Financial Stability, Systems and Regulation

ISBN-13: 9781138218130 / Angielski / Twarda / 2018 / 310 str.

Jan Kregel; Felipe Rezende

Opis

The work of the late economist Hyman Minsky's has never been more relevant than in the aftermath of the 2007-2008 global financial crisis. Throughout his career, Jan Kregel has called attention to Minsky' contributions to understanding the evolution of financial systems, the development of financial fragility and instability, and to designing the financial structure necessary to support the capital development of the economy. Building on Minsky, Kregel developed a framework to analyze how different financial structures develop financial fragility over time, focusing in particular on the impact of the structure of financial markets. Rather than characterizing financial systems as market based or bank based, Kregel argued that it is necessary to distinguish between the risks that are carried on the balance sheets of banks and other financial institutions. This volume highlights Kregel's major contributions to the theory of financial regulation and economic development. Throughout Kregel's career, he has published extensively on developing a paradigm to assess and design financial and regulatory structures to continually meet their objectives of financial stability and in providing finance for development. This book also introduces Kregel's recent writings on advancing Minsky's theory of financial instability and regulation since the onset of the global financial crisis. Kregel's approach provides a strong theoretical background to understand the making and unfolding of the crisis and helps us to draw policy implications to improve financial stability, and suggest an alternative financial structure for a market economy.

Spis treści

Preface, Acknowledgments. I. The Evolution of Financial Systems.  1. The Past and Future of Banks.  2.  Financial Fragility and the Structure of Financial Markets.  3. Universal Banking, US Banking Reform and Financial Competition in the EEC.  4. Market Forms and Financial Performance.  5. Some Considerations on the Causes of Structural Change In Financial Markets.  II. Minsky-Fisher, Financial Instability.  6. Margins of Safety and Weight of the Argument in Generating Financial Fragility.  7. Managing the Impact of Volatility in International Capital Markets in an Uncertain World .  8. The Natural Instability of Financial Markets.  III. Minsky’s Theory in an International Context: Financial Globalization and Emerging Markets.  9.  Currency Stabilization through Full Employment: Can EMU Combine Price Stability with Employment and Income Growth?.  10. Yes, ‘It’ Did Happen Again—a Minsky Crisis Happened in Asia.  11. The Brazilian Crisis: From Inertial Inflation to Fiscal Fragility.  12. Financial Liberalization and Domestic Policy Space: Theory and Practice with Reference to Latin America.  13. Emerging Markets and the International Financial Architecture: A Blueprint for Reform.  IV. Financial Stability as a Chimera.  14. Using Minsky to Simplify Financial Regulation.  15.  Minsky and Dynamic Macroprudential Regulation.  Index