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Tim Congdon

Most analyses of the Great Recession have blamed it on weaknesses of banking systems, notably excessive losses and a lack of capital. However, this mainstream approach is far from convincing, as most banks had higher capital/asset ratios ahead of the crisis than on average in recent decades. An alternative argument – that the falls in asset prices and slump in demand were due to a crash in the rate of money growth – is proposed, and is shown to be applicable to the main countries.

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Tim Congdon

The introduction explains why the Quantity Theory of Money is relevant to understanding the causes of the Great Recession of 2008 and 2009, just as it was relevant to understanding the causes of the USA’s Great Depression of 1929–33.

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Foreword

Did a Crash in Money Growth Cause the Global Slump?

Edited by Tim Congdon

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Sara Hsu

Chapter 1 introduces the topic of financial crises and discusses the outline of the book. Financial crises have occurred for centuries, and after the Great Recession of 2008 which began in the US and spread globally, both economists and policy makers have realized that economically developed countries are not immune from such phenomena. This book seeks to describe and analyze the events, causes, and outcomes of crises from the Great Depression to the Great Recession, unifying a vast amount of literature on each crisis. We start from a general discussion of the global financial system and the roots of crises, both theoretical and empirical. We then discuss crises between 1929 and 2011. We briefly discuss select events before 1929, but focus on the Great Depression and beyond since these crises were created within or bore the current policies and institutions of our current financial system. Keywords: financial crises
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Roy E. Allen

Since the 1970s, the rapid expansion and globalization of financial markets shadows most other developments in international economics. This chapter documents and defines financial globalization and discusses what caused it: developments in information-processing technologies; government deregulation; and the more global nature of all economic activity. International interest rate and financial strategy ‘parities’ are presented as new, dominant, dynamic patterns in the global economy. Financial market globalization has been a driving force behind recent imbalances in trade and investment between countries. And, the self-adjustment mechanisms within the global economy have been irreversibly changed by financial globalization.
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Robert W. Kolb

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Pascal Salin

Studying an international system implies having a definition of a nation, in order to assess to what extent the analysis of an international phenomenon can be different from an analysis which does not take into consideration the existence of nations. This chapter stresses that several definitions of a nation can be given, but what is important is defining a nation from the point of view of monetary problems. By comparison with the traditional definition of a nation in trade theory, a monetary area – or a monetary nation – can be defined as an area of circulation of a currency. The chapter also discusses whether or not a monetary area should coincide, for instance, with a political area.
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Edited by Marek Belka, Ewald Nowotny, Pawel Samecki and Doris Ritzberger-Grünwald

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Edited by Marek Belka, Ewald Nowotny, Pawel Samecki and Doris Ritzberger-Grünwald

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Edited by Marek Belka, Ewald Nowotny, Pawel Samecki and Doris Ritzberger-Grünwald