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Author: A. W. Mullineux
Publisher: Bookboon
Published: 1990
Total Pages: 146
ISBN-13: 8776818853
DOWNLOAD EBOOKDownload or read book Business Cycles and Financial Crises written by A. W. Mullineux and published by Bookboon. This book was released on 1990 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author: Ms.Valerie Cerra
Publisher: International Monetary Fund
Published: 2020-05-29
Total Pages: 50
ISBN-13: 1513536990
DOWNLOAD EBOOKTraditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2020-05-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Author: Willi Semmler
Publisher: Routledge
Published: 2019-08-08
Total Pages: 274
ISBN-13: 1315288796
DOWNLOAD EBOOKAs the 55th anniversary of the bank holiday of March 1933 approached, financial instability was a main topic in the financial press. Daily reports appeared of international debt crises, of the covert bankruptcy of deposit insurance, and of the near bankruptcy of one great financial institution after another. The great stock market crash of October 19 and 20, 1987, demonstrated that extreme instability can happen. It is generally asserted that the consequences of October 19th and 20th would have been disastrous if the Federal Reserve and Treasury interventions had not set things right. In 1933, financial markets in the United States and throughout the capitalist world collapsed. In the light of historical experience, the past 55 years are the anomaly. The papers collected in this volume come from various backgrounds and research paradigms. A common theme runs through these papers that makes the collection both interesting and important: The authors take seriously the obvious evidence that capitalist economies progress through time by lurching. Whether a particular study starts from household utility maximization or from the processes by which productive structures are reproduced and expanded, the authors are united in accepting the evidence that financial instability is a significant characteristic of modern capitalism.
Download or read book Financial Dynamics and Business Cycles written by Willi Semmler and published by Routledge. This book was released on 2019-08-08 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the 55th anniversary of the bank holiday of March 1933 approached, financial instability was a main topic in the financial press. Daily reports appeared of international debt crises, of the covert bankruptcy of deposit insurance, and of the near bankruptcy of one great financial institution after another. The great stock market crash of October 19 and 20, 1987, demonstrated that extreme instability can happen. It is generally asserted that the consequences of October 19th and 20th would have been disastrous if the Federal Reserve and Treasury interventions had not set things right. In 1933, financial markets in the United States and throughout the capitalist world collapsed. In the light of historical experience, the past 55 years are the anomaly. The papers collected in this volume come from various backgrounds and research paradigms. A common theme runs through these papers that makes the collection both interesting and important: The authors take seriously the obvious evidence that capitalist economies progress through time by lurching. Whether a particular study starts from household utility maximization or from the processes by which productive structures are reproduced and expanded, the authors are united in accepting the evidence that financial instability is a significant characteristic of modern capitalism.
Author: Ms.Valerie Cerra
Publisher: International Monetary Fund
Published: 2017-11-16
Total Pages: 31
ISBN-13: 1484325753
DOWNLOAD EBOOKAll types of recessions, on average, not just those associated with financial and political crises (as in Cerra and Saxena, AER 2008), lead to permanent output losses. These findings have far-reaching conceptual and policy implications. A new paradigm of the business cycle needs to account for shifts in trend output and the puzzling inconsistency of output dynamics with other cyclical components of production. The ‘output gap’ can be ill-conceived, poorly measured, and inconsistent over time. Persistent losses require more buffers and crisis-avoidance policies, affecting tradeoffs in prudential, macroeconomic, and reserve management policies. The frequency and depth of crises are key determinants of long-term growth and drive a new stylized model of economic development.
Download or read book Booms, Crises, and Recoveries: A New Paradigm of the Business Cycle and its Policy Implications written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2017-11-16 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: All types of recessions, on average, not just those associated with financial and political crises (as in Cerra and Saxena, AER 2008), lead to permanent output losses. These findings have far-reaching conceptual and policy implications. A new paradigm of the business cycle needs to account for shifts in trend output and the puzzling inconsistency of output dynamics with other cyclical components of production. The ‘output gap’ can be ill-conceived, poorly measured, and inconsistent over time. Persistent losses require more buffers and crisis-avoidance policies, affecting tradeoffs in prudential, macroeconomic, and reserve management policies. The frequency and depth of crises are key determinants of long-term growth and drive a new stylized model of economic development.
Author: Todd A. Knoop
Publisher: Greenwood
Published: 2004
Total Pages: 320
ISBN-13:
DOWNLOAD EBOOKThe economy of any nation is an intricate web of relationships among the factors determining supply and demand--and everything that affects them, from inflation to taxes to the stock market. The study of business cycles attempts to explain why economies grow and contract, experiencing periods of prosperity and pain. Consistent with the popular conception of economics as the dismal science, economists secretly long for recessions (periods of negative growth) and depressions (severe contractions), not because they enjoy their devastating impact on human welfare, but because these downturns serve as excellent laboratories for observing what happens when markets break down. Despite over two centuries of debate, no one has yet definitively unlocked the secrets of economic downturns and how they might be prevented. In Recessions and Depressions Todd Knoop traces the evolution of business cycle theory, from the classical model, which preceded the Great Depression, through the ground-breaking ideas of John Maynard Keynes, Milton Friedman, and their followers. He examines the strengths and limitations of each approach, in terms of explaining the impact of such factors as government policy, money supply, labor productivity, and wages. In the process, he presents an accessible introduction to what makes the economy tick, and offers new insights into understanding such historic events as the Great Depression, as well as more recent ones, such as the Asian meltdown in the 1990s, the financial crises in Latin America, and the U.S. recession of 2001, from which the United States is still recovering. Knoop reminds us that economists' track record in forecasting business cycles leaves much to be desired, and the quest to fully understand what causes economic downturns--and their effects on individuals and families--continues.
Download or read book Recessions and Depressions written by Todd A. Knoop and published by Greenwood. This book was released on 2004 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economy of any nation is an intricate web of relationships among the factors determining supply and demand--and everything that affects them, from inflation to taxes to the stock market. The study of business cycles attempts to explain why economies grow and contract, experiencing periods of prosperity and pain. Consistent with the popular conception of economics as the dismal science, economists secretly long for recessions (periods of negative growth) and depressions (severe contractions), not because they enjoy their devastating impact on human welfare, but because these downturns serve as excellent laboratories for observing what happens when markets break down. Despite over two centuries of debate, no one has yet definitively unlocked the secrets of economic downturns and how they might be prevented. In Recessions and Depressions Todd Knoop traces the evolution of business cycle theory, from the classical model, which preceded the Great Depression, through the ground-breaking ideas of John Maynard Keynes, Milton Friedman, and their followers. He examines the strengths and limitations of each approach, in terms of explaining the impact of such factors as government policy, money supply, labor productivity, and wages. In the process, he presents an accessible introduction to what makes the economy tick, and offers new insights into understanding such historic events as the Great Depression, as well as more recent ones, such as the Asian meltdown in the 1990s, the financial crises in Latin America, and the U.S. recession of 2001, from which the United States is still recovering. Knoop reminds us that economists' track record in forecasting business cycles leaves much to be desired, and the quest to fully understand what causes economic downturns--and their effects on individuals and families--continues.
Author: Leonid Grinin
Publisher: Springer
Published: 2016-10-25
Total Pages: 265
ISBN-13: 3319412620
DOWNLOAD EBOOKThis thought-provoking monograph analyzes long- medium- and short-term global cycles of prosperity, recession, and depression, plotting them against centuries of important world events. Major research on economic and political cycles is integrated to clarify evolving relationships between the global center and its periphery as well as current worldwide economic upheavals and potential future developments. Central to this survey are successive waves of industrial and, later, technological and cybernetic progress, leading to the current era of globalization and the changes of the roles of both Western powers and former minors players, however that will lead to the formation of the world order without a hegemon. Additionally, the authors predict what they term the Great Convergence, the lessening of inequities between the global core and the rest of the world, including the wealth gap between First and Third World nations. Among the topics in this ambitious volume: · Why politics is often omitted from economic analysis. · Why economic cycles are crucial to understanding the modern geopolitical landscape. · How the aging of the developed world will affect world technological and economic future.“/p> · The evolving technological forecast for Global North and South. · Where the U.S. is likely to stand on the future world stage. Economic Cycles, Crises, and the Global Periphery will inspire discussion and debate among sociologists, global economists, demographers, global historians, and futurologists. This expert knowledge is necessary for further research, proactive response, and preparedness for a new age of sociopolitical change.
Download or read book Economic Cycles, Crises, and the Global Periphery written by Leonid Grinin and published by Springer. This book was released on 2016-10-25 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thought-provoking monograph analyzes long- medium- and short-term global cycles of prosperity, recession, and depression, plotting them against centuries of important world events. Major research on economic and political cycles is integrated to clarify evolving relationships between the global center and its periphery as well as current worldwide economic upheavals and potential future developments. Central to this survey are successive waves of industrial and, later, technological and cybernetic progress, leading to the current era of globalization and the changes of the roles of both Western powers and former minors players, however that will lead to the formation of the world order without a hegemon. Additionally, the authors predict what they term the Great Convergence, the lessening of inequities between the global core and the rest of the world, including the wealth gap between First and Third World nations. Among the topics in this ambitious volume: · Why politics is often omitted from economic analysis. · Why economic cycles are crucial to understanding the modern geopolitical landscape. · How the aging of the developed world will affect world technological and economic future.“/p> · The evolving technological forecast for Global North and South. · Where the U.S. is likely to stand on the future world stage. Economic Cycles, Crises, and the Global Periphery will inspire discussion and debate among sociologists, global economists, demographers, global historians, and futurologists. This expert knowledge is necessary for further research, proactive response, and preparedness for a new age of sociopolitical change.
Author: Mr.Marco Terrones
Publisher: International Monetary Fund
Published: 2011-04-01
Total Pages: 56
ISBN-13: 1455233161
DOWNLOAD EBOOKThis paper analyzes the interactions between business and financial cycles using an extensive database of over 200 business and 700 financial cycles in 44 countries for the period 1960:1-2007:4. Our results suggest that there are strong linkages between different phases of business and financial cycles. In particular, recessions associated with financial disruption episodes, notably house price busts, tend to be longer and deeper than other recessions. Conversely, recoveries associated with rapid growth in credit and house prices tend to be stronger. These findings emphasize the importance of developments in credit and housing markets for the real economy.
Download or read book How Do Business and Financial Cycles Interact? written by Mr.Marco Terrones and published by International Monetary Fund. This book was released on 2011-04-01 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the interactions between business and financial cycles using an extensive database of over 200 business and 700 financial cycles in 44 countries for the period 1960:1-2007:4. Our results suggest that there are strong linkages between different phases of business and financial cycles. In particular, recessions associated with financial disruption episodes, notably house price busts, tend to be longer and deeper than other recessions. Conversely, recoveries associated with rapid growth in credit and house prices tend to be stronger. These findings emphasize the importance of developments in credit and housing markets for the real economy.
Author: Ewald Nowotny
Publisher: Edward Elgar Publishing
Published: 2014-10-31
Total Pages: 329
ISBN-13: 1783477636
DOWNLOAD EBOOKWhat is the link between the financial cycle - financial booms, followed by busts - and the real economy? What is the direction of this link and how salient is this connection? This unique book examines these fundamental questions and offers a paramoun
Download or read book Financial Cycles and the Real Economy written by Ewald Nowotny and published by Edward Elgar Publishing. This book was released on 2014-10-31 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is the link between the financial cycle - financial booms, followed by busts - and the real economy? What is the direction of this link and how salient is this connection? This unique book examines these fundamental questions and offers a paramoun
Author: Mr.Stijn Claessens
Publisher: International Monetary Fund
Published: 2013-01-30
Total Pages: 66
ISBN-13: 1475561008
DOWNLOAD EBOOKThis paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Download or read book Financial Crises Explanations, Types, and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Author: F.A. Hayek
Publisher: Routledge
Published: 2013-05-07
Total Pages: 305
ISBN-13: 1135744920
DOWNLOAD EBOOKThe latest editions in Routledge's ongoing series The Collected Works of F. A. Hayek, these volumes bring together Hayek's work on what causes periods of boom and bust in the economy. Business Cycles: Part I contains Hayek's two major monographs on the topic: Monetary Theory and the Trade Cycle and Prices and Production. Reproducing the text of the original 1933 translation of the former, this edition also draws on the original German, as well as more recent translations.
Download or read book Business Cycles written by F.A. Hayek and published by Routledge. This book was released on 2013-05-07 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: The latest editions in Routledge's ongoing series The Collected Works of F. A. Hayek, these volumes bring together Hayek's work on what causes periods of boom and bust in the economy. Business Cycles: Part I contains Hayek's two major monographs on the topic: Monetary Theory and the Trade Cycle and Prices and Production. Reproducing the text of the original 1933 translation of the former, this edition also draws on the original German, as well as more recent translations.
