Global Imbalances and Financial Capitalism: Stock-Flow-Consistent Modelling, 1st Edition (Hardback) book cover

Global Imbalances and Financial Capitalism

Stock-Flow-Consistent Modelling, 1st Edition

By Jacques Mazier

Routledge

320 pages | 58 B/W Illus.

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Hardback: 9781138345584
pub: 2020-05-22
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Description

The last few decades have witnessed the emergence of economic imbalances at the world level and within the euro zone. The failure of mainstream economics to accurately predict financial crises, or model the effects of finance-led growth, highlights the need for alternative frameworks.

A key text, Global Imbalances and Financial Capitalism: Stock-Flow-Consistent Modelling demonstrates that Stock-Flow-Consistent models are well adapted to study this growth regime due to their ability to analyse the real and financial sides of the economy in an integrated way. This approach is combined with an analysis of exchange rate misalignments using the Fundamental Equilibrium Exchange Rate (FEER) methodology, which serves to give a synthetic view of international imbalances. Together, these models describe how global and regional imbalances are created, as well as suggest appropriate tools through which they may be reduced. The book also considers alternative economic policies in the euro zone (international risk sharing, fiscal federalism, eurobonds, European investments, a multispeed euro zone) alongside alternative monetary policies. In particular, it examines the possibilities of using SDR (Special Drawing Rights) as a reserve asset to be issued to fight a global recession, to support the development of low income countries, or as an anchor to improve global monetary stability.

This text will be of interest to students, scholars, and researchers of economic theory and international monetary economics. It will also appeal to professional organisations who supervise international relations.

Reviews

"This is the first book that combines in a systematic way two essential macroeconomic approaches that are essential to our understanding of international macroeconomic imbalances: the well-known Fundamental Equilibrium Exchange Rate (FEER) and the ever-more popular post-Keynesian stock-flow consistent (SFC) approach." - Marc Lavoie, Senior Research Chair, University of Sorbonne Paris Cité, France

Table of Contents

Introduction

Part 1 - Finance-led regime and global imbalances: a first glance

Chapter 1 A simple finance-led SFC model

Chapter 2 Exchange rate misalignments and global imbalances

Chapter 3 Global imbalances and macroeconomic adjustments: a three-country SFC model

Part 2 - European challenges

Chapter 4 From the European Monetary System to the single currency trap

Chapter 5 Alternative economic policies in the euro zone

Chapter 6 Alternative exchange rate regimes for the euro zone

Part 3 - Enhancing regional and international monetary stability

Chapter 7 Exploring monetary cooperation in East Asia

Chapter 8 Enhancing the role of the SDR

Conclusion

About the Author

Jacques Mazier is Professor Emeritus at University Sorbonne Paris Nord, CEPN-CNRS, France.

About the Series

Routledge Frontiers of Political Economy

In recent years, there has been widespread criticism of mainstream economics. This has taken many forms, from methodological critiques of its excessive formalism, to concern about its failure to connect with many of the most pressing social issues. This series provides a forum for research which is developing alternative forms of economic analysis. Reclaiming the traditional 'political economy' title, it refrains from emphasising any single school of thought, but instead attempts to foster greater diversity within economics.

Learn more…

Subject Categories

BISAC Subject Codes/Headings:
BUS039000
BUSINESS & ECONOMICS / Economics / Macroeconomics
BUS069000
BUSINESS & ECONOMICS / Economics / General
BUS069030
BUSINESS & ECONOMICS / Economics / Theory