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Finance, Market, Globalization: Lessons from the 2007-09 Crisis

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  • Salvatore Rossi

    (Bank of Italy)

Abstract

Never before has finance been regarded with the suspicion of these past three years. Yet money and credit are part of what enabled human beings to overcome the barbarism of immanence, the savagery of a life ruled by consumption for survival. The critical rethinking of finance involves the very notion of market economy and the globalized dimension it has reached. Who failed in this crisis, the State or the Market? The State, although by virtue of a paradox. Is globalization the culprit? No. A different financial system must emerge from the 2007-09 crisis: freed from the "idolatry of laissez-faire", but not thrown back into obsolete technologies or permanently restrained by anachronistic "real socialism" bridles.

Suggested Citation

  • Salvatore Rossi, 2010. "Finance, Market, Globalization: Lessons from the 2007-09 Crisis," Review of Economic Analysis, Rimini Centre for Economic Analysis, vol. 2(3), pages 215-228, September.
  • Handle: RePEc:ren:journl:v:2:y:2010:i:3:p:215-228
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    References listed on IDEAS

    as
    1. Davidson, Russell & Flachaire, Emmanuel, 2007. "Asymptotic and bootstrap inference for inequality and poverty measures," Journal of Econometrics, Elsevier, pages 141-166.
    2. Davidson, Russell, 2009. "Reliable inference for the Gini index," Journal of Econometrics, Elsevier, pages 30-40.
    3. Pierre Perron & Zhongjun Qu, 2007. "An Analytical Evaluation of the Log-periodogram Estimate in the Presence of Level Shifts," Boston University - Department of Economics - Working Papers Series wp2007-044, Boston University - Department of Economics.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Financial Crises; Financial Systems; Bank Supervision; Crisis Management; Liberalism; Globalization; Regulation;

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • F3 - International Economics - - International Finance
    • G01 - Financial Economics - - General - - - Financial Crises
    • G2 - Financial Economics - - Financial Institutions and Services
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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