International finance and open-economy macroeconomics: theory, history, and policy
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New Jersey [u.a.]
World Scientific
2011
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| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXVII, 832 S. graph. Darst. |
| ISBN: | 9789814293518 9814293512 |
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| adam_text | Titel: International finance and open-economy macroeconomics
Autor: Van den Berg, Hendrik
Jahr: 2011
Contents
Preface v
Part I Introduction to International Finance 1
Chapter 1 Introduction 3
1.1 From War to Depression and Back to War 5
1.1.1 The vision of the Bretton Woods delegates 6
1.1.2 1 July 1944 8
1.1.3 The accomplishments of Bretton Woods 11
1.1.4 The legacy of Bretton Woods 13
1.2 The Bigger Picture 14
1.2.1 The gains from dealing with strangers 15
1.2.2 The three benefits of human interaction 17
are intertwined
1.2.3 Dependence on strangers is inherently 18
problematic
1.2.4 The crucial role of institutions 20
1.2.5 The importance of learning 22
1.3 How Humans Advance Knowledge 22
1.3.1 The scientific method 2 3
1.3.2 The scientific method and absolute truth 25
1.3.3 Economic models and the scientific method 26
1.3.4 Holism 28
x International Finance and Open-Economy Macroeconomics
1.3.5 Economics and holism 29
1.3.6 Holism and science 30
1.4 The Field of International Finance 31
1.4.1 Defining the field 31
1.4.2 The topics to be covered 33
1.5 Back to Bretton Woods: Some Additional 34
Introductory Comments
1.5.1 Is talking to foreigners treason? 34
1.5.2 Do we need another Bretton Woods 37
conference?
1.6 Summary and Conclusions 40
Appendix 43
References 47
Chapter 2 The Balance of Payments and the 49
Macroeconomy
2.1 Introduction 50
2.1.1 Some observations on macroeconomics 51
2.1.2 The legacy of Keynes 52
2.2 The Circular Flow Diagram 53
2.2.1 The simple circular flow between 53
consumers and producers
2.2.2 The financial sector 55
2.2.3 Government 57
2.2.4 The circular flow and economic 58
interdependence
2.3 Opening Up the Economy 59
2.3.1 Extending the circular flow across 60
the border
2.3.2 Exports and imports 60
2.3.3 Outsourcing, vertical specialization, 61
and international trade
2.3.4 International transfers 62
2.3.5 Asset trade 63
2.3.6 Summarizing Foreign Transactions 64
Contents xi
2.4 The BoP 65
2.4.1 History of the BoP accounts 65
2.4.2 The split between the current account 67
and the financial account
2.5 The BoP of the United States 68
2.5.1 The current account 70
2.5.2 The financial account 71
2.5.3 The capital account 73
2.5.4 Statistical discrepancies 74
2.6 Evaluating the Recent Trends in the US BoP 76
2.6.1 What happened in the 1980s? 76
2.6.2 How long can the United States run large 78
current account deficits?
2.6.3 Updating the BoP 81
2.7 The International Investment Position 81
2.7.1 The international investment position 81
of the United States
2.7.2 The BoP and the net investment 84
position
2.7.3 The effect of growing foreign debt on 84
the current account
2.7.4 Dark matter 85
2.8 Summary and Conclusions 87
References 91
Part II The Foreign Exchange Market 93
Chapter 3 The Foreign Exchange Market 95
3.1 Overview of Foreign Exchange Markets 96
3.1.1 The basics of exchange rates 97
3.1.2 Why foreign exchange markets matter 100
3.2 The Evolution of the Foreign Exchange Market 102
3.2.1 The early moneychangers 103
3.2.2 The development of banking 104
3.2.3 Fiat money and exchange rates 105
xii International Finance and Open-Economy Macroeconomics
3.3 Foreign Exchange Markets Today 107
3.3.1 The over-the-counter market 108
3.3.2 A 24-h worldwide market 109
3.3.3 Arbitrage 111
3.3.4 Geographic arbitrage in the foreign 114
exchange market
3.3.5 The shift to online trading 115
3.4 A Supply and Demand Model of Foreign Exchange 117
3.5 Triangular Arbitrage 119
3.5.1 How many foreign exchange rates are there? 120
3.5.2 Triangular arbitrage 121
3.5.3 Where to find exchange rates 123
3.6 Effective Exchange Rates 123
3.6.1 The effective value of a currency 124
3.6.2 Recent behavior of effective exchange rates 124
3.7 Summary and Conclusions 127
References 130
Chapter 4 The Interest Parity Condition 131
4.1 Intertemporal Arbitrage 132
4.1.1 A simple example of intertemporal arbitrage 133
4.1.2 The covered interest parity condition 135
4.1.3 A more general form of the interest 137
parity condition
4.1.4 A simplified version of the interest 139
parity condition
4.1.5 An exercise in interest parity 140
4.2 Extending the Basic Interest Parity Model 143
4.2.1 The risk premium 143
4.2.2 There are many future exchange rates 145
4.2.3 Foreign exchange swaps 148
4.2.4 Exchange rate futures 148
4.3 Predicting Changes in the Exchange Rate 149
4.3.1 The path of expected future exchange rates 149
4.3.2 Rational expectations 151
Contents xiii
4.3.3 Expectations as weighted averages of 152
possible outcomes
4.3.4 Future changes in exchange rates are 153
unpredictable
4.3.5 Testing the news model 153
4.3.6 Direcdy testing the interest parity condition 155
4.3.7 Summarizing the evidence 157
4.4 Reassessing Rational Expectations 159
4.4.1 Risk and uncertainty 159
4.4.2 The tenuous nature of expectations 161
4.4.3 A modern case study of expectations: 163
the carry trade
4.5 Conclusions 165
References 168
Chapter 5 Dealing with Exchange Rate Volatility: 171
Hedging Foreign Exchange Exposure
5.1 Exchange Rate Exposure 172
5.1.1 The forms of exchange rate exposure 173
5.1.2 Exchange rate volatility vs. exchange 174
rate exposure
5.1.3 Hedging strategies 175
5.2 Hedging in the Forward Market 177
5.2.1 An example 177
5.2.2 Hedging with foreign exchange futures 179
5.3 Hedging in the Money Market 180
5.3.1 An example 180
5.3.2 Comparing the forward and money 181
market hedges
5.4 Hedging with Options 183
5.4.1 Options contracts 184
5.4.2 An example 186
5.4.3 The advantages of an option 187
5.4.4 Comparing the three hedges 189
5.5 Currency Swaps 189
5.5.1 A first simple example of a currency swap 190
xiv International Finance and Open-Economy Macroeconomics
5.5.2 A more sophisticated example of a 191
currency swap
5.5.3 Difficulties associated with currency swaps 195
5.6 Net Exposure Versus Total Exposure 197
5.6.1 Only net exposure needs to be hedged 197
5.6.2 Managing cash flows in different currencies 199
5.7 Hedging and Exchange Rate Pass-Through 199
5.7.1 Exchange rate pass-through is often low 200
5.7.2 Hedging and exchange rate volatility 201
5.8 Summary and Conclusions 202
References 207
Chapter 6 The Microstructure of Foreign Exchange 209
Markets
6.1 Overview of Today s Foreign Exchange Market 210
6.1.1 Geographic concentration is increasing 211
6.1.2 Dominance of the US dollar 212
6.1.3 A 24-h worldwide market 214
6.2 The Evolving Foreign Exchange Market 216
6.2.1 Recent evolution of the market 216
6.2.2 Rankings of dealer institutions 218
6.2.3 Foreign exchange brokers 220
6.3 Electronic Trading 221
6.3.1 The introduction of electronic 221
communications
6.3.2 Electronic dealer-to-customer platforms 222
6.3.3 Retail currency exchange 223
6.4 The Changing Microstructure of the 226
Over-the-Counter Market
6.4.1 Centralization of the market 226
6.4.2 Do electronic systems imply more 227
transparency and efficiency?
6.5 Explaining the $3 Trillion Per Day Volume 228
6.5.1 Arbitrage 229
6.5.2 Hot potato process 230
Contents xv
6.5.3 Speculation 231
6.5.4 Why is the foreign exchange market 232
volume so large?
6.6 Corruption in the Foreign Exchange Market 232
6.6.1 Allied Irish banks lost $750 million in 2002 233
6.6.2 Fraud in New York in 2003 235
6.7 Technical Analysis vs. Fundamentals 236
6.7.1 How prominent is technical analysis in 237
the foreign exchange market?
6.7.2 Some macroeconomic implications of 238
technical analysis
6.8 Further Observations on the Efficiency of the 238
Foreign Exchange Market
6.8.1 Purchasing power parity 239
6.8.2 The dynamics of financial markets 241
6.9 Summary and Conclusions 244
References 249
Part III Open-Economy Macroeconomics 251
Chapter 7 The MundeU-Herning Open-Economy 253
Model
7.1 Keynes Revolutionary Macroeconomic Model 254
7.1.1 Walras general equilibrium model 255
7.1.2 The great depression and Keynes 256
more holistic model
7.2 The Basic Keynesian Macroeconomic Model 256
7.2.1 Basic elements of the closed economy 257
Keynesian model
7.2.2 The consumption function 258
7.2.3 The I and G functions 258
7.3 Opening the Product Market to International Trade 261
7.4 The Mundell-Fleming Open-Economy Keynesian 263
Model
7.4.1 The product market and the IS curve 264
7.4.2 The money market and the LM curve 267
xvi International Finance and Open-Economy Macroeconomics
7.4.3 The financial account balance 270
7.4.4 The current account balance 272
7.4.5 The BOP curve 273
7.5 The Complete Mundell-Fleming Model 278
7.5.1 The adjustment process 280
7.5.2 Adjustment with pegged exchange rates 281
7.6 Fiscal and Monetary Policies in an Open Economy 283
7.6.1 Foreign exchange market intervention 283
7.6.2 The equivalence of monetary policy and 286
exchange market intervention
7.6.3 Monetary policy while pegging the exchange rates 287
7.6.4 Fiscal policy with pegged exchange rates 288
7.6.5 Monetary policy with floating exchange rates 290
7.6.6 Fiscal policy with floating exchange rates 292
7.6.7 Comparing macroeconomic policy in 293
closed and open economies
7.7 Does a Depreciation Improve the Trade Balance? 295
7.7.1 The Marshall-Lerner condition 295
7.7.2 Evidence on the Marshall-Lerner condition 296
7.7.3 Why the Marshall-Lerner condition 297
is inaccurate
7.8 Summary and Conclusions 299
The Fatal Equlibrium 303
References 309
Chapter 8 The Supply Side of the Economy 311
8.1 Introduction to the Supply Side of the Economy 312
8.1.1 The microfoundations of aggregate supply 313
8.1.2 The sticky labor market 314
8.1.3 Wage rigidity 315
8.1.4 Economic growth and aggregate supply 317
8.2 The Solow Growth Model 318
8.2.1 Technological progress and factor 318
accumulation
8.2.2 Increased investment causes only 323
temporary growth in output
Contents xvii
8.2.3 How can an economy achieve permanent 324
growth?
8.2.4 Technological progress 324
8.3 Technological Progress as Creative Destruction 327
8.3.1 Jopseph Schumpeter s creative destruction 328
8.3.2 Generalizing Schumpeter s ideas 330
8.3.3 Recent Schumpeterian models of 332
technological progress
8.3.4 The cost of innovation 333
8.3.5 The expected gains from innovation 334
8.3.6 The equilibrium level of innovative activity 336
8.3.7 Summarizing the effects of growth on 337
aggregate supply
8.4 Globalization and Economic Growth 338
8.4.1 Economic openness and economic growth 339
8.4.2 The robustness of the trade-growth 340
relationship
8.4.3 International trade and the Schumpeter model 342
8.4.4 Immigration and economic growth 345
8.4.5 Globalization, competition, and creative 347
destruction
8.4.6 Globalization, economic growth, and 348
international finance
8.5 Summary and Conclusions 349
References 353
Chapter 9 The Aggregate Demand/Aggregate 355
Supply Model
9.1 The Critics of the Keynesian Model 358
9.1.1 The dissent of the monetarists 358
9.1.2 Deceptive microfoundations 360
9.1.3 Rational expectations 362
9.1.4 Keynes deeper understanding of expectations 364
9.2 Generalizing Keynes Demand Side of the Economy 367
9.2.1 The consumption function 368
9.2.2 Investment demand 370
xviii International Finance and Open-Economy Macroeconomics
9.2.3 Government expenditures 371
9.2.4 Net exports 372
9.2.5 Aggregate demand 373
9.3 The Aggregate Demand Curve 375
9.3.1 Prices and aggregate demand 375
9.3.2 The monetary effect 376
9.3.3 The real-balance effect 378
9.3.4 The foreign trade effect 379
9.3.5 Economic policies shift aggregate demand 381
9.4 Combining the Demand and Supply Sides 383
9.4.1 Analyzing policy using the AD/AS model 383
9.4.2 The demand side effects of moving to a or b 384
9.4.3 Supply side policies to achieve full 387
employment
9.4.4 Comparing the active and passive approaches 389
9.4.5 Stagflation 390
9.5 Macroeconomic Management in the Long Run 391
9.5.1 The AS curve in a recession 392
9.5.2 Economic growth and macroeconomic 393
management
9.5.3 Long-run aggregate demand and supply 396
are related
9.6 Summary and Conclusions 399
References 403
Part IV The History of International Financial Policy 407
Chapter 10 Exchange Rate Crises 409
10.1 International Capital Flows: A Historical Perspective 411
10.1.1 Globalization in the 19th century 412
10.1.2 Between the world wars 415
10.1.3 Defaults on foreign loans were a normal 416
occurrence
10.1.4 The characteristics of international 417
lending before W.W.II
10.1.5 Case study: Mexico s many debt defaults 417
Contents xix
10.1.6 Capital movements during the 1950-1980 420
period
10.2 The 1982 Debt Crisis 421
10.2.1 Oil prices and international lending 422
10.2.2 The macroeconomics of international 424
investment flows
10.2.3 Petrodollar recycling crashes in 1982 426
10.3 Solving the 1982 Debt Crisis 430
10.3.1 Default by sovereign governments 431
10.3.2 Solving the debt crisis 432
10.3.3 The Brady plan 434
10.3.4 The controversial role of the IMF 435
10.3.5 The countries that escaped the 1982 crisis: 437
East Asia
10.3.6 Did fixed exchange rates play a role? 438
10.4 The Economics of Currency Crises 439
10.4.1 It is difficult to fix the exchange rates 439
10.4.2 Intervention is not a long-run tool 440
10.4.3 Fixed exchange rates and economic crises 442
10.4.4 If policy independence is the main 443
objective
10.4.5 Two dilemmas equal one trilemma 444
10.4.6 Exchange rate stability and domestic 445
political priorities
10.5 Summary and Conclusions 446
References 450
Chapter 11 More Exchange Rate Crises 453
11.1 The Post-1982 Period 454
11.2 Recent Foreign Exchange Crises 457
11.2.1 The Mexican peso crisis of 1994 457
11.2.2 The Asian crisis of 1997 460
11.2.3 The Korean chaebol 462
11.2.4 The lesson that Asia should have learned 464
from Chile s 1982 crisis
xx International Finance and Open-Economy Macroeconomics
11.2.5 The collapse of Argentina s currency 466
board in 2001
11.2.6 Common threads to the Mexican, Asian, 470
and Argentine crises
11.2.7 Why the currency crises were so costly 471
11.2.8 The recoveries 474
11.3 Brazil s 2004 Tightrope Walk 475
11.3.1 A high government debt burden 475
11.3.2 Debt dynamics 476
11.4 The Russian Crisis 479
11.4.1 The Russian economy before 1990 480
11.4.2 Transition 481
11.4.3 Signs of hope in 1997 482
11.4.4 Explaining the Russian crisis 483
11.5 Three Generations of Crisis Models 484
11.5.1 First generation models 485
11.5.2 Second generation models 486
11.5.3 Third generation crisis models 488
11.5.4 Which generation of models is most useful? 489
11.6 To Fix or to Float? 489
11.6.1 Advantages of floating 490
11.6.2 Advantages of fixed exchange rates 491
11.6.3 The advantage goes to... 492
11.7 Can Large Reserves Defeat the Trilemma? 493
11.7.1 Large reserves discourage speculation 493
11.7.2 Reserve accumulation may destabilize 494
the global economy
11.8 Summary and Conclusions 495
References 497
Chapter 12 The International Financial System: 501
The International Gold Standard,
1870-1914
12.1 Comparing International Monetary Arrangements 504
12.1.1 The rules of the game 504
Contents xxi
12.1.2 A framework for judging the international 505
monetary system
12.2 International Finance Before the Gold Standard 506
12.2.1 The origin of money 507
12.2.2 Ancient financial arrangements 508
12.2.3 The growing complexity of international 509
finance
12.2.4 Fiat money 511
12.3 The Origins of the Gold Standard 512
12.3.1 Why Britain established a gold standard 513
and not a silver standard
12.3.2 The emergence of the International 513
Gold Standard
12.4 The International Gold Standard: 1880-1914 515
12.4.1 The order of the Gold Standard 515
12.4.2 The Gold Standard and exchange rates 517
12.4.3 Hume s specie-flow mechanism 519
12.4.4 How the Gold Standard actually worked 520
12.4.5 In the long term, the rules were followed 523
12.4.6 Evaluating the international Gold Standard 525
12.4.7 International investment in the late 527
19th century
12.4.8 Around the world with British pounds 529
12.5 The United States and the International Gold 530
Standard
12.6 The Suspension of the International Gold Standard 535
References 538
Appendix 539
Chapter 13 The Tumultuous Interwar Period: 547
1918-1940
13.1 Back to Normal After World War I? 549
13.1.1 The costs of the war 550
13.1.2 Reviving the gold standard under 552
changed circumstances
xxii International Finance and Open-Economy Macroeconomics
13.1.3 The Treaty of Versailles 554
13.1.4 Isolationism in the United States 557
13.1.5 Senator Reed Smoot, the proud 559
protectionist
13.2 The Gold Standard and the Great Depression 560
13.2.1 Economic recovery under the rules of 560
the game
13.2.2 The importance of US international lending 562
13.2.3 Spreading the economic misery 562
13.2.4 The consequences of the economics 564
13.2.5 The Gold Standard mentalite as cause 565
of the Great Depression
13.2.6 The end of gold 567
13.3 A New Order 568
13.3.1 Brazil s unintended Keynesian recovery 569
13.3.2 Reversing the financial chaos 571
13.3.3 Individual country actions to restore order 572
13.3.4 International cooperation: the Tripartite 574
Agreement
13.4 Assessing the Gold Standard During the Interwar 575
Period
13.4.1 The trilemma between the wars 576
References 579
Chapter 14 Bretton Woods to the Present 583
14.1 The Extraordinary Bretton Woods Conference 584
14.1.1 The motivation for Bretton Woods 585
14.1.2 Designing the institutions to shape the 586
world economy
14.1.3 The details of the Bretton Woods order 588
14.1.4 Capital controls 591
14.2 The Early Years of Bretton Woods 592
14.2.1 The Marshall Plan 593
14.2.2 The Marshall Plan in Germany 594
14.2.3 The US dollar assumes a special role 596
Contents xxiii
14.2.4 The performance of the Bretton Woods 597
system
14.2.5 The world economy outgrows the 598
Bretton Woods system
14.2.6 The collapse of the Bretton Woods system 601
14.2.7 Evaluating the Bretton Woods system 603
14.3 After Bretton Woods 604
14.3.1 Meetings, but no agreement 604
14.3.2 Surprising volatility 605
14.3.3 The Plaza and Louvre Accords 606
14.3.4 Do floating exchange rates decrease 609
international trade?
14.3.5 Evaluating the post-Bretton Woods period 609
14.4 The Bretton Woods Institutions 612
14.5 Summary and Conclusions 614
References 620
Appendix 622
Chapter 15 The Euro and the European Union 627
15.1 Seeking Exchange Rate Stability After Bretton Woods 628
15.1.1 The snake in the tunnel 629
15.1.2 The EMS: a mini-Bretton Woods 629
15.1.3 The incompatibility of economic policies, 630
again
15.1.4 Seeking a more durable alternative to 633
the EMS
15.1.5 Establishing the monetary union 633
15.2 History of the European Union 635
15.2.1 The early stages of European economic 636
integration
15.2.2 The growth and maturization of the EEC 640
15.2.3 Recent expansion 642
15.2.4 A European constitution 644
15.3 Optimum Currency Areas 645
15.3.1 Mundell s examples 646
xxiv International Finance and Open-Economy Macroeconomics
15.3.2 The costs of multiple currencies 648
15.3.3 The optimum number of currencies 649
15.3.4 The criteria for an optimum currency 652
area (OCA)
15.3.5 Is the United States an OCA? 652
15.4 Evaluating the European Union 653
15.4.1 Trade effects of the EMU 655
15.4.2 Are business cycles synchronized with a 656
single currency area?
15.4.3 Inflationary or unemployment bias? 657
15.4.4 Factor mobility 658
15.4.5 A first report card for 2001-2007 660
15.4.6 The euro after the 2008 financial crisis 661
15.5 Summary and Conclusions 665
References 672
Part V International Financial Issues 673
Chapter 16 Foreign Direct Investment and 675
Multinational Enterprises
16.1 Foreign Direct Investment 676
16.1.1 Peculiarities of FDI 677
16.1.2 Growth of FDI 678
16.1.3 FDI creates MNEs 678
16.1.4 Vertical and horizontal FDI 681
16.1.5 The history of MNEs 682
16.1.6 MNEs and international trade 686
16.1.7 MNEs and the spread of technology 688
16.1.8 MNEs are controversial 689
16.1.9 A final note on FDI data 690
16.2 The Theory of Multinational Enterprises and FDI 690
16.2.1 Internalizing transactions costs 690
16.2.2 Economies of scale 692
16.2.3 Keeping core competencies in house 693
16.2.4 Exploiting reputations 694
16.2.5 Jumping trade barriers 694
16.2.6 Avoiding taxes and regulations 695
Contents xxv
16.2.7 Hedging exchange rate exposure 696
16.2.8 MNE as a diversified portfolio 696
16.2.9 Diversifying business risk 697
16.2.10 Reducing competition 697
16.2.11 Enhancing innovative success 698
16.2.12 Summarizing the reasons for the growth 698
of MNEs
16.3 Why Doesn t Capital Flow from Rich to Poor 699
Countries?
16.3.1 FDI is different 699
16.3.2 What is the role of FDI in transferring 701
technology?
16.3.3 What do we really know about technology 703
transfers?
16.4 Some Final Comments on Multinational Enterprises 705
16.4.1 Is FDI less volatile than other capital flows? 705
16.4.2 FDI and global economic integration 707
16.4.3 Drucker s hypothesis 707
16.4.4 MNEs and policy independence 709
16.4.5 MNEs and national sovereignty 710
16.4.6 A dramatic example of the impact of 711
foreign direct investment
16.5 Summary and Conclusions 713
References 716
Chapter 17 International Investment, International 719
Banking, and International
Financial Markets
17.1 The Rapid Growth and Diversification of 721
International Investment
17.1.1 Shifts in the ranks of the financial MNEs 721
17.1.2 A financial sector in turmoil 724
17.2 The Eurocurrency Markets 724
17.2.1 Origins of the eurocurrency markets 725
17.2.2 Offshore banking centers 727
17.2.3 Financial innovation 729
xxvi International Finance and Open-Economy Macroeconomics
17.3 The Economic Role of the Financial Sector 729
17.3.1 Failure is a constant in the financial sector 730
17.3.2 A model of the financial sector 731
17.3.3 Extending the analysis to the whole economy 733
17.4 Market Failures in the Financial Sector 734
17.4.1 Default 735
17.4.2 Case study: contract enforcement in Taiwan 735
17.4.3 Enforceable contracts do not solve all 737
market failures
17.4.4 Asymmetric information and adverse selection 738
17.4.5 One more problem: Moral hazard 740
17.4.6 Government regulation to solve the 741
information problem
17.4.7 Collateral: another role for government 742
17.4.8 Financial intermediaries also have 744
bad incentives
17.5 Portfolio Investment 744
17.5.1 Defining portfolio investment 745
17.5.2 International equity markets 746
17.5.3 ADRs make foreign stock look like a 747
domestic asset
17.5.4 The globalization of over-the-counter 748
financial markets
17.5.5 Then, in 2008, a global collapse! 749
17.6 Changing Institutions: The Growth of Islamic Finance 751
17.6.1 What is Islamic finance? 751
17.6.2 Sharing risk under sharia law 752
17.6.3 The future of Islamic finance 754
17.7 Summary and Conclusions 755
References 759
Chapter 18 The 2008 Financial Collapse and 761
Recession: Is It Time for a New Bretton
Woods Conference?
18.1 A Picture of the 2008 Crisis 762
18.2 Deregulation and Innovation 767
Contents xxvii
18.2.1 The Glass-Steagall Act 767
18.2.2 Globalization and financial deregulation 769
18.2.3 The great monetary expansion 770
18.2.4 From financial crisis to recession 772
18.2.5 Fiscal stimulus and financial reform 774
18.3 Minsky s Financial Instability Hypothesis 775
18.3.1 The three categories of finance 775
18.3.2 Minsky s second theorem 777
18.3.3 Keynes description of long-term expectations 779
18.3.4 The separation of finance and investment 780
18.3.5 Back to the 2008 financial collapse 783
18.3.6 Keynes, Minsky, and rational exspectations 784
18.3.7 Some further observations on the 2008 785
financial crisis
18.4 Reforming the International Financial System 788
18.4.1 Dealing with the 2008 recession 788
18.4.2 Restoring financial regulation and oversight 791
18.4.3 Reforming the international financial system 793
18.4.4 Some new proposals 796
18.5 Back to Keynes 798
18.5.1 Why Keynes got it right 800
18.5.2 Social norms 800
18.5.3 Further research in psychology and 801
neuroscience
18.6 Summary and Conclusions 804
18.6.1 Summary 804
18.6.2 The legacy of Keynes 806
References 810
Index 813
|
| any_adam_object | 1 |
| author | Van den Berg, Hendrik 1949- |
| author_GND | (DE-588)124991505 |
| author_facet | Van den Berg, Hendrik 1949- |
| author_role | aut |
| author_sort | Van den Berg, Hendrik 1949- |
| author_variant | d b h v dbh dbhv |
| building | Verbundindex |
| bvnumber | BV039165693 |
| classification_rvk | QC 300 |
| ctrlnum | (OCoLC)844942470 (DE-599)BVBBV039165693 |
| discipline | Wirtschaftswissenschaften |
| edition | Repr. |
| format | Book |
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| id | DE-604.BV039165693 |
| illustrated | Illustrated |
| indexdate | 2024-07-10T00:00:26Z |
| institution | BVB |
| isbn | 9789814293518 9814293512 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-024183063 |
| oclc_num | 844942470 |
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| owner_facet | DE-355 DE-BY-UBR |
| physical | XXVII, 832 S. graph. Darst. |
| publishDate | 2011 |
| publishDateSearch | 2011 |
| publishDateSort | 2011 |
| publisher | World Scientific |
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| spelling | Van den Berg, Hendrik 1949- Verfasser (DE-588)124991505 aut International finance and open-economy macroeconomics theory, history, and policy Hendrik van den Berg Repr. New Jersey [u.a.] World Scientific 2011 XXVII, 832 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Internationale Finanzpolitik (DE-588)4162038-0 gnd rswk-swf Offene Volkswirtschaft (DE-588)4172486-0 gnd rswk-swf Wechselkurspolitik (DE-588)4131291-0 gnd rswk-swf Internationales Währungssystem (DE-588)4072901-1 gnd rswk-swf Außenwirtschaft (DE-588)4003856-7 gnd rswk-swf Offene Volkswirtschaft (DE-588)4172486-0 s Außenwirtschaft (DE-588)4003856-7 s Internationales Währungssystem (DE-588)4072901-1 s Internationale Finanzpolitik (DE-588)4162038-0 s Wechselkurspolitik (DE-588)4131291-0 s 1\p DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024183063&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Van den Berg, Hendrik 1949- International finance and open-economy macroeconomics theory, history, and policy Internationale Finanzpolitik (DE-588)4162038-0 gnd Offene Volkswirtschaft (DE-588)4172486-0 gnd Wechselkurspolitik (DE-588)4131291-0 gnd Internationales Währungssystem (DE-588)4072901-1 gnd Außenwirtschaft (DE-588)4003856-7 gnd |
| subject_GND | (DE-588)4162038-0 (DE-588)4172486-0 (DE-588)4131291-0 (DE-588)4072901-1 (DE-588)4003856-7 |
| title | International finance and open-economy macroeconomics theory, history, and policy |
| title_auth | International finance and open-economy macroeconomics theory, history, and policy |
| title_exact_search | International finance and open-economy macroeconomics theory, history, and policy |
| title_full | International finance and open-economy macroeconomics theory, history, and policy Hendrik van den Berg |
| title_fullStr | International finance and open-economy macroeconomics theory, history, and policy Hendrik van den Berg |
| title_full_unstemmed | International finance and open-economy macroeconomics theory, history, and policy Hendrik van den Berg |
| title_short | International finance and open-economy macroeconomics |
| title_sort | international finance and open economy macroeconomics theory history and policy |
| title_sub | theory, history, and policy |
| topic | Internationale Finanzpolitik (DE-588)4162038-0 gnd Offene Volkswirtschaft (DE-588)4172486-0 gnd Wechselkurspolitik (DE-588)4131291-0 gnd Internationales Währungssystem (DE-588)4072901-1 gnd Außenwirtschaft (DE-588)4003856-7 gnd |
| topic_facet | Internationale Finanzpolitik Offene Volkswirtschaft Wechselkurspolitik Internationales Währungssystem Außenwirtschaft |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024183063&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT vandenberghendrik internationalfinanceandopeneconomymacroeconomicstheoryhistoryandpolicy |