The Origin Of Financial Crises

Author : George Cooper
Publisher : Vintage
ISBN 13 : 0307473457
Total Pages : 210 pages
Book Rating : 4.55/5 ( download)

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Download or read book The Origin of Financial Crises written by George Cooper and published by Vintage. This book was released on 2008-10-29 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a series of disarmingly simple arguments financial market analyst George Cooper challenges the core principles of today's economic orthodoxy and explains how we have created an economy that is inherently unstable and crisis prone. With great skill, he examines the very foundations of today's economic philosophy and adds a compelling analysis of the forces behind economic crisis. His goal is nothing less than preventing the seemingly endless procession of damaging boom-bust cycles, unsustainable economic bubbles, crippling credit crunches, and debilitating inflation. His direct, conscientious, and honest approach will captivate any reader and is an invaluable aid in understanding today's economy.

Author : Cihan Bilginsoy
Publisher : Routledge
ISBN 13 : 1317703804
Total Pages : 474 pages
Book Rating : 4.08/5 ( download)

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Download or read book A History of Financial Crises written by Cihan Bilginsoy and published by Routledge. This book was released on 2014-11-27 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Once-in-a-lifetime" financial crises have been a recurrent part of life in the last three decades. It is no longer possible to dismiss or ignore them as aberrations in an otherwise well-functioning system. Nor are they peculiar to recent times. Going back in history, asset price bubbles and bank-runs have been an endemic feature of the capitalist system over the last four centuries. The historical record offers a treasure trove of experience that may shed light on how and why financial crises happen and what can be done to avoid them - provided we are willing to learn from history. This book interweaves historical accounts with competing economic crisis theories and reveals why commentaries are often contradictory. First, it presents a series of episodes from tulip mania in the 17th century to the subprime mortgage meltdown. In order to tease out their commonalities and differences, it describes political, economic, and social backgrounds, identifies the primary actors and institutions, and explores the mechanisms behind the asset price bubbles, crashes, and bank-runs. Second, it starts with basic economic concepts and builds five competing theoretical approaches to understanding financial crises. Competing theoretical standpoints offer different interpretations of the same event, and draw dissimilar policy implications. This book analyses divergent interpretations of the historical record in relation to how markets function, the significance of market imperfections, economic decision-making process, the role of the government, and evolutionary dynamics of the capitalist system. Its diverse theoretical and historical content of this book complements economics, history and political science curriculum.

Author : Haim Kedar-Levy
Publisher : World Scientific
ISBN 13 : 1908977477
Total Pages : 227 pages
Book Rating : 4.72/5 ( download)

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Download or read book A Critical History of Financial Crises written by Haim Kedar-Levy and published by World Scientific. This book was released on 2015-11-26 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: "While each financial crisis is unique and has its own special features, there are a lot of similarities in the dynamics leading to a crisis and also in their resolutions. Some of the financial crises are caused by the lack of appropriate regulation, but often the regulators were ignoring the signals of imminent crises, while serving implicitly or explicitly, the financial industry. In his book, Prof. Kedar-Levy is providing a fresh look at many famous financial crises around the globe, analysing their causes and effects. The special role of regulators is highlighted, including the "Capture Theory" in practice. This book is suitable for economist as well as for those interested in economic history, and for all those concerned with the stability of current international financial markets. Professor Dan GalaiThe Hebrew University, Jerusalem"--

Author : Adam Tooze
Publisher : Penguin
ISBN 13 : 0143110357
Total Pages : 722 pages
Book Rating : 4.54/5 ( download)

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Download or read book Crashed written by Adam Tooze and published by Penguin. This book was released on 2019-08-27 with total page 722 pages. Available in PDF, EPUB and Kindle. Book excerpt: WINNER OF THE LIONEL GELBER PRIZE A NEW YORK TIMES NOTABLE BOOK OF 2018 ONE OF THE ECONOMIST'S BOOKS OF THE YEAR A NEW YORK TIMES CRITICS' TOP BOOK "An intelligent explanation of the mechanisms that produced the crisis and the response to it...One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature of the European and American financial systems."--The New York Times Book Review From the prizewinning economic historian and author of Shutdown and The Deluge, an eye-opening reinterpretation of the 2008 economic crisis (and its ten-year aftermath) as a global event that directly led to the shockwaves being felt around the world today. We live in a world where dramatic shifts in the domestic and global economy command the headlines, from rollbacks in US banking regulations to tariffs that may ignite international trade wars. But current events have deep roots, and the key to navigating today’s roiling policies lies in the events that started it all—the 2008 economic crisis and its aftermath. Despite initial attempts to downplay the crisis as a local incident, what happened on Wall Street beginning in 2008 was, in fact, a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America, forcing a rearrangement of global governance. With a historian’s eye for detail, connection, and consequence, Adam Tooze brings the story right up to today’s negotiations, actions, and threats—a much-needed perspective on a global catastrophe and its long-term consequences.

Author : Franklin Allen
Publisher : OUP Oxford
ISBN 13 : 0191622869
Total Pages : 320 pages
Book Rating : 4.61/5 ( download)

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Download or read book Understanding Financial Crises written by Franklin Allen and published by OUP Oxford. This book was released on 2009-04-02 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: What causes a financial crisis? Can financial crises be anticipated or even avoided? What can be done to lessen their impact? Should governments and international institutions intervene? Or should financial crises be left to run their course? In the aftermath of the Asian financial crisis, many blamed international institutions, corruption, governments, and flawed macro and microeconomic policies not only for causing the crisis but also unnecessarily lengthening and deepening it. Based on ten years of research, the authors develop a theoretical approach to analyzing financial crises. Beginning with a review of the history of financial crises and providing readers with the basic economic tools needed to understand the literature, the authors construct a series of increasingly sophisticated models. Throughout, the authors guide the reader through the existing theoretical and empirical literature while also building on their own theoretical approach. The text presents the modern theory of intermediation, introduces asset markets and the causes of asset price volatility, and discusses the interaction of banks and markets. The book also deals with more specialized topics, including optimal financial regulation, bubbles, and financial contagion.

Author : Jeffrey Friedman
Publisher : University of Pennsylvania Press
ISBN 13 : 081220493X
Total Pages : 372 pages
Book Rating : 4.33/5 ( download)

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Download or read book What Caused the Financial Crisis written by Jeffrey Friedman and published by University of Pennsylvania Press. This book was released on 2011-06-06 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: The deflation of the subprime mortgage bubble in 2006-7 is widely agreed to have been the immediate cause of the collapse of the financial sector in 2008. Consequently, one might think that uncovering the origins of subprime lending would make the root causes of the crisis obvious. That is essentially where public debate about the causes of the crisis began—and ended—in the month following the bankruptcy of Lehman Brothers and the 502-point fall in the Dow Jones Industrial Average in mid-September 2008. However, the subprime housing bubble is just one piece of the puzzle. Asset bubbles inflate and burst frequently, but severe worldwide recessions are rare. What was different this time? In What Caused the Financial Crisis leading economists and scholars delve into the major causes of the worst financial collapse since the Great Depression and, together, present a comprehensive picture of the factors that led to it. One essay examines the role of government regulation in expanding home ownership through mortgage subsidies for impoverished borrowers, encouraging the subprime housing bubble. Another explores how banks were able to securitize mortgages by manipulating criteria used for bond ratings. How this led to inaccurate risk assessments that could not be covered by sufficient capital reserves mandated under the Basel accords is made clear in a third essay. Other essays identify monetary policy in the United States and Europe, corporate pay structures, credit-default swaps, banks' leverage, and financial deregulation as possible causes of the crisis. With contributions from Richard A. Posner, Vernon L. Smith, Joseph E. Stiglitz, and John B. Taylor, among others, What Caused the Financial Crisis provides a cogent, comprehensive, and credible explanation of why the crisis happened. It will be an essential resource for scholars and students of finance, economics, history, law, political science, and sociology, as well as others interested in the financial crisis and the nature of modern capitalism and regulation.

Author : Joseph P. Joyce
Publisher : Cambridge University Press
ISBN 13 : 0521874173
Total Pages : 263 pages
Book Rating : 4.75/5 ( download)

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Download or read book The IMF and Global Financial Crises written by Joseph P. Joyce and published by Cambridge University Press. This book was released on 2013 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: Joyce traces the IMF's actions to promote international financial stability from the Bretton Woods era through the recent recession.

Author : Gary B. Gorton
Publisher : University of Chicago Press
ISBN 13 : 022678620X
Total Pages : 245 pages
Book Rating : 4.09/5 ( download)

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Download or read book Fighting Financial Crises written by Gary B. Gorton and published by University of Chicago Press. This book was released on 2021-05-11 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: If you’ve got money in the bank, chances are you’ve never seriously worried about not being able to withdraw it. But there was a time in the United States, an era that ended just over a hundred years ago, when bank customers had to pay close attention to the solvency of the banking system, knowing they might have to rush to retrieve their savings before the bank collapsed. During the National Banking Era (1863–1913), before the establishment of the Federal Reserve, widespread banking panics were indeed rather common. Yet these pre-Fed banking panics, as Gary B. Gorton and Ellis W. Tallman show, bear striking similarities to our recent financial crisis. Fighting Financial Crises thus turns to the past to better understand our uncertain present, investigating how panics during the National Banking Era played out and how they were eventually quelled and prevented. The authors then consider the Fed’s and the SEC’s reactions to the recent crisis, building an informative new perspective on how the modern economy works.

Author : Carmen M. Reinhart
Publisher : Princeton University Press
ISBN 13 : 0691152640
Total Pages : 513 pages
Book Rating : 4.46/5 ( download)

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Download or read book This Time Is Different written by Carmen M. Reinhart and published by Princeton University Press. This book was released on 2011-08-07 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt: An empirical investigation of financial crises during the last 800 years.

Author : Mr.Stijn Claessens
Publisher : International Monetary Fund
ISBN 13 : 1475561008
Total Pages : 66 pages
Book Rating : 4.05/5 ( download)

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Download or read book Financial Crises Explanations, Types, and Implications written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2013-01-30 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.