Financial Globalisation, Systemic Risk and Monetary Control in OECD Countries

Michel Aglietta

Chapter 1 in Financial Fragility, Debt and Economic Reforms, 1996, pp 13-34 from Palgrave Macmillan

Abstract: Abstract The present situation of the world economy is difficult, intriguing and perilous. It is forcing the economic profession to question its common wisdom without complacency. The tide of monetarism is receding with the main exception of its German stronghold where it does no good for Europe. The real business cycle theory appears almost ludicrous in the midst of a financially induced recession. The war against inflation has been blurred by the laxity of the monetary authorities towards asset price inflation. Their subsequent powerlessness to lead the economies of the industrial countries out of recession is largely due to their inappropriate perception of the magnitude of the financial adjustment in the private sector.

Keywords: Monetary Policy; Central Bank; Asset Price; Credit Risk; Systemic Risk (search for similar items in EconPapers)
Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-13801-2_2

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DOI: 10.1007/978-1-349-13801-2_2

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