The World’s New Normal Economic System

Dimitris N. Chorafas

Chapter 1 in Sovereign Debt Crisis, 2011, pp 3-21 from Palgrave Macmillan

Abstract: Abstract In the ‘go-go’ years which followed the 1994 crisis of debt instruments, Alan Greenspan, then chairman of the Federal Reserve, coined the term ‘New Economy’. This he defined as defying the laws of gravity by producing more and more wealth, practically forever. We now know that such talk was a chimera, while the tandem of bubbles it produced in 2000 and 2007 were real. Their origin was not difficult to detect:

Keywords: Interest Rate; Gross Domestic Product; Monetary Policy; Central Bank; Balance Sheet (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-30712-4_1

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DOI: 10.1057/9780230307124_1

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