Download or read book Financial Crises Recovery Reforms written by Bhubanesh Pant and published by Atlantic Publishers & Dist. This book was released on 2000 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis That Originated In Thailand On July 2, 1997 Spread To Other Parts Of Asia, Particularly East Asia, Quite Rapidly. The Extent Of The Crisis, Its Spread To Economies That Had Revealed No Clear Grounds That Anything Was Wrong, And The Slow Recovery Came As A Shock To Most Analysts. Only When The Crisis Deepened Were The Fundamental Policy Shortcomings And Their Ramifications Fully Exposed. The Realization That While Financial Crises Cannot Be Eliminated Altogether, Much Could Be Done To Predict Them And Manage Them Better Has Led To Further Examination Of The Causes Of The Crisis.Against This Scenario, This Book Probes Into The Principal Factors That Led To The East Asian Crisis. Both The Pre-Crisis Period And The Post-Crisis Period Are Examined In Detail. The Imf S Controversial Role And Its Prescriptions For Resolving The Crisis Are Also Discussed At Length.As There Are Some Similarities Between The East Asian And The Mexican Financial Crisis, A Review Of The Latter Is Also Undertaken. The Instrumental Roles Played By Capital Flows, Exchange Rate Arrangements And The Weakness Of The Financial Systems Are Analyzed.Since Restructuring Is Necessary To Turn The Problem-Ridden Corporate Sector Into Sound And Healthy Ones In The Crisis-Affected Countries, It Is Important To Emphasize The Different Aspects Of Financial And Corporate Restructuring. The Options Of Restructuring, Vulnerabilities In The Corporate Sector, Importance Of A Bankruptcy Law And Debt-Workouts Are All Highlighted.As Financial Sector Policies In Least Developed Countries Have Undergone Profound Changes During The Last Three Decades, A Separate Chapter Has Been Devoted To This Topic Which Also Covers The Impact Of Financial Liberalization And The Issue Of Regulation And Supervision Of Banks.The Last Chapter Of This Book Attempts To Provide Some Broad Guidelines For Minimizing The Adverse Effects Of Financial Crises In The Future.

Download or read book Reform Recovery and Growth written by Rudiger Dornbusch and published by University of Chicago Press. This book was released on 2007-12-01 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: The debt crisis of 1982 caused serious economic disruptions in most developing countries. Reform, Recovery, and Growth explains why some of these countries have recovered from the debt crisis, while more than a decade later others continue to stagnate. Among the questions addressed are: What are the requirements for a stabilization policy that reduces inflation in a reasonable amount of time at an acceptable cost? What are the effects of structural reforms, especially trade liberalization, deregulation, and privatization, on growth in the short and long runs? How do macroeconomic instability and adjustment policies affect income distribution and poverty? How does the specific design of structural adjustment efforts affect results? In this companion to Macroeconomics of Populism in Latin America, the authors confirm that macroeconomic stability has a positive effect on income distribution. The volume presents case studies that describe in detail the stabilization experiences in Brazil, Israel, Argentina, and Bolivia, and also includes discussion of Chile, Mexico, Peru, and Turkey.

Download or read book The Asian Financial Crisis written by Shalendra Sharma and published by Manchester University Press. This book was released on 2018-07-30 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt: This electronic version has been made available under a Creative Commons (BY-NC-ND) open access license. The Asian financial crisis of 1997-98 shook the foundations of the global economy and what began as a localised currency crisis soon engulfed the entire Asian region. What went wrong and how did the Asian economies long considered 'miracles' respond? How did the United States, Japan and other G-7 countries respond to the crisis? What role did the IMF play?. Why did China, which suffers many of the same structural problems responsible for the crisis remain conspicuously insulated from the turmoil raging in its midst?. What explains the remarkable recovery now underway in Asia? In what fundamental ways did the Asian crisis serve as a catalyst to the current thinking about the "new international financial architecture"?. This book provides answers to all the above questions and more, and gives a comprehensive account of how the international economic order operates, examines its strengths and weaknesses, and what needs to be done to fix it.

Download or read book Resolving Systemic Financial Crises written by Daniela Klingebiel and published by World Bank Publications. This book was released on 2004 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Claessens, Klingebiel, and Laeven analyze the role of institutions in resolving systemic banking crises for a broad sample of countries. Banking crises are fiscally costly, especially when policies like substantial liquidity support, explicit government guarantees on financial institutions' liabilities, and forbearance from prudential regulations are used. Higher fiscal outlays do not, however, accelerate the recovery from a crisis. Better institutions--less corruption, improved law and order, legal system, and bureaucracy--do. The authors find these results to be relatively robust to estimation techniques, including controlling for the effects of a poor institutional environment on the likelihood of financial crisis and the size of fiscal costs. Their results suggest that countries should use strict policies to resolve a crisis and use the crisis as an opportunity to implement medium-term structural reforms, which will also help avoid future systemic crises. This paper--a product of the Financial Sector Operations and Policy Department--is part of a larger effort in the department to study financial crisis resolution"--World Bank web site.

Download or read book Turmoil at Twenty written by Pradeep K. Mitra and published by World Bank Publications. This book was released on 2009-10-30 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: The transition economies of Central and Eastern Europe and the former Soviet Union, among all emerging- and developing-economy regions, have been hardest hit by the global economic crisis of 2008-09. This is partly due to the region s deep integration into the global economy across many dimensions trade, financial, and labor flows. Attempts by countries that came later to the transition to catch up rapidly to Western European living standards at a time when global liquidity was unusually abundant, together with some policy weaknesses, made them vulnerable to reversals in market sentiment. Written on the eve of the twentieth anniversary of the fall of the Berlin Wall, 'Turmoil at Twenty' analyzes the run-up to the current crisis and addresses a number of key questions related to vulnerability to the recession, expected recovery, and necessary reforms in the region: Did the transition from command to market economies, and the period during which this took place, plant the seeds of vulnerability that made transition countries more prone to crisis than other developing countries? Did the choices made on the road from plan to market shape the ability of crisis-hit countries to recover? What combination of domestic policy reform and international collective action is needed to bring about a recovery and minimize the humanitarian cost of the crisis? What structural reforms are needed today to address the most binding constraints on growth in a world where capital fl ows to transition and developing countries are expected to be considerably lower than before the crisis? 'Turmoil at Twenty' will be of interest to policy makers and their advisers, researchers, and students of economics who seek lessons from the current economic crisis, as well as scholars of the transition.

Download or read book Financial Restructuring to Sustain Recovery written by Martin Neil Baily and published by Brookings Institution Press. This book was released on 2013-12-11 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press and Nomura Institute of Capital Markets Research publication The financial crisis of 2007–08 and the Great Recession caused more widespread economic trauma than any event since the Great Depression. With a slow and uneven recovery, encouraging stability and growth is critical. Financial Restructuring to Sustain Recovery maintains that while each part of the financial services industry can play a useful role in revving up the U.S. economic engine to full capacity, the necessary reforms are sometimes subtle and often difficult to implement. Editors Martin Neil Baily, Richard Herring, and Yuta Seki and their coauthors break recovery down by three areas: Restructuring the housing finance market Reforming the bankruptcy process Reenergizing the market for initial public offerings Included are lessons drawn from Japan's experience in overcoming its long-lasting financial crisis after the collapse of its real estate market in the 1990s. Contributors: Franklin Allen (Wharton School, University of Pennsylvania), James R. Barth (Auburn University College of Business; Milken Institute), Thomas Jackson (Simon School of Business, University of Rochester), Jay R. Ritter (Warrington College of Business, University of Florida), David Skeel (University of Pennsylvania Law School), and Glenn Yago (Milken Institute).

Download or read book Across the Great Divide written by John B. Taylor and published by Hoover Institution Press. This book was released on 2014-11-01 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis of 2008 devastated the American economy and caused U.S. policymakers to rethink their approaches to major financial crises. More than five years have passed since the collapse of Lehman Brothers, but questions still persist about the best ways to avoid and respond to future financial crises. In Across the Great Divide, a co-publication with Brookings Institution, contributing economic and legal scholars from academia, industry, and government analyze the financial crisis of 2008, from its causes and effects on the U.S. economy to the way ahead. The expert contributors consider post-crisis regulatory policy reforms and emerging financial and economic trends, including the roles played by highly accommodative monetary policy, securitization run amok, government-sponsored enterprises (GSEs), large asset bubbles, excessive leverage, and the Federal funds rate, among other potential causes. They discuss the role played by the Federal Reserve and examine the concept of "too big to fail." And they review and assess resolution frameworks, considering experiences with Lehman Bros. and other firms in the crisis, Title II of the Dodd-Frank Act, and the Chapter 14 bankruptcy code proposal.

Download or read book Unexpected Outcomes written by Carol Wise and published by Brookings Institution Press. This book was released on 2015-03-10 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume documents and explains the remarkable resilience of emerging market nations in East Asia and Latin America when faced with the global financial crisis in 2008-2009. Their quick bounceback from the crisis marked a radical departure from the past, such as when the 1982 debt shocks produced a decade-long recession in Latin America or when the Asian financial crisis dramatically slowed those economies in the late 1990s. Why? This volume suggests that these countries' resistance to the initial financial contagion is a tribute to financial-sector reforms undertaken over the past two decades. The rebound itself was a trade-led phenomenon, favoring the countries that had gone the farthest with macroeconomic restructuring and trade reform. Old labels used to describe "neoliberal versus developmentalist" strategies do not accurately capture the foundations of this recovery. These authors argue that policy learning and institutional reforms adopted in response to previous crises prompted policymakers to combine state and market approaches in effectively coping with the global financial crisis. The nations studied include Korea, China, India, Mexico, Argentina, and Brazil, accompanied by Latin American and Asian regional analyses that bring other emerging markets such as Chile and Peru into the picture. The substantial differences among the nations make their shared success even more remarkable and worthy of investigation. And although 2012 saw slowed growth in some emerging market nations, the authors argue this selective slowing suggests the need for deeper structural reforms in some countries, China and India in particular.

Download or read book OECD Insights From Crisis to Recovery The Causes Course and Consequences of the Great Recession written by Keeley Brian and published by OECD Publishing. This book was released on 2010-09-10 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt: From Crisis to Recovery traces the causes, course and consequences of the “Great Recession”. It explains how a global build up of liquidity, coupled with poor regulation, created a financial crisis that quickly began to make itself felt in the real economy.

Download or read book The Global Economic Recovery 10 Years After the 2008 Financial Crisis written by Ms.Wenjie Chen and published by International Monetary Fund. This book was released on 2019-04-26 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper takes stock of the global economic recovery a decade after the 2008 financial crisis. Output losses after the crisis appear to be persistent, irrespective of whether a country suffered a banking crisis in 2007–08. Sluggish investment was a key channel through which these losses registered, accompanied by long-lasting capital and total factor productivity shortfalls relative to precrisis trends. Policy choices preceding the crisis and in its immediate aftermath influenced postcrisis variation in output. Underscoring the importance of macroprudential policies and effective supervision, countries with greater financial vulnerabilities in the precrisis years suffered larger output losses after the crisis. Countries with stronger precrisis fiscal positions and those with more flexible exchange rate regimes experienced smaller losses. Unprecedented and exceptional policy actions taken after the crisis helped mitigate countries’ postcrisis output losses.

Download or read book Economic Policy Reforms 2021 Going for Growth Shaping a Vibrant Recovery written by OECD and published by OECD Publishing. This book was released on 2021-04-14 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: Going for Growth 2021 identifies country-specific structural policy priorities for the recovery across OECD and key non-member countries (Argentina, Brazil, The People’s Republic of China, Costa Rica, India, Indonesia and South Africa). It frames the main policy challenges of the current juncture along three main areas: building resilience; facilitating reallocation and boosting productivity growth for all; and supporting people in transition.

Download or read book The Road to Financial Reformation written by Henry Kaufman and published by John Wiley & Sons. This book was released on 2009-07-30 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our financial crisis: what happened, how we got here, and what needs to be done Henry Kaufman-an esteemed economist and statesman-is one of the most preeminent financial figures of the day, with a history of success from the 1980s, when his firm, Salomon Brothers, ruled the bond markets. In The Road to Financial Reformation, Dr. Kaufman, who has spent a lifetime entrenched in the world of finance, provides an insightful account of the history and impact of post-World War II financial markets on the economy-what happened, how we got to where we are today, and what needs to be done. Drawing on his vast breadth of knowledge and experience, Kaufman reveals the mistakes that got us into this debacle, the consequences-as they have not been fully realized-and how to put our derailed economy back on track. This book details Dr. Kaufman's warnings and concerns expressed repeatedly throughout the last quarter century, and shows that what he predicted came to pass. Provides an insightful account of the history and impact of post-World War II financial markets on the economy Explores the erosion of credit ratings on corporate debt in the late 1980s and the rapid increase in financial concentration of institutions Discusses the blinding faith in models that rely on historical data but fail to take into account economic and financial market structural changes With his breadth of knowledge and experience, Kaufman details that this crisis was foreseeable (he saw it coming), and how we created this history-making financial crisis. He also explains the consequences still to come, and presents solutions on how we can recover and reform the markets.

Download or read book Europe Managing the Crisis written by Walter Kickert and published by Routledge. This book was released on 2015-06-05 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studies of the recent financial crisis have been largely dominated by economists, but the similarities and differences between European countries' response reflect both economic and political perspectives which have resulted in considerable differences in their decisions. Drawing on uniquely comprehensive research data, this book presents an in-depth comparative analysis of how 14 European governments tackled the challenge of fiscal consolidation, and analyses the political decision-making behind these measures. By exploring national responses not just in fiscal terms, but also from a political perspective, it reveals that decision making has been driven by political factors with profound effects on public administration and management. This ground-breaking book fills an important gap in the research literature for scholars of public management, public administration and policy, and will be a benchmark for future work on the global economic crisis.

Download or read book Financial Crises written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2014-02-19 with total page 754 pages. Available in PDF, EPUB and Kindle. Book excerpt: The lingering effects of the economic crisis are still visible—this shows a clear need to improve our understanding of financial crises. This book surveys a wide range of crises, including banking, balance of payments, and sovereign debt crises. It begins with an overview of the various types of crises and introduces a comprehensive database of crises. Broad lessons on crisis prevention and management, as well as the short-term economic effects of crises, recessions, and recoveries, are discussed.

Download or read book The Great Recession written by David B. Grusky and published by Russell Sage Foundation. This book was released on 2011-10-01 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: Officially over in 2009, the Great Recession is now generally acknowledged to be the most devastating global economic crisis since the Great Depression. As a result of the crisis, the United States lost more than 7.5 million jobs, and the unemployment rate doubled—peaking at more than 10 percent. The collapse of the housing market and subsequent equity market fluctuations delivered a one-two punch that destroyed trillions of dollars in personal wealth and made many Americans far less financially secure. Still reeling from these early shocks, the U.S. economy will undoubtedly take years to recover. Less clear, however, are the social effects of such economic hardship on a U.S. population accustomed to long periods of prosperity. How are Americans responding to these hard times? The Great Recession is the first authoritative assessment of how the aftershocks of the recession are affecting individuals and families, jobs, earnings and poverty, political and social attitudes, lifestyle and consumption practices, and charitable giving. Focused on individual-level effects rather than institutional causes, The Great Recession turns to leading experts to examine whether the economic aftermath caused by the recession is transforming how Americans live their lives, what they believe in, and the institutions they rely on. Contributors Michael Hout, Asaf Levanon, and Erin Cumberworth show how job loss during the recession—the worst since the 1980s—hit less-educated workers, men, immigrants, and factory and construction workers the hardest. Millions of lost industrial jobs are likely never to be recovered and where new jobs are appearing, they tend to be either high-skill positions or low-wage employment—offering few opportunities for the middle-class. Edward Wolff, Lindsay Owens, and Esra Burak examine the effects of the recession on housing and wealth for the very poor and the very rich. They find that while the richest Americans experienced the greatest absolute wealth loss, their resources enabled them to weather the crisis better than the young families, African Americans, and the middle class, who experienced the most disproportionate loss—including mortgage delinquencies, home foreclosures, and personal bankruptcies. Lane Kenworthy and Lindsay Owens ask whether this recession is producing enduring shifts in public opinion akin to those that followed the Great Depression. Surprisingly, they find no evidence of recession-induced attitude changes toward corporations, the government, perceptions of social justice, or policies aimed at aiding the poor. Similarly, Philip Morgan, Erin Cumberworth, and Christopher Wimer find no major recession effects on marriage, divorce, or cohabitation rates. They do find a decline in fertility rates, as well as increasing numbers of adult children returning home to the family nest—evidence that suggests deep pessimism about recovery. This protracted slump—marked by steep unemployment, profound destruction of wealth, and sluggish consumer activity—will likely continue for years to come, and more pronounced effects may surface down the road. The contributors note that, to date, this crisis has not yet generated broad shifts in lifestyle and attitudes. But by clarifying how the recession’s early impacts have—and have not—influenced our current economic and social landscape, The Great Recession establishes an important benchmark against which to measure future change.

Download or read book After the Crisis written by Francesco Caselli and published by Oxford University Press. This book was released on 2016-07-01 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the Crisis reassesses the twin projects of structural reform and European integration in the wake of the Great Recession and the European Sovereign Debt Crisis. The introduction compares the pre-crises debate to the current situation, and highlights a number of ways in which both reform and further integration may have become more difficult. Chapter 1 surveys the state of the structural-reform agenda, its successes, failures, and priorities for further action. The second chapter focuses on the fiscal-policy response to the crisis and advocates a greater balance between supply-side reforms and demand-side management. The third chapter focuses on the asymmetric shocks across economies in the monetary union, and discusses institutional mechanisms to reduce their frequency and impact. Chapter 4 examines the cyclical behavior of output and financial indicators, as well as the counter-cyclical role of macro-financial policies, both at the national and the European level. The fifth chapter studies changes in Europeans' attitudes, showing how the recent crises have eroded public confidence in European institutions. The sixth chapter tackles the demographic challenges facing Europe, and particularly the way that demographic change may impact the reform agenda. Chapter 7 highlights the under-appreciated extent to which 'Europe', taken as a whole, is characterized by a substantial amount of inequality and geographical income clustering, and the challenge this poses for further integration.

Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.