Negative interest rates : the black hole of financial capitalism / by Jacques Ninet (Independent Scholar).

Format:

Book

Author/Creator:

Ninet, Jacques, author.

Series:

Critical studies on corporate responsibility, governance and sustainability ; v. 13.

Critical studies on corporate responsibility, governance and sustainability ; 13

Language:

English

Subjects (All):

Interest rates.

Capitalism.

Social responsibility of business.

Physical Description:

1 online resource

Place of Publication:

Bingley, England : Emerald Publishing, [2021]

Summary:

Are the unconventional accommodative monetary policies in place since 2008 pulling Western economies into a black hole? Jacques Ninet asks precisely this question of these policies as he investigates their origins, effectiveness and permanency. Starting with the neoliberal revolution of the 1980s, Ninet shows how growing wealth disparities and their counterpart, growing indebtedness, have created financial instability and triggered recurring crises. Central banks have become the only game in town, but as they have reached the zero-lower bound in the US and even crossed it in Europe and Japan, they are now in great danger, and they are carrying with them the whole house of cards. Ideally suited for researchers, professionals and students of finance and economics, this book shows that very little would be needed to restore economic order, and it demonstrates how such efforts could be carried out in conjunction with efforts towards ecological transition and the restoration of social justice. -- Provided by publisher.

Contents:

Prelims

Introduction

Part 1 Financial Capitalism: From the Neoliberal Revolution to the Multifaceted Crisis of the Twenty-first Century

The Great Turn

Neoliberalism and the Revenge of Rentier Capitalists

The Underpinnings of Hyper-Financialization

The Poor Economic and Financial Record of Thirty-five Years of Neoliberalism

Part 2 Anatomy of a Crisis

The Single Crisis of the Asset-based Economy

A Foreseeable but Not Foreseen Crisis

Deficit and Debt Trap

A Useless Crisis?

Part 3 In the Hands of Central Banks

Central Bank: A Standard Reading

Some Facts about the Monetary Economy To Better Understand the True Role of Central Banks

The Short History of Central Banks in the Long History of Money

Theoretical Foundations of Central Banking: From Monetarism to Dynamic Stochastic General Equilibrium (DSGE) Models

Does Independence Guarantee Infallibility?

Are Central Bankers Truly Independent?

An Astonishing Confession

Part 4 Who Will Save the Central Banks?

The Black Hole

Economic and Financial Consequences of NIRP and ZIRP

TINA (There is No Alternative)?

Central Banks: At the Core of the Next Confidence Crisis

Conclusion

Afterword

Appendices

References

Index of Names.

Notes:

Includes index.

Includes bibliographical references.

Print version record.

ISBN:

9781839823787

183982378X

9781839823763

1839823763