Financial Crises

    Credit-financed markets are inherently unstable. Inevitably, the pattern of payment promises doesn't align with actual ability to pay. What happens then depends on institutions, regulations and management. Today, the credit system is global, and so also is the prospect of financial instability.

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    The China Delusion

    The current bout of exchange rate anxiety is really just a symptom of the fact that China’s transition from an export-led growth strategy to one propelled by domestic consumption is proceeding far less smoothly than hoped. Read more

    What Kind of Theory to Guide Reform and Restructuring of the Financial and Non-Financial Sectors?

    The purpose of the paper is to argue for attention to be paid, not only to choice of theory, but also to choice of theoretical approach, in order to address issues posed by the crisis. Read more