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The world is currently still struggling with the aftermath of the worst economic crisis since the Great Depression. Following a description of the eruption, evolution and consequences of the global crisis, this paper reviews alternative hypotheses for the causes of the global financial crisis as well as their empirical evidence. The paper refutes the frequently voiced view that the global crisis was caused by global imbalances that reflected economic policies of East Asian countries. Instead, it argues that global imbalances were the result of excess demand in the United States, resulting from both the public debt in the United States arising from the Afghanistan and Iraqi wars and tax cuts and the overconsumption by households supported by the wealth effect from the housing bubble in the United States. The housing bubble itself was the outcome of the Federal Reserve's low interest rate policy in the aftermath of the burst of the "dot-com" bubble in 2001, the lack of appropriate financial regulation, and housing policies aimed at expanding the mortgage market to low-income borrowers. It was possible to maintain the large trade deficits of the United States for such a long period of time because of the dollar's reserve currency status. When the housing bubble in the United States burst, the global crisis ensued. The paper also analyzes why China's trade surplus increased significantly in general and with the United States in particular in recent years, and argues that this increase was caused by both the relocation of the labor-intensive tradable sector of East Asian economies to China and high corporate saving rates in China as a result of its dual-track approach to reform.

Access to Finance --- China's trade surplus --- Currencies and Exchange Rates --- Debt Markets --- Economic Theory & Research --- Emerging Markets --- Finance and Financial Sector Development --- Financial sector deregulation --- Global financial crisis --- Macroeconomics and Economic Growth --- Real estate bubble

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The world is currently still struggling with the aftermath of the worst economic crisis since the Great Depression. Following a description of the eruption, evolution and consequences of the global crisis, this paper reviews alternative hypotheses for the causes of the global financial crisis as well as their empirical evidence. The paper refutes the frequently voiced view that the global crisis was caused by global imbalances that reflected economic policies of East Asian countries. Instead, it argues that global imbalances were the result of excess demand in the United States, resulting from both the public debt in the United States arising from the Afghanistan and Iraqi wars and tax cuts and the overconsumption by households supported by the wealth effect from the housing bubble in the United States. The housing bubble itself was the outcome of the Federal Reserve's low interest rate policy in the aftermath of the burst of the "dot-com" bubble in 2001, the lack of appropriate financial regulation, and housing policies aimed at expanding the mortgage market to low-income borrowers. It was possible to maintain the large trade deficits of the United States for such a long period of time because of the dollar's reserve currency status. When the housing bubble in the United States burst, the global crisis ensued. The paper also analyzes why China's trade surplus increased significantly in general and with the United States in particular in recent years, and argues that this increase was caused by both the relocation of the labor-intensive tradable sector of East Asian economies to China and high corporate saving rates in China as a result of its dual-track approach to reform.

Access to Finance --- China's trade surplus --- Currencies and Exchange Rates --- Debt Markets --- Economic Theory & Research --- Emerging Markets --- Finance and Financial Sector Development --- Financial sector deregulation --- Global financial crisis --- Macroeconomics and Economic Growth --- Real estate bubble

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The global financial crisis has made it painfully clear that powerful psychological forces are imperiling the wealth of nations today. From blind faith in ever-rising housing prices to plummeting confidence in capital markets, ""animal spirits"" are driving financial events worldwide. In this book, acclaimed economists George Akerlof and Robert Shiller challenge the economic wisdom that got us into this mess, and put forward a bold new vision that will transform economics and restore prosperity. Akerlof and Shiller reassert the necessity of an active government role in economic policymakin

Economics --- Finance --- Capitalism. --- Globalization. --- Psychological aspects. --- Animal spirits (Keynes). --- Asset. --- Bank run. --- Bankruptcy. --- Behavioral economics. --- Bond market. --- Central bank. --- Commercial paper. --- Consumer. --- Consumption (economics). --- Corruption. --- Credit (finance). --- Currency. --- Debt. --- Deflation. --- Deposit account. --- Dividend. --- Economic growth. --- Economic policy. --- Economic problem. --- Economics. --- Economist. --- Economy of the United States. --- Economy. --- Employment. --- Expenditure. --- Finance. --- Financial crisis. --- Financial institution. --- Financial services. --- Fiscal policy. --- Full employment. --- Hedge fund. --- Income. --- Inflation. --- Interest rate. --- Investment. --- Investor. --- Involuntary unemployment. --- Keynesian economics. --- Lehman Brothers. --- Leverage (finance). --- Macroeconomics. --- Market liquidity. --- Milton Friedman. --- Monetary policy. --- Money illusion. --- Mortgage loan. --- National Bureau of Economic Research. --- Payment. --- Prediction. --- Real estate appraisal. --- Real estate bubble. --- Real versus nominal value (economics). --- Recession. --- Saving. --- Shadow banking system. --- Share price. --- Stock market crash. --- Stock market. --- Supply (economics). --- Tax. --- Trade-off. --- Uncertainty. --- Unemployment. --- Value (economics). --- Wage. --- Wealth. --- World economy.

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A unique, stunningly illustrated look at the origins, development, and future prospects of citiesMore than half the world's population lives in cities, and that proportion is expected to rise to three-quarters by 2050. Urbanization is a global phenomenon, but the way cities are developing, the experience of city life, and the prospects for the future of cities vary widely from region to region. The Atlas of Cities presents a unique taxonomy of cities that looks at different aspects of their physical, economic, social, and political structures; their interactions with each other and with their hinterlands; the challenges and opportunities they present; and where cities might be going in the future.Each chapter explores a particular type of city—from the foundational cities of Greece and Rome and the networked cities of the Hanseatic League, through the nineteenth-century modernization of Paris and the industrialization of Manchester, to the green and "smart" cities of today. Expert contributors explore how the development of these cities reflects one or more of the common themes of urban development: the mobilizing function (transport, communication, and infrastructure); the generative function (innovation and technology); the decision-making capacity (governance, economics, and institutions); and the transformative capacity (society, lifestyle, and culture).Using stunning info-graphics, maps, charts, tables, and photographs, the Atlas of Cities is a comprehensive overview of the patterns of production, consumption, generation, and decay of the twenty-first century’s defining form.Presents a one-of-a-kind taxonomy of cities that looks at their origins, development, and future prospectsFeatures core case studies of particular types of cities, from the foundational cities of Greece and Rome to the "smart" cities of todayExplores common themes of urban development, from transport and communication to lifestyle and cultureIncludes stunning info-graphics, maps, charts, tables, and photosCities Featured:Abuja, Alexandria, Amsterdam, Athens, Augsburg, Babylon, Beijing, Berlin, Brasilia, Bruges, Budapest, Cairo, Canberra, Chandigarh, Chicago, Constantinople, Curitiba, Detroit, Dubai, Dublin, Düsseldorf, Florence, Frankfurt, Freiburg, Geneva, Ghent, Glasgow, Güssing, Hong Kong, Innsbruck, Istanbul, Jakarta, Karachi, Knossos, Las Vegas, London, Los Angeles, Lübeck, Manchester, Marseille, Masdar City, Mexico City, Miami, Milan, Mumba, Mumbai, Nairobi, New York, Paris, Pella, Portland, Rome, San Francisco, Santorini, São Paulo, Seoul, Shanghai, Sheffield, Singapore, Sparta, St. Petersburg, Stockholm, Sydney, Syracuse, Tokyo, Vancouver, Venice, Vienna, Washington, D.C., Wildpoldsried

Urbanization --- Metropolitan areas --- Cities and towns --- Bangkok. --- Beijing. --- Bollywood. --- Bruges. --- Byzantium. --- Caracas. --- Carbon footprint. --- Celebrity culture. --- Central London. --- Central business district. --- Centre Georges Pompidou. --- Champagne fairs. --- Chapter 9. --- Chicago school (architecture). --- China. --- City-state. --- City. --- CityLife (Milan). --- Classical Athens. --- Colonial exhibition. --- Commercial Revolution. --- Constantinople. --- Construction. --- Contemporary society. --- Conurbation. --- Cosmopolitanism. --- Creative class. --- Cycling. --- Deindustrialization. --- Developed country. --- Dharavi. --- Diego Rivera. --- Economic development. --- Economic growth. --- Electronic Road Pricing. --- Entrepreneurship. --- Fashion in Milan. --- Fatih. --- Federal district. --- Financial Times. --- Gentrification. --- Global city. --- Globalization. --- Governance. --- Green economy. --- Guangzhou. --- Haussmann's renovation of Paris. --- High-speed rail. --- Hinterland. --- Ho Chi Minh City. --- Home appliance. --- Housing development. --- Industrialisation. --- Infrastructure. --- Inward investment. --- Kolkata. --- Kuala Lumpur. --- Latin America. --- Latin American integration. --- Living lab. --- Long Walls. --- Masdar City. --- Mediterranean Sea. --- Megacity. --- Merchant capitalism. --- Metropolitan area. --- Mexico City. --- Michael Bloomberg. --- Modernity. --- Mumbai. --- New York City. --- Overurbanization. --- Public transport. --- Real estate bubble. --- Residential area. --- Restaurant. --- Retail. --- Roman Empire. --- Rue de Rivoli. --- Secondary city. --- Seoul. --- Service economy. --- Slum. --- Suburb. --- Suburbanization. --- Sustainability. --- Sustainable city. --- Swinging London. --- Technology. --- The Economist. --- The Iconic. --- Tourism. --- Urban geography. --- Urban planning. --- Urban renewal. --- Urban revolution. --- Urban sprawl. --- Urbanization. --- Wealth. --- Welser.