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Rescuing our Jobs and Savings: What G7/8 Leaders Can Do to Solve the Global Credit Crisis

The unfolding financial market meltdown could trigger a massive and prolonged recession that would destroy hundreds of millions of jobs worldwide and wipe out the savings our countless households; as usual, the most vulnerable would be hit hardest.
If economic policymakers continue with their business-as-usual behaviour, they risk becoming the authors of the next Great Depression. The time for forceful coordinated action has arrived. Leaders should agree to a plan back it forcefully.

Any global plan must have options as the crisis in Iceland is not the same crisis as in the US or Germany, but coordination is essential to restore confidence. Coordination and dialog is also important to avoid the downward spiral of international cooperation that followed the last great crisis in the 1930s.

This eBook collects essays from some of the world�s leading economists on what governments can do to rescue our jobs and savings. While they differ on many points, a clear consensus emerges on need to act, the need to act cooperatively and on the basic options for action.

The authors are: Alberto Alesina, Michael Burda, Charles Calomiris, Roger Craine, Stijn Claessens, J Bradford DeLong, Douglas Diamond, Barry Eichengreen, Daniel Gros, Luigi Guiso, Anil K Kashyap, Marco Pagano, Avinash Persaud, Richard Portes, Raghuram G Rajan, Guido Tabellini, Angel Ubide, Charles Wyplosz and Klaus Zimmermann.

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Citation

Eichengreen, B and R Baldwin (eds) (2008), ‘Rescuing our Jobs and Savings: What G7/8 Leaders Can Do to Solve the Global Credit Crisis‘, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rescuing-our-jobs-and-savings-what-g78-leaders-can-do-solve-global

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Eichengreen, B and R Baldwin (2008), ‘Introduction: Rescuing our Jobs and Savings: What G7/8 Leaders Can Do to Solve the Global Credit Crisis‘, in Eichengreen, B and R Baldwin (eds), Rescuing our Jobs and Savings: What G7/8 Leaders Can Do to Solve the Global Credit Crisis, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rescuing-our-jobs-and-savings-what-g78-leaders-can-do-solve-global

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Zimmermann, K (2008), ‘Coordinating international responses to the crisis‘, in Eichengreen, B and R Baldwin (eds), Rescuing our Jobs and Savings: What G7/8 Leaders Can Do to Solve the Global Credit Crisis, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rescuing-our-jobs-and-savings-what-g78-leaders-can-do-solve-global

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Tabellini, G and A Alesina (2008), ‘Calming the panic‘, in Eichengreen, B and R Baldwin (eds), Rescuing our Jobs and Savings: What G7/8 Leaders Can Do to Solve the Global Credit Crisis, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rescuing-our-jobs-and-savings-what-g78-leaders-can-do-solve-global

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Gros, D (2008), ‘How to save the European banking system‘, in Eichengreen, B and R Baldwin (eds), Rescuing our Jobs and Savings: What G7/8 Leaders Can Do to Solve the Global Credit Crisis, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rescuing-our-jobs-and-savings-what-g78-leaders-can-do-solve-global

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Persaud, A (2008), ‘What is to be done – and by whom? Five separate Intiatives‘, in Eichengreen, B and R Baldwin (eds), Rescuing our Jobs and Savings: What G7/8 Leaders Can Do to Solve the Global Credit Crisis, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rescuing-our-jobs-and-savings-what-g78-leaders-can-do-solve-global

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Kashyap, A, R Rajan and D Diamond (2008), ‘What next?‘, in Eichengreen, B and R Baldwin (eds), Rescuing our Jobs and Savings: What G7/8 Leaders Can Do to Solve the Global Credit Crisis, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rescuing-our-jobs-and-savings-what-g78-leaders-can-do-solve-global

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Portes, R (2008), ‘A strategy emerges: The right policies to deal with the crisis‘, in Eichengreen, B and R Baldwin (eds), Rescuing our Jobs and Savings: What G7/8 Leaders Can Do to Solve the Global Credit Crisis, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rescuing-our-jobs-and-savings-what-g78-leaders-can-do-solve-global

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Claessens, S (2008), ‘The need for a comprehensive and global solution‘, in Eichengreen, B and R Baldwin (eds), Rescuing our Jobs and Savings: What G7/8 Leaders Can Do to Solve the Global Credit Crisis, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rescuing-our-jobs-and-savings-what-g78-leaders-can-do-solve-global

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Eichengreen, B (2008), ‘The content of coordination‘, in Eichengreen, B and R Baldwin (eds), Rescuing our Jobs and Savings: What G7/8 Leaders Can Do to Solve the Global Credit Crisis, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rescuing-our-jobs-and-savings-what-g78-leaders-can-do-solve-global

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Wyplosz, C (2008), ‘Why government responses need to be comprehensive and coordinated‘, in Eichengreen, B and R Baldwin (eds), Rescuing our Jobs and Savings: What G7/8 Leaders Can Do to Solve the Global Credit Crisis, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rescuing-our-jobs-and-savings-what-g78-leaders-can-do-solve-global

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Pagano, M and L Guiso (2008), ‘A proposal to tackle the crisis in Europe‘, in Eichengreen, B and R Baldwin (eds), Rescuing our Jobs and Savings: What G7/8 Leaders Can Do to Solve the Global Credit Crisis, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rescuing-our-jobs-and-savings-what-g78-leaders-can-do-solve-global

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Calomiris, C (2008), ‘Governments should buy straightpreferred stock in their banks‘, in Eichengreen, B and R Baldwin (eds), Rescuing our Jobs and Savings: What G7/8 Leaders Can Do to Solve the Global Credit Crisis, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rescuing-our-jobs-and-savings-what-g78-leaders-can-do-solve-global

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Craine, R (2008), ‘An efficient rescue plan‘, in Eichengreen, B and R Baldwin (eds), Rescuing our Jobs and Savings: What G7/8 Leaders Can Do to Solve the Global Credit Crisis, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rescuing-our-jobs-and-savings-what-g78-leaders-can-do-solve-global

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DeLong, J (2008), ‘The wrong financial crisis‘, in Eichengreen, B and R Baldwin (eds), Rescuing our Jobs and Savings: What G7/8 Leaders Can Do to Solve the Global Credit Crisis, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rescuing-our-jobs-and-savings-what-g78-leaders-can-do-solve-global

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Burda, M (2008), ‘What Europe should do in the shadow of the financial meltdown‘, in Eichengreen, B and R Baldwin (eds), Rescuing our Jobs and Savings: What G7/8 Leaders Can Do to Solve the Global Credit Crisis, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/rescuing-our-jobs-and-savings-what-g78-leaders-can-do-solve-global

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