The 'Surprising' Origin and Nature of Financial Crises: A Macroeconomic Policy Proposal
نویسندگان
چکیده
منابع مشابه
The “Surprising” Origin and Nature of Financial Crises: A Macroeconomic Policy Proposal
Most professional (and amateur) economists and policymakers are currently seeking answers to these questions, and we are no exception. However, we argue that the conventional wisdom is rushing into conclusions and is converging too quickly on the standard post-crises themes of insufficient regulation, real estate bubbles, excessive leverage and capital flows, lax monetary policy, and so on. We ...
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The financial crisis that surfaced in 2007 has stressed the need to identify the ultimate sources of the incentives that were behind the preceding credit and housing bubbles. To lower the likelihood of future financial collapses, prudent economic policies as well as an adequate regulatory and supervisory framework for financial institutions are required. Monetary policy, in turn, should be dire...
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چکیده ندارد.
Financial Crises and Political Crises∗
The simultaneous determination of financial default and political crises is studied in an open economy model. Political crises accompany default in equilibrium because of an information transmission conflict between the government and the public. Multiple equilibria are possible: if foreign lenders are pessimistic about the country’s stability, they demand a high interest on the debt, exacerbat...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2009
ISSN: 1556-5068
DOI: 10.2139/ssrn.1473918