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The Financial System

image of The Financial System

The New Approaches to Economic Challenges (NAEC) initiative was established to distil lessons from the Global Financial Crisis and now the systemic crises sparked by the COVID-19 pandemic. This book publishes short summaries of a diverse range of thinking and proposals from a prestigious series of experts. NAEC invited them to share their expertise with those who wish to learn more about the financial system from those at its heart. They debate the theory and models of the financial system as well as the role of its different component parts, such as currency, insurance or asset management and how they interact. And they offer advice on how financial policy can contribute to making the financial system more resilient.

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The Role of the Financial System

This section looks at the role of central banking in the crisis and how this relates to finance. It calls for socially responsible investment management on the part of fund managers and analyses the links between inequality and rent-seeking in the financial sector. It urges greater efforts to align the financial system with sustainable development. It argues that financial bubbles can be positive as well as dangerous. The section also considers the place of currency in relation to debt and sovereignty.

English

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