Download An Assessment of the Global Impact of the Financial Crisis by Philip Arestis, Rogério Sobreira, José Luis Oreiro PDF

By Philip Arestis, Rogério Sobreira, José Luis Oreiro

This topical volume analyzes the influence of the 2008 monetary predicament. It considers the origins and reasons of the present crisis, examines the regulatory implications and, with particular specialise in constructing nations, it presents a technique for fiscal development which could warrantly monetary balance sooner or later.

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The repeal of the Glass–Steagall Act in 1999 allowed the merging of commercial and investment banking, thereby enabling financial institutions to separate loan origination from loan portfolio; thus the originate-and-distribute model. Indeed, financial institutions were able to use risk management in their attempt to dispose of their loan portfolio. 2 This was fostered by a new financial architecture in the form of securitisation and slicing risk through repackaging subprime mortgages, which were turned into CMOs and CDOs.

20), and that ‘the use of credit aggregates, rather than monetary aggregates, is of crucial importance’ a result that leads to the further conclusion that ‘credit is a superior predictor, because it better captures important, time-varying features of bank balance sheets such as leverage and non-monetary liabilities’ (p. 22). An important implication of these results for monetary policy purposes is that to the extent financial stability is the focus of monetary policy, then a better instrument to focus on is credit aggregates in view of its superior power to predict incipient crises.

More precisely in 1977, when the US started to deregulate its financial system. There was the deregulation of commissions for stock trading in 1977 to begin with, and subsequently investment banks were allowed to introduce unsecured current accounts. The removal of Regulation Q in the 1980s followed, that is removing the placing of ceilings on retail-deposit interest rates. The repeal in 1999 of the key regulation – the Glass–Steagall Act of 1933 (promoted by the US financial sector, using as their main argument the Big Bang of 1986 in the UK) – was the most important aspect of US financial liberalisation for the purposes of the question in hand.

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