By Philip Arestis, M. Sawyer
The foreign Papers in Political economic system (IPPE) sequence explores the newest advancements in political economic climate. This 12th quantity offers a set of 8 papers, studying the origins of the foreign monetary obstacle of 2007/2008 and the nice recession by way of targeting rising international locations.
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Extra resources for Emerging Economies During and After the Great Recession
Misguided policies in the major economies of the world, especially the USA, produced a dangerous situation in some of the emerging economies, leading to the creation of bubbles. This chapter investigates the transmission mechanisms that seem to be in operation in this regard; and will conclude by offering policy recommendations to the emerging economies to reduce their exposure to external vulnerabilities. 1 Introduction1 This chapter examines the impact of the recent global crisis on emerging economies and draws a number of policy conclusions.
Nielsen, E. And Vernazza, D. (2014) ‘The Damaging Bias of Sovereign Ratings’, UniCredit Global Themes Series, no. 21, March, Milan: UniCredit Bank. Goda, T. And Lysandrou, P. (2014) ‘The Contribution of Wealth Concentration to the Subprime Crisis: A Quantitative Estimation’, Cambridge Journal of Economics, 38(2), pp. 301–27. E. (2009) The Regulatory Response to the Financial Crisis, Cheltenham: Edward Elgar Publishing Limited. Greenspan, A. (2010) ‘The Crisis’. Brookings Papers on Economic Activity, Spring.
A further interesting result that relates to the August 2007 financial crisis is from a Bertelsmann Foundation study (Fuchs and Gehring, 2013), which suggests that there is ‘home bias’ in sovereign ratings. Fuchs and Gehring (op. ) define ‘home country’ “as the country where the agency’s headquarters is located or, alternatively, as the country of origin of its major shareholders. Accordingly, we refer to a ‘home bias’ in sovereign ratings if a rating agency gives preferential treatment to its home country and to countries with close economic, political and cultural ties to it.
Emerging Economies During and After the Great Recession by Philip Arestis, M. Sawyer