Financial Instability [Hardback]

Toolkit for Interpreting Boom and Bust Cycles

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Description of Financial Instability

Why have financial crises been increasingly frequent and severe in the last thirty years? How can financial crises be prevented? What role do governments and international institutions play in their prevention? How does the latest crisis fit in the long-term political economy cycle of finance? This book answers these questions, using three complementary parts: Part I provides the reader with the 'toolkit' necessary for understanding financial crises - explaining the essential elements of economic theory. In Part II the authors put these key theories in context, using them to illustrate the chief international crises since the Great Depression of the 1930s and events that, since the 1980s, have triggered a high level of instability. Whenever appropriate, imilarities and differences between these historic crises and the recent crisis are highlighted. Part III focuses on the Great Crisis of 2007-09, triggered by the turmoil in the subprime mortgage market of the USA.
By offering a comprehensive explanation of the long-term dynamics of financial systems and by depicting the prototype of a financial crisis, the book enables an in-depth understanding of any specific crisis and gives models for identifying the crisis's true origins and amplification channels. The book concludes with a discussion of ways to secure a stable, sustainable future for globalized finance.

Title Information

ISBN:: 9780230248113
Pages:: 248 pages
Format:: Hardback
Product Code:: 456605
Publisher:: Palgrave MacMillan
Published:: 14/05/2010

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About Vincenzo D'Apice and Giovanni Ferri

VINCENZO D'APICE is Economist in the Research Department of the Italian Banking Association. His research interests include international finance, banking and regulation. He is currently undertaking economic research at the Instituto Einaudi, Italy. GIOVANNI FERRI is Chair of the Department of Economics, University of Bari, Italy. He previously worked for the World Bank and the Banca d'Italia. He has published extensively on money and credit economics.