Financial stability and growth : perspectives on financial regulation and new developmentalism

書誌事項

Financial stability and growth : perspectives on financial regulation and new developmentalism

edited by Luiz Carlos Bresser-Pereira, Jan Kregel and Leonardo Burlamaqui

(Routledge studies in development economics, 108)

Routledge, 2014

  • : hbk

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注記

Includes bibliographical references and index

内容説明・目次

内容説明

The 2008 global financial crisis took the world by surprise, not least because politicians, businessmen and economists believed that they had learned crucial lessons from the Great Depression of the 1930s. As a direct result of deregulated financial markets, financial crises occurred in both developed and developing economies. However, this volume argues that in the most recent crisis developing countries suffered less, and that financial policy and regulation played a crucial part in this. The contributors to this volume explore the alternative development paradigm that has been gaining credence since the Asian crisis, known as new developmentalism. New developmentalism is embodied in the following principles: exchange rate responsibility or growth with domestic savings, fiscal responsibility, and the assignment of a strategic role for the state. New developmentalism is a set of values, ideas, institutions and economic policies through which, in the early 21st century, developing countries have sought to catch up with developed countries. This book examines the global financial crisis, the financial regulatory problem, with particular emphasis on Brazil, and the alternative policies that derive from new developmentalism. This volume will be of interest to scholars and policymakers working in the areas of globalization, financial regulation and development studies.

目次

Introduction Luiz Carlos Bresser-Pereira, Jan Kregel and Leonardo Burlamaqui Part I: Lessons 1. Competitive Exchange Rates and Macroeconomic Theory Heiner Flassbeck 2. Capital Account Regulations: Role, effectiveness and the IMF's institutional view Jose Antonio Ocampo and Bilge Erten 3. How to Manage a Sustainable and Stable Competitive Real Exchange Rate Roberto Frenkel 4. A Theoretical Framework for New Developmentalism Luiz Carlos Bresser-Pereira, Jose Luis Oreiro and Nelson Marconi 5. What We Learned from the Financial Crises of 2009 in Emerging Countries Robert Boyer 6. The New Developmentalism Luiz Carlos Bresser-Pereira 7. Europe's Financial Crisis Thomas I. Palley Part II: Re-regulating Finance 8. Lessons We Learned from the Global Financial Crisis: A Minskian interpretation of the causes, the Fed's bailout, and the future L. Randall Wray 9. Regulating the Financial System from a Minskian Perspective Jan Kregel 10. Reregulating Finance after the Crisis C. P. Chandrasekhar 11. Exchange Rate Management Techniques Daniela Magalhaes Prates 12. Financial Regulation and Governance Fernando de Holanda Barbosa Part III: Brazil and the Crisis 13. Financial Regulation and the Brazilian Response to the 2008-2009 Financial Crisis Nelson Barbosa 14. Lessons from the 2008 Crisis Fernando J. Cardim de Carvalho and Francisco E. Pires de Souza 15. The Brazilian Experience in Managing the Interest-Exchange Rate Nexus Ricardo Carneiro and Pedro Rossi 16. Macroeconomic Constraints on the Growth of Brazil's Economy Jose Luis Oreiro 17. Overcoming the 'Impossible Trinity' Andre Nassif 18. How to Evaluate Financial Regulation of Brazil Daniela Magalhaes Prates Part IV: Regulating Brazilian Finance 19. Economic Development and the Functionality of the Financial System in Brazil: A Keynesian approach Jennifer Hermann and Luiz Fernando de Paula 20. The Brazilian Experience of Prudential Regulation and its Impact on the 2008 Financial Crisis Rogerio Sobreira 21. Brazil's Response to the Financial Crisis: How did financial regulation and monetary policy influence the Brazilian economic recovery? Fernando Ferrari Filho 22. Financial Liberalization, Capital Account Regulation and Economic Policy in Brazil Luiz Fernando de Paula 23. Ten Theses on New Developmentalism

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