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Financial stability in the aftermath of the great recession

Record Type:	Electronic resources : Monograph/item
Title/Author:	Financial stability in the aftermath of the great recession/ Philip Arestis, Elias Karakitsos.
Author:	Arestis, Philip,
other author:	Karakitsos, Elias.
Description:	1 online resource.
Subject:	BUSINESS & ECONOMICS / Reference -
Online resource:	http://www.palgraveconnect.com/doifinder/10.1057/9781137333964
ISBN:	9781137333964 (electronic bk.)

Financial stability in the aftermath of the great recession
Arestis, Philip,1941-

Financial stability in the aftermath of the great recession[electronic resource] /Philip Arestis, Elias Karakitsos. - 1 online resource.

Includes bibliographical references and index.

Introduction -- Origins of the Great Recession -- The theoretical framework that underpins the origins of the Great Recession -- Too much liquidity : the source of the trouble -- Anaemic recovery : the US housing market and the consumer -- Anaemic recovery : the vicious circle of investment and consumption -- The sovereign debt crisis -- Lessons from the great recession for both theory and economic policy -- Financial stability and proposals to restore it.

The financial crisis and the ensued 'great recession' are primarily caused by the excessive liquidity that was created in the last thirty years or so of inequality that benefited greatly the financial sector, deregulation and financial liberalisation as well as financial innovation, which are based on the supposedly superior intellectual model of the Efficient Markets Hypothesis. There were also contributory factors that accentuated the process, such as international financial imbalances, the monetary policy pursued at the time, and the role played by the credit rating agencies. The New Consensus Macroeconomics model that forms the backbone of the way the economy works and how monetary policy should be formulated in theory and practice is scrutinised. It is argued that the traditional approach of viewing housing as a capital good must be dropped and housing should be viewed as a speculative asset, akin to equities. This new theorising is necessary as in the traditional approach bubbles cannot exist. A chapter is devoted to the causes of the European Union (EU) debt crisis, the reasons why the crisis has dragged on, the remedial treatment applied so far, offering alternative viable solutions to the crisis and examining the channels through which the EU debt crisis might spread to the rest of the world. Finally, the book draws on the lessons for theory and policy from the recent experience and discusses in detail the new regulatory environment that policymakers attempt to put in place to avert another credit crisis.

ISBN: 9781137333964 (electronic bk.)

Source: 672012Palgrave Macmillanhttp://www.palgraveconnect.comSubjects--Topical Terms:

227832
BUSINESS & ECONOMICS / Reference
Index Terms--Genre/Form:

96803
Electronic books.

LC Class. No.: HB3732 / .A74 2013

Dewey Class. No.: 330.9/0511

Financial stability in the aftermath of the great recession
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520 $a The financial crisis and the ensued 'great recession' are primarily caused by the excessive liquidity that was created in the last thirty years or so of inequality that benefited greatly the financial sector, deregulation and financial liberalisation as well as financial innovation, which are based on the supposedly superior intellectual model of the Efficient Markets Hypothesis. There were also contributory factors that accentuated the process, such as international financial imbalances, the monetary policy pursued at the time, and the role played by the credit rating agencies. The New Consensus Macroeconomics model that forms the backbone of the way the economy works and how monetary policy should be formulated in theory and practice is scrutinised. It is argued that the traditional approach of viewing housing as a capital good must be dropped and housing should be viewed as a speculative asset, akin to equities. This new theorising is necessary as in the traditional approach bubbles cannot exist. A chapter is devoted to the causes of the European Union (EU) debt crisis, the reasons why the crisis has dragged on, the remedial treatment applied so far, offering alternative viable solutions to the crisis and examining the channels through which the EU debt crisis might spread to the rest of the world. Finally, the book draws on the lessons for theory and policy from the recent experience and discusses in detail the new regulatory environment that policymakers attempt to put in place to avert another credit crisis.
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