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The Consequences of the Global Financial CrisisThe Rhetoric of Reform and Regulation$
The Consequences of the Global Financial Crisis: The 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–AC1  75
Abdelal, R. 110, 114, 210
Abrahamson, P. 191
accountability  24
action and beliefs  142
adjustment, societal capacity for  188
agency  24 6–7
AIG  51–2, 73, 77
AIG FP  76
Air France  178
Akerlof, G. A. 144, 145
Akyüz, Y. 233
Aliber, R. Z. 144
Alibert, R. Z. 128
Alitalia  178
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 spirits  144, 145
Archibugi, D. 24
Argentina  146
Armijo, I. E. 17
ASEAN  93–4
ASEAN+3  89–103, 93, 98–102
Macroeconomic Research Organization (AMRO)  93, 96
ASEAN+6  93
ASEAN–4  91
Asian Bond Markets Initiative (ABMI)  100
Asian Development Bank (ADB)  90, 99, 117, 126
Asian financial crisis  20, 21, 35, 96, 116, 146, 147, 234, 238
Asian Monetary Fund  96
Asian Monetary Unit (AMU)  102
asset bubbles  35, 193, 235–6
asset prices  132
Astley, M. 228
Australia  197
Austria  197
automobile industry  51–2, 56–7, 219–21, 222
Awrey, D. 70, 71
AXA  216
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 bonuses  46
banking crisis  39, 197
banking system, shadow  8–9, 121
banks:
bailout  39, 178, 215–19, 222
capital ratio  8
credit expansion  230
debt guaranteed  176
intermediation  142–3
lending  233
mergers  51–2, 56
political recovery  53–4
regulation  37
standardization  82
Volker rule  55–6
Banque Populaire  216
Barber, A. 34
Barca, F. 159
Barro, R. 114
Barroso, J. M. 9, 178
Basel Committee on Banking Supervision  8, 72, 76, 92, 93, 94, 100
Baumgartner, F. R. 3
Bayram, I. 193, 197
beauty contest metaphor  144, 153
Beeson, M. 23
Belgium  218, 248
beliefs and action  142
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-Paribas  216–17
Bocian, S. 199
bond markets  209
bonds  74
Born, B. 70
Börzel, T. 167
Boyer, R. 159
Boyle, R. 77
Bradford, C. 23
Braithwaite, J. 27
Brazil  22, 93, 115, 116, 117, 121, 122, 239
capital controls  125–6, 127–32
Breslin, S. 13, 238, 239, 251
Bretton Woods  109, 110–12, 133, 135, 145–6, 153
Brickell, M. 71
BRICS  239
Brittan, S. 4, 35
Brown, G. 35, 8, 9, 39, 194
Bruner, R. F. 145
Brunnermeier, M. 120
budgets:
austerity  7, 173
deficit  63
impacts on  195, 197
Bull, H. 16
Bullock, N. 73
Burnham, P. 42, 194
Bush, G. W. 51–2, 56, 64, 93, 119, 259
business, and the state  64–5, 161–5
Caisse des dépôts et consignations (CDC)  219, 220
Caisses d'Epargne  216
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
Canada  196, 197
capital:
flows  117–18, 122–3
requirements  80
speculative and productive  110
capital controls  101–2, 109–35
changing attitudes to  110–19
circumvention  133
and the crisis  115–22, 124–7
design of  133
reasons for  117
surveillance system  133
to buffer risk  122–4
capital market liberalization  113–14, 116–17
capitalism:
Anglo-Saxon  46
clashing  227–8
coordinated  188
crisis of  61–2
France  211–13
managed  159
Carlin, W. 254
Carr, S. D. 145
carry trade  120–2, 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
Chile  124, 133
China  11–12, 22, 63, 89–103, 119, 125, 226–41, 247
bad debt  234, 235, 237
bank lending  233
banking system  234–5
capital controls  116, 127
central government  233–4
credit expansion  230
declining demand  228–30
dependence on global economy  232–3
deterrent power  240
domestic consumption  233, 237
economic and military power  92
exchange rate policy  228, 230
exports  232; collapse 228–9; growth 230–1
foreign currency reserves  236, 251
foreign investment  232
inequality  231, 232
land  236
local government  229–30, 232, 233–4, 235–6, 237, 251
Local Investment Platform Companies (LIPCs)  230
National Audit Office (NAO)  230
nationalism  232, 238
People's Bank of China (PBOC)  230, 239
political paradigm  231
power  19, 91, 250–1
renminbi  101–2, 229
stimulus package  229–30, 231, 250
(p.263) China model  227, 238, 251, 258
Chrysler  51–2, 56–7
Chung, J.-H. 231
Chwieroth, J. 114–15
civil society  259–60
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 depositing  75–7
collateralized debt obligations (CDOs)  67
Colombia  115, 117, 119, 127, 133
Commerzbank  254
Committee of European Securities Regulators  147
communicative discourse  166
competition policy  253–4
competitiveness  169–70, 179
compression  79
Confessore, N. 54
confidence  152
constitutive rules  150
constuctivism  90–1
consumer debt  194
consumption, domestic  233, 237
Cooper, G. 145
Cooper, S. 23
cooperation:
Asian  95–7
global  133–4
international  152
coordinated market economies (CMEs)  156, 157, 159, 191
coordination  200
coordinative discourse  166
corporatism  158–9
corporatist association  190
corruption  170
Crafts, N. 35, 253
Crédit Agricole  216
credit crunch  36
credit default swaps (CDS)  67
growth of  69–71
short position  74
credit expansion  230
Crédit Mutuel  216
credit rating agencies see rating agencies
crisis management  98–9
Croome, J. 21
Crouch, C. 72, 160, 213, 249, 257, 259, 260
Cruddas, J. 11
Cui, L. 233
Culpepper, P. 206
currency:
crises  146
dollars  239–40
politics  101–2
renminbi  101–2, 229
reserves  236, 251
risk  122
Curzio, P. 178
Czech Republic  175
Dahl, R. 24
Dalai Lama  240
Danfoss  200
D’Arista, J. 122
Darling, A. 43
Das, S. 80, 83
Davidson, P. 121
de-globalization  193
debt:
bad  234, 235, 237
confused with deficit  43
foreign currency  123
long-term  43
personal  72
public and private  249
short-term  123
Deeg, R. 207, 210
deindustrialization  189, 190, 191, 193
Deiter, H. 21
delegation  90
Della Sala, V. 159
demand and supply  145
democratic accountability  24
Denmark  170, 187, 258
budgetary impacts  197
Confederation of Danish Employers (DA)  192
Environmental Economic Council  199
flexicurity  198–9
growth  195
industrial restructuring  199–200
neoliberal reforms  191–92
peak union (LO)  192
public sector  198
tax reform  197–8
unemployment  196
welfare state  196
depoliticization  4
deregulation  37, 52, 68, 193, 214–15
derivatives  9
over-the-counter (OTC)  67–85
Deutsche Bank  255
Deutsche Borse  81
Dewan, S. 198
Dexia  218
(p.264) Ding, X. 227
DiPalma, G. 163
disintermediation  142–3
dollar  239–40
Dominion Bond Rating Service  141
Dooley, M. 105
Drache, D. 27
Drahos, P. 27
Drajem, M. 119
Drezner, D. 240
Dryzak, J. 27
DTCC  80
Dudley  82
Dun and Bradstreet  141
Dunaway, S. 228
Dyer, G. 229
Eatwell, J. 37
Ebbinghaus, B. 164
economic growth  195–6
from consumer debt  194
international  35
and liberalization  116–17
economic growth model:
laissez-faire  46–7
legitimate  193
education  256, 257
efficiency and social justice  36
efficient markets hypothesis  37, 52
Eichengreen, B. 110–11, 112, 116
Eisenhower, D. D. 114
electronic trading platforms (ETPs)  79
Elliott, K. 19
Elmer, D. 199
embedded:
illiberalism  172
liberalism  111, 113, 116, 172
markets  214
socially  210
employment, and public spending  190
Engelen, E. 67
Enron  147
Epstein, G. 123
equity finance  209
Erlingsson, G. O. 198, 199
Ettlinger, M. 198
Euromarket  113, 115
European Association of Corporate Treasurers  80
European Central Bank (ECB)  248, 253
European Commission  147, 149, 215
European Exchange Rate Mechanism (ERM)  34, 35, 215
European Financial Stability Facility (EFSF)  174
European Investment Bank  200
European Parliament  147
European single market  253
European Union (EU)  78, 83, 175
Competition Directorate  7
Constitutional Treaty  168
economic nationalism  165
internal market rules  220
policies  167
representation on G20 93
supervisory authority  85
Europhilia  167–8
eurozone  11, 42, 48, 96, 247, 248
Evans, P. 214
exchange rates  131
floating  146
managed  228, 230
pegged  110, 127
exports  43, 228–31, 232
Falkner, G. 167
Farrell, H. 214
Fiat  51, 56
finance, structured  150–1
financial competition  38
financial cooperation see cooperation
financial crisis:
blame for  59, 147, 149–50
endogenous approach  144–5, 152
exogenous approach  143–4, 152
impact on growth  195–6
and institutional failure  139–54
political costs of  57–9
UK aftermath  39–41
whose crisis?  36–7, 227–8 see also Asian financial crisis
financial growth model  35, 46
financial innovation  67–8
financial institutions:
intermediating  73–4
as producers of OTC derivatives  73
size and profits  71–2
financial instruments, innovation in  143
financial network economy  216
financial sector:
dominant  46
tax revenue  72
unreformed  249 see also regulation
Financial Stability Board (FSB)  20–1, 23
Financial Stability Forum  94, 100
Finland  195, 196, 197
Fioretos, O. 214
fiscal policy:
expansionary  194, 229–31, 250
retrenchment  249
United States  58–9
Fitch, R. 103
Fitch Ratings  141
Flanagan, S. M. 71
(p.265) foreign direct investment  169–70, 171
foreign equity ownership  209
foreign exchange restrictions  118
foreign investment  179, 232
forgetfulness  38
Forits Bank  217
France  114, 195, 206–22, 248, 256
as an SME  156–82
automobile industry  219–21, 222
bank bailout  215–19, 222
budgetary austerity  172
budgetary impacts  197
business  162–3
capitalism  211–3
deregulation  214–15
dirigisme  24, 211–2, 258; post-dirigisme 206–7, 208–11, 213–19
economic profile  168–73
gatekeeper  217, 221
a good crisis  173–7
international champion–building  216–17
internationalization  208–9
liberalization  208
new state activism  207, 209, 213–19
politics  166
privatization  208
public sector  198
state  211–3
state/market relations  208
stimulus package  176
Frank, B. 78
Freeman, C. W. 91, 104
Friedberg, A. 104
Frieden, J. 35
Friedman, M. 4, 113, 143, 144
Fukuyama, F. 104
functionalism  90
G–14  82
G2  19
G7  23, 93, 94
G8  23, 93
G20  19, 24, 24, 78, 83
and capital flows  115–19, 122
China’s membership  92, 239
creation of  93–5
development of  22–3
and East Asian economies  97, 102
and payments imbalances  100–1
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
Germany  101, 157, 170, 195, 251
budgetary impacts  197
Bundesbank  253
competition policy  253–4
education  256, 257
exceptionalism  252–7
German Council of Economic Experts (GCEE)  252–3
IT revolution in  255
Landesbanken  254–5
leadership  248–9
power  250–1
public sector  198
skill formation  253–4
social market economy  253–5
training  255, 257
unemployment  196, 252
Gieve, J. 193
Gill, B. 104
Gingerich, D. 158
Girardin, E. 104
Glasman, Lord  11
Glass, A. W. 71, 76, 80
global agora  27–8
global financial crisis (GFC) see financial crisis
global governance  16–18, 18–23, 239
global payments, imbalances  100–1
globalization  18, 143, 189
Glyn, A. 35
gold-exchange standard  110
Goodman, P. S. 70
Goul Andersen, J. 196, 197, 198, 202
Gourevitch, P. 141–2
government:
and business  64–5
faith in  195, 196
local  229–30, 232–7, 251
and rating agencies  140
regional  163–4 see also state
Gowa, J. 19
Goyer, M. 162
Grabel, J. 117, 118, 122
Grant, W. 35, 253
Great Depression  143–4, 145, 194
Greece  96, 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
Grundfos  200
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
Haufbauer  19
Hay, C. 4, 11, 160, 207, 210, 252
Hayek, F. 40–1
Hayward, J. 161, 211
Healey, D. 44
hedge funds  73, 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 sector  37
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
Hungary  197
Hurd, I. 24
Hypo Real Estate  254
Iceland  194
ideational approach  210, 213
Ikenberry, G. J. 19
India  19, 22, 93, 116, 117, 125
Indonesia  93, 94, 100, 115, 146
industrial policy  7, 62, 199–200
Industry Swaps and Derivatives Association (ISDA)  68, 71, 78, 82
inequality  172, 187, 231, 232
inflation  44
information, cost of gathering  143
insurance companies  75
Intercontinental Exchange (ICE)  81
interdealer brokers  73
interest rate differentials  128–31
interests  91, 95
divergant  97–8
international cooperation  152
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 Restrictions  124
capital controls  134–5
capital flow regulation  115–18, 117–18
on capital market  114–15
established  110
Global Financial Stability Report  117
Global Stability Mechanism  99
link  98
mission change  19–20
Precautionary Credit Line  99
World Economic Outlook  117
International Organization of Securities (IOSCO)  92, 149
international organizations, role  18
internationalization, France  208–9
Intesa San Paolo  178
Iraq war  53
Ireland  42, 156, 169, 249
Italy  248
as an SME  156–82
anticrisis legislation  178–9
budgetary impacts  197
economic profile  168–73
paralyzed state  163–4
politics  167
a pretty bad crisis  177–9
unemployment  196
Iversen, T. 189
Jabko, N. 162, 206–7, 208, 210, 215, 216, 217, 218, 219
Jackson, G. 207, 210
Jackson, J. K. 64, 193
Japan  63, 91–103, 124, 157, 159, 250
capital controls  101–2
Yen  146
Jessoula, M. 178
job-sharing  200–1
Johnson, C. 80, 227
Jones, B. D. 3
Jones, L. 80
Jopson, B. 126, 131
Jørgensen, C. 199, 200–1
J.P. Morgan  72, 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
Keynesianism  3–6, 47, 61–2, 111, 194
Kindleberger, C. P. 38, 144
King, A. 4
Kingdon, J. W. 12, 51, 59
Kirkegaard, J. F. 103
knowledge economy  27
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 market  199
coordination  189–91
flexible  163
reforms  191–2
state intervention  162, 163
Labory, S. 7
Lamont, N. 47
Langley, P. 72
Lardy, N. 230, 231
Lasswell, H. 29
law of variable proportions  113–14
Lawrence  255
Lawson, N. 34, 46, 47
Le Pen, M. 177
leadership  167
regional  91–2
Lee, Y. 104
Lee Kuan Yew  90
legitimacy:
deficit  18, 24
growth model  193
political  24–6
Lehman Brothers  38, 78–9, 120, 247
Leibfried, S. 158
leverage  72, 75
Levitt, A. 70
Lewis, M. 72, 74
liberal market economies (LMEs)  156, 157, 206, 213
liberalism  187
embedded  111, 113, 116
liberalization  113–14, 208
Liddell, R. 83
Lindvall  194
List, F. 210–1
Liu, G. 229
Liu Xiaobo  240
local government  45, 229–30, 232–7, 251
Locke, R. M. 164, 167
London Stock Exchange group  81
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-Hill  141
Macmillan, H. 258
Madsen  196
Magud, N. 105, 117, 118
Mahbubani, K. 226, 228
Major, J. 34
Malaysia  146
Mannesman  255
Mariani  216
market rationality  207
market regulation  68
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:
bank  51–2, 56
international  216
stock exchanges  81
Merkel, A. 174, 248
Merrien, F-X. 160
Mexico  124
Meyers, M. 65
Michalet, C.‐A. 208
Milgate, M. 37
minilateralism  26–7
Minsky, H. 38
modernization, state–led and market–led  212
Molina, O. 158, 159, 164
monetarism  4–5
Moody's  9, 140, 141, 143, 149, 151
moral hazard  90
Moran, M. 147
Morgan, G. 6, 11, 12, 54, 71, 75, 79, 85
Morin, F. 216
multilateralism  25, 26
Munakata, N. 105
NAFTA  119
Naim, M. 26
(p.268) Nanz, P. 27
Narine, S. 104, 105
Narliker, A. 21
National Recognized Statistical Rating Organizations (NRSROs)  148, 149
nationalization, US  51–2, 57
Naughton, B. 229, 236
Nelson, B., Senator  59
neo-developmental states  116
neoliberalism  62, 159, 175, 208
and capital controls  112–15
Denmark  191–2
dominance  5–7, 12, 19, 46, 259
Sweden  192–3
validity  193
Netherlands  197
network economy  216
network-based activity  27
networks  162
financial  216
oligarchic  210
public and private  221
regional production  97
New Global Finance (NGF)  139, 142–3
Newman, A. 214
Nicoloas, F. 242
Niklausson, L. 199
Nixon, R. 3, 62, 194
Norman, P. 201
Norway  196
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
Opel  254
ordo-liberalism  254
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) derivatives  67–85
described  73
flexibility  70
legality  68
regulation  70, 75
standardized  78, 79
Palin, S. 62
Palombarini, S. 166
Panama  119
Pasquino, G. 163
Paulson, H. 38, 39
Paulson, J. 74
Pedersen, O. K. 191
Pederson  160
Pennington, M. 37
pension reform  175
Perez, S. 165
Pérol  216
Perraton  214
Peru  119
Peugeot  175, 221
Phillips, M. 72
Pierson, P. 160
Polanyi, K. 144, 210, 213, 214
policy:
criteria for change  51, 59
paradigm shift  3
political institutions, simple and compound  165–6
politicians  259
mistrusted  195
politics  166–8
center  36
center-left  10, 61–2
center-right  10
failure  247–8
and global finance  24, 153
populist right  10
social democratic  10–11
Pontusson, J. 192–3, 199
Portugal  156, 158, 159, 239
power:
asymmetries  91
deterrent  240
global distribution  250–1
horizontal  18–19
redistribution  47
relative  95
rising  95
shift  226, 238–40, 249
vertical  18
Prasad, E. 116
Prince, C. 72
private sector:
actors  25
and public sector  45
privatization  208
Prodi, R. 164
PSA Peugeot-Citroen  220
public sector  190–201, 198
deficits  40, 42–5
and private sector  45
size of  198
Qian, G. 238
Quinn, T. 42
Rabinovitch, S. 231, 237
Radaelli, C. M. 167
(p.269) Rainelli-Le Montagner, H. 75, 80, 82
Rainer  70
Rasmussen, A. F. 192
rating agencies  9, 43, 139–54
competition between  143, 148–9
criticized  147
fee income  141, 149
and government  140
origins of  140–43
regulation  139, 148–9, 150
reputation  141
Reagan, R. 5, 6, 61, 112, 194, 258
recession  36
Regini, M. 164
regional institutions  21–2
regional leadership  91–2
regional production networks  97
regionalism  26, 88–103
regulation:
bank  37
financial  7, 99–100
light‐touch  17, 24
and markets  68
permissive  218–19
stock exchanges  69, 83
Reinhart, C. M. 117, 118
Renault  175, 220, 221
reputational intermediaries  142
Reinhart, C. 38
Rhodes, M. 158, 159, 164
Riedl, A. 190
risk  38, 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
Russia  19
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, Senator  52, 60
“scientific” development  231–32, 237
Searle, J. 150
shareholder value  255
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 justice  36
social market economy  253–5
social pacts  164–5
social solidarity  195
societal capacity for adjustment  188
Société de Financement de l'Economie Français (SFEF)  217–18, 220
Société de Prise de Participation de l'Etat (SPPE)  217, 219
Société Générale  216
Soeya, Y. 104
Solomon, D. 55
Sorkin, A. R. 52
Soros, G. 146
Soskice, D. 52, 157–8, 206
South Africa  93
South Korea  93, 94, 99, 100, 115, 119, 120, 125, 158, 159
capital controls  127–32
currency appreciation  126
sovereign debt crisis  39, 43, 169, 177, 179
sovereign debt default  152
sovereignty  25
Soviet Union  259
Spain  195, 239, 248
as an SME  156–82
austerity measures  180–81
business  164, 165
economic profile  168–73
politics  166–7
a pretty ugly crisis  179–81
unemployment  171–2
Spiegel, P. 239
stagflation  4
Standard and Poor's (S&P)  9, 141, 149, 151
state:
changing role  161–5
fragmented  211
France  211–13
reforms  182
role  193–4, 207 see also government
(p.270) state activism  222
new  207, 209, 213–19
state intervention:
and free market  213–14
and labor  162, 163
state-influenced market economies (SMEs)  15 6–82
statism  158–9
Steffek, J. 27
Stein, J. C. 128, 142
Stephens, P. 35
Stiglitz, J. E. 17, 116
stock exchanges:
commodified  83–4
mergers  81
regulated  69, 83
Stone, D. 20, 27–8
Stout, L. A. 70, 71, 74
Strange, S. 159
Strauss-Kahn, D. 118, 177
Streeck, W. 160
stress tests  248–9
Stubbs, R. 104, 227, 238
Su, H. 239
subprime crisis  146–8
subprime mortgages  37
Subramanian, A. 117
Sulieman, E. 216
Summers, L. 70
Svallfors, S. 197
Swaine, M. 240
Swank, D. 189, 191
Swap Execution Facilities (SEFs)  79
Sweden  161, 191–92, 249, 258
Association of Swedish Engineering Industries  200
banking crisis  197
budgetary impacts  197
Confederation of Swedish Enterprise  200
growth  195, 196–7
labor market  199
neoliberal reforms  192–3
public sector  198
Swedish Employers Association (SAF)  192
Swedish Service Employers' Association  200
tax reform  197–8
unemployment  196
Switzerland  197
Syed, M. 233
systematically important financial institutions (SIFIs)  8
systemic risk model  38
Tait, N. 8
Taiwan  115, 125, 158
capital controls  126–7, 127–32
Takagi, S. 104
takeovers, hostile  212
tax:
interest equalization  134
on investment  123
IOF  125
reform  197–8
revenue  72
rises  44–5, 61
technology:
green  187, 199, 220, 237, 251
IT revolution  255
Terada, T. 228
territorial disputes  92
Tett, G. 71, 72
Thailand  115, 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 Way  6 1–2
Thompson, H. 35
Tiberghien, Y. 97, 105
TMX  81
Toffler, A. 140
Torlino, G. 253
Tover, C. 133
trade depositories  80–1
training  198–9, 253–4, 255, 257
transnational executive network (TEN)  27, 28
Trindle, J. 55
Truman  112
trust  152
lack of  195
Tsingou, E. 27
Turkey  124
Turner, A. 17
uncertainty  153
unemployment  171–2, 196
and retraining  198–9
unintended consequences  5
United Kingdom  34–48, 156, 161, 169, 170, 195, 212
Bank of England  7
Black Wednesday  34
budgetary impacts  197
Centre for Economic and Business Research  249
Coalition government  41–5, 250
deficit reduction plan  42–5
financial crash  36–9; aftermath 39–41
Financial Policy Committee  7
Financial Services Authority  7, 83
Green Book  213
growth debate  46–8
growth targets  43
(p.271) IT revolution in  255
Labour Party Constitution  258
National Health Service  45
Office for Budget Responsibility  42, 47
public sector  196: cuts 43; deficits 39–40
public spending cycles  44
structural weaknesses  48
Treasury  7, 40
tripartite regulation  37
unemployment  196
Vickers Commission  6
United Nations (UN)  92, 117
United States  35, 51–66, 153, 156, 212, 249 9/1163
anxiety  63–4
blame for crash  59–60
budgetary impacts  197
capital account  113–15
capital controls  111–12, 118–19, 121
Chicago Board of Trade  69
Chicago Mercantile Exchange  69
Commodity Futures Modernization Act (CFMA)  70–1
Commodity and Futures Trade Commission (CFTC)  69, 70
credit rating  247, 248
Credit Rating Agency Reform Act  147
deficits  101
Dodd-Frank Act  9, 54–6, 82, 85, 149
dollar  239–40
exceptionalism  52, 60, 64
Federal Reserve Board  38, 52, 54, 63, 65
financial sector  250
Financial Stability Board (FSB)  83
Financial Stability Council  54
fiscal policy  58–9
Glass–Steagall legislation  17
growth  196
Hurricane Katrina  53
Interest Equalization Tax  134
Keynesianism  3–4
Medicaid  248
Medicare  60, 64, 248
nationalization  51–2, 57
New York Insurance Department  76
New York Stock Exchange  81, 145
political costs of crash  57–9
public sector  198
rating agencies  140–41
relationship with China  19
Securities and Exchange Commission (SEC)  54, 70, 82, 147–9
social security  248
state ownership  6
Tea Party  53, 64, 187, 195, 248, 258
Treasury  40; Troubled Asset Relief Program (TARP) 52
Treasury bonds  251
unemployment  196
Volker rule  55–6
welfare state  60–1, 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 categories  157–61
Veneroso, F. 20
venue shopping  94
Vodafone  255
Vogel, D. 213, 214
Volcker, P. 105
von Hayek, F. 144
Wade, R. 20, 114, 237
wage compression  190
wages, real  170–71
Waldmann, R. 3
Waldmeir, P. 230
Walter, A. 105
Waltz, K. 16
Wang, F.‐L. 227
Wang, J. 239
Wang, X. 230, 235
Washington Consensus  5–6, 63, 94, 112, 238, 257–8
Weaver, K. 20
Wei Benhua  96
Weir, M. 3
Weiss, L. 158
welfare state  3–4, 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 Bank  15, 19, 20, 63, 92, 118
(p.272) World Trade Organization (WTO)  15, 21, 26, 62, 228, 232
Doha MTN  22
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
Zapatero  180, 181
Zha, D. 231
Zhang, 232
Zhang, F. 235
Zhang, Z. 242
Zhao, Q. 229
Zheng, Y. 242
Zhou, X. 105, 231, 239
Zhu Min  92
Zohlnhöfer, R. 254
Zürn, M. 158
Zysman, J. 211, 215, 217