An Assessment of the Global Impact of the Financial Crisis by Philip Arestis, Rogério Sobreira, José Luis Oreiro

By Philip Arestis, Rogério Sobreira, José Luis Oreiro

This topical volume analyzes the impression of the 2008 monetary obstacle. It considers the origins and motives of the present crisis, examines the regulatory implications and, with particular specialise in constructing nations, it offers a technique for financial development which may warrantly monetary balance sooner or later.

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Current Account Deficit’, The Sandridge Lecture, Virginia Association of Economics. Richmond, VA. htm. , Dell’Ariccia, G. and Mauro, P. (2010) ‘Rethinking Macroeconomic Policy’, IMF Staff Position Note, SPN/10/03. Washington, DC: International Monetary Fund. , Klingebiel, D. S. ’, Economic Policy, 32, 51–82. Borio, C. and Disyatat, P. (2009) ‘Unconventional Monetary Policies: An Appraisal’, BIS Working Paper No. 292, Monetary and Economic Department, November. Basel, Switzerland: Bank for International Settlements.

Two other factors, the international financial imbalances and the monetary policy pursued at the time, can be suggested as factors that promoted, rather than caused, the ‘Great Recession’. We take the view that although these factors were important, they were not the original cause of the ‘Great Recession’. They were accentuating the process of financial liberalisation and innovation rather than being part of the cause of the crisis. The rest of this section will attempt to explain the process just suggested.

Such new business was to respond to the investment banks’ needs for short-term funding. It created, however, a financial crisis in the 1970s and 1980s when savings banks could not fund themselves in view of the narrowing of the margins of lending and borrowing rates. Investment banks moved into originating and distributing complex derivative securities, like collateralised bond obligations (normal investment bonds backed by pools of junk bonds). However, that was not a great success and the move collapsed in the second half of the 1980s.

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