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Crisi economiche e mercati finanziari:  di aiuto un nuovo ordine finanziario?

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  • Mario Sarcinelli

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    (Università degli Studi di Roma, Dipartimento di Scienze Economiche, Roma)

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    Abstract

    he financial market crises in Japan and the United States due to bubbles and the exchange rate, banking and sometimes foreign debt crises that affected in past years South-East Asia, Russia, Brazil, Argentina, and Turkey made for a brief evaluation of the adequacy of national and international governance mechanisms for preventing and solving them. The widespread dissatisfaction they raise was instrumental in examining whether a larger recourse to finance and risk management is better than macroeconomic management and/or regulation. The types of contract sponsored by Robert J. Shiller in The New Financial Order: Risk in the 21st century have been scrutinised to see whether they offer a better chance to stabilise individual or national income. Even where such an outcome can be secured without aggravating moral hazard, the costs in terms of personal freedom and privacy seem to be particularly high.

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    File URL: http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9813/9698
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    Bibliographic Info

    Article provided by Economia civile in its journal Moneta e Credito.

    Volume (Year): 56 (2003)
    Issue (Month): 224 ()
    Pages: 387-422

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    Handle: RePEc:psl:moneta:2003:41

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    Related research

    Keywords: Crisis; Debt; Exchange Rates; Foreign Debt;

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    1. Ben Bernanke & Mark Gertler, 1999. "Monetary policy and asset price volatility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, Federal Reserve Bank of Kansas City, pages 77-128.
    2. Brousseau, Vincent & Detken, Carsten, 2001. "Monetary policy and fears of financial instability," Working Paper Series, European Central Bank 0089, European Central Bank.
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    8. Philip Lowe & Claudio Borio, 2002. "Asset prices, financial and monetary stability: exploring the nexus," BIS Working Papers 114, Bank for International Settlements.
    9. Shiller, R.J. & Schneider, R., 1995. "Labor Income Indices Designed for Use in Contracts Promoting Income Risk Management," Papers, Yale - Economic Growth Center 730, Yale - Economic Growth Center.
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    14. Michael Bordo & Barry Eichengreen & Daniela Klingebiel & Maria Soledad Martinez-Peria, 2001. "Is the crisis problem growing more severe?," Economic Policy, CEPR;CES;MSH, CEPR;CES;MSH, vol. 16(32), pages 51-82, 04.
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    Cited by:
    1. Mario Sarcinelli, 2010. "Past and future regulation to prevent a systemic financial crisis," PSL Quarterly Review, Economia civile, Economia civile, vol. 63(253), pages 103-129.

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