scholarly journals The Politics of Public Debt: Neoliberalism, Capitalist Development and the Restructuring of the State

2014 ◽  
Vol 15 (1) ◽  
pp. 143-165 ◽  
Author(s):  
Wolfgang Streeck
Keyword(s):  
Financial Markets ◽  
Great Recession ◽  
Public Debt ◽  
Initial Period ◽  
Capitalist Development ◽  
The Great Recession ◽  
General Decline ◽  
Political Economies ◽  
State Expenditure ◽  
State Functions

Abstract Rising public debt has been widespread in democratic-capitalist political economies since the 1970s, generally accompanied among other things by weak economic growth, rising unemployment, increasing inequality, growing tax resistance, and declining political participation. Following an initial period of fiscal consolidation in the 1990s, public debt took an unprecedented leap in reponse to the Great Recession. Renewed consolidation efforts, under the pressure of ‘financial markets’, point to a general decline in state expenditure, particularly discretionary and investment expenditure, and of extensive retrenchment and privatization of state functions.

Finance and Financial Intermediation

2019 ◽  
Author(s):  
Harold L. Cole
Keyword(s):  
Asset Pricing ◽  
Financial Markets ◽  
Great Recession ◽  
Public Debt ◽  
Sovereign Debt ◽  
Financial Intermediation ◽  
Electronic Payments ◽  
The Public ◽  
The Great Recession ◽  
Book Covers

Finance and financial intermediation are central to modern economies. This book covers all of the material a sophisticated economist needs to know about this area. It begins with an overview of financial markets and their operation. It then covers asset pricing for standard assets and derivatives, and analyses what modern finance says about firm behaviour and capital structure. The book covers money, exchange rates, electronic payments methods, and cryptocurrencies. The book then covers financial intermediation. The book then examines the role played by finance and financial intermediation in the Great Recession of the 2000s. After this, the book switches to public finance and government borrowing which is central to major economic events. It examines the incentives to monetize the public debt and its consequences. The book closes with an examination of sovereign debt crises and an analysis of their various forms.

Disruptive Soft Law and Post-Crisis US Reform

2018 ◽  
Author(s):  
Abraham L. Newman ◽  
Elliot Posner
Keyword(s):  
Financial Markets ◽  
Great Recession ◽  
Regulatory Reform ◽  
The United States ◽  
Soft Law ◽  
Long Term Effects ◽  
The Great Recession ◽  
The Us ◽  
International Interaction

Chapter 6 examines the long-term effects of international soft law on policy in the United States since 2008. The extent and type of post-crisis US cooperation with foreign jurisdictions have varied considerably with far-reaching ramifications for international financial markets. Focusing on the international interaction of reforms in banking and derivatives, the chapter uses the book’s approach to understand US regulation in the wake of the Great Recession. The authors attribute seemingly random variation in the US relationship to foreign regulation and markets to differences in pre-crisis international soft law. Here, the existence (or absence) of robust soft law and standard-creating institutions determines the resources available to policy entrepreneurs as well as their orientation and attitudes toward international cooperation. Soft law plays a central role in the evolution of US regulatory reform and its interface with the rest of the world.

scholarly journals A Clinical Economy of Speculation: Financial Trading and Gambling Disorder in Spain

2017 ◽  
Vol 32 (2) ◽  
pp. 269-293 ◽  
Author(s):  
Jorge Núñez
Keyword(s):  
Financial Markets ◽  
Great Recession ◽  
Gambling Disorder ◽  
Problem Gambler ◽  
Individual Level ◽  
The Great Recession ◽  
Financial Trading ◽  
Financial Speculation ◽  
The Individual

This article concerns itself with financial traders in Spain who have been diagnosed with gambling disorder. It analyzes what I call the clinical economy of speculation, in which the category of problem gambler is repurposed to draw new lines around proper financial trading. In exploring the expansion of post–financial crisis regulatory mechanisms for credit and debt, as well as widening inequalities across the field of investment, I depict how both traders and clinicians become invested in medicalizing trading as gambling disorder. My theorizing interrogates whether and why common speculative practices are seen as sick and unsafe when everyday people, instead of banks and other financial institutions, perform them. I argue that the pathologized trader is an attempt to regulate, at the individual level, the increasing use of borrowed capital to make financial profits. The commodification of debt, however, is not a gender-neutral development. Female traders pay a greater price for venturing into the heights of finance. This focus on gender brings into view the redefinition of credit and debt within the domain of trading, and shows the role of debt-fueled financial speculation in the expansion of financial markets. These ethnographic findings are particularly relevant in a country like Spain, where the Great Recession has bred more new millionaires than ever before, even as the smaller fish of the economy are being medicalized and sometimes even incarcerated.

scholarly journals Escaping the Great Recession

2017 ◽  
Vol 107 (4) ◽  
pp. 1030-1058 ◽  
Author(s):  
Francesco Bianchi ◽  
Leonardo Melosi
Keyword(s):  
Lower Bound ◽  
Great Recession ◽  
Public Debt ◽  
Zero Lower Bound ◽  
Policy Uncertainty ◽  
The Great Recession ◽  
Us Economy ◽  
Long Run ◽  
The Us ◽  
Deep Recession

We show that policy uncertainty about how the rising public debt will be stabilized accounts for the lack of deflation in the US economy at the zero lower bound. We first estimate a Markov-switching VAR to highlight that a zero-lower-bound regime captures most of the comovements during the Great Recession: a deep recession, no deflation, and large fiscal imbalances. We then show that a microfounded model that features policy uncertainty accounts for these stylized facts. Finally, we highlight that policy uncertainty arises at the zero lower bound because of a trade-off between mitigating the recession and preserving long-run macroeconomic stability. (JEL E31, E32, E52, E62, G01, H63)

scholarly journals Have Stock Markets Become Less Volatile After the Great Recession?

2019 ◽  
Vol 10 (3) ◽  
pp. 10
Author(s):  
Talla M Aldeehani
Keyword(s):  
Financial Markets ◽  
Great Recession ◽  
Trading Volume ◽  
Global Financial Crisis ◽  
International Markets ◽  
Market Volatility ◽  
Asymmetric Effect ◽  
The Great Recession ◽  
Valid Predictor ◽  
Before And After

This paper investigates volatility modeling in light of the 2008 global financial crisis. The study was motivated by the measures and regulations introduced by most of the countries following the shock to stabilize their financial markets. The theoretical proposition is that these measures should succeed in reducing volatility which would be modeled differently following the crisis. The adopted ARMA-GARCH process included positive and negative trading volume change to capture the asymmetric effect of trading volume on market volatility for seven international markets. The results indicate that the majority of these markets were not so successful in reducing volatility following the crisis. There is evidence of volatility persistence which dissipates very quickly. Although volatility is modeled differently before and after the crisis, each market is modeled uniquely. The effect of trading volume was found to be asymmetric. Only positive change was a valid predictor. Detailed discussions of the results, implications, and recommendations are provided.

The classical monetary theory on bank liquidity and finance

2019 ◽  
Vol 72 (3) ◽  
pp. 692-709
Author(s):  
Laurent Le Maux
Keyword(s):  
Financial Markets ◽  
Great Recession ◽  
Commercial Banks ◽  
Banking System ◽  
John Stuart Mill ◽  
Market Discipline ◽  
Monetary Theory ◽  
Lender Of Last Resort ◽  
Real Estate Markets ◽  
The Great Recession

Abstract This article investigates the classical monetary theory on bank liquidity and finance and especially the contribution of Thomas Tooke, John Stuart Mill and John Fullarton at the light of the debate on the Great Recession. These authors show how financial markets and banking system may collapse altogether after a rise of values in certain classes of securities or real estate markets. And they come to the view that competition between commercial banks creates the appearance of market discipline, while the expectation of scarcity in some specific markets leads to a speculative process, which in turn destabilizes the banking system and triggers the need for the lender of last resort.

scholarly journals What does food retail research tell us about the implications of Coronavirus (COVID-19) for grocery purchasing habits?

2020 ◽  
Author(s):  
Rosemarie Martin-Neuninger ◽  
Matthew Ruby
Keyword(s):  
Consumer Behavior ◽  
Great Recession ◽  
Online Shopping ◽  
Initial Period ◽  
Food Retailing ◽  
Food Retail ◽  
The Great Recession ◽  
Shopping Experience ◽  
Extensive Growth

The COVID-19 pandemic has caused immediate changes in the food retailing environment, particularly for countries that have “locked down” and imposed strict physical distancing measures. Consumer behavior has changed, including an initial period of panic buying, likely to be followed by further changes caused by constraints on the shopping experience. We interpret recent findings on shopping under constraints, and research on the effects of the SARS epidemic, on consumer behavior. As consumers spend less time making decisions in supermarkets, they will likely rely more heavily on price and brand heuristics to choose products. This trend may be reinforced by a counter-intuitive increased expenditure on supermarket goods, as was seen during the Great Recession of 2008. Online shopping will experience extensive growth.

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