BOOK
Economic Development and Financial Instability
Jan A. Kregel | Rainer Kattel | G. C. Harcourt
(2014)
Additional Information
Book Details
Abstract
Jan A. Kregel is considered to be “the best all-round general economist alive” (G. C. Harcourt). This is the first collection of his essays dealing with a wide range of topics reflecting the incredible depth and breadth of Kregel’s work. These essays focus on the role of finance in development and growth. Kregel has expanded Minsky’s original postulate that in capitalist economies stability engenders instability in international economy, and this volume collect’s Kregel’s key works devoted to financial instability, its causes and effects. The volume also contains Kregel’s most recent discussions of the Great Recession beginning in 2008.
Jan A. Kregel is a senior scholar at the Levy Economics Institute of Bard College, director of its Monetary Policy and Financial Structure program, and Professor of Development Finance at Tallinn University of Technology, Estonia.
Jan A. Kregel is considered to be “the best all-round general economist alive” (G. C. Harcourt). This is the first collection of his essays dealing with a wide range of topics reflecting the incredible depth and breadth of Kregel’s work. These essays focus on the role of finance in development and growth. Kregel has expanded Minsky’s original postulate that in capitalist economies stability engenders instability in international economy, and this volume collect’s Kregel’s key works devoted to financial instability, its causes and effects. The volume also contains Kregel’s most recent discussions of the Great Recession beginning in 2008.
Table of Contents
| Section Title | Page | Action | Price |
|---|---|---|---|
| Economic Development and Financial Instability | i | ||
| Title | iii | ||
| Copyright | iv | ||
| CONTENTS | v | ||
| FOREWORD | vii | ||
| PUBLICATION HISTORY | ix | ||
| Part I THEORETICAL DISCUSSIONS | 1 | ||
| Chapter 1 FINANCIAL MARKETS AND ECONOMIC DEVELOPMENT: MYTHS AND INSTITUTIONAL REALITY | 3 | ||
| Chapter 2 EXTERNAL FINANCING FOR DEVELOPMENT AND INTERNATIONAL FINANCIAL INSTABILITY | 15 | ||
| Chapter 3 CAPITAL FLOWS: GLOBALIZATION OF PRODUCTION AND FINANCING DEVELOPMENT | 41 | ||
| Chapter 4 SOME RISKS AND IMPLICATIONS OF FINANCIAL GLOBALIZATION FOR NATIONAL POLICY AUTONOMY | 63 | ||
| Chapter 5 TWO VIEWS ON THE OBSTACLES TO DEVELOPMENT | 75 | ||
| Chapter 6 CAN WE CREATE A STABLE INTERNATIONAL FINANCIAL ENVIRONMENT THAT ENSURES NET RESOURCE TRANSFERS TO DEVELOPING COUNTRIES? | 85 | ||
| Chapter 7 NATURAL INSTABILITY OF FINANCIAL MARKETS | 99 | ||
| Chapter 8 TRYING TO SERVE TWO MASTERS: THE DILEMMA OF FINANCIAL REGULATION | 119 | ||
| Part II FINANCE FOR DEVELOPMENT | 133 | ||
| Chapter 9 EAST ASIA IS NOT MEXICO: THE DIFFERENCE BETWEEN BALANCE OF PAYMENTS CRISES AND DEBT DEFLATIONS | 135 | ||
| Chapter 10 YES, “IT” HAPPENED AGAIN: THE MINSKY CRISIS IN ASIA | 153 | ||
| Chapter 11 FINANCIAL LIBERALIZATION AND DOMESTIC POLICY SPACE: THEORY AND PRACTICE WITH REFERENCE TO LATIN AMERICA | 167 | ||
| Chapter 12 DERIVATIVES AND GLOBAL CAPITAL FLOWS: APPLICATIONS TO ASIA | 181 | ||
| Chapter 13 WAS THERE AN ALTERNATIVE TO THE BRAZILIAN CRISIS? | 199 | ||
| Chapter 14 AN ALTERNATIVE VIEW OF THE ARGENTINE CRISIS: STRUCTURAL FLAWS IN STRUCTURAL ADJUSTMENT POLICY | 215 | ||
| Chapter 15 THE DISCRETE CHARM OF THE WASHINGTON CONSENSUS | 241 | ||
| Part III THE CRISIS IN THE US AND THE EU | 257 | ||
| Chapter 16 ALTERNATIVE ECONOMIC ANALYSES OF GERMAN MONETARY AND ECONOMIC UNIFICATION: MONETARIST AND POST KEYNESIAN | 259 | ||
| Chapter 17 CURRENCY STABILIZATION THROUGH FULL EMPLOYMENT: CAN EMU COMBINE PRICE STABILITY WITH EMPLOYMENT AND INCOME GROWTH? | 269 | ||
| Chapter 18 MINSKY’S “CUSHIONS OF SAFETY,” SYSTEMIC RISK AND THE CRISIS IN THE SUBPRIME MORTGAGE MARKET | 281 | ||
| Chapter 19 WHY DON’T THE BAILOUTS WORK? DESIGN OF A NEW FINANCIAL SYSTEM VERSUS A RETURN TO NORMALCY | 297 | ||
| Chapter 20 IS THIS THE MINSKY MOMENT FOR REFORM OF FINANCIAL REGULATION? | 309 | ||
| Chapter 21 DEBTORS’ CRISIS OR CREDITORS’ CRISIS? WHO PAYS FOR THE EUROPEAN SOVEREIGN AND SUBPRIME MORTGAGE LOSSES? | 325 | ||
| Chapter 22 SIX LESSONS FROM THE EURO CRISIS | 337 | ||
| Chapter 23 MINSKY AND THE NARROW BANKING PROPOSAL: NO SOLUTION FOR FINANCIAL REFORM | 343 | ||
| INDEX | 349 |