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A decade of speculation

Author

Listed:
  • CP Chandrasekhar

    (Jawaharlal Nehru University, India)

  • Jayati Ghosh

    (Jawaharlal Nehru University, India)

Abstract

The power of finance ensured that, other than for an initial fiscal push to salvage financial institutions, monetary measures in the form of quantitative easing, involving the infusion of large volumes of cheap liquidity, were the principal response to the 2008 global financial crisis. The effects of the generalised and prolonged dependence on such measures have been a substantial increase in vulnerability, at the centre of which is a huge build-up of private – especially corporate – debt, and unwarranted and unsustainable asset price inflation in both developed country and ‘emerging economy’ markets. A consequence of these processes is a massive increase in income and wealth inequality across the world, which limits the level of effective demand and growth. JEL Codes: E44, E52, E58, G01, G15

Suggested Citation

  • CP Chandrasekhar & Jayati Ghosh, 2018. "A decade of speculation," The Economic and Labour Relations Review, , vol. 29(4), pages 410-427, December.
    • Handle: RePEc:sae:ecolab:v:29:y:2018:i:4:p:410-427
    DOI: 10.1177/1035304618812673
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    References listed on IDEAS

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    1. International Monetary Fund [IMF], 2018. "World Economic Outlook, April 2018: Cyclical Upswing, Structural Change," Working Papers id:12768, eSocialSciences.
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    More about this item

    Keywords

    Asset markets; financial fragility; macroeconomic policy; private debt; quantitative easing;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G01 - Financial Economics - - General - - - Financial Crises
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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