This paper offers a solution to the puzzle that economic activity recovers after a financial crisis without a rebound in credit. These credit-less recoveries, known as "Phoenix Miracles", question the importance of credit. We argue that these recoveries appear credit-less because GDP is compared...

"This ground-breaking book analyses the severe monetary policy challenges facing Latin American countries. Contributors reflect on how these issues should be addressed by policy-makers, identifying the need for a synergic response from regional central banks. Arguing that the challenges...

"Bringing together leading scholars and practitioners, Rethinking Economic Transformation for Sustainable and Inclusive Development explores important environmental, economic and employment issues and policies for generating inclusive growth. Addressing the realities of ongoing climate change...

Money, Financial Instability and Stabilization Policy consists of original articles by leading Post Keynesians, Kaleckians and other heterodox economists from the developed and developing world. Post Keynesian literature has long been associated with the study of money, financial markets and...