Global imbalances are seen as one of the major structural causes of the crisis that began in 2007. In the past two decades trade and capital flows have led to increasing external imbalances. The largest economy of the world, the United States, has experienced current account deficits since the early…
The recent economic crisis inflicted substantial damage on the public finances of many countries around the world. Enormous stimulus programmes, bank bail-outs, increased welfare and unemployment payments, and depressed tax receipts weighed heavily on government balance sheets. How can the nation-states restore public finances and promote strong and sustainable economic…
Will new regulation enable us to avoid future crises? Do we not have laws which need just to be enforced ? The current crisis have enlightened deficiencies in financial regulation, in prudential oversight regarding stability of the financial system overall, and also in boards capability to protect the interest of…
Does financial stability need help from monetary policy? The answer is yes, but it must be emphasised that the way the question is posed is important. The question is not whether monetary policy should target asset prices. The question is how monetary policy can be more symmetrical and lean against…
The ongoing economic crisis has revealed the necessity of global governance and has provided a proof that national states have a key role to play as regulators. This economic decline is an opportunity to review deregulation policies and to reflect on imperfections of the market economy which has become excessively…
The crisis has underscored the interdependent relations, particularly in the financial sector, which make global governance a necessity. National debt, demographic flows, climate change: the challenges of tomorrow demand a global vision for the future. But how are we to raise awareness on these issues and foster the emergence of…
The global imbalances leading up to the crisis was in many cases accompanied by growing inequalities in our societies, that have raised questions about whether traditional measures of a country's general economic well-being built around macro-economic statistics are able to capture the reality of people's lives in a complex globalised…
The new economics claim that the assumption that people have perfect information is unrealistic in many important markets. In the real world, banks and top executives might not be able to judge which start-up business are deserving of loans and which are risky. Now do they have the knowledge to…
The recent economic crisis inflicted substantial damage on the public finances of many countries around the world. Enormous stimulus programmes, bank bail-outs, increased welfare and unemployment payments, and depressed tax receipts weighed heavily on government balance sheets. How can the nation-states restore public finances and promote strong and sustainable economic…
Globalization calls for globally binding values to create a sound base for trans-national legal system. The question of cross-cultural global values and ethical standard is crucial for the success of global market economy and can be addressed in despite all the differences. Is a global consensus possible in a era…