Preventing The Next Financial Crisis

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Preventing the Next Financial Crisis

Victor A. Beker
Preventing the Next Financial Crisis Book PDF

Author : Victor A. Beker
Publisher : Routledge
Page : 280 pages
File Size : 44,6 Mb
Release : 2021-04-21
Category : Business & Economics
ISBN : 9781000375299

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Preventing the Next Financial Crisis by Victor A. Beker Pdf

The collapse of Lehman Brothers, the oldest and fourth-largest US investment bank, in September 2008 precipitated the global financial crisis. This deepened the contraction in economic activity that had already started in December 2007 and has become known as the Great Recession. Following a sluggish and uneven period of recovery, levels of private debt have recently been on the rise again making another financial crisis almost inevitable. This book answers the key question: can anything be done to prevent a new financial crisis or minimize its impact? The book opens with an analysis of the main elements responsible for the 2007/2009 financial crisis and assesses the extent to which they are still present in today ́s financial system. The responses to the financial crises - particularly the Dodd-Frank Act, the establishment of the Financial Stability Board, and attempts to regulate shadow banking – are evaluated for their effectiveness. It is found that there is a high risk of a new bubble developing, there remains a lack of transparency in the financial industry, and risk-taking continues to be incentivised among bankers and investors. Proposals are put forward to ameliorate the risks, arguing for the need for an international lender of last resort, recalling Keynes’ idea for an International Clearing Union. This book will be of significant interest to scholars and students of financial crises, financial stability, and alternative approaches to finance and economics.

Preventing the Next Financial Crisis

Erlend Nier,Gregg Forte
Preventing the Next Financial Crisis Book PDF

Author : Erlend Nier,Gregg Forte
Publisher : International Monetary Fund
Page : 42 pages
File Size : 43,7 Mb
Release : 2016-04-05
Category : Business & Economics
ISBN : 9781484314890

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Preventing the Next Financial Crisis by Erlend Nier,Gregg Forte Pdf

The financial crisis that began in 2007 brought much of the global economy to its knees and nearly triggered another Great Depression. The financial storm gradually died down in 2009, at least in the United States, but even six years after that, much of the world had yet to fully recover from the enormous economic damage caused by the crisis.This essay describes what happened and outlines a new approach to financial regulation (macroprudential policy) that aims to prevent such crises from happening again.

The Next Economic Disaster

Richard Vague
The Next Economic Disaster Book PDF

Author : Richard Vague
Publisher : University of Pennsylvania Press
Page : 101 pages
File Size : 53,7 Mb
Release : 2014-07-09
Category : Political Science
ISBN : 9780812291100

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The Next Economic Disaster by Richard Vague Pdf

Current debates about economic crises typically focus on the role that public debt and debt-fueled public spending play in economic growth. This illuminating and provocative work shows that it is the rapid expansion of private rather than public debt that constrains growth and sparks economic calamities like the financial crisis of 2008. Relying on the findings of a team of economists, credit expert Richard Vague argues that the Great Depression of the 1930s, the economic collapse of the past decade, and many other sharp downturns around the world were all preceded by a spike in privately held debt. Vague presents an algorithm for predicting crises and argues that China may soon face disaster. Since American debt levels have not declined significantly since 2008, Vague believes that economic growth in the United States will suffer unless banks embrace a policy of debt restructuring. All informed citizens, but especially those interested in economic policy and history, will want to contend with Vague's distressing arguments and evidence.

Break Up the Banks!

David Shirreff
Break Up the Banks Book PDF

Author : David Shirreff
Publisher : Melville House
Page : 106 pages
File Size : 43,5 Mb
Release : 2016-03-29
Category : Business & Economics
ISBN : 9781612195032

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Break Up the Banks! by David Shirreff Pdf

Can we prevent another financial crisis? We can! Break Up the Banks! is a sensible, actionable, and totally accessible call to arms from an acclaimed financial journalist It’s been eight years since the financial crisis, but has anyone taken real action to prevent the next one? Former Economist reporter David Shirreff thinks not, and in Break Up the Banks!, he gives us a short but essential guide to what exactly we can do. With great clarity and a keen sense of humor, Shirreff argues that banks have gotten far too big and far too powerful—and shows how they can be reined in.

The Global Financial Crisis in Retrospect

Anthony Elson
The Global Financial Crisis in Retrospect Book PDF

Author : Anthony Elson
Publisher : Springer
Page : 255 pages
File Size : 46,8 Mb
Release : 2017-01-03
Category : Business & Economics
ISBN : 9781137597502

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The Global Financial Crisis in Retrospect by Anthony Elson Pdf

This book provides a uniquely comprehensive explanation of the 2008-2009 global financial crisis and resulting scholarly research in the context of building an agenda for reform. With the clarity provided by almost a decade of hindsight and a careful eye toward planning for prevention, Elson guides readers through both historical fact and scholarly interpretation, highlighting areas where careful critique of and changes in the international financial architecture and the mainstream macroeconomic paradigm can promote greater financial stability in the future. Given the great public concern over growing income and wealth inequality, the book examines their links to the increased financialization of the economy, both prior to and since the crisis. Finally, the book identifies a number of lessons that need to be recognized if adequate and effective reforms are to be introduced to avoid a financial crisis of similar magnitude in the future. Comprehensive enough for university students and sufficiently innovative for financial policymakers, this book will appeal to a wide range of readers interested in understanding not just where the crisis has brought us, but what key economists have said about it and how we can strengthen our financial system oversight to deal with the continuing challenges of globalization.

On the Brink

Henry M. Paulson
On the Brink Book PDF

Author : Henry M. Paulson
Publisher : Business Plus
Page : 528 pages
File Size : 49,7 Mb
Release : 2013-09-03
Category : Business & Economics
ISBN : 9781455582471

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On the Brink by Henry M. Paulson Pdf

Former Secretary of the Treasury Hank Paulson -- who was at the very epicenter of the crashing financial markets -- provides a startling, first- person account of what really happened during this time of global financial crisis - and this revised edition features fresh and original material from Paulson on the five-year-anniversary of the 2008 financial crisis. From the man who was in the very middle of this perfect economic storm, Paulson puts the reader in the room for all the intense moments as he addressed urgent market conditions, weighed critical decisions, and debated policy and economic considerations with of all the notable players-including the CEOs of top Wall Street firms as well as Ben Bernanke, Timothy Geithner, Sheila Bair, Nancy Pelosi, Barney Frank, presidential candidates Barack Obama and John McCain, and then-President George W. Bush. More than an account about numbers and credit risks gone bad, ON THE BRINK is an extraordinary story about people and politics-all brought together during the world's impending financial Armageddon.

Lessons from the Financial Crisis

Rob Quail
Lessons from the Financial Crisis Book PDF

Author : Rob Quail
Publisher : John Wiley & Sons
Page : 708 pages
File Size : 47,5 Mb
Release : 2010-09-09
Category : Business & Economics
ISBN : 9780470622414

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Lessons from the Financial Crisis by Rob Quail Pdf

The world's best financial minds help us understand today's financial crisis With so much information saturating the market for the everyday investor, trying to understand why the economic crisis happened and what needs to be done to fix it can be daunting. There is a real need, and demand, from both investors and the financial community to obtain answers as to what really happened and why. Lessons from the Financial Crisis brings together the leading minds in the worlds of finance and academia to dissect the crisis. Divided into three comprehensive sections-The Subprime Crisis; The Global Financial Crisis; and Law, Regulation, the Financial Crisis, and The Future-this book puts the events that have transpired in perspective, and offers valuable insights into what we must do to avoid future missteps. Each section is comprised of chapters written by experienced contributors, each with his or her own point of view, research, and conclusions Examines the market collapse in detail and explores safeguards to stop future crises Encompasses the most up-to-date analysis from today's leading financial minds We currently face a serious economic crisis, but in understanding it, we can overcome the challenges it presents. This well-rounded resource offers the best chance to get through the current situation and learn from our mistakes.

Preventing the Next Mortgage Crisis

Dan Immergluck
Preventing the Next Mortgage Crisis Book PDF

Author : Dan Immergluck
Publisher : Rowman & Littlefield
Page : 201 pages
File Size : 41,5 Mb
Release : 2015-08-20
Category : Political Science
ISBN : 9781442253148

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Preventing the Next Mortgage Crisis by Dan Immergluck Pdf

The great U.S. mortgage crisis was a transformative event that will reverberate for decades across families, neighborhoods, and cities. After years of research on various aspects of the crisis, Dan Immergluck examines what went wrong, identifying the factors that created the fragile housing finance system, which provided fertile ground for calamity. He also examines the federal response to the crisis, including who benefitted most from the response, and how a more effective and fair response could have been formulated. To reduce the incidence of future crises, Immergluck provides a pathway for building a more stable and fair housing finance system that would be less vulnerable to the booms and busts of global finance. Housing finance helps determine access to stable, decent-quality, affordable housing and also affects the geography of housing and educational opportunities. Thus, housing markets shape our communities, our neighborhoods, and our social and economic opportunities. Immergluck’s analysis and formulation of a way forward will be of particular interest to those concerned with urban form, neighborhood change and stability, and urban planning and policy, as well as those interested in housing and mortgage markets more generally.

The Great Recession

Jacob Braude,Zvi Eckstein,Stanley Fischer,Karnit Flug
The Great Recession Book PDF

Author : Jacob Braude,Zvi Eckstein,Stanley Fischer,Karnit Flug
Publisher : MIT Press
Page : 393 pages
File Size : 45,7 Mb
Release : 2012-12-28
Category : Business & Economics
ISBN : 9780262305006

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The Great Recession by Jacob Braude,Zvi Eckstein,Stanley Fischer,Karnit Flug Pdf

Experts assess the role of central banks in responding to the recent financial crisis and in preventing future crises. The recent financial crisis shook not only the global economy but also conventional wisdom about economic policy. After the collapse of Lehman Brothers in September 2008, policy makers reversed course and acted on an unprecedented scale. The policy response was remarkable both for its magnitude and for the variety of measures undertaken. This book examines both the major role central banks played in the crisis and the role they might play in preventing or preparing for future crises. The contributors, central bankers from around the world, focus on monetary policy, the new area of macroprudential policy, and issues of exchange rates, capital flows, and banking and financial markets. They look at the experiences of both developed and emerging economies, considering why some, including Israel and Australia, suffered only mild effects while others—Ireland for example—plunged into severe financial crisis.

Predictable and Avoidable

Ivo Pezzuto
Predictable and Avoidable Book PDF

Author : Ivo Pezzuto
Publisher : Routledge
Page : 438 pages
File Size : 49,9 Mb
Release : 2016-04-08
Category : Business & Economics
ISBN : 9781317076278

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Predictable and Avoidable by Ivo Pezzuto Pdf

Much has been said and written about the 'financial tsunami' and subsequent economic dislocation that occurred in the opening decade of the 21st Century. Professor Ivo Pezzuto is described by business scholars as an expert on the global financial crisis. He has lectured about it at conferences and seminars; written some of the most read and quoted papers; contributed to what is considered the most authoritative book on the subject; and to one of the best known US-based blogs dealing with it. In Predictable and Avoidable, Dr Pezzuto offers business school students; academics; and industry experts in the fields of finance, risk management, audit, corporate governance, economics, and regulation, a truly independent and unbiased analysis of the financial crises starting in 2007 and one of the first fully considered expositions of the financial, governance and regulatory reforms needed for the future. Augmented with personal interviews involving selected global thought leaders and industry experts, the author's narrative focuses on the technical issues that led to the global crisis, but also addresses the human, cultural, and ethical aspects of the events from both sociological and managerial perspectives. The book exposes the root causes and contributes significantly to the debate about the change needed in the banking and finance industries and to supervisory frameworks and regulatory mechanisms. This analysis enables readers to understand that the crisis we have seen was predictable and should have been avoidable, and that a recurrence can be avoided, if lessons are learned and the right action taken.

Hubris

Meghnad Desai
Hubris Book PDF

Author : Meghnad Desai
Publisher : Yale University Press
Page : 301 pages
File Size : 47,8 Mb
Release : 2015-01-01
Category : Business & Economics
ISBN : 9780300213546

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Hubris by Meghnad Desai Pdf

A frank assessment of economists' blindness before the financial crash in 2007-2008 and what must be done to avert a sequel The failure of economists to anticipate the global financial crisis and mitigate the impact of the ensuing recession has spurred a public outcry. Economists are under fire, but questions concerning exactly how to redeem the discipline remain unanswered. In this provocative book, renowned economist Meghnad Desai investigates the evolution of economics and maps its trajectory against the occurrence of major political events to provide a definitive answer. Desai underscores the contribution of hubris to economists' calamitous lack of foresight, and he makes a persuasive case for the profession to re-engage with the history of economic thought. He dismisses the notion that one over-arching paradigm can resolve all economic eventualities while urging that an array of already-available theories and approaches be considered anew for the insights they may provide toward preventing future economic catastrophes. With an accessible style and keen common sense, Desai offers a fresh perspective on some of the most important economic issues of our time.

Can We Avoid Another Financial Crisis?

Steve Keen
Can We Avoid Another Financial Crisis Book PDF

Author : Steve Keen
Publisher : John Wiley & Sons
Page : 140 pages
File Size : 54,9 Mb
Release : 2017-05-09
Category : Political Science
ISBN : 9781509513765

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Can We Avoid Another Financial Crisis? by Steve Keen Pdf

The Great Financial Crash had cataclysmic effects on the global economy, and took conventional economists completely by surprise. Many leading commentators declared shortly before the crisis that the magical recipe for eternal stability had been found. Less than a year later, the biggest economic crisis since the Great Depression erupted. In this explosive book, Steve Keen, one of the very few economists who anticipated the crash, shows why the self-declared experts were wrong and how ever–rising levels of private debt make another financial crisis almost inevitable unless politicians tackle the real dynamics causing financial instability. He also identifies the economies that have become 'The Walking Dead of Debt', and those that are next in line – including Australia, Belgium, China, Canada and South Korea. A major intervention by a fearlessly iconoclastic figure, this book is essential reading for anyone who wants to understand the true nature of the global economic system.

The Financial Crisis Inquiry Report

Financial Crisis Inquiry Commission
The Financial Crisis Inquiry Report Book PDF

Author : Financial Crisis Inquiry Commission
Publisher : Cosimo, Inc.
Page : 692 pages
File Size : 44,9 Mb
Release : 2011-05-01
Category : Political Science
ISBN : 9781616405410

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The Financial Crisis Inquiry Report by Financial Crisis Inquiry Commission Pdf

The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

Preventing Currency Crises in Emerging Markets

Sebastian Edwards,Jeffrey A. Frankel
Preventing Currency Crises in Emerging Markets Book PDF

Author : Sebastian Edwards,Jeffrey A. Frankel
Publisher : University of Chicago Press
Page : 783 pages
File Size : 53,5 Mb
Release : 2009-02-15
Category : Business & Economics
ISBN : 9780226185057

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Preventing Currency Crises in Emerging Markets by Sebastian Edwards,Jeffrey A. Frankel Pdf

Economists and policymakers are still trying to understand the lessons recent financial crises in Asia and other emerging market countries hold for the future of the global financial system. In this timely and important volume, distinguished academics, officials in multilateral organizations, and public and private sector economists explore the causes of and effective policy responses to international currency crises. Topics covered include exchange rate regimes, contagion (transmission of currency crises across countries), the current account of the balance of payments, the role of private sector investors and of speculators, the reaction of the official sector (including the multilaterals), capital controls, bank supervision and weaknesses, and the roles of cronyism, corruption, and large players (including hedge funds). Ably balancing detailed case studies, cross-country comparisons, and theoretical concerns, this book will make a major contribution to ongoing efforts to understand and prevent international currency crises.

Misunderstanding Financial Crises

Gary B. Gorton
Misunderstanding Financial Crises Book PDF

Author : Gary B. Gorton
Publisher : Oxford University Press
Page : 296 pages
File Size : 53,9 Mb
Release : 2012-11-02
Category : Business & Economics
ISBN : 9780199986880

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Misunderstanding Financial Crises by Gary B. Gorton Pdf

Before 2007, economists thought that financial crises would never happen again in the United States, that such upheavals were a thing of the past. Gary B. Gorton, a prominent expert on financial crises, argues that economists fundamentally misunderstand what they are, why they occur, and why there were none in the U.S. from 1934 to 2007. Misunderstanding Financial Crises offers a back-to-basics overview of financial crises, and shows that they are not rare, idiosyncratic events caused by a perfect storm of unconnected factors. Instead, Gorton shows how financial crises are, indeed, inherent to our financial system. Economists, Gorton writes, looked from a certain point of view and missed everything that was important: the evolution of capital markets and the banking system, the existence of new financial instruments, and the size of certain money markets like the sale and repurchase market. Comparing the so-called "Quiet Period" of 1934 to 2007, when there were no systemic crises, to the "Panic of 2007-2008," Gorton ties together key issues like bank debt and liquidity, credit booms and manias, moral hazard, and too-big-too-fail--all to illustrate the true causes of financial collapse. He argues that the successful regulation that prevented crises since 1934 did not adequately keep pace with innovation in the financial sector, due in part to the misunderstandings of economists, who assured regulators that all was well. Gorton also looks forward to offer both a better way for economists to think about markets and a description of the regulation necessary to address the future threat of financial disaster.