The Rise of Finance: Causes, Consequences and Cures

Book Description

Financialisation, or the disproportionate importance of considerations in decisions, has been a defining feature of the history of the last twenty-five years. The wave of deregulation that accompanied the neoliberal agenda in the US, aided by the dominance of US dollar and American , has resulted in the globalisation of finance. This book examines the rise of financialisation globally, while charting its drawbacks and prescribing suggestions for a definitive overhaul of the structure. Bringing together various strands of the latest research and evidence generated in recent years, empirical , and views of reputed experts in the field, it presents a counter-point to the canonical ideas of analysing financial market and financial globalisation. It proposes a revision of the current monetary policy paradigm to correct its excessive focus on equity and their 'wealth effect', embrace a more symmetric response to the economic cycle, and a mandate to focus on financial stability as much as price stability.

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