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Dealing with the Challenges of Macro Financial Linkages in Emerging Markets

The 2008 financial crisis highlighted the challenges associated with global financial integration, emphasized the importance of macro financial linkages and challenged pre-crisis financial stability regimes. Policies in both the macroeconomic and financial sector arenas are now being debated and reviewed, but the debate is currently taking place largely, if not exclusively, in the context of …

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Until Debt Do Us Part: Subnational Debt, Insolvency, and Markets

With decentralization and urbanization, the debts of state and local governments and of quasi-public agencies have grown in importance. Borrowing enables immediate benefits while distributing costs equitably across multiple generations, but carries the risks of free-riding by localities, burdening of future generations, and even insolvency. And the pressures on subnational finance are likely to continue …

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The Complacent Class: How America’s Dream Slowed Down, it’s Melting Pot Cooled, and How Everything Will Boil Over Yet Again

Since Alexis de Tocqueville, restlessness has been accepted as a signature American trait. Our willingness to move, take risks, and adapt to change have produced a dynamic economy and a tradition of innovation from Ben Franklin to Steve Jobs. The problem, according to legendary blogger, economist and bestelling author Tyler Cowen, is that Americans today …

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Europe’s Growth Challenge

In the wake of the Great Recession, Europe’s economy has stagnated to a considerable degree-greater even than that of the United States. Forecasts suggest an abysmal annual growth rate of about one percent over the next five years, and it now appears that Europe’s enviable structural features, that is, their superior social safety net, leading …

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The Fama Portfolio: Selected Papers of Eugene F. Fama

Few scholars have been as influential in finance and economics as University of Chicago professor Eugene F. Fama. Over the course of a brilliant and productive career, Fama has published more than one hundred papers, filled with diverse, highly innovative contributions. Published soon after the fiftieth anniversary of Fama’s appointment to the University of Chicago …

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Prosperity for All: How to Prevent Financial Crises

In the aftermath of the 2008 financial crisis, economists around the world have advanced theories to explain the persistence of high unemployment and low growth rates. According to Roger E. A. Farmer, these theories can be divided into two leading schools of thought: the ideas of pre-Keynesian scholars who blame the recession on bad economic …

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Reflections on Progress: Essays on the Global Political Economy

Now, more than ever, the world needs growth-oriented and socially inclusive policymaking.Is the world giving up on the promise of ever-greater prosperity for all, on functioning democratic institutions, and on long-term peace? Is the special set of circumstances that led to the recent rapid growth in emerging markets unlikely to be present in the future? …

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