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.

Prominent economists reconsider the fundamentals of economic policy for a post-crisis world. In 2011, the International Monetary Fund invited prominent economists and economic policymakers to consider the brave new world of the post-crisis global economy. The result is a book that captures the state of macroeconomic thinking at a transformational moment. The crisis and the weak recovery that has followed raise fundamental questions concerning macroeconomics and economic policy. These top economists discuss future directions for monetary policy, fiscal policy, financial regulation, capital-account management, growth strategies, the international monetary system, and the economic models that should underpin thinking about critical policy choices. Contributors Olivier Blanchard, Ricardo Caballero, Charles Collyns, Arminio Fraga, Már Guðmundsson, Sri Mulyani Indrawati, Otmar Issing, Olivier Jeanne, Rakesh Mohan, Maurice Obstfeld, José Antonio Ocampo, Guillermo Ortiz, Y. V. Reddy, Dani Rodrik, David Romer, Paul Romer, Andrew Sheng, Hyun Song Shin, Parthasarathi Shome, Robert Solow, Michael Spence, Joseph Stiglitz, Adair Turner

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

This new edition of Financial Crises and Recession in the Global Economy explores the major financial instabilities and evolutionary trends in the global economy since the 1970s. A learned but accessible book, it is perfect for a broad audience of academics and practitioners but has also been used as a supplementary textbook for courses in international economics, international finance, money and banking, and macroeconomics.

The fact that our global economy is broken may be widely accepted, but what precisely needs to be fixed has become the subject of enormous controversy. In 2008, the president of the United Nations General Assembly convened an international panel, chaired by Nobel Prize–winning economist Joseph Stiglitz and including twenty leading international experts on the international monetary system, to address this crucial issue. The Stiglitz Report, released by the committee in late 2009, sees the recent financial crisis as the latest and most damaging of several concurrent crises—of food, water, energy, and sustainability—that are tightly interrelated. The analysis and recommendations in the report cover the gamut from short-term mitigation to deep structural changes, from crisis response to reform of the global, economic, and financial architecture. The report establishes a bold agenda for policy change, that is sure to be the gold standard for understanding and contending with the international economy for many years to come. The Stiglitz Report is essential reading for anyone concerned about a secure and prosperous world.

This book is exclusively written as an international finance textbook, providing a coherent introduction to the financial aspect of international economics. Utilizing the 1944 Bretton Woods Conference as a unifying theme, the book draws attention to the international financial system, and extends discussion on key topics such as foreign exchange markets, and the overall functioning of the open-economy macroeconomic system. The book also analyzes the 2008 international financial crisis and global recession, questions the need for another Bretton Woods Conference, and encourages critical thinking about the health of the current international financial system in promoting human well-being. This book will serve as a good reference source for people who are interested in key issues surrounding the international finance system and international economics.

This book investigates the changing nature of economic policies following the Global Financial Crisis of 2007–9. Well-respected, international scholars come together to discuss the level of economic growth following the crisis, concerns over inequality in industrialised countries, and labour market policies.