Global Financial Systems: Stability and Risk by Jon Danielsson

By Jon Danielsson

International monetary structures is an leading edge, interdisciplinary textual content that explores the ‘why’ in the back of international monetary balance. Danielsson attracts on fiscal concept, finance, mathematical modelling, chance conception, and coverage to posit a coherent and present research of the worldwide economic climate.

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J. Money Credit and Banking, 27(1): 1–28. Eichengreen, B. (1996). Golden Fetters: The Gold Standard and the Great Depression, 1919–1939. Oxford University Press. Eichengreen, B. and Irwin, D. (2009). The slide to protectionism in the Great Depression: who succumbed and why? NBER Working Paper 15142. Epstein, G. and Ferguson, T. (1984). Monetary policy, loan liquidation, and industrial conflict: the Federal Reserve and open market operations of 1932. J. Econ. , 44: 957–83. Ferguson, N. (2008). The Ascent of Money.

6 What are the main lessons of the Depression that policymakers seem to have learned when fighting the crisis in 2008? 7 What is the main lesson from the Great Depression that has not been applied in the European sovereign debt crisis? Why do you think that is the case? References Ahamed, L. (2009). Lords of Finance, The Bankers Who Broke the World. The Penguin Group. Anderson, G. , Shughart, W.  D. (1988). A public choice theory of the great contraction. Public Choice, 59: 3–23. Bernanke, B. (1995).

While its impact had been diminishing, that all changed with the crises from 2007, and over the past few years, the lessons from the Depression have significantly impacted on policy. The reason why events in the fall of 2008 did not lead to another depression is because policymakers had learned the lesson of the Great Depression and acted correctly. The continuing influence of the Great Depression on government policy make it a worthwhile subject in studies of financial stability in the twenty-first century.

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