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wiiw Seminar Series
'Crisis Management in Central, East and Southeast Europe: What is
to be done?' |
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Amit
Bhaduri, Professor emeritus, Jawaharlal Nehru University,
visiting professor at the Indian Council of Social Development,
professor at Pavia University
The Interlocked Nature of the Crisis between the Financial
and the Real Sector
8 June 2009, 5 p.m. |
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The nature
of interaction between the real and the monetary sector has
always been a matter of controversy among economists, especially
Keynesians and Monetarists. In the light of the current financial
crisis, our theoretical understanding needs to be reexamined.
This will be attempted by first presenting a brief historical
sketch of how the financial sector of the United States changed
in the last two decades or so and a historical comparison in
some respects with Britain's attempt and failure to resurrect
the Gold Standard after the First World War (1926-1931). We
then try to outline how the transformed financial sector interacts
with the real economy to precipitate a crisis, and some directions
for policy.
Educated in Presidency College, Calcutta, Massachusetts Institute
of Technology, USA and Cambridge University, UK, Amit Bhaduri
received his PhD degree from Cambridge in 1967. Since then he
has taught in many universities in India, including the Delhi
School of Economics, Jawaharlal Nehru University and Indian
Institute of Management. He has also been a professor in many
universities around the world, including El Colegio de Mexico,
Stanford University, Vienna and Linz University, Bremen University,
Norwegian University of Science and Technology, Bologna and
Pavia University, Italy. He has worked in several committees
and countries for the United Nations, published more than seventy
articles in journals of economics, and written six books, some
of which have been translated into several European and Asian
languages. |
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