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This volume explores fundamental macroeconomic and financial issues of today from fresh perspectives. Bringing together leading scholars and practitioners in the fields, it analyzes the light that the recent crisis has shed on the global macro economy, sectoral structure and financial architecture, and proposes policies needed to address systemic financial risks and foster a sustainable growth. It also explores the measurement of economic and social progress in our societies, and proposes new frameworks to integrate economic dimensions with other aspects of human wellbeing. This volume provides valuable suggestions for how to foster robust recovery from the crisis, and how to prevent its recurrence.
List of Tables vii
List of Figures viii
Notes on Contributors x
Foreword xiii
Introduction Franklin Allen Masahiko Aoki Jean-Paul Fitoussi Roger Gordon Nobuhiro Kiyotaki Joseph E. Stiglitz 1
Part I Beyond GDP
1 On the Measurement of Social Progress and Wellbeing: Some Further Thoughts Jean-Paul Fitoussi Joseph E. Stiglitz 13
2 The Role of Statistics in the United States' Economic Future J. Steven Landefeld Shaunda Villones 25
3 Measuring Equitable and Sustainable Wellbeing in Italy Enrico Giovannini Tommaso Rondinella 38
Part II Structural Imbalances, Financial Frictions and Externalities
4 Sectoral Imbalances and Long-run Crises Domenico Delli Gatti Mauro Gallegatti Bruce C. Greenwald Alberto Russo Joseph E. Stiglitz 61
5 Capital Flows, Crises and Externalities Anton Korinek 98
6 Liquidity Shocks and Asset Prices in the Business Cycle Shouyong Shi 118
7 Whither Capitalism? Financial Externalities and Crisis Marcus Miller Lei Zhang 131
8 Bank Lending and Credit Supply Shocks Simon Gilchrist Egon Zakrajšek 154
9 A Mechanism Design Approach to Financial Frictions Nobuhiro Kiyotaki 177
Part III Behavior of Financial Institutions and Prudential Regulations
10 Systemic Risk and Macroprudential Regulation Franklin Allen Elena Carletti 191
11 Filling the Gaps - the Vienna Initiative and the Role of the International Financial Institutions in Crisis Management and Resolution Erik Berglof 211
12 Some Recent Progresses on Financial Structure and Development Justin Yifu Lin Lixin Colin Xu 224
13 The Race to Zero Andrew G. Haldane 245
14 A Model of Private Equity Fund Compensation Wonho Wilson Choi Andrew Metrick Ayako Yasuda 271
Part IV Taxation in a Globalized Economy
15 How Should Income from Multinationals Be Taxed? Roger Gordon 289
16 Taxing Multinationals in a World with International Mergers and Acquisitions: Should the Home Country Exempt Foreign Income? John Douglas Wilson 313
Index 329
Overview
This volume explores fundamental macroeconomic and financial issues of today from fresh perspectives. Bringing together leading scholars and practitioners in the fields, it analyzes the light that the recent crisis has shed on the global macro economy, sectoral structure and financial architecture, and proposes policies needed to address systemic financial risks and foster a sustainable growth. It also explores the measurement of economic and social progress in our societies, and proposes new frameworks to ...