Assaf Razin
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Description
This book aims at parsing and explaining some key forces that feature in every one of the global and regional financial crises and monetary crises that erupted in the world economy over the past decades. The text presents historical accounts of the recent major financial crises and then proceeds to present and explain the main streams of theories on the financial crises that featured in these historical episodes: banking crises and panics; credit frictions and market freezes; currency regime crises, births and bursts of asset bubbles, and conflicting forces behind the volatility of international capital flows. The book also deals with the emergence of a new paradigm: the development of the late twentieth- and early twenty-first-century macroeconomic analytical framework from the pre-2008 paradigm of modern macroeconomic thinking that served as the workhorse of policy making. The old model had been used to provide the theoretical underpinning for monetary and fiscal policy making in the period known as the Great Moderation. But, as part of the intellectual awakening after the 2008 global crisis, there is a surge of remodeling efforts aimed at the development of an analytical framework that can underpin monetary and fiscal policy making in the era of the Great Recession.
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