The financial crisis reconsidered : the mercantilist origin of secular stagnation and boom-bust cycles / Daniel Aronoff.
Aronoff, Daniel, 1961- author.
2016
HB3717 2008 .A76 2016eb
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Title The financial crisis reconsidered : the mercantilist origin of secular stagnation and boom-bust cycles / Daniel Aronoff.
Author Aronoff, Daniel, 1961- author.
ISBN 9781137547897 (electronic book)
1137547898 (electronic book)
9781137553683
DOI https://doi.org/10.1057/9781137547897
Published Basingstoke, Hampshire : Palgrave Macmillan, 2016.
Language English
Description 1 online resource (xvi, 291 pages)
Other Standard Identifiers 10.1057/9781137547897 doi
Call Number HB3717 2008 .A76 2016eb
Dewey Decimal Classification 330.9/0511
Summary In The Financial Crisis Reconsidered, Aronoff challenges the conventional view that reckless credit produced the US housing boom and the financial crisis, explaining how the large current account deficit, and its mercantilist origin, was a more fundamental cause. He also demonstrates that the decision to provide relief for bank creditors rather than underwater homeowners was responsible for the prolonged recession that followed the crisis. Aronoff proposes a novel theory to account for the ultimate origins of secular stagnation and economic volatility. He shows how accumulation, which occurs when a person or country earns more than it ever plans to spend, generates both an excess of saving and a deficiency in demand. While savings provide the funds to promote booms, under-consumption ensures that these booms will turn bust and that the economy will fall short of its potential growth rate. Aronoff argues that mercantilists and top income earners engage in accumulation, and that the influence of both types has grown in recent decades. Combining economic theory and historical narrative, this book offers a new perspective of the housing boom and the financial crisis, concluding with innovative policy proposals to reduce accumulation without compromising the benefits of a market economy.
Bibliography, etc. Note Includes bibliographical references and index.
Access Note Access limited to authorized users.
Source of Description Online resource; title from PDF title page (viewed April 19, 2016).
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Cover ; Half-Title ; Title ; Copyright ; Contents ; List of Figures and Tables ; Preface ; Acknowledgments ; Part I The Current Account Deficit and the US Housing Boom: Establishing the Connections ; 1 The Metamorphosis of China's Trade Policy ; 2 The Current Account Deficit and the Housing Boom ; 3 Mercantilism and the Current Account Deficit ; 4 The Current Account Deficit: A Necessary Condition for the Housing Boom ; Part II The Capital Flow Bonanza, the Credit Explosion, and the US Housing Boom: Channels of Transmission ; 5 A Review of Explanations for the Housing Boom

6 Decision-Making during the Housing Boom 7 The Capital Flow Bonanza and the Housing Boom ; 8 The Role of Policy during the Housing Boom ; Part III Accumulation and Secular Stagnation: Identifying the Underlying Malady ; 9 Accumulation and Secular Stagnation: Part I, Theory ; 10 Accumulation and Secular Stagnation: Part II, Application ; Part IV The Financial Crisis, I: The Meltdown and the Successful Initial Policy Response ; 11 Descent into the Abyss ; 12 The Initial Policy Response ; Part V The Financial Crisis, II: The Limits of Conventional Policy in a Balance Sheet Recession

13 The Dilemma of Policy in a Balance Sheet Recession Part VI Policy Options: How to Exit the Balance Sheet Recession and End Secular Stagnation ; 14 Policy Options ; Notes ; Index

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