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The Leaderless Economy
The Leaderless Economyreveals why international financial cooperation is the only solution to today's global economic crisis. In this timely and important book, Peter Temin and David Vines argue that our current predicament is a catastrophe rivaled only by the Great Depression. Taking an in-depth look at the history of both, they explain what went wrong and why, and demonstrate why international leadership is needed to restore prosperity and prevent future crises.
Temin and Vines argue that the financial collapse of the 1930s was an \"end-of-regime crisis\" in which the economic leader of the nineteenth century, Great Britain, found itself unable to stem international panic as countries abandoned the gold standard. They trace how John Maynard Keynes struggled for years to identify the causes of the Great Depression, and draw valuable lessons from his intellectual journey. Today we are in the midst of a similar crisis, one in which the regime that led the world economy in the twentieth century--that of the United States--is ending. Temin and Vines show how America emerged from World War II as an economic and military powerhouse, but how deregulation and a lax attitude toward international monetary flows left the nation incapable of reining in an overleveraged financial sector and powerless to contain the 2008 financial panic. Fixed exchange rates in Europe and Asia have exacerbated the problem.
The Leaderless Economyprovides a blueprint for how renewed international leadership can bring today's industrial nations back into financial balance--domestically and between each other.
eBook
The effect of trust in government on rallies 'round the flag
Previous research has shown that foreign policy crises can cause a 'rally' round the flag' effect, boosting citizens' approval of their leaders. While scholars agree on the effect's existence, its magnitude and nature are less readily apparent. This article considers two factors that have been neglected in previous studies: the context in which a conflict occurs and the public's level of trust in government. The theory presented here suggests that trust is not only an effect of a rally, but mediates the magnitude of the rally. It also proposes that the nature of the rally will be unaffected by whether the state is provoked by its opponent prior to crisis initiation. The resulting hypotheses are tested using aggregate US public opinion data around international crises, as well as individual-level data from the 1990-92 ANES panel regarding the Persian Gulf War. The analysis indicates that trust in government has a major influence on the size of a rally effect, especially at the individual level. However, trust matters more for those in the opposition than for those who have supported the government in the past. These results suggest implications for understanding public attitudes toward foreign policy and for the diversionary theory of war.
Journal Article
Restoring Financial Stability
An insightful look at how to reform our broken financial system The financial crisis that unfolded in September 2008 transformed the United States and world economies.As each day's headlines brought stories of bank failures and rescues, government policies drawn and redrawn against the backdrop of an historic Presidential election, and solutions.
eBook
Crisis and Renewal in the History of European Political Thought
This volume advances a better, more historical and contextual, manner to consider not only the present, but also the future of 'crisis' and 'renewal' as key concepts of our political language as well as fundamental categories of interpretation.
eBook
The bankers' new clothes : what's wrong with banking and what to do about it
Writing in clear language that anyone can understand, Anat Admati and Martin Hellwig debunk the false and misleading claims of bankers, regulators, politicians, academics, and others who oppose effective reform, and they explain how the banking system can be made safer and healthier. Thoroughly updated for a world where bank failures have made a dramatic return, this acclaimed and important book now features a new preface and four new chapters that expose the shortcomings of current policies and reveal how the dominance of banking even presents dangers to the rule of law and democracy itself.
BOOK
New Evidence on the Aftermath of Financial Crises in Advanced Countries
This paper examines the aftermath of postwar financial crises in advanced countries. We construct a new semiannual series on financial distress in 24 OECD countries for the period 1967-2012. The series is based on assessments of the health of countries' financial systems from a consistent, real-time narrative source, and classifies financial distress on a relatively fine scale. We find that the average decline in output following a financial crisis is statistically significant and persistent, but only moderate in size. More important, we find that the average decline is sensitive to the specification and sample, and that the aftermath of crises is highly variable across major episodes. A simple forecasting exercise suggests that one important driver of the variation is the severity and persistence of financial distress itself. At the same time, we find little evidence of nonlinearities in the relationship between financial distress and the aftermaths of crises.
Journal Article