Financialization and the World Economy

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Gerald A. Epstein
Edward Elgar Publishing, 2005 M01 1 - 440 páginas
The final section offers ideas for policy responses, including capital controls and securities transaction taxes."--BOOK JACKET.

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Contenido

Introduction and Distributional Implications
1
Financialization and the World Economy
3
A Class Analysis
17
Financialization Central Bank Policy and Labor Solidarity
46
Financialization and the US Economy
75
The Impact of Destructive Product Market Competition and Modern Financial Markets on Nonfinancial Corporation Performance in the Neoliberal Era
77
Financialization in the Extreme
111
Sources of Vulnerability in US Financial Markets
149
Case Studies of Financialization and Economic Crisis
241
10 The Rise of the New Money Doctors in Mexico
243
11 The Making of the Turkish Financial Crisis
260
Some Elements and Background
289
13 International Liquidity and Growth Fluctuations in Brazil
314
14 The Causes and Consequences of Neoliberal Restructuring in Postcrisis Korea
334
Policy Perspectives
355
15 Averting Crisis? Assessing Measures to Manage Financial Integration in Emerging Economies
357

Financialization and the International Monetary System
181
7 Financial Globalization Exchange Rates and International Trade
183
8 The Eurodollar Market and the New Era of Global Financialization
210
9 The Role of the International Monetary System in Financialization
220
16 Why International Capital Mobility Should be Curbed and How it Could be Done
384
Design Issues Market Impact and Revenue Estimates
409
Index
426
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Página 71 - I see, therefore, the rentier aspect of capitalism as a transitional phase which will disappear when it has done its work.
Página 178 - Planting, while others have treated of other branches; any one who cares for such matters may refer to their writings. It would be well also to collect the scattered stories of the ways in which individuals have succeeded in amassing a fortune; for all this is useful to persons who value the art of making money.
Página 130 - Many major corporations still play things straight, but a significant and growing number of otherwise high-grade managers — CEOs you would be happy to have as spouses for your children or as trustees under your will — have come to the view that it's okay to manipulate earnings to satisfy what they believe are Wall Street's desires.
Página 178 - He was reproached for his poverty, which was supposed to show that philosophy was of no use. According to the story, he knew by his skill in the stars while it was yet winter that there would be a great harvest of olives in the coming year; so, having a little money, he gave deposits for the use of all the olive-presses in Chios and Miletus, which he hired at a low price because no one bid against him. When the harvest-time came, and many...
Página 136 - The Federal reserve, consistent with its responsibilities as the Nation's central bank, affirmed today its readiness to serve as a source of liquidity to support the economic and financial system.
Página 395 - In particular, each member shall: (i) endeavor to direct its economic and financial policies toward the objective of fostering orderly economic growth with reasonable price stability...
Página 178 - When the harvest-time came, and many were wanted all at once and of a sudden, he let them out at any rate which he pleased, and made a quantity of money. Thus, he showed the world that philosophers can easily be rich if they like, but that their ambition is of another sort.
Página 178 - Milesian and his financial device, which involves a principle of universal application, but is attributed to him on account of his reputation for wisdom. He was reproached for his poverty, which was supposed to show that philosophy was of no use. According to the story, he knew by his skill in the stars while it was yet winter that there would be a great harvest of olives in the coming year; so, having a little capital, he gave earnest-money for the use of all the olivepresses in Chios and Miletus,...
Página 279 - The active and working elements in no community, ancient or modern, will consent to hand over to the rentier or bond-holding class more than a certain proportion of the fruits of their work. When the piled-up debt demands more than a tolerable proportion, relief has usually been sought in one or other of two out of the three possible methods.
Página 373 - These studies also find that leakages from these regulations had no macroeconomic significance. Following implementation of these policies in both countries, the maturity structure of foreign debt lengthened and external financing in general moved from debt to FDI. Moreover, Chile received a larger supply of external finance (relative to GDP) than other countries in the region, and FDI became a much larger proportion of inflows than in many other developing economies. Colombia's prohibition on foreign...

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Acerca del autor (2005)

Edited by Gerald A. Epstein, Professor of Economics and Co-Director, Political Economy Research Institute (PERI), University of Massachusetts-Amherst, US

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