By Philip Arestis, M. Sawyer

ISBN-10: 1137485558

ISBN-13: 9781137485557

ISBN-10: 1349559474

ISBN-13: 9781349559473

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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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.

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Emerging Economies During and After the Great Recession by Philip Arestis, M. Sawyer


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