debt Crisis, before going on to present the main empirical puzzle and research questions of the book.
Francesco Caselli, Mário Centeno, and José Tavares (eds)
- Published in print:
- 2016
- Published Online:
- August 2016
- ISBN:
- 9780198754688
- eISBN:
- 9780191816260
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198754688.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This book reassesses the twin projects of structural reform and European integration in the wake of the Great Recession and the European Sovereign Debt Crisis. A brief introduction compares the ...
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This book reassesses the twin projects of structural reform and European integration in the wake of the Great Recession and the European Sovereign Debt Crisis. A brief introduction compares the pre-crises debate to the current situation, and highlights a number of ways in which both reform and further integration may have become more difficult, but also less complementary. The first chapter surveys the state of the structural-reform agenda, its successes, failures, and priorities for further action. The second chapter focuses on the fiscal-policy response to the crisis, advocating a greater balance between supply side reforms and demand side management. The third chapter focuses on the asymmetric shocks across economies in the monetary union, and discusses institutional mechanisms to reduce their frequency and impact. Chapter 4 examines the cyclical behaviour of output and financial indicators, as well as the counter-cyclical role of macro-financial policies, both at the national and the European level. The fifth chapter studies changes in Europeans’ attitudes, showing how the recent crises eroded public confidence in European institutions. The sixth chapter tackles the demographic challenges facing Europe, and particularly the way that demographic change may impact the reform agenda. Chapter 7 highlights the under-appreciated extent to which ‘Europe,’ taken as a whole, is characterized by a substantial amount of inequality and geographical income clustering, and the challenge these facts pose for further integration.Less
This book reassesses the twin projects of structural reform and European integration in the wake of the Great Recession and the European Sovereign Debt Crisis. A brief introduction compares the pre-crises debate to the current situation, and highlights a number of ways in which both reform and further integration may have become more difficult, but also less complementary. The first chapter surveys the state of the structural-reform agenda, its successes, failures, and priorities for further action. The second chapter focuses on the fiscal-policy response to the crisis, advocating a greater balance between supply side reforms and demand side management. The third chapter focuses on the asymmetric shocks across economies in the monetary union, and discusses institutional mechanisms to reduce their frequency and impact. Chapter 4 examines the cyclical behaviour of output and financial indicators, as well as the counter-cyclical role of macro-financial policies, both at the national and the European level. The fifth chapter studies changes in Europeans’ attitudes, showing how the recent crises eroded public confidence in European institutions. The sixth chapter tackles the demographic challenges facing Europe, and particularly the way that demographic change may impact the reform agenda. Chapter 7 highlights the under-appreciated extent to which ‘Europe,’ taken as a whole, is characterized by a substantial amount of inequality and geographical income clustering, and the challenge these facts pose for further integration.
