Barry Eichengreen Bücher

Die Ursachen der beiden größten ökonomischen Katastrophen in den letzten 100 Jahren, die Weltwirtschaftskrise in den 1930er-Jahren und die Finanzkrise seit 2008, gleichen einander wie ein Ei dem anderen. Beide entstanden infolge eines krassen Kreditbooms, dubioser Bankpraktiken sowie eines fragilen Finanzsystems. Und doch beriefen sich die Entscheidungsträger auf die falschen Lektionen, sodass die Krise nach mehr als sechs Jahren noch immer nicht ausgestanden ist. Die großen Crashs 1929 und 2008 ist DAS neue Hauptwerk der Wirtschaftsgeschichte und zeigt auf, welche Schlussfolgerungen aus der Geschichte der Großen Depressionen gezogen werden müssen, ehe dieselben Fehler in der nächsten Krise erneut gemacht werden. Kein anderes Werk erklärt die Geschichte der zwei größten Krisen umfassender und gibt weitreichendere Antworten

This book offers a reassessment of the international monetary problems that led to the global economic crisis of the 1930s. It explores the connections between the gold standard--the framework regulating international monetary affairs until 1931--and the Great Depression that broke out in 1929. Eichengreen shows how economic policies, in conjunction with the imbalances created by World War I, gave rise to the global crisis of the 1930s. He demonstrates that the gold standard fundamentally constrained the economic policies that were pursued and that it was largely responsible for creating the unstable economic environment on which those policies acted. The book also provides a valuable perspective on the economic policies of the post-World War II period and their consequences.

"In Global Imbalances and the Lessons of Bretton Woods, Barry Eichengreen takes issue with the argument that today's international financial system is largely analogous to the Bretton Woods system of the period 1958 to 1973. Then, as now, it has been argued, the United States ran balance of payment deficits, provided international reserves to other countries, and acted as export market of last resort for the rest of the world. Then, as now, the story continues, other countries were reluctant to revalue their currencies for fear of seeing their export-led growth slow and suffering capital losses on their foreign reserves. Eichengreen argues in response that the power of historical analogy lies not just in finding parallels but in highlighting differences, and indeed he finds important differences in the structure of the world economy today."--Jacket

Public debts have surged to unprecedented levels as governments responded to the COVID-19 pandemic, leading to dire warnings about the potential negative impacts on economic growth and future generations. This book presents a counterargument, emphasizing the historical importance of public debt. It illustrates how government borrowing has been crucial in addressing emergencies—ranging from wars and pandemics to economic crises—and in funding vital public services like transportation, education, and healthcare. The ability to issue debt has been essential for state building and has also fostered the growth of private financial markets, contributing to modern economic development. While acknowledging that debt issues can lead to crises and defaults, the narrative emphasizes that these events do not represent the full picture. The book balances the discussion by exploring two millennia of public debt history, utilizing a comprehensive database to analyze the factors driving rising debts and the conditions under which they can be reduced. It also addresses the role of public debt during the COVID-19 pandemic and proposes a path forward for governments facing heightened indebtedness as they emerge from the crisis.

For more than half a century, the dollar has been not just America's currency but the world's. It is used globally by importers, exporters, investors, governments and central banks alike. This singular role of the dollar is a source of strength for the United States. It is, as a critic of U.S. policies once put it, America's "exorbitant privilege." But now, with U.S. budget deficits extending as far as the eye can see, holding dollars is viewed as a losing proposition. Some say that the dollar may soon cease to be the world's standard currency which would depress U.S. living standards and weaken the country's international influence. In Exorbitant Privilege, one of our foremost economists, Barry Eichengreen, traces the rise of the dollar to international prominence. He shows how the greenback dominated internationally in the second half of the 20th century for the same reasons that the United States dominated the global economy. But now, with the rise of China, India, Brazil and other emerging economies, America no longer towers over the global economy. It follows, Eichengreen argues, that the dollar will not be as dominant. But this does not mean that coming changes need be sudden and dire or that the dollar is doomed to lose its international status. Challenging the presumption that there is room for only one true global currency, Eichengreen shows that several currencies have regularly shared this role. What was true in the distant past will be true, once again, in the not-too-distant future. The dollar will lose its international currency status, Eichengreen warns, only if the United States repeats the mistakes that led to the financial crisis and only if it fails to put its fiscal and financial house in order. Incisive, challenging and iconoclastic, Exorbitant Privilege, is a fascinating analysis of the changes that lie ahead. It is a challenge, equally, to those who warn that the dollar is doomed and to those who regard its continuing dominance as inevitable.

Lucid, accessible, and provocative, and now thoroughly updated to cover recent events that have shaken the global economy, Globalizing Capital is an indispensable account of the past 150 years of international monetary and financial history.

In recent years, populism has surged globally, reaching a peak in the U.S. with Trump's election, while also influencing Europe since the Great Recession. Populism vilifies economic and political elites, promoting the idea that 'the people' must reclaim power from unaccountable authorities. This ideology often fosters distrust not only of elites but also of experts, who are viewed as disconnected from the populace. A key feature of populist movements is the belief in a savior who embodies the hopes of the people. Historical figures like William Jennings Bryan and Huey Long exemplify this trend, culminating in Trump. The author, Barry Eichengreen, explores the resurgence of populism today, linking it to economic downturns that make it easier to blame elites for societal woes. While acknowledging that elite malfeasance exists, he critiques populist solutions as overly simplistic and economically harmful. Furthermore, populism can devolve into demagoguery and xenophobia by portraying ordinary people as victims of external forces. Eichengreen suggests that enhancing the welfare state is crucial for addressing the concerns raised by populists, particularly as America's inadequate welfare system contributed to the economic discontent that fueled Trump's rise. This analysis offers essential insights into the populist phenomenon and its implications following economic crises.

The Asian financial crisis and the global economic turmoil that followed it have highlighted the need to avert financial crises and resolve them quickly if they do occur. This book addresses current concerns that existing institutional arrangements, including the Bretton Woods institutions, can no longer adequately cope with today's world of high capital mobility. It provides a critical assessment of competing proposals to better predict, forestall, and resolve international financial crises and outlines a practical and pragmatic agenda for reform. The recommendations are based on the belief that financial markets can malfunction, creating a compelling case for a financial safety net (and therefore a role for the IMF), but also creating problems of moral hazard that must be addressed.

Focusing on the international monetary system during the interwar years, this volume presents eleven essays that explore the impact of exchange rates on macroeconomic fluctuations from both American and European viewpoints. The essays offer fresh interpretations of the period's economic dynamics, culminating in a final piece that analyzes the interwar experience through a long-term lens, enhancing the understanding of its historical significance.