The Global Financial Crisis Genesis, Policy Response and Road Ahead
The Financial Crisis, though originating in the US, is global and comparable with the Great Depression of the 1930s. The book takes both micro and macro view of the crisis. It examines the evolution of the global monetary system and looks at the crisis fr
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Satyendra Nayak
The Global Financial Crisis Genesis, Policy Response and Road Ahead
Satyendra Nayak Center for Advanced Banking and Finance Studies ICFAI Business School Mumbai, Maharashtra, India
ISBN 978-81-322-0797-9 ISBN 978-81-322-0798-6 (eBook) DOI 10.1007/978-81-322-0798-6 Springer New Delhi Heidelberg New York Dordrecht London Library of Congress Control Number: 2012956054 © Springer India 2013 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Preface
My earlier book on globalization was published in December 2007. It focused on the genesis and impact of major global economic policy change in the postwar period which has brought a dramatic shift in global trade, investments, and financing, thereby causing the most pronounced reduction in the global economic divide. It was time to move on to my next assignment which I was ruminating on and was my natural interest and obsession for years. The US Dollar at Crossroads was the theme I have been working on since the demise of the Bretton Woods. Although the floating exchange rates and globalization gave fresh lease for the US dollar, the institution of American capitalism was under stress. The New Deal formed the cornerstone of American capitalism since the Great Depression days of the 1930s. Despite some mi
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