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Intro -- FINANCIAL CRISIS IN AMERICA -- FINANCIAL CRISIS IN AMERICA -- CONTENTS -- PREFACE -- POLICY OPTIONS FOR THE HOUSING ANDFINANCIAL MARKETS -- NOTES -- PREFACE -- SECTION 1. INTRODUTION -- SECTION 2. THE CURRENT ECONOMIC SITUATION -- Economic Activity -- House Prices and Mortgage Markets -- FINANCIAL MARKETS -- Financial Markets -- Fiscal Stimulus -- Actions by the Federal Reserve -- SECTION 3. POLICY OPTIONS -- Considerations for Policymakers -- Loan Restructuring -- Proposals to Facilitate the Reduction of Mortgage Balances -- Federal Assistance to Participants in the Mortgage Market -- Recent Activity by the Federal Government and Government-Sponsored Enterprises -- Expanding the Role of the Federal Housing Administration -- Further Expanding the Role of Fannie Mae and Freddie Mac -- Expanding the Role of Federal Home Loan Banks -- Increasing Federal Assistance to Community-Based Organizations -- Creating a New Agency -- REFERENCES -- Section 1 -- Section 2 -- Section 3 -- FINANCIAL CRISIS? THE LIQUIDITY CRUNCHOF AUGUST 2007 -- ABSTRACT -- INTRODUCTION -- HOW WE GOT HERE -- The Housing Boom and Bust -- Securitization in the Mortgage Market -- Financial Problems for Lenders -- TURMOIL IN FINANCIAL MARKETS -- Problems for Hedge Funds and Investment Banks -- The Liquidity Crunch -- The Response of Central Banks -- Why Did It Happen? -- POLICY ISSUES -- Monetary Policy in a Liquidity Crunch -- Systemic Risk and Contagion -- Could Problems in the Mortgage Market Have Been Averted? -- Financial Market Regulation -- Rating Agencies -- Financial Markets and the Real Economy -- REFERENCES -- AVERTING FINANCIAL CRISIS -- ABSTRACT -- INTRODUCTION -- THE UNDERLYING FINANCIAL PROBLEMS -- What Makes a Financial Crisis? -- GOVERNMENT INTERVENTIONS OPEN MARKETOPERATIONS AND MONETARY POLICY -- The Discount Window -- Term Auction Facility (TAF).

In the wake of the most significant financial crisis since the Great Depression, the President signed into law on May 20, 2009, the Fraud Enforcement and Recovery Act of 2009, creating the Financial Crisis Inquiry Commission. The Commission was established to "examine the causes, domestic and global, of the current financial and economic crisis in the United States.".

Cover -- Half Title -- Title Page -- Copyright -- Dedication -- Contents -- Acknowledgments -- Chapter 1: Household Financial Crisis in the United States -- Chapter 2: A Snapshot of U.S. Household Finances -- Chapter 3: Financial Insecurity -- Chapter 4: The Big Picture -- Chapter 5: Runaway Spending -- Chapter 6: Necessary "Necessities"? -- Chapter 7: A Look Abroad -- Chapter 8: The Choice -- Notes -- Index -- About the Author

Examines an important historic event -- the modern global financial crisis. Easy-to-read, compelling text explores the impact of the failing housing market and the credit crisis in the United States, the US government bailouts of banks, automakers, and other businesses, issues around financial regulation and the US Federal Reserve, the spread of financial problems to Europe, Japan, and China, and the effects of this event on society

Intro -- Title Page -- Copyright -- Contents -- Contributors -- Introduction / Alan S. Blinder, Andrew W. Lo, and Robert M. Solow -- Part I. Rethinking Macroeconomics and Finance -- 1. Some Reflections on the Crisis and the Policy Response / Ben S. Bernanke -- 2. This Time, It Is Not Different: The Persistent Concerns of Financial Macroeconomics / J. Bradford DeLong -- 3. Credit Supply Shocks and Economic Activity in a Financial Accelerator Model / Simon G. Gilchrist and Egon Zakrajšek -- Part II. Rethinking Market Efficiency -- 4. The Efficient-Market Hypothesis and the Financial Crisis / Burton G. Malkiel -- 5. Behavioral Finance in the Financial Crisis: Market Efficiency, Minsky, and Keynes / Hersh Shefrin and Meir Statman -- 6. Why Did So Many People Make So Many Ex Post Bad Decisions? The Causes of the Foreclosure Crisis / Christopher L. Foote and Kristopher S. Gerardi and Paul S. Willen -- Part III. Rethinking Financial Innovation -- 7. Ratings, Mortgage Securitizations, and the Apparent Creation of Value / John Hull and Alan White -- 8. The Role of ABSs, CDSs, and CDOs in the Credit Crisis and the Economy / Robert A. Jarrow -- 9. Finance Versus Wal-Mart: Why Are Financial Services So Expensive? / Thomas Philippon -- 10. Shadow Finance / Patrick Bolton and Tano Santos and José A. Scheinkman -- Part IV. Rethinking Financial Regulation -- 11. The Political Economy of Financial Regulation after the Crisis / Robert E. Litan -- 12. Pay, Politics, and the Financial Crisis / Kevin J. Murphy -- Index.

The four articles in this special issue of the Journal of Financial Economic Policy were presented at the tenth biannual joint session of the six worldwide Shadow Financial Regulatory Committees (Asian, Australia-New Zealand, European, Japanese, Latin American, and the United States) in Tokyo on October 26-28, 2013 and again at the annual meeting of the Western Economic Association in Denver, Colorado on June 28, 2014. The papers focus on how public policy in the regions represented by each of the committees responded to the 2007-2010 financial crisis. Because the crisis affected regions diffe

Intro -- THE GLOBAL FINANCIAL CRISIS: POLICIES AND IMPLICATIONS -- THE GLOBAL FINANCIAL CRISIS: POLICIES AND IMPLICATIONS -- CONTENTS -- PREFACE -- Chapter 1 BANKING AND FINANCIAL INFRASTRUCTURE CONTINUITY: PANDEMIC FLU, TERRORISM, AND OTHER CHALLENGES -- ABSTRACT -- BANKING AND FINANCIAL INSTITUTIONS FORM A CRITICAL INFRASTRUCTURE -- PANDEMIC FLU -- THE ROLE OF DHS -- SAFETY NET MEASURES IN PLACE -- Financial Risks -- Operational and Security Risks -- SAFETY AND CONTINUITY IN RECENT EXPERIENCE -- Hurricane Katrina -- Blackout of August 14, 2003 -- September 11, 2001 -- FINANCIAL BUSINESS CONTINUITY INITIATIVES -- Government Securities Clearing -- Communications -- Sound Practices Paper -- Federal Financial Institutions Examination Council -- Basel II -- EXECUTIVE BRANCH INITIATIVES -- GOVERNMENT'S OWN FINANCING -- Presidential -- Financial and Banking Information Infrastructure Committee -- Public-Private Treasury Efforts -- Department of Justice -- Private Sector Initiatives -- FS-ISAC and Payments Networks -- Securities Industry -- Banking Industry -- Financial Services Sector Coordinating Council for Critical Infrastructure Protection and Homeland Security -- LEGISLATION AND OVERSIGHT -- Department of Homeland Security -- Intelligence Reform and Terrorism Prevention Act of 2004 -- CONCLUSION: CONVERGENCE OF PUBLIC-PRIVATE PRACTICES FOR FINANCIAL CONTINUITY -- ACKNOWLEDGMENTS -- APPENDIX: MAJOR ACRONYMS -- REFERENCES -- Chapter 2 THE GLOBAL FINANCIAL CRISIS: INCREASING IMF RESOURCES AND THE ROLE OF CONGRESS -- ABSTRACT -- BACKGROUND: ECONOMIC IMPACT OF THE FINANCIAL CRISIS -- Economic Growth Rates -- Impact of the Financial Crisis on World Poverty -- IMPACT OF THE CRISIS ON THE IMF -- INCREASING FUND RESOURCES -- Expanding the NAB -- SDR Allocation -- IMF Bond Sales -- Other Pending IMF Reforms -- THE ROLE OF CONGRESS