THE FINANCIAL CRISIS: ORIGINS AND IMPLICATIONS ARESTIS P. SOBREIRA R. OREIRO J.L. EDITORS Księgarnia

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The 2008 financial crisis poses three fundamental questions for economists and policy makers; understanding the origins of the crisis, understanding the consequences of this crisis for the world economy, and finally understanding why the 2008 financial crisis is not as serious as the 1929 crisis. The prevailing view is that the 2008 financial crisis was solely the result of inadequate financial regulation together with a very loose monetary policy conducted by central banks, especially the Fed. It is believed that this crisis is a temporary detour in the normal course of the events, so that in the near future capitalist economies will resume the high growth path observed before the crisis. In terms of the third question, there is a widespread view that the fundamental reason that explains the avoidance of the harmful experiences of 1929 was the fiscal and monetary policy expansions in developed countries. No important role is assigned to developing countries in terms of the effects of the financial crisis.

This book challenges the prevailing orthodoxy surrounding the origins and the consequences of the 2008 financial crisis. The book demonstrates that measures in addition to a profound change in the financial regulation are required if a new financial crisis is to be avoided in the future, measures include: a change in the conduct of economic policy; a reform of the national and international monetary systems; and a radical change in the pattern of income distribution.

This book is essential reading for all interested in macroeconomics, monetary policy, development economics and the global impact of the financial crisis.

PHILIP ARESTIS Cambridge Centre for Economics and Public Policy, Department of Land Economy, University of Cambridge, UK; Professor of Economics, Department of Applied Economics V, Universidad del País Vasco, Spain; Distinguished Adjunct Professor of Economics, Department of Economics, University of Utah, US; Senior Scholar, Levy Economics Institute, New York, US; Visiting Professor, Leeds Business School, University of Leeds, UK; Professorial Research Associate, Department of Finance and Management Studies, School of Oriental and African Studies (SOAS), University of London, UK; and current holder of the British Hispanic Foundation 'Queen Victoria Eugenia' British Hispanic Chair of Doctoral Studies. He is Chief Academic Adviser to the UK Government Economic Service (GES) on Professional Developments in Economics. He has published as sole author or editor, as well as co-author and co-editor, a number of books, contributed in the form of invited chapters to numerous books, produced research reports for research institutes, and has published widely in academic journals.

ROGÉRIO SOBREIRA Associate Professor of Economics and Finance, Brazilian School of Public and Business Administration at Getulio Vargas Foundation and CNPq Researcher. He has published several articles in academic journals and invited chapters mainly on banking regulation, banking firm, investment financing and public debt management. He co-edited five books, all in Portuguese: Financial and Banking Regulation (Atlas), Development and the Building of a Nation – Economic Policy (FGV), Development and the Building of a Nation – Public Policy (FGV), Fiscal Adjustment: The Case of Selected Countries (FGV) and Monetary Policy, Central Banks and Inflation Targeting (FGV). He is member of the Brazilian Keynesian Association.

JOSÉ LUIS OREIRO Associate Professor of Economics at University of Brasilia (UnB), Level I Researcher at National Scientific Council (CNPq/Brazil), Director of the Brazilian Keynesian Association (AKB) and Member of the Editorial Board of Brazilian Journal of Political Economy (REP). He has published more than 60 articles in academic journals in Brazil and other countries, 3 books as editor and contributed in the form of invited chapters to many other books. According to REPEC, he belongs to top 10% of academic economists in Brazil.

Contents

Introduction
The Lessons from the Current Crisis for Macro-theory and Policy
The Conventional Views of the Global Crisis: A Critical Assessment
The Global Crisis and the Governance of Power in Finance
Income distribution and borrowing.
Growth and financial balances in the U.S. economy
Re-structuring the financial sector to reduce its burden on the economy
Regulate Financial Systems, or Financial Institutions?
Institutional Investment and Financial Regulation: An International Comparison
Rethinking the Lending of Last Resort Function:
A Historical and Contemporary Perspective
The Necessity of Reforming the International Monetary System
Neoliberalism, Income Distribution and the Causes of the Crisis

288 pages, Hardcover

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