Central banking and financialization: a Romanian account of how Eastern Europe became subprime
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Basingstoke [u.a.]
Palgrave Macmillan
2011
|
| Edition: | 1. publ. |
| Series: | Studies in economic transition
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XI, 254 S. graph. Darst. |
| ISBN: | 9780230276154 |
Staff View
MARC
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Record in the Search Index
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|---|---|
| adam_text | Contents
List of Illustrations
viii
Acknowledgements
xi
1
Introduction
1
Part I The Political Economy of Central Banking
2
The Political Economy of Central Banking:
From Keynesianism to Inflation-targeting
15
2.1
The Keynesian narrative of monetary policy discretion
16
2.1.1
A Ricardian and Wicksellian prelude:
Theoretical and institutional innovations
17
2.1.2
Monetary policy and the Keynesian welfare
state: The journey from the Treatise to the
General Theory
22
2.1.3
The suspension of the Gold Standard and
the General Theory
28
2.2
Neoliberalism, financialization
and central banks
31
2.2.1
Monetarism and roll-back
neoliberalism
32
2.2.2
Roll-out
neoliberalism,
financialization and
inflation targeting
43
2.3
Conclusion
50
Part II Central Banking and Financialization in Central
and Eastern Europe: A Romanian Account
3
The Gradualist Years,
1990-1996 53
3.1
A (very brief) history of Romanian socialism
55
3.2
Competing views of the post-communist
macroeconomic
problem: Industrial restructuring
versus excess demand
60
3.2.1
The national priority: Industrial upgrading
61
3.2.2
The IMF s view of post-socialist stabilization:
The excess demand problem and the
disequilibrium vs. shortage debates
63
vi
Contents
3.2.3
The IMF s redefinition of the policy problem:
Translating the shortage-disequilibrium debate
to the macroeconomics of stabilization
68
3.3
The
1991
stand-by arrangement
73
3.3.1
Price liberalization
73
3.3.2
Tackling excess demand
75
3.4
Expanding the policy repertoire: The
1992
stand-by
arrangement
81
3.5
The dawn of a new era: The
1994
stand-by arrangement
87
3.6
A last attempt: The
1995
stand-by arrangement
98
3.7
A pause for reflection: The state-owned enterprises
100
3.8
Conclusion
106
4
The Dawn of a New Era,
1997-2005 110
4.1
The
1997
shock therapy
112
4.2
Macroeconomic trends
116
4.3
Policy narratives: Competing objectives
122
4.4
Challenges to practice: Excess liquidity
125
4.4.1
The
1999
banking crisis
129
4.4.2
The recovery years,
2000-2005 134
4.5
A second pause for reflection: The banking sector and
foreign ownership
143
4.6
Conclusion
149
5
Inflation-targeting in the Run-up to the Crisis
153
5.1
Institutionalizing the new policy regime
154
5.1.1
Model(s) and policy rules
156
5.2
Practices of monetary management
166
5.2.1
A timid attempt to decouple from financialization
168
5.3
The financialization of currency markets and
vulnerability: A Eastern European story
171
5.4
The October
2008
speculative attack in Romania
181
5.5
Conclusion
183
6
Coping in the
Subprime
Region
186
6.1
Policy responses to crisis and global liquidity
conditions: The return of the carry trades
187
6.2
The IMF program in Romania
193
6.2.1
The European Bank Coordination Initiative
196
6.3
Nine months after: A comparative analysis of
Romania and Hungary
197
6.3.1
Monetary management in Romania before
the IMF negotiations (March
2009) 200
Contents
vii
6.3.2
Liquidity policies after the IMF agreement:
Banking on the Romanian state
204
6.3.3
Central banking during Hungary s
2009
crisis
209
6.4
Conclusion
213
7
Conclusion and Implications
216
7.1
On Romania, models and practices
217
7.2
On Central and Eastern Europe: Same old game?
223
Appendix
226
Notes
227
Bibliography
235
Index
251
|
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| id | DE-604.BV036873339 |
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| spelling | Gabor, Daniela Verfasser (DE-588)1127606956 aut Central banking and financialization a Romanian account of how Eastern Europe became subprime Daniela Gabor 1. publ. Basingstoke [u.a.] Palgrave Macmillan 2011 XI, 254 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Studies in economic transition Banks and banking, Central / Europe, Eastern Neoliberalism / Europe, Eastern Subprime mortgage loans / Europe, Eastern Decommunization / Economic aspects / Europe, Eastern Wirtschaftspolitik Notenbank (DE-588)4042669-5 gnd rswk-swf Wirtschaftskrise (DE-588)4066466-1 gnd rswk-swf Geldpolitik (DE-588)4019902-2 gnd rswk-swf Europe, Eastern / Economic policy / 1989- Rumänien (DE-588)4050939-4 gnd rswk-swf Rumänien (DE-588)4050939-4 g Notenbank (DE-588)4042669-5 s Geldpolitik (DE-588)4019902-2 s Wirtschaftskrise (DE-588)4066466-1 s DE-604 Digitalisierung BSB Muenchen application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020788864&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Gabor, Daniela Central banking and financialization a Romanian account of how Eastern Europe became subprime Banks and banking, Central / Europe, Eastern Neoliberalism / Europe, Eastern Subprime mortgage loans / Europe, Eastern Decommunization / Economic aspects / Europe, Eastern Wirtschaftspolitik Notenbank (DE-588)4042669-5 gnd Wirtschaftskrise (DE-588)4066466-1 gnd Geldpolitik (DE-588)4019902-2 gnd |
| subject_GND | (DE-588)4042669-5 (DE-588)4066466-1 (DE-588)4019902-2 (DE-588)4050939-4 |
| title | Central banking and financialization a Romanian account of how Eastern Europe became subprime |
| title_auth | Central banking and financialization a Romanian account of how Eastern Europe became subprime |
| title_exact_search | Central banking and financialization a Romanian account of how Eastern Europe became subprime |
| title_full | Central banking and financialization a Romanian account of how Eastern Europe became subprime Daniela Gabor |
| title_fullStr | Central banking and financialization a Romanian account of how Eastern Europe became subprime Daniela Gabor |
| title_full_unstemmed | Central banking and financialization a Romanian account of how Eastern Europe became subprime Daniela Gabor |
| title_short | Central banking and financialization |
| title_sort | central banking and financialization a romanian account of how eastern europe became subprime |
| title_sub | a Romanian account of how Eastern Europe became subprime |
| topic | Banks and banking, Central / Europe, Eastern Neoliberalism / Europe, Eastern Subprime mortgage loans / Europe, Eastern Decommunization / Economic aspects / Europe, Eastern Wirtschaftspolitik Notenbank (DE-588)4042669-5 gnd Wirtschaftskrise (DE-588)4066466-1 gnd Geldpolitik (DE-588)4019902-2 gnd |
| topic_facet | Banks and banking, Central / Europe, Eastern Neoliberalism / Europe, Eastern Subprime mortgage loans / Europe, Eastern Decommunization / Economic aspects / Europe, Eastern Wirtschaftspolitik Notenbank Wirtschaftskrise Geldpolitik Europe, Eastern / Economic policy / 1989- Rumänien |
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