List of Tables vii
List of Figures viii
Notes on Contributors x
Foreword xiii
Introduction Franklin Allen; Masahiko Aoki; Jean-Paul Fitoussi; Roger Gordon; Nobuhiro Kiyotaki; Joseph E. Stiglitz; 1
Part I Beyond GDP
1 On the Measurement of Social Progress and Wellbeing: Some Further Thoughts Jean-Paul Fitoussi; Joseph E. Stiglitz; 13
2 The Role of Statistics in the United States'' Economic Future J. Steven Landefeld; Shaunda Villones; 25
3 Measuring Equitable and Sustainable Wellbeing in Italy Enrico Giovannini; Tommaso Rondinella; 38
Part II Structural Imbalances, Financial Frictions and Externalities
4 Sectoral Imbalances and Long-run Crises Domenico Delli Gatti; Mauro Gallegatti; Bruce C. Greenwald; Alberto Russo; Joseph E. Stiglitz; 61
5 Capital Flows, Crises and Externalities Anton Korinek; 98
6 Liquidity Shocks and Asset Prices in the Business Cycle Shouyong Shi; 118
7 Whither Capitalism? Financial Externalities and Crisis Marcus Miller; Lei Zhang; 131
8 Bank Lending and Credit Supply Shocks Simon Gilchrist; Egon Zakrajšek; 154
9 A Mechanism Design Approach to Financial Frictions Nobuhiro Kiyotaki; 177
Part III Behavior of Financial Institutions and Prudential Regulations
10 Systemic Risk and Macroprudential Regulation Franklin Allen; Elena Carletti; 191
11 Filling the Gaps - the Vienna Initiative and the Role of the International Financial Institutions in Crisis Management and Resolution Erik Berglof; 211
12 Some Recent Progresses on Financial Structure and Development Justin Yifu Lin; Lixin Colin Xu; 224
13 The Race to Zero Andrew G. Haldane; 245
14 A Model of Private Equity Fund Compensation Wonho Wilson Choi; Andrew Metrick; Ayako Yasuda; 271
Part IV Taxation in a Globalized Economy
15 How Should Income from Multinationals Be Taxed? Roger Gordon; 289
16 Taxing Multinationals in a World with International Mergers and Acquisitions: Should the Home Country Exempt Foreign Income? John Douglas Wilson; 313
Index 329
