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  • The UK Economy in the Long Expansion and its Aftermath

    Series series Macroeconomic Policy Making
    The financial crisis of 2007–11 has now been analysed and explained from almost every conceivable standpoint. Far less attention has been paid to the long business cycle expansion that started in 1992 and provided an exceptional period of macroeconomic stability in the UK. To many it seemed that the main problem of the UK economy had been solved: that of sustained non-inflationary economic growth. ... Read more

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    A Guide to the UK Monetary and Banking System

    Where Does Money Come From? reveals how, contrary to public perception, the bulk of today's money supply is created and allocated by commercial banks in their role as providers of credit. The authors argue that this system is inherently unstable, with little effective regulation of how much credit is provided, or whether it is used for productive or speculative purposes. Based on detailed research ... Read more

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  • When the Bubble Bursts

    Surviving the Canadian Real Estate Crash

    A newly updated edition for the fast-changing real estate market in Canada!Over the last two decades Canadians have become convinced that real estate is the “safe haven” investment. This widely held belief and obsession with real estate led millions of Canadians to take on massive amounts of debt — tripling their collective financial burden — ensuring that Canada is one of the most indebted ... Read more

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  • The New Lombard Street

    How the Fed Became the Dealer of Last Resort

    Walter Bagehot's Lombard Street, published in 1873 in the wake of a devastating London bank collapse, explained in clear and straightforward terms why central banks must serve as the lender of last resort to ensure liquidity in a faltering credit system. Bagehot's book set down the principles that helped define the role of modern central banks, particularly in times of crisis--but the recent ... Read more

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  • Understanding Government Finance

    The government budget is not like a household budget. This report introduces the financial operations used by a central government with a free-floating currency, and explains how they differ from that of a household or corporation. The focus is on what constraints such a government faces, and explains why such governments only face a limited risk of involuntary default.It introduces a simplified ... Read more

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  • Banking

    A Very Short Introduction

    Series series Very Short Introductions
    Banks are of central importance for economic growth, the allocation of capital, competitiveness, and financial stability. Propelled by technological advances in financial analysis and financial deregulation, the banking industry's investment played a key role in enhancing national economic growth in the early 21st century. The global financial crisis in 2007 revealed the banking world's feet of ... Read more

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  • Alchemists of Loss

    How Modern Finance and Government Intervention Crashed the Financial System

    An engaging look at how modern finance almost destroyed our global economyOver the last thirty years, capital markets have been restructured through the tenets of modern finance. This has been enormously profitable for the financial services sector. However, these innovations, coupled with unsound risk and regulatory practices have proved disastrous for the global economy.In a clear and accessible ... Read more

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  • A Dictionary of Economics

    Series series Oxford Quick Reference
    This authoritative and comprehensive dictionary contains clear, concise definitions of approximately 3,500 key economic terms. Covering all aspects of economics including economic theory and policy, applied microeconomics and macroeconomics, labour economics, public economics and public finance, monetary economics, and environmental economics, this is the essential reference work in this area. The ... Read more

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  • The Financial Crisis

    Who is to Blame?

    by Howard Davies ...
    There is still no consensus on who or what caused the financial crisis which engulfed the world, beginning in the summer of 2007.A huge number of suspects have been identified, from greedy investment bankers, through feckless borrowers, dilatory regulators and myopic central bankers to violent video games and high levels of testosterone among the denizens of trading floors. There is not even ... Read more

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  • The Road to Recovery

    How and Why Economic Policy Must Change

    Renowned economist Andrew Smithers offers prescriptive advice and economic theory on avoiding the next financial crisisIn The Road to Recovery, Andrew Smithers—one of a handful of respected economists to have accurately predicted the most recent global financial crisis—argues that the neoclassical consensus governing global economic decision-making must be revised in order to avoid the next ... Read more

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  • Can It Happen Again?

    Essays on Instability and Finance

    by Hyman Minsky ...
    Series series Routledge Classics
    In the winter of 1933, the American financial and economic system collapsed. Since then economists, policy makers and financial analysts throughout the world have been haunted by the question of whether "It" can happen again. In 2008 "It" very nearly happened again as banks and mortgage lenders in the USA and beyond collapsed. The disaster sent economists, bankers and policy makers back to the ... Read more

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  • Interest Rate Cycles: An Introduction

    Monetary policy has increasingly become the focus of economists and investors. This report describes the factors driving interest rates across the economic cycle. Written by an experienced fixed income analyst, it explains in straightforward terms the theory that lies behind central bank thinking. Although monetary theory appears complex and highly mathematical, the text explains how decisions ... Read more

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