By Dimitrios D. Thomakos, Platon Monokroussos, Konstantinos I. Nikolopoulos
This e-book presents a radical evaluate of the new monetary situation from the viewpoint of either practitioners and teachers specialising within the area.
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Extra info for A Financial Crisis Manual: Reflections and the Road Ahead
We hope that the final outcome meets your expectations and that it will read as an effective manual for future reference: a work to be consulted, a source of knowledge where analogies may be recalled so as to anticipate to a certain extent (and definitely prepare better for) the future. In sum, a pool of useful lessons to be learned, most importantly via a learning process and “syllabus” provided by academics as well as experienced practitioners. ) from the Asian financial crisis back in 1997–1998: Nor did we learn the right lessons about how to respond when crisis strikes.
A more usual cyclical upswing was thus nurtured and allowed to take hold. In parallel, the second objective was serviced via the purchase and warehousing of dislocated assets, whose value was not consistent with the 20 Inachos Lazos path policy makers wanted to generate. This was done using central banks’ virtually unlimited power to do so, which was a clear indication that speculative capital should not technically try to resist this effort. But this went further as subsequently central bank policies worked to safeguard the initial gains by suppressing cyclical downside volatility through further expansion of their balance sheets.
In the decade since the introduction of the euro, France turned from a current account surplus economy into a deficit one as investment was directed away from tradables and competitiveness lost. Likewise in Greece, where a real estate bubble per se might be harder to identify, capital expenditure and credit were overwhelmingly directed to the non-tradable sectors. To different degrees the productive capacity of these economies was hollowed out as a matter of underinvestment. Policy makers failed to anticipate and identify these dynamics in time, and it appears that they are still misunderstanding them today.