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Playing with FireDeepened Financial Integration and Changing Vulnerabilities of the Global South$
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Yilmaz Akyüz

Print publication date: 2017

Print ISBN-13: 9780198797173

Published to Oxford Scholarship Online: July 2017

DOI: 10.1093/oso/9780198797173.001.0001

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(p.1) Introduction
Playing with Fire

Yilmaz Akyüz

Oxford University Press

Before the world economy can fully recover from the crisis that began more than eight years ago, there is a widespread concern that it may be poised for yet another crisis. In several ways it looks no less fragile now than it did on the eve of the subprime debacle. Global income growth remains well below the levels recorded in the period before the 2009 crisis. The US and European economies have not got back to a decent shape and Japan is still grappling with deflation. Exceptional monetary policy measures introduced to deal with financial instability and recession are still in place. The economic landscape is not much better in the emerging and developing economies (EDEs),...

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