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Crisi economiche e mercati finanziari: di aiuto un nuovo ordine finanziario?

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  • Mario Sarcinelli

    (Università degli Studi di Roma, Dipartimento di Scienze Economiche, Roma)

Abstract

he financial market crises in Japan and the United States due to bubbles and the exchange rate, banking and sometimes foreign debt crises that affected in past years South-East Asia, Russia, Brazil, Argentina, and Turkey made for a brief evaluation of the adequacy of national and international governance mechanisms for preventing and solving them. The widespread dissatisfaction they raise was instrumental in examining whether a larger recourse to finance and risk management is better than macroeconomic management and/or regulation. The types of contract sponsored by Robert J. Shiller in The New Financial Order: Risk in the 21st century have been scrutinised to see whether they offer a better chance to stabilise individual or national income. Even where such an outcome can be secured without aggravating moral hazard, the costs in terms of personal freedom and privacy seem to be particularly high.

Suggested Citation

  • Mario Sarcinelli, 2003. "Crisi economiche e mercati finanziari: di aiuto un nuovo ordine finanziario?," Moneta e Credito, Economia civile, vol. 56(224), pages 387-422.
    • Handle: RePEc:psl:moneta:2003:41
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    File URL: http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9813/9698
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    References listed on IDEAS

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    Cited by:

    1. Mario Sarcinelli, 2010. "Past and future regulation to prevent a systemic financial crisis," PSL Quarterly Review, Economia civile, vol. 63(253), pages 103-129.

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    More about this item

    Keywords

    Crisis; Debt; Exchange Rates; Foreign Debt;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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