The Global Macro Economy and Finance

by Franklin Allen, Joseph E. Stiglitz (Editor), Masahiko Aoki, R. Gordon (Editor), J. Fitoussi (Editor)

Overview

This volume explores the measurement of economic and social progress in our societies, and proposes new frameworks to integrate economic dimensions with other aspects of human well-being. Leading economists analyse the light that the recent crisis has shed on the global economic architecture, and the policies needed to address these systemic risks.

Product Details

ISBN-13:	9781137034243
Publisher:	Palgrave Macmillan UK
Publication date:	10/18/2012
Series:	International Economic Association Series
Edition description:	2012
Pages:	338
Product dimensions:	6.10(w) x 9.10(h) x 0.80(d)

About the Author

FRANKLIN ALLEN, University of Pennsylvania, USA

MASAHIKO AOKI, Stanford University, USA
JEAN-PAUL FITOUSSI, Science Po, France

NOBUHIRO KIYOTAKI, Princeton University, USA

ROGER GORDON, University of California, San Diego, USA

JOSEPH STIGLITZ, Columbia University, USA

Table of Contents

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