The 2008 Global Financial Crisis in Retrospect: Causes of the Crisis and National Regulatory Responses

ISBN-13: 9783030123949 / Angielski / Twarda / 2019 / 443 str.

Aliber, Robert Z.

Opis

This book addresses the causes and consequences of the international financial crisis of 2008. A range of esteemed contributors explore developments in the United States, where the crisis of 2008 originated, as well as the smallest country affected, Iceland, by evaluating developments since 2008. Currently, many countries are facing similar problems as Iceland did in 2008: this book is of interest to economists and policy makers in these countries to study what happened in Iceland, and why the recovery of that economy was strong and swift.

Spis treści

1. A retrospective on the 2008 global financial crisis

Robert Z Aliber and Gylfi Zoega

Part I The source of the 2008 global financial crisis

2. The Financial Alchemy that Failed 

Marcus Miller

3. Prudential Regulation and Capital Controls

Michael Dooley

4. Three Grand State Projects Meet the Financial System

Peter Garber

5. The 2008 GFC: Savings or banking glut?

Robert McCauley

Discussion.

6. Capital Flows into the United States Ahead of the Great North Atlantic Financial

Crisis

  Brad Setser 

7. The foreign capital flow and domestic drivers of the US financial crisis and its spread

globally 

Jeffrey Shafer

8. Financial crisis and bank capital 

Robert Aliber

9. Three Reflections on Banking Regulation and Cross-Border Financial Flows 

Edwin Truman

Discussion.

Part II  Iceland and the 2008 global crisis

10. From a Capital Account Surplus to a Current Account Deficit

  Gylfi Zoega and Hamid Raza 

11. The Icelandic banking crisis of 2008: Some exportable lessons” 

Gauti Eggertsson, Sigridur Benediktsdottir and Eggert T Thorarinsson

Discussion.

12. Iceland’s capital controls

Fridrik M. Baldursson

13. Wages of failure: Compensation schemes of the failed Icelandic banks and subsequent policy

responses 

Gudrun Johnsen

14. Financial policy after the crisis

Jon Danielsson

Discussion.

15. Business cycles and health: Lessons from the Icelandic economic collapse

Tinna Asgeirsdóttir

16. Ten years after: Iceland’s unfinished business 

Thorvaldur Gylfason

Discussion.

17. After 100 years of experimenting: One solution?

Asgeir Jonsson 

18. Iceland should replace its central bank with a currency board

Fredrik NG Andersson and Lars Jonung

19. Post-crisis monetary policy reforms in Iceland: Learning the hard way

  Thorarinn G. Petursson 

20.    Inflation targeting, capital controls, and currency intervention in Iceland, 2012-2017

Sebastian Edwards

Discussion.

Part III Panel discussion on the 2008 crisis

 

21. Comments by Robert Z Aliber

22. Comments by William White

23. Comments by Larry Goodman

O autorze

Robert Z. Aliber received a Bachelor of Arts degree from Williams College (1952) and Bachelor of Arts (1954) and a Master of Arts (1957) from Cambridge University. He received his Ph.D. from Yale University. He has been a staff economist at the Commission on Money and Credit (1959–61) and at the Committee for Economic Development (1961–64). Aliber served as a senior economic advisor at the United States Agency for International Development (1964–65). He was appointed as an associate professor at the University of Chicago in 1964. He is best known for his contribution to the theory of foreign direct investment. He is the author of revised editions of Charles Kindleberger’s Manias, Panics and Crashes(Palgrave Macmillan).

Gylfi Zoega received his first degree at the University of Iceland and a PhD in economics from Columbia University in 1993. He is Professor of Economics at the University of Iceland and Birkbeck College, London, since 1993 and an external member of the Monetary Policy Committee of the Central Bank of Iceland. He has followed the financial crisis in Iceland and taken part in the recovery effort for the past ten years. In addition, he has written a number of academic papers on financial turbulence and capital flows and co-authored the book Preludes to the Icelandic Financial Crash in 2011.

Blurb

 This book addresses the causes and consequences of the international financial crisis of 2008. A range of esteemed contributors explore developments in the United States, where the crisis of 2008 originated, as well as the smallest country affected, Iceland, by evaluating developments since 2008. Currently, many countries are facing similar problems as Iceland did in 2008: this book is of interest to economists and policy makers in these countries to study what happened in Iceland, and why the recovery of that economy was strong and swift. The chapters in this book originate from panel discussions and conferences and explore areas including regulation, state projects and inflation.