An Assessment of the Global Impact of the Financial Crisis by Philip Arestis, Rogério Sobreira, José Luis Oreiro

By Philip Arestis, Rogério Sobreira, José Luis Oreiro

This topical volume analyzes the influence of the 2008 monetary hindrance. It considers the origins and causes of the present crisis, examines the regulatory implications and, with particular concentrate on constructing nations, it presents a method for financial progress that may warrantly monetary balance sooner or later.

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An Assessment of the Global Impact of the Financial Crisis

This topical volume analyzes the effect of the 2008 monetary challenge. It considers the origins and causes of the present crisis, examines the regulatory implications and, with particular specialize in constructing international locations, it offers a method for monetary development which could warrantly monetary balance sooner or later.

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And Disyatat, P. (2009) ‘Unconventional Monetary Policies: An Appraisal’, BIS Working Paper No. 292, Monetary and Economic Department, November. Basel, Switzerland: Bank for International Settlements. IMF (2009) World Economic Outlook, October 2009. Washington, DC: International Monetary Fund. Karakitsos, E. (2010) ‘Bubbles Lead to Long-term Instability’, in G. Fontana, J. McCombie and M. Sawyer (eds), Macroeconomics, Finance and Money: Essays in Honour of Philip Arestis. Basingstoke: Palgrave Macmillan.

The latter would issue ‘bank money’, the bancor. Each national currency would have a fixed, but adjustable, relation to the bancor. Residual international transactions would be settled through these accounts. The object of the ICB would be to maintain balance-of-payments equilibria between each of its members and the rest of the world. Persistent overdrafts and credits in the ICB’s accounts would reflect deficits and surpluses in the balance-of-payments accounts of the countries involved. The aim of the ICU framework should be to bring simultaneous pressure on surplus countries to reduce their surpluses, and on deficit countries to reduce their deficits.

Proprietory trading refers to the amount of financial investments undertaken by banks with their own cash (and thus bearing the risk of trading losses), in addition to their traditional ‘acceptance of deposits and provide loans’ activity. Financial investments are held prinarily because they provide more liquidity than loans since, unlike loans, they could be readily sold if needed. Over the past twenty years or so, however, this form of investment has increased substantially – primarily because of their higher expected returns.

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