Understanding global crises : an emerging paradigm / Assaf Razin.

Format:

Book

Author/Creator:

Razin, Assaf, author.

Language:

English

Subjects (All):

Financial crises.

Investments, Foreign.

Physical Description:

1 online resource

Place of Publication:

Cambridge, Massachusetts : The MIT Press, [2015]

System Details:

text file

Summary:

This book offers a review of an emerging paradigm that is consistent with the key features of recent global financial crises. This paradigm presents in a transparent way basic analytical elements of the theories of financial and monetary crises and how these elements fit together in macroeconomic analysis of global crises. Razin surveys the credit implosion that led to a severe banking crisis in Japan in the 1990s, the Asian financial crisis that began in 1997, the global meltdown of 2008, and the Euro-zone crisis. He reviews the analytics of financial fragilities, credit frictions, currency crises, and balance of payments crises, and addresses international capital flows with information frictions. -- Edited summary from book.

Contents:

I Introduction 1

1 Recent Financial Crises 13

2 The 1990s and Early 2000s 15

3 The 2008 Global Crisis 29

4 The Crisis in the Euro Zone 41

II Elements of the Theory of Financial Crises 63

5 Analytics of Financial Fragility of Banks 67

6 Analytics of Credit Frictions and Market Freezes 85

7 Analytics of Asset Bubbles 93

III Exchange Rates and Capital Flows 105

8 Analytics of Currency Crises 107

9 Foreign Investment: Information Asymmetry 117

10 Foreign Investment: Liquidity Shocks 127

IV The Emerging Macroeconomic Paradigm 135

11 The Benchmark Paradigm 137

12 Leveraging, De-leveraging, and the Liquidity Trap 157

13 Amplification and Persistency of Shocks in Dynamic Macroeconomic Models 173.

Notes:

OCLC-licensed vendor bibliographic record.

ISBN:

9780262327701

0262327708

OCLC:

898177026

Access Restriction:

Restricted for use by site license.