Time for a Visible Hand

Lessons from the 2008 World Financial Crisis

Edited by Stephany Griffith-Jones, José Antonio Ocampo, and Joseph E. Stiglitz

Initiative for Policy Dialogue

Highly topical volume on the current financial crisis
Contributions from leading scholars including Nobel Laureate Joseph E. Stiglitz
Provides the reader with a good understanding of the current crisis including underlying reasons and solutions
Written so that both experts and non-experts will find it accessible and easy to read
Provides an alternative approach to the conventional wisdom that failed

Time for a Visible Hand

Lessons from the 2008 World Financial Crisis

Edited by Stephany Griffith-Jones, José Antonio Ocampo, and Joseph E. Stiglitz

Initiative for Policy Dialogue

Description

The financial crisis, which originated in developed country financial markets, quickly spread to developing countries. Governments and central banksthough taking many and costly measures were powerless to stop the global economic meltdown, as economies across the globe went into recession. The depth of the financial crisis means that the world economy is in unchartered territory. How do we restore robust growth and prevent another crisis? This book aims to systematically understand current major problems in the financial system, its governance, and in its links to global economic imbalances. It explains how both market actors and regulators behavior, and the prevailing ideology of extreme financial liberalization and deregulation, contributed to the financial crisis.
This highly topical book focuses on the transparency and regulatory measures that are necessary to restore confidence in the financial system, to ensure that the financial system performs the roles that it should perform within both developing and developed countries, and to make a recurrence less likely. The book also describes reforms in the global financial architecture that might make the global financial system more stable and more equitable. The book presents sometimes radical, but specific, pragmatic, and politically feasible proposals to try to ensure a more stable, equitable, and growing world economy.
Contributions come from both developed and developing countries and are written by leading authorities in their field, including senior nationalas well as internationalpolicy makers, practitioners from the private sector, and leading academics.

Time for a Visible Hand

Lessons from the 2008 World Financial Crisis

Edited by Stephany Griffith-Jones, José Antonio Ocampo, and Joseph E. Stiglitz

Initiative for Policy Dialogue

1:Introduction, Stephany Griffith-Jones, Jose Antonio Ocampo, and Joseph E. Stiglitz
Part I: The Crisis in the United States
2:The Financial Crisis of 2007-2008 and its Macroeconomic Consequences, Joseph E. Stiglitz
3:Subprime Finance: Yes, We are Still in Kansas, Gerald Caprio, Jr.
4:Background Considerations to a Re-regulation of the U.S. Financial System: Third time a Charm? Or Strike Three?, Jan Kregel
5:Responding to the Crisis, Joseph E. Stiglitz
Part II: Reforming Financial Regulation
6:Central Banks, Liquidity and the Banking Crisis, Philip Turner
7:Agenda and Criteria for Financial Regulatory Reform, Jane d'Arista and Stephany Griffith-Jones
8:The Role of Policy and Banking Supervision in the Light of the Credit Crisis, Avinash D. Persaud
9:How, If at All, should Credit Rating Agencies (CRAs) be Regulated?, C.A.E. Goodhart
10:Credit Default Swaps (CDSs): The Keys to Financial Reform, Perry Mehrling
11:Governing the Regulatory System, Marion Williams
Part III: Developing Country Perspectives
12:The Management of Capital Flows and Financial Vulnerability in Asia, Yilmaz Akyüz
13:Regulation of Financial Sector in Developing Countries: Lessons from the 2008 Financial Crisis, Y.V. Reddy
14:Economic Development and the International Financial System, Roberto Frenkel and Martin Rapetti
15:The Accumulation of International Reserves as a Defense Strategy, Fernando J. Cardim de Carvalho
Part IV: Reforming the Global Monetary System
16:Reforming the Global Reserve System, José Antonio Ocampo
17:A Modest Proposal for International Monetary Reform, Bruce Greenwald and Joseph E. Stiglitz

Time for a Visible Hand

Lessons from the 2008 World Financial Crisis

Edited by Stephany Griffith-Jones, José Antonio Ocampo, and Joseph E. Stiglitz

Initiative for Policy Dialogue

Author Information

Edited by Stephany Griffith-Jones, University Professor Columbia University, Financial Markets Program Director, Initiative for Policy Dialogue, José Antonio Ocampo, Professor and Co-President Initiative for Policy Dialogue at Columbia University, and Joseph E. Stiglitz, Professor and Co-President Initiative for Policy Dialogue at Columbia University

Contributors:

Stephany Griffith-Jones, Columbia University
Jose Antonio Ocampo, Columbia University
Joseph E. Stiglitz, Columbia University and Brooks World Poverty Institute
Gerald Caprio, Jr., Williams College
Jan Kregel, The Levy Economics Institute of Bard College
Philip Turner, Bank for International Settlements
Jane d'Arista, Director of Programs for the Financial Markets Center
Avinash D. Persaud, Chairman of Intelligence Capital Limited, Chairman of the Warwick Commission, Co-Chair of the OECD EmNet and Professor Emeritus, Gresham College.
C.A.E. Goodhart, Financial Markets Group and London School of Economics.
Perry Mehrling, Barnard College, Columbia University
Marion Williams, Governor of the Central Bank of Barbados
Yilmaz Akyüz, Former Director, Division on Globalization and Development Strategies, UNCTAD, Geneva
Y.V. Reddy, Former Governor of the Reserve Bank of India
Roberto Frenkel, Principal Research Associate at CEDES and Professor at the University of Buenos Aires
Martin Rapetti, CEDES and University of Massachusetts, Amherst
Fernando J. Cardim de Carvalho, Institute of Economics, Federal University of Rio de Janeiro
Bruce Greenwald, Columbia University

Time for a Visible Hand

Lessons from the 2008 World Financial Crisis

Edited by Stephany Griffith-Jones, José Antonio Ocampo, and Joseph E. Stiglitz

Initiative for Policy Dialogue

Reviews and Awards

"Indispensable... Readers of Time for a Visible Hand can expect to be well-informed and well-equipped after being exposed to such a wide range of thinkers and policy-makers. This publication may well take on a definitive textbook status in years to come." - Philip Ford, Journal of General Management