Financial cycles : sovereigns, bankers and stress tests /
By: Chorafas, Dimitris N
Material type: BookPublisher: Hampshire : Palgrave Macmillan, c2015.Description: xv, 242 p. ; 23 cm.ISBN: 9781137497970Subject(s): Business cycles | Financial crises | Finance | Monetary policyDDC classification: 338.5/42 Online resources: Location MapItem type | Home library | Call number | Status | Date due | Barcode | Item holds |
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REGULAR | University of Wollongong in Dubai Main Collection | 338.542 CH FI (Browse shelf) | Available | T0051619 |
, Shelving location: Main Collection Close shelf browser
338.542 BE PR Prosperity in the age of decline : | 338.542 CA CH Chicken soup for the soul : | 338.542 CA WH When bubbles burst : | 338.542 CH FI Financial cycles : | 338.542 CO MM The commonalities of global crises : | 338.542 CO OR The origin of financial crises : | 338.542 CY CL Cycles, growth and the Great Recession : |
Includes bibliographical references and index.
As financial positions expand, the economy becomes more vulnerable to adverse and unexpected developments taking place outside the six to seven year business cycle. Over 50 years ago Nikolai Kondratieff developed the theory of "The Long Waves in Economic Life", which incorporated an extended cycle of innovation and upward thrust, and changed our understanding of business cycles in financial settings. Financial Cycles concentrates on two areas that have thus far been omitted from mainstream economics. The first is the impact of the longer term financial cycle; the second is the beginning of de-globalization as the world enters an era of iron-glad economic blocks. Chorafas argues that to overcome the more narrow limits of the business cycle, we need to go beyond its traditional six to seven year focus and address the longer term. This includes the building-up and running-off of economic risks characterizing the financial cycle, as well as the appreciation of forces underwriting both its growth and its decay. An ever-increasing public debt and the behavior of the banking industry are two principal reasons why the structure of analysis characterizing the previous financial cycle no longer fits present-day realities. A new methodology starts getting in shape, even if it still has to acquire political legitimacy.