Financial Crash, Commodity Prices, and Global Imbalances, By Ricardo J. Caballero, Emmanuel Farhi, and Pierre-Olivier Gourinchas
Making Sense of the Subprime Crisis, By Kristopher Gerardi, Andreas Lehnert, Shane M. Sherlund, and Paul Willen
The Central Role of Home Prices in the Current Financial Crisis: How Will the Market Clear? By Karl E. Case
Beyond Leveraged Losses: The Balance Sheet Effects of the Home Price Downturn, By Jan Hatzius
Financial Regulation in a System Context, By Stephen Morris and Hyun Song Shin
The Unofficial Economy and Economic Development, By Rafael La Porta and Andrei Shleifer
The Real Exchange Rate and Economic Growth, By Dani Rodrik
A major feature of the text is its emphasis on real world policy relevance, covering topics such as inflation targeting, the operation and effectiveness of fiscal and monetary policy, public debt sustainability, exchange rate regime choice, commodity price gyrations, the causes and consequences of financial crises, and the gains from foreign investment.
An esteemed group of collaborators here examines the role of the bursting of the dot-com bubble, the history of previous episodes of current account adjustments, and the possibility of the Euro surpassing the dollar as the leading international reserve currency. Though there are areas of broad agreement—that the imbalances will ultimately decline and that currency revaluations will be part of the solution—many areas of contention remain regarding both the dangers of imbalances and the possible forms of adjustment.
This volume will be of tremendous value to economists, politicians, and business leaders alike as they look to the future of the G7 economies.
Sharply and clearly argued, Wolf’s prescription for fixing global finance illustrates why he has been described as "the world's preeminent financial journalist."