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"This is a unique insider account of the new world of unfettered finance. The author, an Asian regulator, examines how old mindsets, market fundamentalism, loose monetary policy, carry trade, lax supervision, greed, cronyism, and financial engineering caused both the Asian crisis of the late 1990s and the current global crisis of 2008-2009. This book shows how the Japanese zero interest rate policy to fight deflation helped create the carry trade that generated bubbles in Asia whose effects brought Asian economies down. The study's main purpose is to demonstrate that global finance is so interlinked and interactive that our current tools and institutional structure to deal with critical episodes are completely outdated. The book explains how current financial policies and regulation failed to deal with a global bubble and makes recommendations on what must change"--Provided by publisher.
Private finance --- Business cycles --- International finance --- Asia --- Finance --- Financial crises --- 330.950429 --- 331.01 --- 331.31 --- 333.481 --- ASI / Asia - Azië - Asie --- Evolutie van de economische cycli --- Economisch beleid --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- Business, Economy and Management --- Economics
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This book develops a new theoretical approach to the explanation of systemic financial crises in industrial and emerging market countries. In contrast to standard models, the present cyclical approach is consistent with the following three stylized facts. Firstly, systemic financial crises are a recurrent phenomenon generally accompanied by excessive boom-bust cycles. Secondly, the frequency of financial crisis cycles is very irregular. Thirdly, most financial crisis cycles are initiated by positive shocks to profit expectations which induce an unsustainable build-up of financial fragility driven by irrational exuberance. The present approach is based on a sophisticated balancesheet structure with many assets, as well as on an expectation formation scheme which combines the rational expectations hypothesis with Keynes’ Beauty Contest Theory.
AA / International- internationaal --- 333.481 --- Financial crises --- -332 --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Business cycles --- Monetaire crisissen, hervormingen, saneringen en stabilisering. --- Mathematical models --- 332 --- Mathematical models. --- Economic theory & philosophy --- Monetary economics --- Financial crises. --- Business cycles. --- Economic cycles --- Economic fluctuations --- Cycles --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- Approach --- Beauty Contest Theory --- Cyclical --- Explaining --- Financial --- Financial Crises --- Financial Stability --- Long-Run Rationality --- Radke --- Theorie --- Währungskrise
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Should derivatives be feared as financial weapons of mass destruction or hailed as financial innovations which through efficient risk transfer are truly adding to the Wealth of Nations? By presenting a factual analysis of how the malpractice of derivatives played havoc with derivative end-user and dealer institutions, a case is made for vigilance not only to market and counter-party risk but also operational risk in their use for risk management and proprietary trading.Clear and recurring lessons across the different stories call not only for tighter but also smarter control system of derivations
AA / International- internationaal --- 333.605 --- 333.17 --- 333.481 --- Nieuwe financiële instrumenten. --- Crises, saneringen en hervormingen van het bankwezen. --- Monetaire crisissen, hervormingen, saneringen en stabilisering. --- 332.6457 --- Money market. Capital market --- Derivative securities. --- Finance. --- Funding --- Funds --- Economics --- Currency question --- Derivative financial instruments --- Derivative financial products --- Derivative instruments --- Derivatives (Finance) --- Financial derivatives --- Securities --- Structured notes (Securities) --- Derivative securities --- Finance --- Crises, saneringen en hervormingen van het bankwezen --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- Nieuwe financiële instrumenten --- E-books
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The first edition of Japanese financial markets established itself as a standard work on one of the most important financial centres in the world. Since then there have been substantial changes, most notably a serious financial crisis and major subsequent reforms of the financial system. Written by leading analysts from the prestigious Nomura Group, this authoritative second edition explains these changes and their consequences for the current structure and operation of the country's financial markets.The book is arranged in four main sections:Part one provides an overview of t
JP / Japan - Japon --- 333.600 --- 333.481 --- Financial institutions --- -Money market --- -Capital market --- -Finance --- -332.0952 --- Funding --- Funds --- Economics --- Currency question --- Capital markets --- Market, Capital --- Finance --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Money markets --- Money --- Financial intermediaries --- Lending institutions --- Associations, institutions, etc. --- Financiële markten. Kapitaalmarkten (algemeenheden). --- Monetaire crisissen, hervormingen, saneringen en stabilisering. --- Capital market --- Financiële markten. Kapitaalmarkten (algemeenheden) --- Monetaire crisissen, hervormingen, saneringen en stabilisering
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History of Belgium and Luxembourg --- anno 1800-1999 --- Belgique ; histoire --- België ; geschiedenis --- Politiek --- Politique --- België ; politiek --- belgie --- politieke geschiedenis --- 323.0 --- 323.3 --- 329 --- 331.100 --- 92 --- BE / Belgium - België - Belgique --- 32:93 --- België --- Wereldoorlog I --- Wereldoorlog II --- democratie --- politiek --- staatshervormingen --- België: geschiedenis --- Belgische geschiedenis --- communautaire problematiek --- sociale geschiedenis --- economische geschiedenis --- belgique --- histoire politique --- Binnenlandse politiek: algemeenheden. --- Politiek leven. Regeringscoalities en -crisissen. --- Politieke partijen. --- Economische geschiedenis: algemeenheden. --- Geschiedenis. --- 94 --- 32 --- 323 --- 308 --- 33 --- 493 --- geschiedenis --- geschiedenis. --- Histoire. --- History. --- 92 Geschiedenis. --- 92 Histoire. --- 92 History. --- Binnenlandse politiek: algemeenheden --- Politiek leven. Regeringscoalities en -crisissen --- Politieke partijen --- Economische geschiedenis: algemeenheden --- Geschiedenis
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Money. Monetary policy --- Public debt --- Debts, Public --- Finance, Public --- BUSINESS & ECONOMICS --- Public Finance --- Political Science --- Law, Politics & Government --- AA / International- internationaal --- 336.301 --- 333.17 --- 333.481 --- 382.254 --- 336.34 --- 330.05 --- Cameralistics --- Public finance --- Currency question --- Debts, Government --- Government debts --- National debts --- Public debts --- Sovereign debt --- Debt --- Bonds --- Deficit financing --- Toestand, structuur, rentelast en evolutie van de rijksschuld. --- Crises, saneringen en hervormingen van het bankwezen. --- Monetaire crisissen, hervormingen, saneringen en stabilisering. --- Internationale kredieten. --- Debts, Public. --- Finance, Public. --- E-books --- Crises, saneringen en hervormingen van het bankwezen --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- Toestand, structuur, rentelast en evolutie van de rijksschuld --- Internationale kredieten --- Public finances
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This book was originally published in 2004. Fears of deflation seemed nothing more than a relic of the Great Depression. However, beginning in the 1990s, persistently falling consumer prices have emerged in Japan, China and elsewhere. Deflation is also a distinct possibility in some of the major European area economies, especially Germany, and emerged as a concern of the US Federal Reserve in 2003. Deflation may be worse than inflation not only because the real burden of debt rises but also because firms would confront rising real wages in a world where nominal wage rigidity prevails. This volume explores some key themes regarding deflation including: (i) how economic agents and policy makers have responded to deflation, (ii) the links between monetary policy, goods price movements, and asset price movements, (iii) the impact of deflation under different monetary policy and exchange rate regimes, and (iv) stock market reactions to deflation.
Deflation (Finance) --- Monetary policy --- Prices --- 338 <09> --- 336.748 --- AA / International- internationaal --- 333.842 --- 333.481 --- 332.41 --- Commercial products --- Commodity prices --- Justum pretium --- Price theory --- Consumption (Economics) --- Cost --- Costs, Industrial --- Money --- Cost and standard of living --- Supply and demand --- Value --- Wages --- Willingness to pay --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Disinflation --- Finance --- Economische geschiedenis --- Koopkracht van het geld. Geldontwaarding. Stagflatie. Inflatie. Deflatie. Devaluatie --- Deflatie. --- Monetaire crisissen, hervormingen, saneringen en stabilisering. --- 336.748 Koopkracht van het geld. Geldontwaarding. Stagflatie. Inflatie. Deflatie. Devaluatie --- 338 <09> Economische geschiedenis --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- Deflatie --- Business, Economy and Management --- Economics --- Monetary policy. --- Prices.
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Analysis of financial crises in emerging market economies, including Mexico, Argentina, and Russia; traces the evolution of crisis theory and challenges the conventional wisdom.Since the mid-1990s, emerging market economies have been hit by dramatic highs and lows: lifted by large capital inflows, then plunged into chaos by constrained credit and out-of-control exchange rates. The conventional wisdom about such crises is strongly influenced by the experience of advanced economies. In Emerging Capital Markets in Turmoil, Guillermo Calvo examines these issues instead from the perspective of emerging market economies themselves, taking into account the limitations and vulnerabilities these economies confront. A succession of crises--Mexico in 1994-5, East Asia in 1997, Russia in 1998, and Argentina in 2001--prompted an urgent search in economic policy circles for cogent explanations. Calvo begins by laying the groundwork for a new approach to these issues. In the theoretical chapters that follow, he argues that financial crisis theory regarding emerging markets has progressed from focusing on such variables as fiscal deficits, debt sustainability, and real currency devaluation to stressing the role of the financial sector--emphasizing stocks rather than flows as well as the role credibility plays in containing financial crises. He then returns to a more empirical analysis and focuses on exchange-rate issues, considering the advantages and disadvantages of flexible exchange rates for emerging market economies. Coming after a decade of ongoing crises, Calvo's timely reassessment of the importance of external factors in making emerging market economies safer from financial turmoil offers important policy lessons for dealing with inevitable future episodes of financial crises.
Financial crises. --- Capital market --- Financial crises --- AA / International- internationaal --- LDC / Developping Countries - Pays En Développement --- NDC / Newly Industrialized Countries --- 333.481 --- -Capital market --- -332.091724 --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Business cycles --- Monetaire crisissen, hervormingen, saneringen en stabilisering. --- BUSINESS & ECONOMICS --- Economic History --- Business & Economics --- Investment & Speculation --- Capital market. --- 332.091724 --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- ECONOMICS/Finance --- Financial crises - Developing countries. --- Capital market - Developing countries.
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Persistent episodes of global financial crises have placed the existing system of international monetary and financial governance under stress. The resulting economic turmoil provides a focal point for rethinking the norms and institutions of global financial architecture and the policy options of public and private authorities at national, regional and transnational levels. This volume moves beyond analysis of the causes and consequences of recent financial crises and concentrates on issues of policy. Written by distinguished scholars, it focuses on the tension between global market structures and national policy imperatives. Accessible to both specialists and general readers, the analysis is coherent across a broad range of theoretical and empirical cases. Offering a series of reasoned policy responses to financial integration and crises, the volume grapples directly with the institutional and often-neglected normative dimensions of international financial architecture. The volume thus constitutes required reading for scholars and policy-makers.
AA / International- internationaal --- 333.481 --- 382.11 --- International finance --- -Financial crises --- -Monetary policy --- -International finance --- -332.042 --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Business cycles --- International monetary system --- International money --- Finance --- International economic relations --- Monetaire crisissen, hervormingen, saneringen en stabilisering. --- Theorie van het internationale evenwicht. Economische onafhankelijkheid van een natie. Globalisering. Mondialisering. --- International finance. --- Monetary policy - Congresses. --- Financial crises --- Monetary policy --- Business & Economics --- International Finance --- Business, Economy and Management --- Economics --- 332.042 --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- Theorie van het internationale evenwicht. Economische onafhankelijkheid van een natie. Globalisering. Mondialisering
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This book provides a uniquely comprehensive explanation of the 2008-2009 global financial crisis and resulting scholarly research in the context of building an agenda for reform. With the clarity provided by almost a decade of hindsight and a careful eye toward planning for prevention, Elson guides readers through both historical fact and scholarly interpretation, highlighting areas where careful critique of and changes in the international financial architecture and the mainstream macroeconomic paradigm can promote greater financial stability in the future. Given the great public concern over growing income and wealth inequality, the book examines their links to the increased financialization of the economy, both prior to and since the crisis. Finally, the book identifies a number of lessons that need to be recognized if adequate and effective reforms are to be introduced to avoid a financial crisis of similar magnitude in the future. Comprehensive enough for university students and sufficiently innovative for financial policymakers, this book will appeal to a wide range of readers interested in understanding not just where the crisis has brought us, but what key economists have said about it and how we can strengthen our financial system oversight to deal with the continuing challenges of globalization.
Finance. --- Finance--History. --- Macroeconomics. --- Economic history. --- Financial History. --- Macroeconomics/Monetary Economics//Financial Economics. --- Economic History. --- Economic conditions --- History, Economic --- Funding --- Funds --- Finance --- History. --- Economics --- Finance—History. --- Global Financial Crisis (2008-2009) --- 2008-2009 --- Global Financial Crisis, 2008-2009 --- International finance --- Banks and banking, International --- Financial crises --- 333.139.0 --- 333.481 --- Controle en nationalisatie van de banken: algemeen --- Monetaire crisissen, hervormingen, saneringen en stabilisering
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