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The Global Economic and Financial Crisis: Which Way Forward?

In: An Assessment of the Global Impact of the Financial Crisis

Author

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  • Ajit Singh
  • Ann Zammit

Abstract

This chapter provides a review and commentary on the current financial and economic crisis. It considers important analytical and policy issues from a global and North-South perspective. The analytical issues include the reasons for the better than expected performance of the world economy following the early period of acute crisis, the role of global financial imbalances, and whether or not economic theory has been helpful in explaining the causes of the crisis. It is argued that close international cooperation and policy coordination are essential to continued recovery and improvement in the distribution of the fruits of growth. Cooperation and financial regulation are particularly necessary in order to prevent international contagion and cascading sovereign debt defaults.

Suggested Citation

  • Ajit Singh & Ann Zammit, 2011. "The Global Economic and Financial Crisis: Which Way Forward?," Palgrave Macmillan Books, in: Philip Arestis & Rogério Sobreira & José Luis Oreiro (ed.), An Assessment of the Global Impact of the Financial Crisis, chapter 3, pages 36-59, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-30691-2_3
    DOI: 10.1057/9780230306912_3
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    References listed on IDEAS

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    1. Glyn, Andrew & Hughes, Alan & Lipietz, Alan & Sigh, Ajit, "undated". "The Rise and Fall of the Golden Age," WIDER Working Papers 295573, United Nations University, World Institute for Development Economic Research (UNU-WIDER).
    2. Fishlow, Albert, 1987. "Some Reflections on Comparative Latin American Economic Performance and Policy," Department of Economics, Working Paper Series qt205388wm, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    3. Fishlow, Albert, 1987. "Some Reflections on Comparative Latin American Economic Performance and Policy," Department of Economics, Working Paper Series qt205388wm, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    4. Richard N. Cooper, 2005. "Living with Global Imbalances: A Contrarian View," Policy Briefs PB05-03, Peterson Institute for International Economics.
    5. Singh, Ajit., 2007. "Globalisation, industrial revolutions in India and China and labour markets in advanced countries : implications for national and international economic policy," ILO Working Papers 993979343402676, International Labour Organization.
    6. repec:ilo:ilowps:397934 is not listed on IDEAS
    7. S. Narayan, 2009. "India," Chapters, in: Peter Draper & Philip Alves & Razeen Sally (ed.), The Political Economy of Trade Reform in Emerging Markets, chapter 7, Edward Elgar Publishing.
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    Cited by:

    1. Ajit Singh & Ann Zammit, 2019. "Globalisation, labour standards and economic development," Chapters, in: Jonathan Michie (ed.), The Handbook of Globalisation, Third Edition, chapter 12, pages 202-224, Edward Elgar Publishing.
    2. Ajit Singh, 2011. "Comparative advantage, industrial policy and the World Bank: back to first principles," Policy Studies, Taylor & Francis Journals, vol. 32(4), pages 447-460.
    3. Cripps, Francis & Izurieta, Alex & Singh, Ajit, 2011. "Global imbalances, under-consumption and overborrowing: the state of the world economy & future policies," MPRA Paper 39049, University Library of Munich, Germany.
    4. Cripps, F. & Izurieta, A. & Singh, A., 2011. "Global Imbalances, Under-Consumption and Over-Borrowing: The State of the World Economy and Future Policies," Working Papers wp419, Centre for Business Research, University of Cambridge.

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    More about this item

    Keywords

    Monetary Policy; Financial Crisis; International Monetary Fund; Current Account; Current Crisis;
    All these keywords.

    JEL classification:

    • F3 - International Economics - - International Finance
    • F6 - International Economics - - Economic Impacts of Globalization
    • G0 - Financial Economics - - General
    • G2 - Financial Economics - - Financial Institutions and Services

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