Estimating the Costs of Financial Regulation


Book Description

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.




Pivotal Politics


Book Description

Politicians and pundits alike have complained that the divided governments of the last decades have led to legislative gridlock. Not so, argues Keith Krehbiel, who advances the provocative theory that divided government actually has little effect on legislative productivity. Gridlock is in fact the order of the day, occurring even when the same party controls the legislative and executive branches. Meticulously researched and anchored to real politics, Krehbiel argues that the pivotal vote on a piece of legislation is not the one that gives a bill a simple majority, but the vote that allows its supporters to override a possible presidential veto or to put a halt to a filibuster. This theory of pivots also explains why, when bills are passed, winning coalitions usually are bipartisan and supermajority sized. Offering an incisive account of when gridlock is overcome and showing that political parties are less important in legislative-executive politics than previously thought, Pivotal Politics remakes our understanding of American lawmaking.







Building a New American State


Book Description

Examines the reconstruction of institutional power relationships that had to be negotiated among the courts, the parties, the President, the Congress, and the states in order to accommodate the expansion of national administrative capacities around the turn of the twentieth century.







Freefall: America, Free Markets, and the Sinking of the World Economy


Book Description

An incisive look at the global economic crisis, our flawed response, and the implications for the world’s future prosperity. The Great Recession, as it has come to be called, has impacted more people worldwide than any crisis since the Great Depression. Flawed government policy and unscrupulous personal and corporate behavior in the United States created the current financial meltdown, which was exported across the globe with devastating consequences. The crisis has sparked an essential debate about America’s economic missteps, the soundness of this country’s economy, and even the appropriate shape of a capitalist system. Few are more qualified to comment during this turbulent time than Joseph E. Stiglitz. Winner of the 2001 Nobel Prize in Economics, Stiglitz is “an insanely great economist, in ways you can’t really appreciate unless you’re deep into the field” (Paul Krugman, New York Times). In Freefall, Stiglitz traces the origins of the Great Recession, eschewing easy answers and demolishing the contention that America needs more billion-dollar bailouts and free passes to those “too big to fail,” while also outlining the alternatives and revealing that even now there are choices ahead that can make a difference. The system is broken, and we can only fix it by examining the underlying theories that have led us into this new “bubble capitalism.” Ranging across a host of topics that bear on the crisis, Stiglitz argues convincingly for a restoration of the balance between government and markets. America as a nation faces huge challenges—in health care, energy, the environment, education, and manufacturing—and Stiglitz penetratingly addresses each in light of the newly emerging global economic order. An ongoing war of ideas over the most effective type of capitalist system, as well as a rebalancing of global economic power, is shaping that order. The battle may finally give the lie to theories of a “rational” market or to the view that America’s global economic dominance is inevitable and unassailable. For anyone watching with indignation while a reckless Wall Street destroyed homes, educations, and jobs; while the government took half-steps hoping for a “just-enough” recovery; and while bankers fell all over themselves claiming not to have seen what was coming, then sought government bailouts while resisting regulation that would make future crises less likely, Freefall offers a clear accounting of why so many Americans feel disillusioned today and how we can realize a prosperous economy and a moral society for the future.