The Influence of Uncertainty in a Changing Financial Environment
An Inquiry into the Root Causes of the Great Recession of 2007-2008
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The Influence of Uncertainty in a Changing Financial Environment
An Inquiry into the Root Causes of the Great Recession of 2007-2008
About This Book
This book examines the role of uncertainty on financial decisions - and, consequently, on financial markets - in the buildup to and aftermath of the Great Recession. It tracks the significant growth and important structural changes in the financial sector during the past few decades, both of which made the economy more vulnerable to perceptions of risk in the markets. Halperin argues that conventional economic models have lost relevance by failing to take these developments into account appropriately, and also explains that because of financial globalization we can no longer understand what happens in the economies of major countries by relying on "closed-economy" thinking. The book concludes with a list of policy recommendations designed to increase the resilience of the financial markets to negative economic developments and to reduce incentives for risk taking, including a proposal to eliminate the double taxation of dividends.
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Table of contents
- Dedication
- Acknowledgments
- Contents
- About the Author
- Chapter 1: A Failure of Imagination
- Part I: Crisis!
- Part II: The Financial Revolution
- Part III: The Evolution of Economic Theory
- Part IV: Theory Confronts Reality
- Part V: Looking Forward
- Bibliography
- Index