What are the repercussions of financial booms and crises?
The aftereffects of financial booms may be even deeper and more long-lasting than previously thought.
Joseph P. Joyce is a Professor of Economics at Wellesley College, where he holds the M. Margaret Ball Chair of International Relations. He served as the first Faculty Director of the Madeleine Korbel Albright Institute for Global Affairs.
His research deals with issues in financial globalization. His book, The IMF and Global Financial Crises: Phoenix Rising?, was published in 2012 by Cambridge University Press. A Chinese edition of the book will be published in 2015. His published articles have appeared in journals such as the Journal of International Money and Finance, Review of International Economics, Open Economies Review, Journal of Development Economics, Economics & Politics, Journal of Macroeconomics, Review of World Economics, and World Development. He is a member of the Editorial Boards of the Review of International Organizations and the Journal of International Commerce, Economics and Policy.
Professor Joyce received a B.S.F.S. degree in international affairs from Georgetown University’s School of Foreign Service, and an M.A. and Ph.D. in economics from Boston University.
The aftereffects of financial booms may be even deeper and more long-lasting than previously thought.
The IMF has warned that increasing financial market turbulence and falling asset prices are weakening the global economy.
The changes in the composition of China’s external assets and liabilities in recent years could further weaken its economy.
In an open economy, there is another channel of transmission to the economy for monetary policy: the exchange rate.