The 2007-8 Banking Crash has induced a major and wide-ranging discussion on the subject of financial (in)stability and a need to revaluate theory and policy. The response of policy-makers to the crisis has been to refocus fiscal and monetary policy on financial stabilisation and reconstruction. However, this has been done with only vague ideas of bank recapitalisation and ‘Keynesian’ reflation aroused by the exigencies of the crisis, rather than the application of any systematic theory or theories of financial instability.
Routledge Critical Studies in Finance and Stability, edited by Jan Toporowski from SOAS, University of London covers a range of issues in the area of finance including instability, systemic failure, financial macroeconomics in the vein of Hyman P. Minsky, Ben Bernanke and Mark Gertler, central bank operations, financial regulation, developing countries and financial crises, new portfolio theory and New International Monetary and Financial Architecture.
Evolutionary Financial Macroeconomics
Shadow Banking Scope, Origins and Theories
Financial Stability, Systems and Regulation
By Ana Cordeiro Santos, Nuno Teles
April 29, 2022
In many European countries, the process of financialisation has been exacerbated by the project of closer EU integration and accelerated as a result of austerity policies introduced after the Euro crisis of 2010–2012. However, the impact has been felt differently in core and peripheral countries. ...
By Mustafa Yağcı
April 29, 2022
Since the start of the Global Financial Crisis in 2008, research on central banking has gained momentum due to unusual levels of central bank activism and unconventional monetary policy measures in many countries. While these policies drew significant attention to advanced economy central banks, ...
By Alexis Stenfors, Jan Toporowski
April 29, 2022
Since the financial crisis of 2008-09, central bankers around the world have been forced to abandon conventional monetary policy tools in favour of unconventional policies such as quantitative easing, forward guidance, lowering the interest rate paid on bank reserves into negative territory, and ...
By Juan Pablo Painceira
October 28, 2021
Since the beginning of the 2000s, emerging market economies, or middle-income countries, have embarked on major changes in their domestic financial systems. These changes – in which central banks have been key players – are shaped by the process of financialisation, which can generally be ...
By Bruno Bonizzi, Annina Kaltenbrunner, Raquel A. Ramos
May 05, 2021
This book provides a comprehensive overview of the financial integration of emerging economies through an in-depth analysis of the international monetary system, how it impacts capital flows and exchange rates, and its implications for policy making. The financial integration of emerging ...
By Giorgos Argitis
September 18, 2019
Thorstein Veblen and Hyman Minsky are seminal thinkers who place great importance on the interaction between processes that link finance and financial markets with economic and social evolution. This book makes a contribution to the recontextualisation of the habitual, non-evolutionary and ...
By Anastasia Nesvetailova
January 23, 2019
Shadow banking – a system of credit creation outside traditional banks – lies at the very heart of the global economy. It accounts for over half of global banking assets, and represents a third of the global financial system. Although the term ‘shadow banking’ only entered public discourse in 2007,...
By Noemi Levy, Jorge Bustamante
December 04, 2018
Financial capital continues to dominate Western economic organisations, despite major financial and economic crises. While these have not affected Latin American countries in the same way, other economic problems emerged after the reversion of loose monetary policies that debilitated the export-led...
By Jan Kregel, Felipe C. Rezende
September 04, 2018
Ever since the 2007–8 global financial crisis and its aftermath, Hyman Minsky’s theory has never been more relevant. Throughout his career, Jan Kregel has called attention to Minsky’s contributions to understanding the evolution of financial systems, the development of financial fragility and ...
By Faruk Ulgen
June 28, 2018
Recurrent crises in emerging markets and in advanced economies in the last decades cast doubt about the ability of financial liberalization to meet the aims of sustainable economic growth and development. The increasing importance of financial markets and financial efficiency criterion over ...
By Suzanne J. Konzelmann, Simon Deakin, Marc Fovargue-Davies, Frank Wilkinson
March 26, 2018
Following the 2008 "global" financial crisis, the viability of globalised financial capitalism was called into question. The resulting fear and uncertainty produced a momentary return to "Keynesian" policies. But as soon as emergency stimuli – and bank bail-outs – appeared to stabilise the ...
By Domenica Tropeano
January 24, 2018
In the wake of the financial crisis, new regulatory measures were introduced which, along with changes in monetary and macroeconomic policy, have transformed the global financial structure. However, this new financial structure displays various fragilities. A new shadow banking system has grown ...