Financial Stability and Growth: Perspectives on Financial Regulation and New Developmentalism

Luiz Carlos Bresser-Pereira, Jan Kregel and Leonardo Burlamaqui, eds.

London: Routledge, 2014.

The 2008 global financial crisis took the world by surprise, not least because politicians, businessmen and economists believed that they had learned crucial lessons from the Great Depression of the 1930s. As a direct result of deregulated financial markets, financial crises occurred in both developed and developing economies. However, this volume argues that in the most recent crisis developing countries suffered less, and that financial policy and regulation played a crucial part in this.

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Introduction, by Luiz Carlos Bresser-Pereira, Jan Kregel and Leonardo Burlamaqui

Part I - What we learned

1   - Competitive exchange rates and macroeconomic theory - Heiner Flassbeck

2   - Capital account regulations: role, effectiveness and the IMF's institutional view - José Antonio Ocampo and Bilge Erten

3   - How to manage a sustainable and stable competitive real exchange rate - Roberto Frenkel

4   - A theoretical framework for new developmentalism - Luiz Carlos Bresser-Pereira, José Luis Oreiro and Nelson Marconi

5   - What we learned from the financial crises of 2009 in emerging countries - Robert Boyer

6   - The new developmentalism - Luiz Carlos Bresser-Pereira

7   - Europe's financial crisis

Part II - Reregulating finance

8   - Lessons we learned from the global financial crisis: a Minskian interpretation of the causes, the Fed's bailout and the future - L. Randall Wray

9   - Regulating the financial system in a Minskian perspective - Jan Kregel

10 - Reregulating finance after the crisis - C.P. Chandrasekhar

11 - Exchange rate management techniques - Daniela Magalhães Prates

12 - Financial regulation and govrenance - Fernando de Holanda Barbosa

Part III - Brazil and the crisis

13 - Financial regulation and the Brazilian response to the 2009-09 financial crisis - Nelson Barbosa

14 - Lessons of the 2008 crisis - Fernando Cardim de Carvalho and Francisco Pires de Souza

15 - The Brazilian experience in managing the interest-exchange rate nesus - Ricardo Carneiro and Pedro Rossi

16 - Macroeconomic constraints on the growth of Brazil's economy - José Luis Oreiro

17 - Overcoming the 'impossible trinity' - André Nassif

Part IV - Regulating Brazilian finance

18 - How to evaluate financial regulation of Brazil - Daniela Magalhães Prates

19 - Economic development and the functionality of the financial system in Brazil: a Keynesian approach - Jennifer Hermann and Luiz Fernando de Paula

20 - The Brazilian experience of prudential regulation and its impact on the 2008 financial crisis - Rogério Sobreira

21 - Brazil's response to the financial crisis: How did financial regulation and monetary policy influence the Brazilian economic recovery?  - Fernando Ferrari Filho

22 - Financial liberalization, capital account regulation and economic policy in Brazil - Luiz Fernando de Paula

Appendix: ten theses on ne developmentalism

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