Understanding Financial Crises

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Understanding Financial Crises

Franklin Allen,Douglas Gale
Understanding Financial Crises Book PDF

Author : Franklin Allen,Douglas Gale
Publisher : OUP Oxford
Page : 320 pages
File Size : 42,6 Mb
Release : 2009-04-02
Category : Business & Economics
ISBN : 9780191622861

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Understanding Financial Crises by Franklin Allen,Douglas Gale Pdf

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.

Understanding Financial Crises

Ensar Yılmaz
Understanding Financial Crises Book PDF

Author : Ensar Yılmaz
Publisher : Routledge
Page : 359 pages
File Size : 54,7 Mb
Release : 2020-07-30
Category : Business & Economics
ISBN : 9781000163421

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Understanding Financial Crises by Ensar Yılmaz Pdf

Incorporating a broad range of economic approaches, Understanding Financial Crises explores the merits of various arguments and theories which have been used to explain the causes of financial crises. The book explores eight of these different explanations: underconsumption, debt accumulation, financialization, income inequality, financial fragility, tendency of rate of profit to fall, human behavior, and global imbalances. The introduction provides a brief overview of each argument along with a comparison of their relative merits. Each chapter then introduces one of the arguments, explores a historical case, and focuses on the insights that can be gleaned into the global crisis in 2007–2008. The book draws on insights from various schools of thought including post-Keynesian economics, Marxist economics, behavioral economics, neoclassical economics, and more, to provide a pluralist overview of the causes of economic crises in general and the Great Recession in particular. This book marks a significant contribution to the literature on economic and financial crises, political economy and heterodox economics. It is well suited to academicians, practitioners, and financial analysts working within the relevant fields.

Financial Crises

Mr.Stijn Claessens,Mr.Ayhan Kose,Mr.Luc Laeven,Mr.Fabian Valencia
Financial Crises Book PDF

Author : Mr.Stijn Claessens,Mr.Ayhan Kose,Mr.Luc Laeven,Mr.Fabian Valencia
Publisher : International Monetary Fund
Page : 670 pages
File Size : 46,7 Mb
Release : 2014-02-19
Category : Business & Economics
ISBN : 9781475543407

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Financial Crises by Mr.Stijn Claessens,Mr.Ayhan Kose,Mr.Luc Laeven,Mr.Fabian Valencia Pdf

The lingering effects of the economic crisis are still visible—this shows a clear need to improve our understanding of financial crises. This book surveys a wide range of crises, including banking, balance of payments, and sovereign debt crises. It begins with an overview of the various types of crises and introduces a comprehensive database of crises. Broad lessons on crisis prevention and management, as well as the short-term economic effects of crises, recessions, and recoveries, are discussed.

Misunderstanding Financial Crises

Gary B. Gorton
Misunderstanding Financial Crises Book PDF

Author : Gary B. Gorton
Publisher : Oxford University Press
Page : 296 pages
File Size : 51,9 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.

Financial Crises Explanations, Types, and Implications

Mr.Stijn Claessens,Mr.Ayhan Kose
Financial Crises Explanations Types and Implications Book PDF

Author : Mr.Stijn Claessens,Mr.Ayhan Kose
Publisher : International Monetary Fund
Page : 66 pages
File Size : 41,9 Mb
Release : 2013-01-30
Category : Business & Economics
ISBN : 9781475561005

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Financial Crises Explanations, Types, and Implications by Mr.Stijn Claessens,Mr.Ayhan Kose Pdf

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.

The Municipal Financial Crisis

Mark Moses
The Municipal Financial Crisis Book PDF

Author : Mark Moses
Publisher : Springer Nature
Page : 175 pages
File Size : 54,9 Mb
Release : 2022-01-06
Category : Business & Economics
ISBN : 9783030878368

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The Municipal Financial Crisis by Mark Moses Pdf

City governments are going bankrupt. Even the ones that aren’t are often stuck in financial chaos. It is easy to blame pensions, poor leadership, or a bad economy. But the problems go much deeper. With decades of experience in local government, author Mark Moses showcases the inside world of the city decision-making process that has spawned these crises. It becomes clear: City governments are maxing out their budgets because they are trying to maximize services. This book, likely the most ambitious attempt by someone who has worked in government to radically examine the delivery of municipal services since 'Reinventing Government' was published more than 25 years ago, explores why city governments pursue an open-ended mission and why bailouts and trendy budgeting processes will be, at best, only temporary solutions. Of interest to current and future city council members, regional and state government officials, those covering city government, financial analysts, city management, and individuals and organizations interested in influencing city policy, this book argues that cities won’t thrive until city hall is disrupted.

Money, Credit, and Crises

Nektarios Michail
Money Credit and Crises Book PDF

Author : Nektarios Michail
Publisher : Springer Nature
Page : 257 pages
File Size : 43,6 Mb
Release : 2021-01-25
Category : Business & Economics
ISBN : 9783030643843

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Money, Credit, and Crises by Nektarios Michail Pdf

While paramount to the modern economy, understanding how the banking system works has been usually cast aside from overall economic education. Even in the aftermath of the recent financial crisis, which has underlined the vital importance of banking in the economy, the workings of the sector remain a black box. To this end, this book provides a comprehensive and easy to read review of the banking sector, covering all issues related to commercial and investment banking and providing experienced as well as non-expert readers the opportunity to expand their knowledge on these topics. After going through the book, readers have the opportunity to gain a deeper knowledge regarding the commercial and investment functions of the banking sector and the ability to evaluate the potential outcome of policy actions.

Explaining Financial Crises

Marc Peter Radke
Explaining Financial Crises Book PDF

Author : Marc Peter Radke
Publisher : Peter Lang Pub Incorporated
Page : 410 pages
File Size : 54,6 Mb
Release : 2005
Category : Business & Economics
ISBN : 3631543506

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Explaining Financial Crises by Marc Peter Radke Pdf

This book develops a new theoretical approach to the explanation of systemic financial crises in industrial and emerging market countries. In contrast to standard models, the present cyclical approach is consistent with the following three stylized facts. Firstly, systemic financial crises are a recurrent phenomenon generally accompanied by excessive boom-bust cycles. Secondly, the frequency of financial crisis cycles is very irregular. Thirdly, most financial crisis cycles are initiated by positive shocks to profit expectations which induce an unsustainable build-up of financial fragility driven by irrational exuberance. The present approach is based on a sophisticated balancesheet structure with many assets, as well as on an expectation formation scheme which combines the rational expectations hypothesis with Keynes' Beauty Contest Theory.

Financial Crises

Martin H. Wolfson
Financial Crises Book PDF

Author : Martin H. Wolfson
Publisher : M.E. Sharpe
Page : 288 pages
File Size : 52,9 Mb
Release : 1994-09-23
Category : Business & Economics
ISBN : 0765632993

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Financial Crises by Martin H. Wolfson Pdf

This book is a survey and critique of the major theories of financial crises. The first edition built a model of crisis from an analysis of postwar financial crises in the US through the mid-1980s. The second edition continues the story from 1985 and covers the stock market crash of 1987, the collapse of the Savings and Loan industry, the severe problems of US commercial banks, and the increasing risks posed by junk bonds. A new chapter analyses the causes of increasing financial instability in the 1980s. The book's extensive charts and tables are fully revised and updated to present the latest evidence. The first edition has gained wide interest as a supplemental text.

Liquidity and Crises

Franklin Allen,Elena Carletti,Jan Pieter Krahnen,Marcel Tyrell
Liquidity and Crises Book PDF

Author : Franklin Allen,Elena Carletti,Jan Pieter Krahnen,Marcel Tyrell
Publisher : OUP USA
Page : 718 pages
File Size : 50,9 Mb
Release : 2011-01-13
Category : Business & Economics
ISBN : 9780195390704

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Liquidity and Crises by Franklin Allen,Elena Carletti,Jan Pieter Krahnen,Marcel Tyrell Pdf

One important cause of the 2007-2009 crisis was illiquidity combined with exposure of many financial institutions to liquidity needs. But what is liquidity and why is it so important for financial institutions to command enough liquidity? This book brings together classic articles and recent contributions to this important field.

Understanding Financial Accounts

OECD
Understanding Financial Accounts Book PDF

Author : OECD
Publisher : OECD Publishing
Page : 424 pages
File Size : 43,8 Mb
Release : 2017-11-06
Category : Electronic
ISBN : 9789264281288

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Understanding Financial Accounts by OECD Pdf

Understanding Financial Accounts seeks to show how a range of questions on financial developments can be answered with the framework of financial accounts and balance sheets, by providing non-technical explanations illustrated with practical examples.

Crashed

Adam Tooze
Crashed Book PDF

Author : Adam Tooze
Publisher : Penguin
Page : 720 pages
File Size : 46,8 Mb
Release : 2018-08-07
Category : Business & Economics
ISBN : 9780525558804

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Crashed by Adam Tooze Pdf

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.

This Time Is Different

Carmen M. Reinhart,Kenneth S. Rogoff
This Time Is Different Book PDF

Author : Carmen M. Reinhart,Kenneth S. Rogoff
Publisher : Princeton University Press
Page : 513 pages
File Size : 47,7 Mb
Release : 2011-08-07
Category : Business & Economics
ISBN : 9780691152646

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This Time Is Different by Carmen M. Reinhart,Kenneth S. Rogoff Pdf

An empirical investigation of financial crises during the last 800 years.

The Handbook of the Political Economy of Financial Crises

Martin H. Wolfson,Gerald A. Epstein
The Handbook of the Political Economy of Financial Crises Book PDF

Author : Martin H. Wolfson,Gerald A. Epstein
Publisher : OUP USA
Page : 785 pages
File Size : 45,9 Mb
Release : 2013-02-21
Category : Political Science
ISBN : 9780199757237

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The Handbook of the Political Economy of Financial Crises by Martin H. Wolfson,Gerald A. Epstein Pdf

The Great Financial Crisis that began in 2007-2008 reminds us with devastating force that financial instability and crises are endemic to capitalist economies. This Handbook describes the theoretical, institutional, and historical factors that can help us understand the forces that create financial crises.

Financial Crises

Mr.Stijn Claessens,Mr.Ayhan Kose,Mr.Luc Laeven,Mr.Fabian Valencia
Financial Crises Book PDF

Author : Mr.Stijn Claessens,Mr.Ayhan Kose,Mr.Luc Laeven,Mr.Fabian Valencia
Publisher : International Monetary Fund
Page : 754 pages
File Size : 47,8 Mb
Release : 2014-02-19
Category : Business & Economics
ISBN : 9781484355268

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Financial Crises by Mr.Stijn Claessens,Mr.Ayhan Kose,Mr.Luc Laeven,Mr.Fabian Valencia Pdf

The lingering effects of the economic crisis are still visible—this shows a clear need to improve our understanding of financial crises. This book surveys a wide range of crises, including banking, balance of payments, and sovereign debt crises. It begins with an overview of the various types of crises and introduces a comprehensive database of crises. Broad lessons on crisis prevention and management, as well as the short-term economic effects of crises, recessions, and recoveries, are discussed.