Global governance of international banks is breaking down after the Great Financial Crisis, as national regulators are withdrawing on their home turf. New evidence presented illustrates that the global systemically important banks underpin the global financial system. This book offers solutions for the effective governance of global banks.
This paper studies the heterogeneous response across countries of local currency interest rates to foreign and domestic factors, thus contributing to the discussion on the policy trilemma in international economics. On average, floaters appear to be less affected by the U.S. in the short run (up to about one year). However, there is large cross-country heterogeneity in the response: floaters that care less about domestic objectives, exhibit stronger fear of floating, or show higher co-cyclicality with the U.S., respond more to foreign rates. This suggests that floating does not necessarily imply a lack of response of local policy rates to foreign ones, but seems to allow independence when needed. Moreover, the effect of foreign rates on the short end of the local interest rate curve seems to operate mainly via the foreign influence on local policy rates, thus suggesting that central banks may be themselves the source of conduit of the “global credit cycle” discussed by Rey (2014). At the same time, most countries face the equivalent of a “Greenspan conundrum” as their long term rates are mainly influenced by foreign factors.
This book provides a comprehensive introduction to global legal thought. It argues that economic globalization and digitalization have induced significant insecurity about the future of human social organization. While traditional international law as a system based on the consent of national states is in the process of rapid adaptation to its new social preconditions, a variety of transnational regulatory levels compete for legal authority. In this process of change, there is more need than ever to guide the theoretical understanding because academic concepts have a crucial influence on the emerging practice of global law. This book highlights which choices are available and argues that global law requires taking a stand in mutually irreconcilable choices.
We provide a theory of the limits to monetary policy independence in open economies arising from the interaction between capital flows and domestic collateral constraints. The key feature of our theory is the existence of an “Expansionary Lower Bound” (ELB), defined as an interest rate threshold below which monetary easing becomes contractionary. The ELB can be positive, thus acting as a more stringent constraint than the Zero Lower Bound. Furthermore, the ELB is affected by global monetary and financial conditions, leading to novel international spillovers and crucial departures from Mundell’s trilemma. We present two models under which the ELB may arise, the first featuring carry-trade capital flows and the second highlighting the role of currency mismatches.
"We are far too easily pleased." C. S. Lewis stands as one of the most influential Christians of the twentieth century. His commitment to the life of the mind and the life of the heart is evident in classics like the Chronicles of Narnia and Mere Christianity—books that illustrate the unbreakable connection between rigorous thought and deep affection. With contributions from Randy Alcorn, John Piper, Philip Ryken, Kevin Vanhoozer, David Mathis, and Douglas Wilson, this volume explores the man, his work, and his legacy—reveling in the truth at the heart of Lewis's spiritual genius: God alone is the answer to our deepest longings and the source of our unending joy.
This book re-conceptualizes energy justice as a unifying agenda for scholars and practitioners working on the issues faced in the trilemna of energy security, poverty and climate change. McCauley argues that justice should be central to the rebalancing of the global energy system and also provides an assessment of the key injustices in our global energy systems of production and consumption. Energy Justice develops a new innovative analytical framework underpinned by principles of justice designed for investigating unfairness and inequalities in energy availability, accessibility and sustainability. It applies this framework to fossil fuel and alternative low carbon energy systems with reference to multiple case studies throughout the world. McCauley also presents an energy justice roadmap that inspires new solutions to the energy trilemna. This includes how we redistribute the benefits and burdens of energy developments, how to engage the new energy ‘prosumer’ and how to recognise the unrepresented. This book will appeal to academics and students interested in issues of security and justice within global energy decision-making.
“A hugely valuable contribution. . . . In setting out a defence of the best in economics, Rodrik has also provided a goal for the discipline as a whole.” —Martin Sandbu, Financial Times In the wake of the financial crisis and the Great Recession, economics seems anything but a science. In this sharp, masterfully argued book, Dani Rodrik, a leading critic from within, takes a close look at economics to examine when it falls short and when it works, to give a surprisingly upbeat account of the discipline. Drawing on the history of the field and his deep experience as a practitioner, Rodrik argues that economics can be a powerful tool that improves the world—but only when economists abandon universal theories and focus on getting the context right. Economics Rules argues that the discipline's much-derided mathematical models are its true strength. Models are the tools that make economics a science. Too often, however, economists mistake a model for the model that applies everywhere and at all times. In six chapters that trace his discipline from Adam Smith to present-day work on globalization, Rodrik shows how diverse situations call for different models. Each model tells a partial story about how the world works. These stories offer wide-ranging, and sometimes contradictory, lessons—just as children’s fables offer diverse morals. Whether the question concerns the rise of global inequality, the consequences of free trade, or the value of deficit spending, Rodrik explains how using the right models can deliver valuable new insights about social reality and public policy. Beyond the science, economics requires the craft to apply suitable models to the context. The 2008 collapse of Lehman Brothers challenged many economists' deepest assumptions about free markets. Rodrik reveals that economists' model toolkit is much richer than these free-market models. With pragmatic model selection, economists can develop successful antipoverty programs in Mexico, growth strategies in Africa, and intelligent remedies for domestic inequality. At once a forceful critique and defense of the discipline, Economics Rules charts a path toward a more humble but more effective science.
Deftly navigating the tensions among globalization, national sovereignty, and democracy, Straight Talk on Trade presents an indispensable commentary on today's world economy and its dilemmas, and offers a visionary framework at a critical time when it is most needed.
Sintomas de um mundo doente. Havera um alerta antes da crise? Um relato da linha de frente da tecnologia. Reforma do sistema social. Reforma do sistema economico. Em busca de uma nova cultura.
