Economic Development and Financial Instability

Jan A. Kregel is a senior scholar at the Levy Economics Institute of Bard College, director of its Monetary Policy and Financial Structure program, and Professor of Development Finance at Tallinn University of Technology, Estonia.

• Foreword by G. C. Harcourt; Publication History; I. Theoretical Discussions; 1. Financial Markets and Economic Development: Myths and Institutional Reality; 2. External Financing for Development and International Financial Instability; 3. Capital Flows: Globalization of Production and Financing Development; 4. Some Risks and Implications of Financial Globalization for National Policy Autonomy; 5. Two Views on the Obstacles to Development; 6. Can We Create a Stable International Financial Environment that Ensures Net Resource Transfers to Developing Countries?; 7. Natural Instability of Financial Markets; 8. Trying to Serve Two Masters: The Dilemma of Financial Regulation; II. Finance for Development; 9. East Asia Is Not Mexico: The Difference Between Balance of Payments Crises and Debt Deflations; 10. “Yes ‘IT’ Happened Again”: The Minsky Crisis in Asia; 11. Financial Liberalization and Domestic Policy Space: Theory and Practice with Reference to Latin America; 12. Derivatives and Global Capital Flows: Applications to Asia; 13. Was There an Alternative to Brazilian Crisis?; 14. An Alternative View of the Argentine Crisis: Structural Flaws in Structural Adjustment Policy; 15. The Discrete Charm of the Washington Consensus; III. The Crisis in the US and the EU; 16. Alternative Economic Analyses of German Monetary and Economic Unification: Monetarist and Post Keynesian; 17. Currency Stabilisation through Full Employment: Can EMU Combine Price Stability with Employment and Income Growth?; 18. Minsky’s “Cushions of Safety,” Systemic Risk and the Crisis, in the Subprime Mortgage Market; 19. Why Don’t the Bailouts Work? Design of a New Financial System versus a Return to Normalcy; 20. Is This the Minsky Moment for Reform of Financial Regulation?; 21. Debtors’ Crisis or Creditors’ Crisis? Who Pays for the European Sovereign and Subprime Mortgage Losses?; 22. Six Lessons from the Euro Crisis; 23. Minsky and the Narrow Banking Proposal: No Solution for Financial Reform; Index