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The Influence of Uncertainty in a Changing Financial Environment

An Inquiry into the Root Causes of the Great Recession of 2007-2008

  • Ricardo A. Halperin

Table of contents

  1. Front Matter
    Pages i-xi
  2. Ricardo A. Halperin
    Pages 1-13
  3. Crisis!

    1. Front Matter
      Pages 15-15
    2. Ricardo A. Halperin
      Pages 17-45
    3. Ricardo A. Halperin
      Pages 47-61
  4. The Financial Revolution

    1. Front Matter
      Pages 63-63
    2. Ricardo A. Halperin
      Pages 65-88
    3. Ricardo A. Halperin
      Pages 89-105
  5. The Evolution of Economic Theory

    1. Front Matter
      Pages 107-107
    2. Ricardo A. Halperin
      Pages 109-150
    3. Ricardo A. Halperin
      Pages 151-166
    4. Ricardo A. Halperin
      Pages 167-178
    5. Ricardo A. Halperin
      Pages 179-193
  6. Theory Confronts Reality

    1. Front Matter
      Pages 195-195
    2. Ricardo A. Halperin
      Pages 197-202
    3. Ricardo A. Halperin
      Pages 203-220
    4. Ricardo A. Halperin
      Pages 221-238
  7. Looking Forward

    1. Front Matter
      Pages 239-239
    2. Ricardo A. Halperin
      Pages 241-253
    3. Ricardo A. Halperin
      Pages 255-266
    4. Ricardo A. Halperin
      Pages 267-273
  8. Back Matter
    Pages 275-287

About this book

Introduction

This book examines the role of uncertainty on financial decisions - and, consequently, on financial markets - in the buildup to and aftermath of the Great Recession. It tracks the significant growth and important structural changes in the financial sector during the past few decades, both of which made the economy more vulnerable to perceptions of risk in the markets. Halperin argues that conventional economic models have lost relevance by failing to take these developments into account appropriately, and also explains that because of financial globalization we can no longer understand what happens in the economies of major countries by relying on "closed-economy" thinking. The book concludes with a list of policy recommendations designed to increase the resilience of the financial markets to negative economic developments and to reduce incentives for risk taking, including a proposal to eliminate the double taxation of dividends.

Keywords

shadow bank physiocrat Radcliffe Report united states Dodd-Frank bill Basel agreements

Authors and affiliations

  • Ricardo A. Halperin
    • 1
  1. 1.Retired from the World BankUSA

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-319-48778-6
  • Copyright Information The Editor(s) (if applicable) and the Author(s) 2017
  • Publisher Name Palgrave Macmillan, Cham
  • eBook Packages Economics and Finance
  • Print ISBN 978-3-319-48777-9
  • Online ISBN 978-3-319-48778-6
  • Buy this book on publisher's site