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Global Imbalances Financial Crises and Central Bank Policies

Global Imbalances  Financial Crises  and Central Bank Policies Book
Author : Andreas Steiner
Publisher : Elsevier
Release : 2016-07-25
ISBN : 0128104031
Language : En, Es, Fr & De

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Book Description :

Global Imbalances, Financial Crises, and Central Bank Policies assesses the relationships between global imbalances, financial crises, and central bank policies, with a specific focus on their reserves. The book contains a strictly international perspective with an analysis based on empirical research that enables the reader to develop an analytical model that emphasizes interactions among individual central banks. With this innovative approach, the book develops a new method for defining an optimal demand for reserves. In addition, the book describes implications for financial reforms that might ultimately be more important than its empirical findings. Presents a systematic account of the relationship between the build-up of reserves and central bank policies Emphasizes a global view of currency reserves, which is usually ignored in analyses of their effect Includes datasets as well as all illustrations and figures in online ancillary materials

Global Financial Crisis

Global Financial Crisis Book
Author : Paolo Savona,Chiara Oldani
Publisher : Routledge
Release : 2016-04-22
ISBN : 1317127811
Language : En, Es, Fr & De

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Book Description :

Out of the debate over the effectiveness of the policy responses to the 2008 global financial crisis as well as over the innovativeness of global governance comes this collection by leading academics and practitioners who explore the dynamics of economic crisis and impact. Edited by Paolo Savona, John J. Kirton, and Chiara Oldani Global Financial Crisis: Global Impact and Solutions examines the nature of the recent crisis, its consequences in major regions and countries, the innovations in the ideas, instruments and institutions that constitute national and regional policy responses, building on the G8's response at its L'Aquila Summit. Experts from Africa, North America, Asia and Europe examine the implications of those responses for international cooperation, coordination and institutional change in global economic governance, and identify ways to reform and even replace the architecture created in the mid 20th century in order to meet the global challenges of the 21st.

The G 20 Summit at Five

The G 20 Summit at Five Book
Author : Kemal Dervis,Peter Drysdale
Publisher : Brookings Institution Press
Release : 2014-07-18
ISBN : 0815725922
Language : En, Es, Fr & De

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Book Description :

Can the G-20 become a steering committee for the world's economy? Launched at a moment of panic triggered by the financial crisis in late 2008, the leaders' level G-20 is trying to evolve from crisis committee for the world economy to a real steering group facilitating international economic cooperation. What can and should such a "steering committee" focus on? How important could the concrete gains from cooperation be? How much faster could world growth be? Is there sufficient legitimacy in the G-20 process? How does the G-20 relate to the IMF and the World Bank? How can Australia in 2015, and then Turkey in 2016, chair the process so as to encourage strategic leadership? The East Asian Bureau of Economic Research in the Crawford School of Public Policy at the Australian National University and the Global Economy and Development program at the Brookings Institution joined forces in putting together this volume and asked opinion leaders and policymakers from G-20 countries to provide their independent perspectives. Contributors include Colin Bradford (Brookings), Peter Drysdale (Australian National University), Kemal Dervis (Brookings), Andrew Elek (Australian National University), Ross Garnaut (University of Melbourne), Huang Yiping (China Center for Economic Research), Bruce Jones (Brookings), Muneesh Kapur (IMF), Homi Kharas (Brookings), Wonhyuk Lim (Korea Development Institute), Rakesh Mohan (IMF), David Nellor (consultant, Indonesia), Yoshio Okubo (Japan Securities Dealers Association), Mari Pangestu (Republic of Indonesia), Changyong Rhee (former Asian Development Bank), Alok Sheel (Government of India), Mahendra Siregar (Republic of Indonesia), Paola Subacchi (Chatham House, London), Carlos Vegh (Brookings), Guillermo Vuletin (Brookings), and Maria Monica Wihardja (World Bank).

Managing Complexity

Managing Complexity Book
Author : Tanim Bayoumi,Stephen Pickford,Paola Subacchi
Publisher : Brookings Institution Press
Release : 2016-01-05
ISBN : 081572716X
Language : En, Es, Fr & De

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Book Description :

A critical look at the challenges facing international policy cooperation in the new postcrisis environment. The global financial crisis of 2007–09 highlighted the economic interdependencies between all major countries, raising the issues of international cooperation. Managing Complexity: Economic Policy Cooperation after the Crisis looks at how, following the global financial crisis, countries have changed the way they cooperate with each other on matters of economic policy. In this volume, the result of a joint research project of Chatham House and the International Monetary Fund, researchers and policymakers who were directly involved in the crisis take a critical look at the challenges facing international policy cooperation in the new postcrisis environment and at how the theory and practice of cooperation have evolved as a result of the crisis.

The Global Financial Crisis and Asia

The Global Financial Crisis and Asia Book
Author : Masahiro Kawai,Mario B. Lamberte,Yung Chul Park
Publisher : OUP Oxford
Release : 2012-10-25
ISBN : 0191636738
Language : En, Es, Fr & De

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Book Description :

This book aims to identify and analyze the impact of the 2007-09 global financial crisis on Asian economies and to assess the short-term and longer-term policy responses to the crisis in terms of their effectiveness and sustainability. It draws lessons on how best to avoid and/or mitigate future crises and to identify structural policy recommendations that can help guide Asian policymakers to expand the growth potential of domestic and regional demand in coming years, and thereby create a basis for sustainable and inclusive long-term growth. Organized into four parts, it offers an accessible explanation of the causes, consequences, and contagion mechanisms of the crisis. Part 1 provides an overview of the major issues and presents policy recommendations. Part 2 reviews the crisis in the US and its transmission to Europe. Part 3 focuses on the impact on Asia. And Part 4 concludes lessons of the crisis for Asian countries. The volume highlights that Asian economies have already recovered strongly from the global financial crisis, reflecting their aggressive moves to ease monetary and fiscal policy as well as the underlying fundamental strength of their economies. However, the biggest challenge lies ahead. It asserts that, given that it is unlikely that the US and Europe will be engines of global growth, Asian economies should contribute to global economic adjustment by creating their own growth engines.

Exorbitant Privilege

Exorbitant Privilege Book
Author : Barry Eichengreen
Publisher : Oxford University Press
Release : 2011-01-07
ISBN : 0199781486
Language : En, Es, Fr & De

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Book Description :

For more than half a century, the U.S. dollar has been not just America's currency but the world's. It is used globally by importers, exporters, investors, governments and central banks alike. Nearly three-quarters of all $100 bills circulate outside the United States. The dollar holdings of the Chinese government alone come to more than $1,000 per Chinese resident. This dependence on dollars, by banks, corporations and governments around the world, is a source of strength for the United States. It is, as a critic of U.S. policies once put it, America's "exorbitant privilege." However, recent events have raised concerns that this soon may be a privilege lost. Among these have been the effects of the financial crisis and the Great Recession: high unemployment, record federal deficits, and financial distress. In addition there is the rise of challengers like the euro and China's renminbi. Some say that the dollar may soon cease to be the world's standard currency--which would depress American living standards and weaken the country's international influence. In Exorbitant Privilege, one of our foremost economists, Barry Eichengreen, traces the rise of the dollar to international prominence over the course of the 20th century. He shows how the greenback dominated internationally in the second half of the century for the same reasons--and in the same way--that the United States dominated the global economy. But now, with the rise of China, India, Brazil and other emerging economies, America no longer towers over the global economy. It follows, Eichengreen argues, that the dollar will not be as dominant. But this does not mean that the coming changes will necessarily be sudden and dire--or that the dollar is doomed to lose its international status. Challenging the presumption that there is room for only one true global currency--either the dollar or something else--Eichengreen shows that several currencies have shared this international role over long periods. What was true in the distant past will be true, once again, in the not-too-distant future. The dollar will lose its international currency status, Eichengreen warns, only if the United States repeats the mistakes that led to the financial crisis and only if it fails to put its fiscal and financial house in order. The greenback's fate hinges, in other words, not on the actions of the Chinese government but on economic policy decisions here in the United States. Incisive, challenging and iconoclastic, Exorbitant Privilege, which was shortlisted for the FT Goldman Sachs 2011 Best Business Book of the Year, is a fascinating analysis of the changes that lie ahead. It is a challenge, equally, to those who warn that the dollar is doomed and to those who regard its continuing dominance as inevitable.

International Macroeconomics in the Wake of the Global Financial Crisis

International Macroeconomics in the Wake of the Global Financial Crisis Book
Author : Laurent Ferrara,Ignacio Hernando,Daniela Marconi
Publisher : Springer
Release : 2018-06-13
ISBN : 3319790757
Language : En, Es, Fr & De

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Book Description :

This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.

The IMF and Global Financial Crises

The IMF and Global Financial Crises Book
Author : Joseph P. Joyce
Publisher : Cambridge University Press
Release : 2013
ISBN : 0521874173
Language : En, Es, Fr & De

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Book Description :

Joyce traces the IMF's actions to promote international financial stability from the Bretton Woods era through the recent recession.

Central Banks as Economic Institutions

Central Banks as Economic Institutions Book
Author : Jean-Philippe Touffut
Publisher : Edward Elgar Publishing
Release : 2008-01-01
ISBN : 1848445180
Language : En, Es, Fr & De

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Book Description :

Theories and practices in central banking and monetary policy have changed radically over recent decades with independence and inflation targeting as the new keywords. This book offers interesting perspectives on the drivers of this development and its implication. It addresses contemporary questions on accountability, transparency and objectives for monetary policy as well as current policy problems related to globalization and financial imbalances. The book is topical, insightful and well written a must for everybody with an interest in central banking and monetary policy. Torben M. Andersen, University of Aarhus, Denmark The number of central banks in the world is approaching 180, a tenfold increase since the beginning of the twentieth century. What lies behind the spread of this economic institution? What underlying process has brought central banks to hold such a key role in economic life today? This book examines from a transatlantic perspective how the central bank has become the bank of banks. Thirteen distinguished economists and central bankers have been brought together to evaluate how central banks work, arrive at their policies, choose their instruments and gauge their success in managing economies, both in times of crisis and periods of growth. Central banks have gained greater independence from government control over the last 20 years. This widespread trend throws up new questions regarding the foundations, prerogatives and future of this economic institution. This book provides a better understanding of the current financial crisis through the in-depth study of the central bank. Researchers in the fields of monetary theory, monetary policy and central banking will find this volume of great interest. It will also appeal to students of economics, political economy, banking and finance, as well as economists, academics, and public policy advisers and analysts.

Causes and Consequences of Economic Imbalances Comparison of US Asia and Europe

Causes and Consequences of Economic Imbalances  Comparison of US Asia and Europe Book
Author : Ariane Hillig
Publisher : Anchor Academic Publishing (aap_verlag)
Release : 2014-03
ISBN : 3954892383
Language : En, Es, Fr & De

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Book Description :

In the past ten years, huge economic imbalances among US-Asia as well as eurozone countries have built up which have led to numerous crisis situations. Thus, the goal of this book is to find out if economic imbalances are sustainable or if they need to be rebalanced? What role do distinct national policies play? The author is going to compare the imbalances of US-China with the intra-euro imbalances of Germany, Spain and Italy. Firstly, the historical development of the economic imbalances is presented in order to point out the unprecedented height of the mentioned imbalances. Furthermore, the author is analyzing the causes of imbalances by presenting the development of the competitiveness, the saving-/investment rates, the financial markets as well as the different national policies. It is shown that distinct national policies were the underlying causes for the development of such high economic imbalances. After having seen the historical development as well as the causes, the author describes the possible costs and benefits of having imbalances as well as the implications of the global financial crisis and the current European crisis. Due to the increasing globalization, the financial crisis spread fast and led to huge losses and decreasing investor’s trust in European countries. This resulted in the European crisis which subsequently could also endanger the global economy. Because of the huge crisis’ impact, traditional and alternative balancing channels are also compared. Despite supporting measures such as restrictive fiscal policies and financial assistance, Europe is still suffering from an economic downturn whereas the US returned to a slow economic recovery. At the end, the author concludes that global imbalances need to be rebalanced in order not to avoid reaching an unsustainable level. The occurring as well as rebalancing of economic imbalances highly depends on distinct national policies. Unless the international coordination and cooperation increases, economic imbalances will continue to occur and will lead to economic crises when reaching an unsustainable level.

The World Economy after the Global Crisis

The World Economy after the Global Crisis Book
Author : Barry Eichengreen,Bokyeong Park
Publisher : World Scientific
Release : 2012-04-26
ISBN : 9814452203
Language : En, Es, Fr & De

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Book Description :

List of contributors The global credit crisis of 2008–2009 was the most serious shock to the world economy in fully 80 years. It was for the world as a whole what the Asian crisis of 1997–1998 was for emerging markets: a profoundly alarming wake-up call. By laying bare the fragility of global markets, it raised troubling questions about the operation of our deeply integrated world economy. It cast doubt on the efficacy of the dominant mode of light-touch financial regulation and more generally on the efficacy of the prevailing commitment to economic and financial liberalization. It challenged the managerial capacity of inherited institutions of global governance. And it augured a changing of the guard, pointing to the possibility that the economies that had been the leaders in the “global growth stakes” in the past might no longer be the leaders in the future. What the crisis means for reform, however, is still unclear. This book brings together leading scholars and policy analysts to describe and weigh the options. Successive chapters assess options for the global financial system, the global trading system, the international monetary system, and the Group of 20 and global governance. A final set of chapters contemplates the policy challenges for emerging markets and the advanced economies in the wake of the financial crisis. Contents:IntroductionFinancial Reform after the CrisisDid WTO Rules Restrain Protectionism During the Recent Systemic Crisis?The International Monetary System after the Financial CrisisThe Group of 20: Trials of Global Governance in Times of CrisisEmerging Markets in the Aftermath of the Global Financial CrisisChallenges for Emerging AsiaLong-Term Challenges for the Advanced Economies: Reducing Government Debt Readership: Students and researchers in the fields of international economics, macroeconomics, finance and development. Keywords:World Economy;Financial Crisis;Global Trading System;Global Financial System;International Monetary System;G20;Global Governance;Emerging Markets;Asia;Advanced EconomiesKey Features:Gives comprehensive treatment covering trade, finance, macroeconomics and development policyCombines the perspectives of leading analysts from North America, Europe and AsiaContains accessible technical

Global Cooperation Among G20 Countries

Global Cooperation Among G20 Countries Book
Author : Michael Callaghan,Chetan Ghate,Stephen Pickford,Francis Xavier Rathinam
Publisher : Springer Science & Business Media
Release : 2013-12-09
ISBN : 8132216598
Language : En, Es, Fr & De

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Book Description :

At the outbreak of the global financial crisis, 2008, the G20 was widely acknowledged as helping prevent an even more serious decline in the global economy. It helped to calm the panic in financial markets and articulate a set of possible policy options to restore global stability and growth. However, as the dual-track recovery set in, policy options for advanced economies and EMEs diverged. Within this context, this book will explore the scope for cooperation amongst the G20 and the diverging challenges and the intricate interconnectedness of policy options between advanced economies and the EMEs within the G20.

Economic Policies Governance and the New Economics

Economic Policies  Governance and the New Economics Book
Author : Philip Arestis,Malcolm Sawyer
Publisher : Palgrave Macmillan
Release : 2013-10-21
ISBN : 113702352X
Language : En, Es, Fr & De

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Book Description :

This ninth volume of the International Papers in Political Economy (IPPE) series focuses on the theme of the need for and the development of new economic policies, especially so following the events that led to the 'great recession' of 2007 and subsequently. The volume deals with economic policies within the New Economics theoretical framework that was discussed in the eighth volume of IPPE. In doing so this volume concentrates on international issues that relate to economic policies and governance. This book offers detailed analysis and informed comment on the type of new international economic policies in the aftermath of the financial crisis and global recession. It is essential reading for all postgraduates and scholars looking for expert discussion and debate of the issues surrounding the case for new economic policies at the global level.

No Way Out

No Way Out  Book
Author : Vincent R. Reinhart
Publisher : AEI Press
Release : 2013-02-21
ISBN : 0844743607
Language : En, Es, Fr & De

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Book Description :

In No Way Out?, Vincent R. Reinhart and his coauthors provide a concise narrative of the financial crisis, the mismatched market incentives and government policies that precipitated it, and the likelihood of its recurrence. This volume is an indispensable resource for policymakers and financial leaders and a timely reminder that until we understand the history of government intervention in the marketplace, we are doomed to repeat failed policies.

Asia and Policymaking for the Global Economy

Asia and Policymaking for the Global Economy Book
Author : Kemal Dervis,Masahiro Kawai,Domenico Lombardi
Publisher : Brookings Institution Press
Release : 2011-06-01
ISBN : 9780815704386
Language : En, Es, Fr & De

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Book Description :

In this collaboration between the Brookings Institution and the Asian Development Bank Institute, eminent international economists examine the increased influence of Asian nations in the governance of global economic affairs, from the changing role of the G-20 to the reform of multilateral organizations such as the International Monetary Fund. Established in the aftermath of the Asian financial crisis at the ministerial level, the G-20 has served as a high-level platform for discussing economic analyses and policy responses since 1999. During the current global financial crisis, however, the G-20's role moved toward that of a global crisis management committee at the leadership level. The challenge now for the G-20 is to succeed in fostering ongoing and increasing cooperation among its members while being supportive of, rather than trying to replace, more universal institutions. After analyzing the dynamics of growth in Asia comparatively and historically, the volume appraises the scope for policy coordination among key economies. The contributors analyze financial stability in emerging Asia and then assess the implications of Asia's increasing role within the newly emerging system of global economic governance, focusing especially on reform of the international monetary structure. Contributors: Dony Alex (ICRIER, New Delhi), Kemal Dervis¸ (Brookings), Hasan Ersel (Sabanci University), Karim Foda (Brookings), Yiping Huang (Peking University), Masahiro Kawai (ADBI), Rajiv Kumar (FICCI, New Delhi), Domenico Lombardi (Oxford University and Brookings), José Antonio Ocampo (Columbia University), Jim O'Neill (Goldman Sachs)

Resetting the International Monetary Non System

Resetting the International Monetary  Non System Book
Author : José Antonio Ocampo
Publisher : Oxford University Press
Release : 2017
ISBN : 019871811X
Language : En, Es, Fr & De

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Book Description :

Annotation Provides an analysis of the global monetary system and proposes a comprehensive yet evolutionary reform of the system aimed at creating better monetary cooperation for the twenty-first century.

What Caused the Global Financial Crisis

What Caused the Global Financial Crisis Book
Author : Erlend Nier,Ouarda Merrouche
Publisher : International Monetary Fund
Release : 2010-11-01
ISBN : 1455210722
Language : En, Es, Fr & De

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Book Description :

This paper investigates empirically the drivers of financial imbalances ahead of the global financial crisis. Three factors may have contributed to the build-up of financial imbalances: (i) rising global imbalances (capital flows), (ii) monetary policy that might have been too loose, (iii) inadequate supervision and regulation. Panel data regressions are performed for OECD countries from 1999 to 2007, so as to shed light on the relative importance of these factors, as well as the extent to which these factors might have interacted in fuelling the build-up. We find that the build-up of financial imbalances was driven by capital inflows and an associated compression of the spread between long and short rates. The effect of capital inflows on the build-up is amplified where the supervisory and regulatory environment was relatively weak. We find that, by contrast, differences in monetary policy cannot account for differences across countries in the build-up of financial imbalances ahead of the crisis.

Crisis and Reform

Crisis and Reform Book
Author : Rohinton P. Medhora,Dane Rowlands
Publisher : McGill-Queen's Press - MQUP
Release : 2016-10-17
ISBN : 1928096018
Language : En, Es, Fr & De

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Book Description :

The financial crisis that erupted in 2008 severely affected the global economy, plunging most countries into a recession with aftershocks still being felt today. Canada was able to weather the crisis well in comparison to many euro-zone countries and the United States, but it did not escape unscathed. Two major themes are explored in this volume: Canada’s role in the international financial system and the Canadian policy response to the global financial crisis. These themes are examined in light of the shift from the classical gold standard to Bretton Woods to the “non-system” of late, the finance-trade crossover agenda, the changing role of central banks, the European Monetary Union, developing countries and a post-financial crisis global political economy. What becomes clear in this volume is that Canada plays a powerful role, which belies its size, in the development of the financial system and its regulation at an international level. Crisis and Reform: Canada and the International Financial System — the 28th volume of the influential Canada Among Nations series — examines the global financial crisis through Canada’s historical and current role in the international financial system. Canada has been held up as a shining example of good governance during the financial crisis, and its prominent role within international financial institutions should grow as Canada continues as a leading player in the global financial system.

The Macroeconomics of Global Imbalances

The Macroeconomics of Global Imbalances Book
Author : Marc Uzan
Publisher : Routledge
Release : 2008-10-27
ISBN : 1135975043
Language : En, Es, Fr & De

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Book Description :

This book is the result of a workshop on the effects of globalization on Asian and European countries, organized by Marc Uzan and the Austrian Ministry of Finance in April 2006. Bringing together key academics, policy makers and private market participants, these chapters cover the current debate of global imbalances and the way to resolve the disequilibrium in the international monetary system and understand the need for international cooperation among the different monetary areas of the world. Various important points come out of the book; firstly there is an emphasis on the difficulties for Europeans and Asians to find common positions vis-à-vis global imbalances due to different exchange rate regimes throughout Asia preventing similar responses. The role of the US dollar as a world currency is also discussed, as well as EU regional monetary cooperation and an analysis of the Euro. The implementation of economic policy to redress global imbalances is also considered, as is the emergence of China on the world stage and its industrial development projects. These questions and the way the international financial community will resolve them, will have a huge impact in the functioning of the international monetary system. The current unwinding of the global imbalances that we are facing with the global market disruptions since August 2007, demonstrate that a new geography of international finance is emerging between Europe and Asia. The book addresses also the way that a dialog in the field in monetary arena needs to be structured between Europe and Asia.

The Global Economic Crisis

The Global Economic Crisis Book
Author : Emiliano Brancaccio,Giuseppe Fontana
Publisher : Routledge
Release : 2013-03-01
ISBN : 113672415X
Language : En, Es, Fr & De

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Book Description :

Why did the economists of the so-called "mainstream" seem to fail to foresee the global economic crisis that exploded in 2008? And why do they appear to have difficulty in putting forward an interpretation of it that is consistent with the theoretical foundations of their models? These two questions have echoed insistently since the outbreak of the crisis, not only in academic circles but also in the mass media, and appear to reflect increasingly widespread dissatisfaction with the dominant paradigm of economic theory. Many believe that the global recession now underway may constitute an historic watershed for the evolution of economics and therefore that an authentic change of paradigm is called for, rather than only minor adjustments to the dominant approach. Since the start of the crisis, there has indeed been a profusion of contributions from alternative areas of economic study, and in particular from those adopting a critical stance with respect to mainstream economic theory. This collection puts forward promising reinterpretations of the primary schools of heterodox political economy, stringent critiques of the conventional readings of the recession, new schemes of theoretical and empirical analysis of the crisis, and proposals for economic policies alternative to those hitherto adopted. This book contains a selection of some of the most recent contributions to the critique of mainstream economic theory and policy, and discusses the origins and possible evolutions of the current economic crisis. The collection should be of interest to students and researchers focussing on macroeconomics, monetary economics, political economy and financial economics.