Global research is pleased to announce the publication of a new book entitled the global economic crisis, the great depression of the xxi century. This important collection offers the reader a most comprehensive analysis of the various facets – especially the financial, social and military ramifications – from an outstanding list of world class social thinkers. Since the launching of the book in early june, we have been flooded with orders, and excellent reviews continue to come in. This title is available at a special introductory price for global research readers for $15.00 plus s amp h list price $25.95. The book is also available on amazon and in selected bookstores in the us distributed by ingram. the global economic crisis the great depression of the xxi century michel chossudovsky and andrew gavin marshall editors montreal, global research publishers. What is striking about the current situation in asia is the very marked gap in performance between the individual countries.

Broadly speaking countries with a large and robust domestic market will see a marked slowdown in growth this year but they will be spared the economic contraction which will afflict the smaller export dependent countries. As world trade stabilizes in the second half of 2009 we expect the economy to pick up across the region. Given the dramatic slide in us imports and the importance of the usa as a sales market, the asian growth model is set to change.

Export momentum will be lower than before the crisis and trade surpluses will decline. In order to achieve strong growth in the future, the asian emerging markets are rightly attempting to bolster domestic demand in the medium term. In the foreseeable future it is unlikely that the us will re emerge as the source of such powerful demand and import growth. Global financial crisis: the 2007–2012 global financial crisis, also known as the global financial crisis gfc , late 20s financial crisis or the second great recession , is considered by many economists to be the worst financial crisis since the great depression of the 1930s. 1 it resulted in the collapse of large financial institutions, the bailout of banks by national governments and downturns in stock markets around the world. In many areas, the housing market also suffered, resulting in numerous evictions, foreclosures and prolonged unemployment. It contributed to the failure of key businesses, declines in consumer wealth estimated in trillions of us dollars, and a significant decline in economic activity, leading to a severeglobal economic recession in 2008.

Revised version appears in international political science review 20, august 19. Between meltdown and moral hazard: the international monetary and financial policies of the clinton administration with brad delong , july 2001. Prepared for the conference on the economic policies of the clinton administration, kennedy school of government, 26 29 june 2001. A revised version apprears in a book by the same name, edited by jeffrey frankel and peter orzag. Bond markets as conduits for capital flows: how does asia compare? with pipat luengnaruemitchai , nber working paper no. For presentation to the nber summer institute preconference for the project on the euro, 12 july 2007. Prepared for the third edition of the economic history of britain roderick floud and paul johnson, eds.

Building bond markets in latin america with eduardo borensztein and ugo panizza. Prepared for an iadb network on the growth of corporate bond markets in latin america. Posted august 2006 the bush legacy for america's international economic policy with douglas irwin.

Prepared for the conference on the legacy of the bush years for the next adminstration, miller center for the study of the presidency, university of virginia. Mahathir right? with david leblang , a revised version appears in the international journal of finance and economics 2003. Capital account liberalization: what do the cross country studies tell us? preliminary version, april 2001. Central bank transparency: causes, consequences and updates, with nergiz dincer.

An earlier version of this paper was presented to the conference on money matters: the law, politics and economics of currency, held at tel aviv university on 7 9 january 2009. Central bank transparency: where, why and with what effects? with nergiz dincer. China and the exports of other asian countries with yeongseop rhee and hui tong. An earlier draft of this paper was presented at the kiep/claremont conference on east asian regionalism, seoul, 26 27 august 2004.

China's exchange rate regime: the long and short of it , revision of a paper for columbia university's conference on chinese money and finance held in new york on february 2 3, 2006. Contagious currency crises with andy rose and charles wyplosz , nber wp 5681 cepr dp 1453, july 1996. Part of this paper was published in the scandinavian journal of economics 98, 1996. Contending with capital flows: what is different about the 1990s? with albert fishlow , occasional paper, council on foreign relations, 1996. Counterfactual histories of the great depression with peter temin , october 2001. Crises now and then: what lessons from the last era of financial globalization? with michael bordo , november 2001.

Prepared for a conference in honor of charles goodhart at the bank of england, 15 16 november 2001. A revised version appears in a festschrfit volume edited by paul mizen, monetary history, exchange rates and financial markets edward elgar 2004. Crisis and growth in the advanced economies: what we know, what we don't, and what we can learn from the 1930s. Revised version of a paper prepared for the world bank nyu conference on long term effects of the financial crisis, 7 8 october 2010. A revised version appears in brookings trade forum 2003 brookings press 2003. The currency composition of foreign exchange reserves: retrospect and prospect, preliminary version, january 20.

Prepared for the unu/wider conference on the future of the international monetary and financial system, helsinki, 11 12 november 19. A revised version appears in a volume edited by charles wyplosz, the impact of emu on europe and the developing countries oxford university press 2001. Currency crises and unemployment: sterling in 1931 with olivier jeanne , preliminary draft, 1998. Current account reversals: always a problem? with muge adalet prepared for the nber conference on g7 current account imbalances, newport, rhode island, june 1 2, 2005. Debt deflation and financial instability: two historical perspectives with richard grossman , preliminary draft, june 1994. Debt denomination and financial instability in emerging market economies with ricardo hausmann , editors' introduction to other people's money: debt denomination and financial instability in emerging market economies university of chicago press 2005. Democracy and globalization with david leblang prepared for the bis annual research conference in brunnen, switzerland, june 2006.

Dental hygiene and nuclear war: how international relations look from economics, preliminary draft, december 1997. Autumn 1997 and in peter katzenstein, robert keohane, and stephen krasner eds , exploration and contestation in the study of world policies. Does it pay to defend against a speculative attack? with andrew rose , april 2001. A revised version appears in managing currency crises in emerging markets.

Does mercosur need a single currency? prepared for the ipea conference alca and mercosul: the brazilian economy and the processes of subregional and hemispheric integration, brazilia, 5 6 october 1998. Economics and culture in the writing of financial history, preliminary draft, may 1997. Revised version appears in gerald feldman, philip cottrell and jaime reis eds , finance and the making of modern capitalism. The empirics of currency and banking crises with andrew rose , in nber reporter. Revised version published in wirtschaftspolitisches blatter austrian economic papers , 20.

Prepared for the conference celebrating the 75 th anniversary of the banco de mexico, mexico city, 14 15 november 20. A revised version appears in a volume edited by guillermo ortiz and alejandro werner, stabilization and monetary policy: the international experience. Emu and enlargement with fabio ghironi , prepared for a conference on economic and monetary union organized by dg ecfin of the european commission, brussels, 21 22 march 2001. Revised version appears in marco buti and adre sapir eds , emu and economic policy in europe edward elgar, 2003. Revised version appears in the journal of the japanese and international economies. European integration: what lessons for asia? prepared for the asian development bank project on asian regionalism, and presented to the project workshop in bangkok, july 2007.