An Assessment of the Global Impact of the Financial Crisis
This topical volume analyzes the impact of the 2008 financial crisis. It considers the origins and explanations of the current crisis, examines the regulatory implications and, with specific focus on developing countries, it provides a stra
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An Assessment of the Global Impact of the Financial Crisis
An Assessment of the Global Impact of the Financial Crisis Edited by
Philip Arestis Rogério Sobreira and
José Luis Oreiro
Palgrave
macmillan
Editorial and selection matter © Philip Arestis, Rogério Sobreira and José Luis Oreiro 2011 Individual chapters © Contributors 2011 Softcover reprint of the hardcover 1st edition 2011 978-0-230-27160-9 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6–10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2011 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN 978-1-349-32269-5 ISBN 978-0-230-30691-2 (eBook) DOI 10.1057/9780230306912 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. Library of Congress Cataloging-in-Publication Data An assessment of the global impact of the financial crisis / edited by Philip Arestis, Rogério Sobreira, and José Luis Oreiro. p. cm. 1. Global Financial Crisis, 2008–2009. 2. Economic history—21st century. 3. Globalization—Economic aspects. I. Arestis, Philip, 1941– II. Sobreira, Rogério. III. Oreiro, José Luis. IV. Title. HB3722.A87 2010 330.9'0511—dc22 2010033937 10 9 8 7 6 5 4 3 2 1 20 19 18 17 16 15 14 13 12 11
Contents List of Tables and Figures
vii
Notes on the Contributors
xi
1 Introduction Philip Arestis, Rogério Sobreira and José Luis Oreiro
1
2 Current Crisis in the US and Economic Policy Implications Philip Arestis and Elias Karakitsos
12
3 The Global Economic and Financial Crisis: Which Way Forward? Ajit Singh and Ann Zammit
36
4 Crises and the Bretton Woods Institutions and the Crises of the Bretton Woods Institutions Howard Stein
60
5 Crisis in the Euro Zo
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