The Handbook of the Political Economy of Financial Crises

Hardcover | February 12, 2013

EditorMartin H. Wolfson, Gerald A. Epstein

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The Great Financial Crisis that began in 2007-2008 reminds us with devastating force that financial instability and crises are endemic to capitalist economies that lack powerful and dynamically changing financial regulations that can keep the powerful forces of leverage and credit withinsustainable bounds. Economists from Marx to Keynes, and Minsky to Kindleberger have well understood this profoundly important fact, yet the dominant mainstream economics of "rational expectations", "efficient markets" and "laissez-faire" that rationalized widespread financial liberalization andstill dominates the economics profession has gotten it, literally, "dead wrong". This Handbook of The Political Economy of Financial Crises describes the theoretical, institutional, and historical factors that can help us understand the forces that create financial crises - with an emphasis on the crisis of 2007- 2008 - and the strengths and weaknesses of varying theoreticalperspectives and policy approaches that have tried to comprehend and limit these financial tsunamis.

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From the Publisher

The Great Financial Crisis that began in 2007-2008 reminds us with devastating force that financial instability and crises are endemic to capitalist economies that lack powerful and dynamically changing financial regulations that can keep the powerful forces of leverage and credit withinsustainable bounds. Economists from Marx to Keyne...

Gerald A. Epstein is Professor of Economics and a founding Co-Director of the Political Economy Research Institute (PERI) at the University of Massachusetts, Amherst. He received his PhD in Economics from Princeton University in 1981. Epstein has written articles on numerous topics including financial regulation, alternative approach...

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Format:HardcoverDimensions:736 pages, 9.75 × 6.75 × 0.98 inPublished:February 12, 2013Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199757232

ISBN - 13:9780199757237

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Table of Contents

1. Gerald A. Epstein and Martin H. Wolfson: IntroductionPart I: The Great Financial Crisis: U.S. Dynamics and Effects2. Marc Jarsulic: The Origins of the U.S. Financial Crisis of 2007: How a House Price Bubble, a Credit Bubble, and Regulatory Failure Caused the Greatest Economic Disaster Since the Great Depression3. Dean Baker: Speculation and Asset Bubbles4. Josh Bivens and Heidi Shierholz: The Great Recession's Impact on Jobs, Wages, and Incomes5. Arjun Jayadev: Distribution and Crisis: Reviewing Some of the Linkages6. Rachel Drew and Christian Weller: Housing Markets and ForeclosuresPart II: Theoretical Approaches for Understanding Financial Crises7. James Crotty: The Realism of Assumptions Does Matter: Why Keynes-Minsky Theory Must Replace Efficient Market Theory as the Guide to Financial Regulation Policy8. Jan Kregel: Political Economy Approaches to Financial Crisis: Hyman Minsky's Financial Fragility Hypothesis9. Martin H. Wolfson: An Institutional Theory of Financial Crises10. Duncan K. Foley: The Anatomy of Financial and Economic CrisisPart III: The Global Dimensions of Financial Crises11. Ajit Singh: The Economic and Financial Crisis of 2008-2010: The International Dimension12. Jane D'Arista and Korkut Erturk: Global Imbalances and the International Monetary System: Problems and Proposals13. Jose Gabriel Palma: How the Full Opening of the Capital Account to Highly Liquid and Unstable Financial Markets Led Latin America to Two and a Half Cycles of 'Mania, Panic and Crash'14. Mario Damill, Roberto Frenkel and Martin Rapetti: Financial and Currency Crises in Latin America15. C. P. Chandrasekhar and Jayati Ghosh: The Asian Financial Crisis, Financial Restructuring and the Problem of Contagion16. Gerald Epstein and Pierre Habbard: Speculation and Sovereign Debt - An Insidious Interaction17. Robert Guttmann and Dominique Plihon: Whither the Euro? History and Crisis of Europe's Single-Currency Project18. Costa Lapavitsas: The Eurozone Crisis through the Prism of World MoneyPart IV: The Role of Institutional and Structural Change in the Development of Financial Crises19. David M. Kotz: Changes in the Postwar Global Economy20. Gary Dymski: Bank Lending and the Subprime Crisis21. Damon Silvers: Deregulation and the New Financial Architecture22. Jennifer S. Taub: What We Don't Talk About When We Talk About Banking23. Michael Greenberger: Derivatives in the Crisis and Financial Reform24. William Lazonick: From Innovation to Financialization: How Shareholder Value Ideology is Destroying the US Economy25. Engelbert Stockhammer: Financialization and the Global Economy26. William K. Tabb: The Restructuring of Capitalism in Our TimePart V: Policy and Institutional Change to Limit Financial Crises27. Jose Antonio Ocampo: International and Regional Cooperation for Dealing with Financial Crises28. Ilene Grabel: Productive Incoherence in a Time of Crisis: The IMF and the Resurrection of Capital Controls29. Robert McCauley: The Japanese Boom and Bust: "Lean" and "Clean" Lessons30. Chris Rude: The Role of the Federal Reserve: Lender of Last Resort31. Thomas I. Palley: Monetary Policy and Central Banking after the Crisis: The Implications of Rethinking Macroeconomic Theory32. Fred Moseley: The Bailout of the "Too Big to Fail" Banks: Never Again33. Dorene Isenberg: The Savings and Loan Crisis and Bailout: Lessons for Policy34. Teresa Ghilarducci: Pension Policies to Minimize Future Economic Crises35. Randall Wray: A Minskian Road to Financial Reform36. Zuzana Brixiova and Leonce Ndikumana: The Global Financial Crisis and Africa: The Effects and Policy Responses37. Minqi Li: Beyond Capitalism?