Financial Crises, 1929 to the Present, Second Edition

The financial system and roots of crisisFINANCIAL CRISIS, DEFINEDTHE CONTEXT OF MODERN CRISESGLOBAL FINANCE TODAYExistence of a Global Reserve Currency Hegemony Comprised of Limited Countries or RegionsPersistence of Unregulated International Capital FlowsMix of Capital Control RegimesImplementation of Basel I, Basel II, and (soon) Basel IIILarge, Unwieldy Financial-Banking InstitutionsProcyclical and Short-Term Risk MeasurementSTRUCTURE OF THE BOOKNOTESs and 1940s: the Great Depression and its aftermathPRE-1929 CRISES AND CONDITIONSCAUSES AND EVENTS OF THE GREAT DEPRESSIONDISTRESS ABROADDEPRESSION POLICIESWAR STIMULUSPOLITICAL ECONOMY OF THE CRISIS IN THE USECONOMIC THEORIES OF THE DAYLOOKING BACKNOTESs through 1970s: the inter-crisis periodBRETTON WOODS: THE 1950S AND 1960SAFTER BRETTON WOODS: THE 1970SPetrodollar RecyclingPOLITICAL ECONOMY OF THE INTER-CRISIS PERIODCHANGING ECONOMIC THEORY OVER THE 1960S AND 1970SNOTESs: emerging markets, debt default and savings and loan crisesEMERGING MARKET DEBT DEFAULT CRISESPOLITICAL ECONOMY OF THE DEBT CRISISUS SAVINGS AND LOAN CRISISPOLITICAL ECONOMY OF THE SAVINGS AND LOAN CRISISTHE IMPOTENCE OF ECONOMIC THEORYCONCLUSIONNOTEEarly 1990s: advanced countries crisesWESTERN EUROPEAN EXCHANGE RATE MECHANISM CRISIS, 1992Political Economy of the ERM CrisisNORDIC COUNTRIESNorwaySwedenFinlandPolitical Economy of the Nordic Country CrisesConclusionJAPANPolitical Economy of the Japanese CrisisConclusionECONOMIC THEORIES OF THE EARLY 1990SCONCLUSIONNOTESMid-1990s: Mexican crisis and Asian financial crisisMEXICAN CRISISPolitical Economy of the Mexican CrisisASIAN FINANCIAL CRISISPolitical Economy of the Asian Financial CrisisTURKISH CRISISECONOMIC THEORIES OF THE MID-1990SCONCLUSIONNOTESLate 1990s and early 2000s: Russian financial crisis, Brazilian financial crisis, Argentine crisisRUSSIAN FINANCIAL CRISISBRAZILIAN FINANCIAL CRISISARGENTINE CRISISECONOMIC THEORIES OF THE LATE 1990S AND EARLY 2000SCONCLUSIONNOTESLate 2000s: the Great Recession of 2008CAUSES OF THE CRISISSPREAD OF THE CRISIS TO THE FINANCIAL SYSTEMTHE CRISIS ABROADSIGNS OF RECOVERY IN THE US, DOWNTURN IN EUROPETHE EUROZONE CRISISGREECE’S TRAGEDYSOVEREIGN RISKOUTCOMESPOLITICAL ECONOMY OF THE GREAT RECESSIONECONOMIC THEORIES OF THE LATE 2000SCONCLUSIONNOTESGlobal imbalancesPreventing future crisesFINANCIAL CRISES: A SUMMARYFINANCIAL CRISIS MODELSEmpirical Examinations of Multiple CrisesPOLICIES TO PREVENT FUTURE CRISESContainmentResolutionCrisis PreventionRegulating capital flows through domestic controlsReforming the IMFImplementing countercyclical macroeconomic policyCoordinating macroeconomic policyCreating a global managed currency regimeARE CRISES INEVITABLE?CONCLUSIONNOTES
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