Global Imbalances, Financial Crises, and Central Bank Policies - 1st Edition - ISBN: 9780128104026, 9780128104033

Global Imbalances, Financial Crises, and Central Bank Policies

1st Edition

Authors: Andreas Steiner
eBook ISBN: 9780128104033
Paperback ISBN: 9780128104026
Imprint: Academic Press
Published Date: 11th August 2016
Page Count: 204
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Description

Global Imbalances, Financial Crises, and Central Bank Policies assesses the relationships between global imbalances, financial crises, and central bank policies, with a specific focus on their reserves. The book contains a strictly international perspective with an analysis based on empirical research that enables the reader to develop an analytical model that emphasizes interactions among individual central banks. With this innovative approach, the book develops a new method for defining an optimal demand for reserves. In addition, the book describes implications for financial reforms that might ultimately be more important than its empirical findings.

Key Features

  • Presents a systematic account of the relationship between the build-up of reserves and central bank policies
  • Emphasizes a global view of currency reserves, which is usually ignored in analyses of their effect
  • Includes datasets as well as all illustrations and figures in online ancillary materials

Readership

Economics and finance upper-division undergraduates, graduate students, and professionals worldwide who need to know about the relationships between banks and financial crises

Table of Contents

1 Overview

2 Accounting for Official Capital Flows

3 Current Account Imbalances: The Role of Official Capital Flows

4 Determinants of the Public Budget Balance: The Role of Official Capital Flows

5 Reserve Accumulation and Financial Crises: From Individual Protection to Systemic Risk

6 Global Aspects of Central Bank Policies

Details

No. of pages:
204
Language:
English
Copyright:
© Academic Press 2016
Published:
Imprint:
Academic Press
eBook ISBN:
9780128104033
Paperback ISBN:
9780128104026

About the Author

Andreas Steiner

Andreas Steiner is an economist at the ifo Center for Business Cycle Analysis and Surveys. His papers have been published in the European Economic Review, the Review of International Economics, and the Journal of International Money and Finance, among other titles. He has lectured on International Trade Policy, European Economic Policy, and Economic Policy and Public Finance.

Affiliations and Expertise

Ifo Institute and Ifo Center for Business Cycle Analysis and Surveys, Munich, Germany

Reviews

"This book gives an excellent assessment of the emergence, causes and consequences of balance-of-payments imbalances in a large number of countries. It is a very timely analysis in view of the large imbalances arising from the financial crises of recent years, giving useful advice for the construction of a new and more stable financial world order."  --Hans-Werner Sinn, University of Munich and the Ifo Institute for Economic Research

"This book provides an insightful, timely, and fresh perspective on the global implications of the large hoarding of international reserves by emerging markets in recent decades, offering an essential analysis of global economics challenges in the twenty first century.  Dr. Andreas Steiner’s empirical analysis shows that international reserve accumulation lowers both the current account and the public budget balances of the reserve-currency’s supplier, possibly destabilizing the global system down the road."  --Joshua Aizenman, University of Southern California

"Global Imbalances, Financial Crises, and Central Bank Policies is a very well-conceived manuscript on the nexus of reserve hoarding and capital flow, and the implications for the global economy. The notion of national benefits against global negative externalities of reserve accumulation will interest both academics and policymakers."  --Yin-Wong Cheung, City University of Hong Kong