Central bank capitalism: monetary policy in times of crisis
Today's global financial system bears little resemblance to what it was at the end of the twentieth century. Shadow banking--financial activity taking place outside existing regulatory frameworks--has grown so important that it now serves as the backbone of the entire system. The shadow banking...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
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Stanford, California
Stanford University Press
2024
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| Online-Zugang: | DE-91 DE-706 DE-29 Volltext |
| Zusammenfassung: | Today's global financial system bears little resemblance to what it was at the end of the twentieth century. Shadow banking--financial activity taking place outside existing regulatory frameworks--has grown so important that it now serves as the backbone of the entire system. The shadow banking system, however, is highly unstable and the main reason why the financial system has remained in crisis mode since the 2008 financial crisis. To maintain stability, central banks like the Fed and the European Central Bank have come to use radical new monetary policy instruments which were inconceivable until very recently. Without intervention on the part of central banks, existing financial systems would completely collapse. As Joscha Wullweber shows, there has been a radical change in the state-market nexus. With governments refraining from strong and comprehensive fiscal and financial regulatory policies, central banks have become the main stabilizing force and the nodal point of financial circulation. These overburdened institutions are called on to make near-daily interventions to avert crisis. Wullweber calls this historic phase central bank capitalism. His book offers a lucid account of our current state of permanent crisis with its new dilemmas and paradoxes that pose enormous challenges to financial and economic stability. |
| Beschreibung: | Translation of: Zentralbankkapitalismus |
| Beschreibung: | 1 Online-Ressource (XVIII, 236 pages) |
| ISBN: | 9781503639638 1503639630 |
| DOI: | 10.1515/9781503639638 |
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| 520 | 3 | |a Today's global financial system bears little resemblance to what it was at the end of the twentieth century. Shadow banking--financial activity taking place outside existing regulatory frameworks--has grown so important that it now serves as the backbone of the entire system. The shadow banking system, however, is highly unstable and the main reason why the financial system has remained in crisis mode since the 2008 financial crisis. To maintain stability, central banks like the Fed and the European Central Bank have come to use radical new monetary policy instruments which were inconceivable until very recently. Without intervention on the part of central banks, existing financial systems would completely collapse. As Joscha Wullweber shows, there has been a radical change in the state-market nexus. With governments refraining from strong and comprehensive fiscal and financial regulatory policies, central banks have become the main stabilizing force and the nodal point of financial circulation. These overburdened institutions are called on to make near-daily interventions to avert crisis. Wullweber calls this historic phase central bank capitalism. His book offers a lucid account of our current state of permanent crisis with its new dilemmas and paradoxes that pose enormous challenges to financial and economic stability. | |
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Datensatz im Suchindex
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| author | Wullweber, Joscha 1973- |
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| contents | Introduction : central banks and power -- The boring world of central banking : monetary policy prior to the 2007-2009 Global Financial Crisis -- A political theory of money -- Security structures and socio-economic layers -- Sources of instability in the financial system -- The shadow banking system and free market capitalism -- A never-ending crisis : the global financial system in the twenty-first century -- Masters of stability : the unconventional monetary policy of central banks -- Central bank capitalism and elasticity provision of last resort -- Outlook : navigating in turbulent times |
| ctrlnum | (ZDB-23-DBV)9781503639638 (OCoLC)1454762551 (DE-599)BVBBV049757884 |
| discipline | Wirtschaftswissenschaften |
| doi_str_mv | 10.1515/9781503639638 |
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| spelling | Wullweber, Joscha 1973- Verfasser (DE-588)128914513 aut Zentralbankkapitalismus Central bank capitalism monetary policy in times of crisis Joscha Wullweber Stanford, California Stanford University Press 2024 1 Online-Ressource (XVIII, 236 pages) txt rdacontent c rdamedia cr rdacarrier Translation of: Zentralbankkapitalismus Introduction : central banks and power -- The boring world of central banking : monetary policy prior to the 2007-2009 Global Financial Crisis -- A political theory of money -- Security structures and socio-economic layers -- Sources of instability in the financial system -- The shadow banking system and free market capitalism -- A never-ending crisis : the global financial system in the twenty-first century -- Masters of stability : the unconventional monetary policy of central banks -- Central bank capitalism and elasticity provision of last resort -- Outlook : navigating in turbulent times Today's global financial system bears little resemblance to what it was at the end of the twentieth century. Shadow banking--financial activity taking place outside existing regulatory frameworks--has grown so important that it now serves as the backbone of the entire system. The shadow banking system, however, is highly unstable and the main reason why the financial system has remained in crisis mode since the 2008 financial crisis. To maintain stability, central banks like the Fed and the European Central Bank have come to use radical new monetary policy instruments which were inconceivable until very recently. Without intervention on the part of central banks, existing financial systems would completely collapse. As Joscha Wullweber shows, there has been a radical change in the state-market nexus. With governments refraining from strong and comprehensive fiscal and financial regulatory policies, central banks have become the main stabilizing force and the nodal point of financial circulation. These overburdened institutions are called on to make near-daily interventions to avert crisis. Wullweber calls this historic phase central bank capitalism. His book offers a lucid account of our current state of permanent crisis with its new dilemmas and paradoxes that pose enormous challenges to financial and economic stability. Internationales Währungssystem (DE-588)4072901-1 gnd rswk-swf Notenbank (DE-588)4042669-5 gnd rswk-swf Geldpolitik (DE-588)4019902-2 gnd rswk-swf Banks and banking, Central Monetary policy International finance Banques centrales Politique monétaire Geldpolitik (DE-588)4019902-2 s Internationales Währungssystem (DE-588)4072901-1 s Notenbank (DE-588)4042669-5 s DE-604 Erscheint auch als Druck-Ausgabe 9781503638969 https://doi.org/10.1515/9781503639638 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Wullweber, Joscha 1973- Central bank capitalism monetary policy in times of crisis Introduction : central banks and power -- The boring world of central banking : monetary policy prior to the 2007-2009 Global Financial Crisis -- A political theory of money -- Security structures and socio-economic layers -- Sources of instability in the financial system -- The shadow banking system and free market capitalism -- A never-ending crisis : the global financial system in the twenty-first century -- Masters of stability : the unconventional monetary policy of central banks -- Central bank capitalism and elasticity provision of last resort -- Outlook : navigating in turbulent times Internationales Währungssystem (DE-588)4072901-1 gnd Notenbank (DE-588)4042669-5 gnd Geldpolitik (DE-588)4019902-2 gnd |
| subject_GND | (DE-588)4072901-1 (DE-588)4042669-5 (DE-588)4019902-2 |
| title | Central bank capitalism monetary policy in times of crisis |
| title_alt | Zentralbankkapitalismus |
| title_auth | Central bank capitalism monetary policy in times of crisis |
| title_exact_search | Central bank capitalism monetary policy in times of crisis |
| title_full | Central bank capitalism monetary policy in times of crisis Joscha Wullweber |
| title_fullStr | Central bank capitalism monetary policy in times of crisis Joscha Wullweber |
| title_full_unstemmed | Central bank capitalism monetary policy in times of crisis Joscha Wullweber |
| title_short | Central bank capitalism |
| title_sort | central bank capitalism monetary policy in times of crisis |
| title_sub | monetary policy in times of crisis |
| topic | Internationales Währungssystem (DE-588)4072901-1 gnd Notenbank (DE-588)4042669-5 gnd Geldpolitik (DE-588)4019902-2 gnd |
| topic_facet | Internationales Währungssystem Notenbank Geldpolitik |
| url | https://doi.org/10.1515/9781503639638 |
| work_keys_str_mv | AT wullweberjoscha zentralbankkapitalismus AT wullweberjoscha centralbankcapitalismmonetarypolicyintimesofcrisis |