Economic and Financial Crises: A New Macroeconomic Analysis

This book deals with the structural origins of economic and financial crises. It provides a critical assessment of past and contemporary economic analyses and policies, which were in fact at the origin of a variety of major economic and financial crises that have been occurring since the end of the Second World War. The authors provide a novel approach to monetary macroeconomics, and show that only a sound understanding of money, credit and banking activities can avoid the occurrence of further systemic crises all around the world. The volume outlines reform proposals to make sure that both domestic and international transactions respect the bookkeeping nature of money and contribute thereby to reduce financial instability, increase employment levels and support sustainable economic activities, thus avoiding further global imbalances and sovereign debt crises.