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Book Cover
Author D'Arista, Jane W., author.

Title All fall down : debt, deregulation and financial crises / Jane D'Arista (Research Associate, Political Economy Research Institute, University of Massachusetts, Amherst, US).

Published Northampton, MA : Edward Elgar Pub., Inc., 2018.


Location Call No. Status
Physical description 1 online resource (264 pages)
Notes Includes index.
Bibliography Includes bibliographical references.
Contents Contents: 1. Introduction and summary -- Part I: the unraveling of the 1930s-era framework -- 2. The Euro market erodes US financial structure -- 3. Commercial paper guarantees and the emergence of a parallel banking system -- 4. ERISA moves savings into securities markets -- Part II: deregulation and financial innovation create the context for crisis -- 5. An overview of financial restructuring and its consequences -- 6. Securitization -- 7. Weaving the web of interconnectedness -- 8. Opaque markets and opaque balance sheets -- 9. Growing concentration leads to "too big to fail" -- 10. Regulating the post-crisis system -- 11. Mending the financial safety net for savers -- Part III: The advent of globalization -- 12. Dollar hegemony -- 13. Foreign exchange reserves -- 14. An overview of developments in global financial markets in the 1990s -- Part IV: Building toward crisis in the global economy -- 15. Concerns and warnings -- 16. Crises in the periphery of the global system -- 17. Liquidity expansion in the period before the crisis -- Part V: Debt and the collapse of monetary control -- 18. The failure to halt the emergence and growth of the debt bubble -- 19. Rising imbalances in credit flows -- 20. Mounting risks of the continuing debt bubble in the new millennium -- 21. How eroding monetary tools facilitated debt creation -- 22. Monetary tools: what they are and how they function -- 23. The inability of capital requirements to prevent or moderate financial crises XXX -- 24. How crisis reshaped the monetary toolkit -- Part VI: An agenda for monetary reform -- 25. Introducing a systemic approach -- 26. Creating a system-wide asset-based reserve system -- 27. Implementing policy under the current and proposed systems -- 28. Implications of the proposed system for the conduct of policy -- Part VII: reforming the privatized international monetary system -- 29. Can the SDR replace the dollar and other national currencies as a reserve asset? -- 30. Restructuring flows of private international investment into emerging and developing economies -- 31. Reforming the international payments system -- Part VIII: Conclusion -- 32. Building toward crisis in the global economy - again -- Bibliography -- Index.
Summary All Fall Down traces the ways in which changes in financial structure and regulation eroded monetary control and led to historically high levels of debt relative to GDP in both developed and emerging economies. Rising stocks of debt drove the global financial system into crisis in 2008 when households, businesses, financial institutions and the public sector in some countries strained to generate sufficient income for debt service. The stagnation and fall in asset prices that followed began the process of unwinding that led to a run on the financial sector by the financial sector. This engaging examination describes critical developments that changed the structure of US financial markets as well as developments and innovations in US credit markets that created the context for crisis. It discusses the advent of dollar hegemony, the critical role of international reserves in generating credit, the emergence of the debt bubble in the 1980s and the mounting risks of debt in the new millennium. The author also proposes a systemic approach to monetary control, offering two new reform proposals. The analysis concludes that reforms are needed in order to support sustainable economic activity in the US and global economies. This volume will appeal to students and scholars of economics interested in international finance and banking, financial regulation and monetary policy implementation. It will also be of interest to business economists, lawyers, policymakers and journalists concerned with the effects of financial instability and involved in ongoing debates on financial and monetary reform.
Other author Edward Elgar Publishing, publisher.
Subject Global Financial Crisis, 2008-2009.
Debt -- United States.
Electronic books.
ISBN 9781788119498 (e-book)