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"Fault Lines" by Raghuram G. Rajan

  • Yasemin Barlas

This book review presents a summary of “Fault Lines: How Hidden Fractures Still Threaten the World Economy” by Raghuram Rajan, who puts forward a clear and cogent account of the latest global financial crisis. With the historical perspective he adopts, Rajan digs in deeper than the shallow surface to reveal the growing economic stresses in both the United States and the rest of the world that were overlooked at the time but came together eventually to trigger the crisis that drifted world economies into prolonged recessions. While elucidating the roots of the crisis, the book insightfully explains how structural problems piled up, how households, banks, and politicians acted on self-interest ignoring rising risks, and how policy makers stayed reluctant to act. Rajan emphasizes the importance of drawing right lessons out of the crisis to ensure a more balanced world economy and restore lasting prosperity on a global scale.

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File URL: https://www3.tcmb.gov.tr/cbr/index.php/cbreview/article/view/334/294
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Article provided by Research and Monetary Policy Department, Central Bank of the Republic of Turkey in its journal Central Bank Review.

Volume (Year): 12 (2012)
Issue (Month): 2 ()
Pages: 37-44

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Handle: RePEc:tcb:cebare:v:12:y:2012:i:2:p:37-44
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  1. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973, April.
  2. John Taylor, 2007. "Housing and Monetary Policy," Discussion Papers 07-003, Stanford Institute for Economic Policy Research.
  3. Raghuram G. Rajan, 2005. "Has financial development made the world riskier?," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, issue Aug, pages 313-369.
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