By Anton Hemerijck, Ben Knapen, Ellen van Doorne
Even though it will be untimely to presume to spot the precise repercussions of the present fiscal difficulty, it's transparent that it'll have profound results within the political, monetary, and social spheres. Written in the middle of the private financial obstacle because the nice melancholy, Aftershocks comprises twenty-four essays—based on interviews with students, in demand ecu politicians, and major figures from company and banking—that consider the origins of the challenge in addition to the prospective social, financial, and political ameliorations it could engender. one of the members are Barry Eichengreen, Tony Atkinson, David Soskice, Nancy Birdsall, Amitai Etzioni, Helmut Schmidt, and Jacques Delors.
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Extra resources for Aftershocks: Economic Crisis and Institutional Choice
Now they are suffering more than other countries as a result of this irrational exuberance. Emerging economies, specifically Brazil and India, are expected to do much better in the post-crisis period. According to Nancy Birdsall, this is partly due to the extent to which they were able to decouple themselves from financial globalisation. By contrast, lower-income developing countries, which traditionally have relied heavily on trade, will suffer severely from the crisis. Sub-Saharan countries sorely lack the economic resources and institutional capacities to implement counter-cyclical fiscal policies.
Both the Turner report of the British FSA (2009) and the De Larosiere Commission (2009), reporting to the European Commission, have suggested the creation of a new European body for regulation and oversight of supervision, staffed by full-time independent professionals. They argue that these independent professionals would not come under pressure from the financial sector and other special interests to moderate efforts to coordinate the application of existing supervisory standards and would encourage cooperation among supervisors.
This comes in addition to the problems the ECB encounters as a result of the absence of even a minimal ‘fiscal Europe’. The ultimate litmus test of effective macro-economic regime change lies in the institutional legacy of the crisis of global capitalism 45 the establishment of a new systemic risk regulator, an issue up for discussion at the G20 summit to be held in late September in Pittsburgh. Both the Turner report of the British FSA (2009) and the De Larosiere Commission (2009), reporting to the European Commission, have suggested the creation of a new European body for regulation and oversight of supervision, staffed by full-time independent professionals.
Aftershocks: Economic Crisis and Institutional Choice by Anton Hemerijck, Ben Knapen, Ellen van Doorne