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The Consequences of the Global Financial CrisisThe Rhetoric of Reform and Regulation$

Wyn Grant and Graham K. Wilson

Print publication date: 2012

Print ISBN-13: 9780199641987

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780199641987.001.0001

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(p.261) Index

(p.261) Index

Source:
The Consequences of the Global Financial Crisis
Publisher:
Oxford University Press
ABACUS 2007–AC175
Abdelal, R. 110, 114, 210
Abrahamson, P. 191
accountability24
action and beliefs142
adjustment, societal capacity for188
agency24 6–7
AIG51–2, 73, 77
AIG FP76
Air France178
Akerlof, G. A. 144, 145
Akyüz, Y. 233
Aliber, R. Z. 144
Alibert, R. Z. 128
Alitalia178
Alti, T. 178
Alvarez, A. 214
Amable, B. 166
American depositary receipts (ADRs)126
Amyx, J. 104, 105
Anderlini, J. 239
Anderson, J. 233
animal spirits144, 145
Archibugi, D. 24
Argentina146
Armijo, I. E. 17
ASEAN93–4
ASEAN+389–103, 93, 98–102
Macroeconomic Research Organization (AMRO)93, 96
ASEAN+693
ASEAN–491
Asian Bond Markets Initiative (ABMI)100
Asian Development Bank (ADB)90, 99, 117, 126
Asian financial crisis20, 21, 35, 96, 116, 146, 147, 234, 238
Asian Monetary Fund96
Asian Monetary Unit (AMU)102
asset bubbles35, 193, 235–6
asset prices132
Astley, M. 228
Australia197
Austria197
automobile industry51–2, 56–7, 219–21, 222
Awrey, D. 70, 71
AXA216
Baccaro, L. 167
Back, R. 127
Baldwin, R. 26, 105
Baldwin, S. 41
Bale, T. 36
Bank for International Settlements (BIS)27, 72, 76, 85
bankers bonuses46
banking crisis39, 197
banking system, shadow8–9, 121
banks:
bailout39, 178, 215–19, 222
capital ratio8
credit expansion230
debt guaranteed176
intermediation142–3
lending233
mergers51–2, 56
political recovery53–4
regulation37
standardization82
Volker rule55–6
Banque Populaire216
Barber, A. 34
Barca, F. 159
Barro, R. 114
Barroso, J. M. 9, 178
Basel Committee on Banking Supervision8, 72, 76, 92, 93, 94, 100
Baumgartner, F. R. 3
Bayram, I. 193, 197
beauty contest metaphor144, 153
Beeson, M. 23
Belgium218, 248
beliefs and action142
Bell, S. 23
Bentolila, S. 171
Berger, T. 105
Bergh, A. 198
Bergsten, C. F. 228
Berlusconi, S. 164, 177, 178, 179, 181
(p.262) Bernanke, B. 38, 63
Bhagwati, J. 17, 114
Bianchi, P. 7
Biden, J. 251
Blair, T. 6, 62, 187, 258
Block, F. 134, 194, 214
Blyth, M. 113, 161, 172, 211
BNP-Paribas216–17
Bocian, S. 199
bond markets209
bonds74
Born, B. 70
Börzel, T. 167
Boyer, R. 159
Boyle, R. 77
Bradford, C. 23
Braithwaite, J. 27
Brazil22, 93, 115, 116, 117, 121, 122, 239
capital controls125–6, 127–32
Breslin, S. 13, 238, 239, 251
Bretton Woods109, 110–12, 133, 135, 145–6, 153
Brickell, M. 71
BRICS239
Brittan, S. 4, 35
Brown, G. 35, 8, 9, 39, 194
Bruner, R. F. 145
Brunnermeier, M. 120
budgets:
austerity7, 173
deficit63
impacts on195, 197
Bull, H. 16
Bullock, N. 73
Burnham, P. 42, 194
Bush, G. W. 51–2, 56, 64, 93, 119, 259
business, and the state64–5, 161–5
Caisse des dépôts et consignations (CDC)219, 220
Caisses d'Epargne216
Calder, K. 90–1, 104, 105
Calvo, G. 118
Camdessus, M. 114
Cameron, D. 36, 41, 187
Campbell, J. 210
Campbell, J. E. 53
Campbell, J. L. 160, 191
Canada196, 197
capital:
flows117–18, 122–3
requirements80
speculative and productive110
capital controls101–2, 109–35
changing attitudes to110–19
circumvention133
and the crisis115–22, 124–7
design of133
reasons for117
surveillance system133
to buffer risk122–4
capital market liberalization113–14, 116–17
capitalism:
Anglo-Saxon46
clashing227–8
coordinated188
crisis of61–2
France211–13
managed159
Carlin, W. 254
Carr, S. D. 145
carry trade120–2, 124, 133, 134
Carvalho, B. 133
central counterparties (CCPs)78–82, 84–5
Cerny, P. 159
Chaing Mai Initiative (CMI)89, 93, 96–7, 98
Multilateralization (CMIM)89, 93, 96, 98, 99
Chang, H.-J. 21, 215
Chang, M. 126
Chen, M. 242
Chen, Z. 240
Cheng, D. 104
Chi, L. 234, 236
Chile124, 133
China11–12, 22, 63, 89–103, 119, 125, 226–41, 247
bad debt234, 235, 237
bank lending233
banking system234–5
capital controls116, 127
central government233–4
credit expansion230
declining demand228–30
dependence on global economy232–3
deterrent power240
domestic consumption233, 237
economic and military power92
exchange rate policy228, 230
exports232; collapse 228–9; growth 230–1
foreign currency reserves236, 251
foreign investment232
inequality231, 232
land236
local government229–30, 232, 233–4, 235–6, 237, 251
Local Investment Platform Companies (LIPCs)230
National Audit Office (NAO)230
nationalism232, 238
People's Bank of China (PBOC)230, 239
political paradigm231
power19, 91, 250–1
renminbi101–2, 229
stimulus package229–30, 231, 250
(p.263) China model227, 238, 251, 258
Chrysler51–2, 56–7
Chung, J.-H. 231
Chwieroth, J. 114–15
civil society259–60
Clarke, H. 10
Clarke, P. 40
Clegg, N. 41
Clift, B. 159–62, 165, 175, 211, 214, 256
Clinton, B. 6, 52, 60, 62
Coates, D. 159
Coelho, B. 127
Cohen, B. 114
Cohen, E. 207, 212, 219
Cole, A. 206, 208
collateral depositing75–7
collateralized debt obligations (CDOs)67
Colombia115, 117, 119, 127, 133
Commerzbank254
Committee of European Securities Regulators147
communicative discourse166
competition policy253–4
competitiveness169–70, 179
compression79
Confessore, N. 54
confidence152
constitutive rules150
constuctivism90–1
consumer debt194
consumption, domestic233, 237
Cooper, G. 145
Cooper, S. 23
cooperation:
Asian95–7
global133–4
international152
coordinated market economies (CMEs)156, 157, 159, 191
coordination200
coordinative discourse166
corporatism158–9
corporatist association190
corruption170
Crafts, N. 35, 253
Crédit Agricole216
credit crunch36
credit default swaps (CDS)67
growth of69–71
short position74
credit expansion230
Crédit Mutuel216
credit rating agencies see rating agencies
crisis management98–9
Croome, J. 21
Crouch, C. 72, 160, 213, 249, 257, 259, 260
Cruddas, J. 11
Cui, L. 233
Culpepper, P. 206
currency:
crises146
dollars239–40
politics101–2
renminbi101–2, 229
reserves236, 251
risk122
Curzio, P. 178
Czech Republic175
Dahl, R. 24
Dalai Lama240
Danfoss200
D’Arista, J. 122
Darling, A. 43
Das, S. 80, 83
Davidson, P. 121
de-globalization193
debt:
bad234, 235, 237
confused with deficit43
foreign currency123
long-term43
personal72
public and private249
short-term123
Deeg, R. 207, 210
deindustrialization189, 190, 191, 193
Deiter, H. 21
delegation90
Della Sala, V. 159
demand and supply145
democratic accountability24
Denmark170, 187, 258
budgetary impacts197
Confederation of Danish Employers (DA)192
Environmental Economic Council199
flexicurity198–9
growth195
industrial restructuring199–200
neoliberal reforms191–92
peak union (LO)192
public sector198
tax reform197–8
unemployment196
welfare state196
depoliticization4
deregulation37, 52, 68, 193, 214–15
derivatives9
over-the-counter (OTC)67–85
Deutsche Bank255
Deutsche Borse81
Dewan, S. 198
Dexia218
(p.264) Ding, X. 227
DiPalma, G. 163
disintermediation142–3
dollar239–40
Dominion Bond Rating Service141
Dooley, M. 105
Drache, D. 27
Drahos, P. 27
Drajem, M. 119
Drezner, D. 240
Dryzak, J. 27
DTCC80
Dudley82
Dun and Bradstreet141
Dunaway, S. 228
Dyer, G. 229
Eatwell, J. 37
Ebbinghaus, B. 164
economic growth195–6
from consumer debt194
international35
and liberalization116–17
economic growth model:
laissez-faire46–7
legitimate193
education256, 257
efficiency and social justice36
efficient markets hypothesis37, 52
Eichengreen, B. 110–11, 112, 116
Eisenhower, D. D. 114
electronic trading platforms (ETPs)79
Elliott, K. 19
Elmer, D. 199
embedded:
illiberalism172
liberalism111, 113, 116, 172
markets214
socially210
employment, and public spending190
Engelen, E. 67
Enron147
Epstein, G. 123
equity finance209
Erlingsson, G. O. 198, 199
Ettlinger, M. 198
Euromarket113, 115
European Association of Corporate Treasurers80
European Central Bank (ECB)248, 253
European Commission147, 149, 215
European Exchange Rate Mechanism (ERM)34, 35, 215
European Financial Stability Facility (EFSF)174
European Investment Bank200
European Parliament147
European single market253
European Union (EU)78, 83, 175
Competition Directorate7
Constitutional Treaty168
economic nationalism165
internal market rules220
policies167
representation on G20 93
supervisory authority85
Europhilia167–8
eurozone11, 42, 48, 96, 247, 248
Evans, P. 214
exchange rates131
floating146
managed228, 230
pegged110, 127
exports43, 228–31, 232
Falkner, G. 167
Farrell, H. 214
Fiat51, 56
finance, structured150–1
financial competition38
financial cooperation see cooperation
financial crisis:
blame for59, 147, 149–50
endogenous approach144–5, 152
exogenous approach143–4, 152
impact on growth195–6
and institutional failure139–54
political costs of57–9
UK aftermath39–41
whose crisis?36–7, 227–8 see also Asian financial crisis
financial growth model35, 46
financial innovation67–8
financial institutions:
intermediating73–4
as producers of OTC derivatives73
size and profits71–2
financial instruments, innovation in143
financial network economy216
financial sector:
dominant46
tax revenue72
unreformed249 see also regulation
Financial Stability Board (FSB)20–1, 23
Financial Stability Forum94, 100
Finland195, 196, 197
Fioretos, O. 214
fiscal policy:
expansionary194, 229–31, 250
retrenchment249
United States58–9
Fitch, R. 103
Fitch Ratings141
Flanagan, S. M. 71
(p.265) foreign direct investment169–70, 171
foreign equity ownership209
foreign exchange restrictions118
foreign investment179, 232
forgetfulness38
Forits Bank217
France114, 195, 206–22, 248, 256
as an SME156–82
automobile industry219–21, 222
bank bailout215–19, 222
budgetary austerity172
budgetary impacts197
business162–3
capitalism211–3
deregulation214–15
dirigisme24, 211–2, 258; post-dirigisme 206–7, 208–11, 213–19
economic profile168–73
gatekeeper217, 221
a good crisis173–7
international champion–building216–17
internationalization208–9
liberalization208
new state activism207, 209, 213–19
politics166
privatization208
public sector198
state211–3
state/market relations208
stimulus package176
Frank, B. 78
Freeman, C. W. 91, 104
Friedberg, A. 104
Frieden, J. 35
Friedman, M. 4, 113, 143, 144
Fukuyama, F. 104
functionalism90
G–1482
G219
G723, 93, 94
G823, 93
G2019, 24, 24, 78, 83
and capital flows115–19, 122
China’s membership92, 239
creation of93–5
development of22–3
and East Asian economies97, 102
and payments imbalances100–1
Gagnon, J. 240
Galbraith, J. K. 40, 145
Gallagher, K. P. 105, 127, 134
Gallego, F. 133
Gamble, A. 10, 11, 24, 36, 193
Garcia, M. 133
Garrett, G. 19
Gates, R. 104
Geithner, T. 23, 78, 103, 118
General Agreement on Tariffs and Trade (GATT)15, 20–1, 29
General Motors (GM)51–2, 56–7, 254
Germany101, 157, 170, 195, 251
budgetary impacts197
Bundesbank253
competition policy253–4
education256, 257
exceptionalism252–7
German Council of Economic Experts (GCEE)252–3
IT revolution in255
Landesbanken254–5
leadership248–9
power250–1
public sector198
skill formation253–4
social market economy253–5
training255, 257
unemployment196, 252
Gieve, J. 193
Gill, B. 104
Gingerich, D. 158
Girardin, E. 104
Glasman, Lord11
Glass, A. W. 71, 76, 80
global agora27–8
global financial crisis (GFC) see financial crisis
global governance16–18, 18–23, 239
global payments, imbalances100–1
globalization18, 143, 189
Glyn, A. 35
gold-exchange standard110
Goodman, P. S. 70
Goul Andersen, J. 196, 197, 198, 202
Gourevitch, P. 141–2
government:
and business64–5
faith in195, 196
local229–30, 232–7, 251
and rating agencies140
regional163–4 see also state
Gowa, J. 19
Goyer, M. 162
Grabel, J. 117, 118, 122
Grant, W. 35, 253
Great Depression143–4, 145, 194
Greece96, 156, 158–9, 169–70, 174, 239, 248, 250
Green, M. 104
Green, S. 252, 254, 255
Greenspan, A. 35, 38, 52, 70
Griffith-Jones, S. 122, 134
Grimes, W. W. 11, 21, 63, 103, 104, 105
Grundfos200
Grünell, M. 202
(p.266) Guyomarch, A. 211
Gyohten, T. 105
Hall, P. 52, 157–8, 160, 206, 208, 209, 212, 213, 222
Hall, R. B. 28
Han, D. 232
Hancké, B. 162, 164, 207, 211
Hansen, M. B. 199
Hardie, I. 216, 217
Harding, J. 234
Hassel, A. 164
Hastings, M. 227
Haufbauer19
Hay, C. 4, 11, 160, 207, 210, 252
Hayek, F. 40–1
Hayward, J. 161, 211
Healey, D. 44
hedge funds73, 121–2
Heisler, J. 142
Held, D. 16, 24–5
Helleiner, E. 78, 110, 111, 113, 115, 124, 134
Henning, C. R. 98, 103, 104, 105
Henricksson, J. 200
Hernandez, L. 133
Higgott, R. 21, 22, 23, 24, 91, 104
Hirschman, A. 94, 104
Hiwatari, N. 105
Hoekmann, B. 21
Hopkin, J. 161, 172
housing sector37
Howarth, D. 216, 217
Howell, C. 162, 163, 206, 207, 208, 209, 212, 217, 221
Hsing, Y.-T. 236
Huang, Y. 238
Huault, I. 75, 80, 82
Hufbauer, G. 103
Hungary197
Hurd, I. 24
Hypo Real Estate254
Iceland194
ideational approach210, 213
Ikenberry, G. J. 19
India19, 22, 93, 116, 117, 125
Indonesia93, 94, 100, 115, 146
industrial policy7, 62, 199–200
Industry Swaps and Derivatives Association (ISDA)68, 71, 78, 82
inequality172, 187, 231, 232
inflation44
information, cost of gathering143
insurance companies75
Intercontinental Exchange (ICE)81
interdealer brokers73
interest rate differentials128–31
interests91, 95
divergant97–8
international cooperation152
International Financial Institutions (IFIs)24, 109
International Monetary Fund (IMF)15, 22, 44, 63, 90–1, 93–4, 96–7, 228, 239
Annual Report on Exchange Arrangements and Exchange Restrictions124
capital controls134–5
capital flow regulation115–18, 117–18
on capital market114–15
established110
Global Financial Stability Report117
Global Stability Mechanism99
link98
mission change19–20
Precautionary Credit Line99
World Economic Outlook117
International Organization of Securities (IOSCO)92, 149
international organizations, role18
internationalization, France208–9
Intesa San Paolo178
Iraq war53
Ireland42, 156, 169, 249
Italy248
as an SME156–82
anticrisis legislation178–9
budgetary impacts197
economic profile168–73
paralyzed state163–4
politics167
a pretty bad crisis177–9
unemployment196
Iversen, T. 189
Jabko, N. 162, 206–7, 208, 210, 215, 216, 217, 218, 219
Jackson, G. 207, 210
Jackson, J. K. 64, 193
Japan63, 91–103, 124, 157, 159, 250
capital controls101–2
Yen146
Jessoula, M. 178
job-sharing200–1
Johnson, C. 80, 227
Jones, B. D. 3
Jones, L. 80
Jopson, B. 126, 131
Jørgensen, C. 199, 200–1
J.P. Morgan72, 145
Kaai, M. 104
Kaletsky, A. 38, 39
Katada, S. 104, 105
Katzenstein, P. J. 158, 189
Kenen, P. B. 17
(p.267) Kennedy, J. 234
Kennedy, P. M. 64
Keohane, R. O. 16, 20, 25–6
Kessler, O. 149
Keynes, J. M. 3, 40–1, 109, 110, 111, 121, 133, 134, 144, 153
Keynesian welfare state (KWS)3–4, 257
Keynesianism3–6, 47, 61–2, 111, 194
Kindleberger, C. P. 38, 144
King, A. 4
Kingdon, J. W. 12, 51, 59
Kirkegaard, J. F. 103
knowledge economy27
Kongshøj Madsen, P. 198–9
Kopczuk, W. 202
Kose, M. A. 116
Kostecki, M. 21
Krippner, G. 214
Krugman, P. 17
Kullander, M. 200
labor market199
coordination189–91
flexible163
reforms191–2
state intervention162, 163
Labory, S. 7
Lamont, N. 47
Langley, P. 72
Lardy, N. 230, 231
Lasswell, H. 29
law of variable proportions113–14
Lawrence255
Lawson, N. 34, 46, 47
Le Pen, M. 177
leadership167
regional91–2
Lee, Y. 104
Lee Kuan Yew90
legitimacy:
deficit18, 24
growth model193
political24–6
Lehman Brothers38, 78–9, 120, 247
Leibfried, S. 158
leverage72, 75
Levitt, A. 70
Lewis, M. 72, 74
liberal market economies (LMEs)156, 157, 206, 213
liberalism187
embedded111, 113, 116
liberalization113–14, 208
Liddell, R. 83
Lindvall194
List, F. 210–1
Liu, G. 229
Liu Xiaobo240
local government45, 229–30, 232–7, 251
Locke, R. M. 164, 167
London Stock Exchange group81
Lordon, F. 208, 209
Loriaux, M. 211
Loven, K. 196, 200
Ludlam, S. 44
Ludvigsson, M. 199
Ma, Q.-P. 127, 236
Mcauley, R. 127
McCain, J. 53
McDonald, L. 39
Macdonald, R. 41
McGraw-Hill141
Macmillan, H. 258
Madsen196
Magud, N. 105, 117, 118
Mahbubani, K. 226, 228
Major, J. 34
Malaysia146
Mannesman255
Mariani216
market rationality207
market regulation68
Martin, C. J. 9, 13, 188, 188, 190, 191
Marx, K. 144
Mason, P. 36
Massoc, E. 162, 206–8, 210, 215–19
Masters, B. 8
Medianu, D. 239
mergers:
bank51–2, 56
international216
stock exchanges81
Merkel, A. 174, 248
Merrien, F-X. 160
Mexico124
Meyers, M. 65
Michalet, C.‐A. 208
Milgate, M. 37
minilateralism26–7
Minsky, H. 38
modernization, state–led and market–led212
Molina, O. 158, 159, 164
monetarism4–5
Moody's9, 140, 141, 143, 149, 151
moral hazard90
Moran, M. 147
Morgan, G. 6, 11, 12, 54, 71, 75, 79, 85
Morin, F. 216
multilateralism25, 26
Munakata, N. 105
NAFTA119
Naim, M. 26
(p.268) Nanz, P. 27
Narine, S. 104, 105
Narliker, A. 21
National Recognized Statistical Rating Organizations (NRSROs)148, 149
nationalization, US51–2, 57
Naughton, B. 229, 236
Nelson, B., Senator59
neo-developmental states116
neoliberalism62, 159, 175, 208
and capital controls112–15
Denmark191–2
dominance5–7, 12, 19, 46, 259
Sweden192–3
validity193
Netherlands197
network economy216
network-based activity27
networks162
financial216
oligarchic210
public and private221
regional production97
New Global Finance (NGF)139, 142–3
Newman, A. 214
Nicoloas, F. 242
Niklausson, L. 199
Nixon, R. 3, 62, 194
Norman, P. 201
Norway196
Nye, J. S. 16, 25–6, 226, 241
Obama, B. 7, 53–4, 56–9, 61–2, 78, 85, 119, 180, 194–5, 240
Obstfeld, M. 134
Ocampo, J. A. 116, 122–4, 133
Ong, B. 228
Opel254
ordo-liberalism254
Osborn, T. 230
Osborne, G. 40, 42, 44, 47
Ostry, J. D. 105, 117, 123
O'Sullivan, M. 160, 163, 209
Ougaard, M. 24
over-the-counter (OTC) derivatives67–85
described73
flexibility70
legality68
regulation70, 75
standardized78, 79
Palin, S. 62
Palombarini, S. 166
Panama119
Pasquino, G. 163
Paulson, H. 38, 39
Paulson, J. 74
Pedersen, O. K. 191
Pederson160
Pennington, M. 37
pension reform175
Perez, S. 165
Pérol216
Perraton214
Peru119
Peugeot175, 221
Phillips, M. 72
Pierson, P. 160
Polanyi, K. 144, 210, 213, 214
policy:
criteria for change51, 59
paradigm shift3
political institutions, simple and compound165–6
politicians259
mistrusted195
politics166–8
center36
center-left10, 61–2
center-right10
failure247–8
and global finance24, 153
populist right10
social democratic10–11
Pontusson, J. 192–3, 199
Portugal156, 158, 159, 239
power:
asymmetries91
deterrent240
global distribution250–1
horizontal18–19
redistribution47
relative95
rising95
shift226, 238–40, 249
vertical18
Prasad, E. 116
Prince, C. 72
private sector:
actors25
and public sector45
privatization208
Prodi, R. 164
PSA Peugeot-Citroen220
public sector190–201, 198
deficits40, 42–5
and private sector45
size of198
Qian, G. 238
Quinn, T. 42
Rabinovitch, S. 231, 237
Radaelli, C. M. 167
(p.269) Rainelli-Le Montagner, H. 75, 80, 82
Rainer70
Rasmussen, A. F. 192
rating agencies9, 43, 139–54
competition between143, 148–9
criticized147
fee income141, 149
and government140
origins of140–43
regulation139, 148–9, 150
reputation141
Reagan, R. 5, 6, 61, 112, 194, 258
recession36
Regini, M. 164
regional institutions21–2
regional leadership91–2
regional production networks97
regionalism26, 88–103
regulation:
bank37
financial7, 99–100
light‐touch17, 24
and markets68
permissive218–19
stock exchanges69, 83
Reinhart, C. M. 117, 118
Renault175, 220, 221
reputational intermediaries142
Reinhart, C. 38
Rhodes, M. 158, 159, 164
Riedl, A. 190
risk38, 72, 90, 122–4
Robinson, P. 39
Rodrik, D. 117
Rogers, C. 44
Rogoff, K. 38, 118
Roosevelt, F. D. 61, 112
Rothstein, B. 160
Royo, S. 159, 164, 165, 180
Rozman, G. 104, 105
Rubin, R. 70
Ruggie, J. G. 141
Russia19
Sakakibara, E. 104
Saltmarsh, M. 193
Samuelson, P. 3
Sarkozy, N. 13, 174–6, 194, 215–16, 218–20
Scharfstein, D. S. 142
Scharpf, F. 191
Scheuer, S. 191
Schmidt, V. A. 2, 7, 13, 158–62, 166–8, 174, 176, 191, 207–9, 210, 212
Schumer, Senator52, 60
“scientific” development231–32, 237
Searle, J. 150
shareholder value255
Shear, M. D. 56
Shih, V. 234, 235
Shiller, R. J. 144, 145
Shonfield, A. 158, 208, 209, 215
Sinclair, T. J. 9, 141
Skidelsky, R. 3, 37, 40, 111
Skocpol, T. 64
Slaughter, A.‐M. 27, 28
Slemrod, J. 202
Smith, A. 143
Smith, T. 79, 80
Snyder, N. 242
So, E. 126
social justice36
social market economy253–5
social pacts164–5
social solidarity195
societal capacity for adjustment188
Société de Financement de l'Economie Français (SFEF)217–18, 220
Société de Prise de Participation de l'Etat (SPPE)217, 219
Société Générale216
Soeya, Y. 104
Solomon, D. 55
Sorkin, A. R. 52
Soros, G. 146
Soskice, D. 52, 157–8, 206
South Africa93
South Korea93, 94, 99, 100, 115, 119, 120, 125, 158, 159
capital controls127–32
currency appreciation126
sovereign debt crisis39, 43, 169, 177, 179
sovereign debt default152
sovereignty25
Soviet Union259
Spain195, 239, 248
as an SME156–82
austerity measures180–81
business164, 165
economic profile168–73
politics166–7
a pretty ugly crisis179–81
unemployment171–2
Spiegel, P. 239
stagflation4
Standard and Poor's (S&P)9, 141, 149, 151
state:
changing role161–5
fragmented211
France211–13
reforms182
role193–4, 207 see also government
(p.270) state activism222
new207, 209, 213–19
state intervention:
and free market213–14
and labor162, 163
state-influenced market economies (SMEs)15 6–82
statism158–9
Steffek, J. 27
Stein, J. C. 128, 142
Stephens, P. 35
Stiglitz, J. E. 17, 116
stock exchanges:
commodified83–4
mergers81
regulated69, 83
Stone, D. 20, 27–8
Stout, L. A. 70, 71, 74
Strange, S. 159
Strauss-Kahn, D. 118, 177
Streeck, W. 160
stress tests248–9
Stubbs, R. 104, 227, 238
Su, H. 239
subprime crisis146–8
subprime mortgages37
Subramanian, A. 117
Sulieman, E. 216
Summers, L. 70
Svallfors, S. 197
Swaine, M. 240
Swank, D. 189, 191
Swap Execution Facilities (SEFs)79
Sweden161, 191–92, 249, 258
Association of Swedish Engineering Industries200
banking crisis197
budgetary impacts197
Confederation of Swedish Enterprise200
growth195, 196–7
labor market199
neoliberal reforms192–3
public sector198
Swedish Employers Association (SAF)192
Swedish Service Employers' Association200
tax reform197–8
unemployment196
Switzerland197
Syed, M. 233
systematically important financial institutions (SIFIs)8
systemic risk model38
Tait, N. 8
Taiwan115, 125, 158
capital controls126–7, 127–32
Takagi, S. 104
takeovers, hostile212
tax:
interest equalization134
on investment123
IOF125
reform197–8
revenue72
rises44–5, 61
technology:
green187, 199, 220, 237, 251
IT revolution255
Terada, T. 228
territorial disputes92
Tett, G. 71, 72
Thailand115, 119, 127
Thakur, R. 22
Thatcher, M. 5, 6, 36, 112, 175, 194, 258
The Clearing Corporation (TCC)81
Thelen, K. 160, 189
Thiberghein, Y. 159
Third Way6 1–2
Thompson, H. 35
Tiberghien, Y. 97, 105
TMX81
Toffler, A. 140
Torlino, G. 253
Tover, C. 133
trade depositories80–1
training198–9, 253–4, 255, 257
transnational executive network (TEN)27, 28
Trindle, J. 55
Truman112
trust152
lack of195
Tsingou, E. 27
Turkey124
Turner, A. 17
uncertainty153
unemployment171–2, 196
and retraining198–9
unintended consequences5
United Kingdom34–48, 156, 161, 169, 170, 195, 212
Bank of England7
Black Wednesday34
budgetary impacts197
Centre for Economic and Business Research249
Coalition government41–5, 250
deficit reduction plan42–5
financial crash36–9; aftermath 39–41
Financial Policy Committee7
Financial Services Authority7, 83
Green Book213
growth debate46–8
growth targets43
(p.271) IT revolution in255
Labour Party Constitution258
National Health Service45
Office for Budget Responsibility42, 47
public sector196: cuts 43; deficits 39–40
public spending cycles44
structural weaknesses48
Treasury7, 40
tripartite regulation37
unemployment196
Vickers Commission6
United Nations (UN)92, 117
United States35, 51–66, 153, 156, 212, 249 9/1163
anxiety63–4
blame for crash59–60
budgetary impacts197
capital account113–15
capital controls111–12, 118–19, 121
Chicago Board of Trade69
Chicago Mercantile Exchange69
Commodity Futures Modernization Act (CFMA)70–1
Commodity and Futures Trade Commission (CFTC)69, 70
credit rating247, 248
Credit Rating Agency Reform Act147
deficits101
Dodd-Frank Act9, 54–6, 82, 85, 149
dollar239–40
exceptionalism52, 60, 64
Federal Reserve Board38, 52, 54, 63, 65
financial sector250
Financial Stability Board (FSB)83
Financial Stability Council54
fiscal policy58–9
Glass–Steagall legislation17
growth196
Hurricane Katrina53
Interest Equalization Tax134
Keynesianism3–4
Medicaid248
Medicare60, 64, 248
nationalization51–2, 57
New York Insurance Department76
New York Stock Exchange81, 145
political costs of crash57–9
public sector198
rating agencies140–41
relationship with China19
Securities and Exchange Commission (SEC)54, 70, 82, 147–9
social security248
state ownership6
Tea Party53, 64, 187, 195, 248, 258
Treasury40; Troubled Asset Relief Program (TARP) 52
Treasury bonds251
unemployment196
Volker rule55–6
welfare state60–1, 64
unremunerated reserve requirements (URRs)133
Utsumi, M. 105
van Ark, B. 255
van Winden, F. 190
Varieties of Capitalism (VoC)2, 156, 160, 206–7, 209, 251
changing categories157–61
Veneroso, F. 20
venue shopping94
Vodafone255
Vogel, D. 213, 214
Volcker, P. 105
von Hayek, F. 144
Wade, R. 20, 114, 237
wage compression190
wages, real170–71
Waldmann, R. 3
Waldmeir, P. 230
Walter, A. 105
Waltz, K. 16
Wang, F.‐L. 227
Wang, J. 239
Wang, X. 230, 235
Washington Consensus5–6, 63, 94, 112, 238, 257–8
Weaver, K. 20
Wei Benhua96
Weir, M. 3
Weiss, L. 158
welfare state3–4, 60–1, 64, 188, 196
Weller, P. 28
Wen, J. 228, 229, 230, 236
Whalley, J. 239
Wheatley, A. 103
White, H. D. 19, 109, 110, 111, 133, 134
Whitley, R. 159
Wighton, D. 7
Wilks, S. 213, 220
Williams, M. 39
Williamson, J. 238
Williamson, V. 64
Wilson, G. 7, 12, 82
Wines, M. 226
Winter, B. 118, 119
Wolf, M. 17, 43, 91, 104
Woll, C. 210
Wong, E. 226, 229
Woo-Cummings, M. 116
Woods, N. 20, 23
World Bank15, 19, 20, 63, 92, 118
(p.272) World Trade Organization (WTO)15, 21, 26, 62, 228, 232
Doha MTN22
Wren, A. 200
Wright, C. 20, 207
Xu, Y. 239
Xu, Y. C. 28
Yao, Y. 227
Ye, M. 90–1, 104, 105
Yeung, B. 232
Yifu Min, J. 92
Yong, D. 126
Yu, Y. 127, 133, 229
Zabel, R. 74
Zapatero180, 181
Zha, D. 231
Zhang, 232
Zhang, F. 235
Zhang, Z. 242
Zhao, Q. 229
Zheng, Y. 242
Zhou, X. 105, 231, 239
Zhu Min92
Zohlnhöfer, R. 254
Zürn, M. 158
Zysman, J. 211, 215, 217