Suchergebnisse

Intro -- Half Title Page -- Title Page -- Copyright -- Contents -- Introduction -- 1 "Too Clubby to Fail": Wall Street Banks Win, Thrifts and Community Banks Lose -- 2 Increased Risk Taking Due to Deregulation -- 3 Deregulation, Politics, and Criminal Prosecutions -- 4 The Four Major Waves of Change in the 1990s That Laid the Groundwork for the 2008 Financial Crisis -- 5 Washington Mutual in the Age of Consolidation of the Financial Industry -- 6 Record Profits and the Stunning Growth of Shadow Banking1 -- 7 Record Banking Profits and Growth, but There Is a Canary in the Mine -- 8 The Financial Crisis Hits -- 9 The Aftermath of the Financial Crisis -- 10 Part One: Investigations and Lawsuits: 2010 -- Part Two: Investigations and Lawsuites: 2011-2014 -- 11 The Fast Buildup of the Next Shadow Banking System -- 12 The Makings of the Next Financial Crisis -- 13 Recommendations to Avoid the Next Financial Crisis -- Afterword: COVID-19 Strikes -- Photo Gallery -- Acknowledgments -- Glossary -- Timeline for Residential Home Lending -- Notes -- Index -- About the Authors.

Front Matter -- Overview of the Crisis. Leverage and Liberal Democracy / George Bragues -- A Property Economics Explanation of the Global Financial Crisis / Gunnar Heinsohn, Frank Decker -- Of Subprimes and Sundry Symptoms: The Political Economy of the Financial Crisis / Ashok Bardhan -- The Political Economy of the Financial Crisis of 2008 / Roger D Congleton -- The Global Financial Crisis of 2008: What Went Wrong? / Hershey H Friedman, Linda Weiser Friedman -- The Roots of the Crisis and How to Bring It to a Close / James K Galbraith -- Enron Rerun: The Credit Crisis in Three Easy Pieces / Jonathan C Lipson -- The Global Crisis and Its Origins / Peter L Swan -- Four Paradoxes of the 2008₆2009 Economic and Financial Crisis / John E Marthinsen -- Understanding the Subprime Financial Crisis / Steven L Schwarcz -- Causes and Consequences of the Financial Crisis. The Origins of the Financial Crisis / Martin N Baily, Robert E Litan, Matthew S Johnson -- Ten Myths About Subprime Mortgages / Yuliya Demyanyk -- The Financial Crisis: How Did We Get Here and Where Do We Go Next? New Evidence on How the Crisis Spread Among Financial Institutions / James R Barth, Tong Li, Lu Wenling, Glenn H Yago -- A Decade of Living Dangerously: The Causes and Consequences of the Mortgage, Financial, and Economic Crises / Jon A Garfinkel, Jarjisu Sa-Aadu -- Making Sense of the Subprime Crisis / Kristopher S Gerardi, Andreas Lehnert, Shane M Sherlund, Paul Willen -- Miraculous Financial Engineering Or Legacy Assets? / Ivo Pezzuto -- The Making and Ending of the Financial Crisis of 2007₆2009 / Austin Murphy -- The Subprime Mortgage Problem: Causes and Likely Cure / Ronald D Utt -- Sequence of Asset Bubbles and the Global Financial Crisis / Abol Jalilvand, A G (Tassos) Malliaris -- Borrowers. The Past, Present, and Future of Subprime Mortgages / Shane M Sherlund -- Fha Loans and Policy Responses to Credit Availability / Marsha Courchane, Rajeev Darolia, Peter Zorn -- The Single-Family Mortgage Industry in the Internet Era: Technology Developments and Market Structure / Forrest Pafenberg -- Speed Kills? Mortgage Credit Boom and the Crisis / Giovanni Dell'ariccia, Deniz Igan, Luc Laeven -- Subprime Mortgages: What We have Learned from a New Class of Homeowners / Todd J Zywicki, Satya Thallam -- Rating Agencies: Facilitators of Predatory Lending in the Subprime Market / David J Reiss -- the Process of Securitization. A Primer on the Role of Securitization in the Credit Market Crisis of 2007 / John D Martin -- Incentives in the Originate-to-Distribute Model of Mortgage Production / Robert W Kolb -- Did Securitization Lead to Lax Screening? Evidence from Subprime Loans / Benjamin J Keys, Tanmoy Mukherjee, Amit Seru, Vikrant Vig -- Tumbling Tower of Babel: Subprime Securitization and the Credit Crisis / Bruce I Jacobs -- The Incentives of Mortgage Servicers and Designing Loan Modifications to Address the Mortgage Crisis / Larry Cordell, Karen Dynan, Andreas Lehnert, Nellie Liang, Eileen Mauskopf -- The Contribution of Structured Finance to the Financial Crisis: An Introductory Overview / Adrian ARJM Van Rixtel, Sarai Criado -- Problematic Practices of Credit Rating Agencies: The Neglected Risks of Mortgage-Backed Securities / Phil Hosp -- Did Asset Complexity Trigger Ratings Bias? / Vasiliki Skreta, Laura Veldkamp -- The Pitfalls of Originate-to-Distribute in Bank Lending / Antje Berndt, Anurag Gupta -- Risk Management and Mismanagement. Behavioral Basis of the Financial Crisis / J V Rizzi -- Risk Management Failures During the Financial Crisis / Michel Crouhy -- The Outsourcing of Financial Regulation to Risk Models / Erik F Gerding -- The Future of Risk Modeling / Elizabeth Sheedy -- What Happened to Risk Management During the 2008₆2009 Financial Crisis? / Michael Mcaleer, Teodosio P̌rez-Amaral, Juan-Angel Jim̌nez-Martin -- Risk Management Lessons from the Global Financial Crisis for Derivative Exchanges / JAYANTH VARMA -- the Problem of Regulation. Regulation and Financial Stability in the Age of Turbulence / David S Bieri -- The Financial Crisis of 2007₆2009: Missing Financial Regulation Or Absentee Regulators? / George G Kaufman, A G Malliaris -- The Demise of the United Kingdom's Northern Rock and Large U.S. Financial Institutions: Public Policy Lessons / Robert A Eisenbeis, GEORGE G KAUFMAN -- Why Securities Regulation Failed to Prevent the Cdo Meltdown / Richard E Mendales -- Curbing Optimism in Managerial Estimates Through Transparent Accounting: The Case of Securitizations / Stephen Bryan, Steven Lilien, Bharat Sarath -- Basel II Put on Trial: What Role in the Financial Crisis? / Francesco Cannata, Mario Quagliariello -- Credit Rating Organizations, Their Role in the Current Calamity, and Future Prospects for Reform / Thomas J Fitzpatrick, Chris Sagers -- Global Regulation for Global Markets? / Michael W Taylor, Douglas W Arner -- Financial Regulation, Behavioral Finance, and the Global Financial Crisis: In Search of a New Regulatory Model / Emilios Avgouleas -- Institutional Failures. Why Financial Conglomerates Are at the Center of the Financial Crisis / Arthur E Wilmarth -- Corporate Governance and the Financial Crisis: A Case Study from the S & P 500 / Brian R Cheffins -- Secondary-Management Conflicts / Steven L Schwarcz -- The Financial Crisis and the Systemic Failure of Academic Economics / David Colander, Michael Goldberg, Armin Haas, Alan Kirman, Katarina Juselius, Brigitte Sloth, Thomas Lux -- Fannie Mae and Freddie Mac: Privatizing Profit and Socializing Loss / David Reiss -- Disclosure's Failure in the Subprime Mortgage Crisis / Steven L Schwarcz -- the Federal Reserve, Monetary Policy, and the Financial Crisis. Federal Reserve Policy and the Housing Bubble / Lawrence H White -- The Greenspan and Bernanke Federal Reserve Roles in the Financial Crisis / John Ryan -- The Risk Management Approach to Monetary Policy: Lessons from the Financial Crisis of 2007₆2009 / Marc D Hayford, A G Malliaris -- Reawakening the Inflationary Monster: U.S. Monetary Policy and the Federal Reserve / Kevin Dowd, Martin Hutchinson -- The Transformation of the Federal Reserve System Balance Sheet and Its Implications / Peter Stella -- Implications of the Crisis for Our Economic Systems. Systemic Risk and Markets / Steven L Schwarcz -- The Transmission of Liquidity Shocks During the Crisis: Ongoing Research into the Transmission of Liquidity Shock Suggests the Emergence of a Range of New Channels During the Credit Crisis / Nathaniel Frank, Brenda Gonz̀lez-Hermosillo, Heiko Hesse -- Credit Contagion from Counterparty Risk / Philippe Jorion, Gaiyan Zhang -- International Dimensions of the Financial Crisis. Only in America? When Housing Boom Turns to Bust / Luci Ellis -- The Equity Risk Premium Amid a Global Financial Crisis / John R Graham, Campbell R Harvey -- Australia's Experience in the Global Financial Crisis / Christine Brown, Kevin Davis -- Collapse of a Financial System: An Icelandic Saga / Tryggvi Thor Herbertsson -- Iceland's Banking Sector and the Political Economy of Crisis / James A H S Hine, Ian Ashman -- The Subprime Crisis: Implications for Emerging Markets / William B Gwinner, Anthony B Sanders -- Financial Solutions and Our Economic Future. The Long-Term Cost of the Financial Crisis / Murillo Campello, John R Graham, Campbell R Harvey -- Coping with the Financial Crisis: Illiquidity and the Role of Government Intervention / Bastian Breitenfellner, Niklas Wagner -- Fiscal Policy for the Crisis / Antonio Spilimbergo, Steven Symansky, Olivier Blanchard, Carlo Cottarelli -- The Future of Securitization / Steven L Schwarcz -- Modification of Mortgages in Bankruptcy / Adam J Levitin -- The Shadow Bankruptcy System / Jonathan C Lipson -- Reregulating Fannie Mae and Freddie Mac / Dwight M Jaffee -- Would Greater Regulation of Hedge Funds Reduce Systemic Risk? / Michael R King, Philipp Maier -- Regulating Credit Default Swaps / Houman B Shadab -- Index.

A detailed yet non-technical analysis of the recent financial crisis

"To understand the 2008 financial crisis, Neil Fligstein looks to the business models of the big US banks. He shows how firms got hooked on mortgages-originating them, securitizing them, selling those securities, and even buying the same securities. In time their addiction nearly collapsed the economy."

"This volume focuses on the state's role in managing the fall-out from the global economic and financial crisis since 2008. For a brief moment, roughly from 2008-2010, governments and central banks appeared to borrow from Keynes to save the global economy. The contributors, however, take the view that to see those stimulus measures as "Keynesian" is a misinterpretation. Rather, neoliberalism demonstrated considerable resiliency despite its responsibility for the deep and prolonged crisis. The "austerian" analysis of the crisis is--historical, ignores its deeper roots, and rests upon a triumph of discourse involving blame-shifting from the under-regulated private sector to public or sovereign debt--for which the public authorities are responsible."--

"The financial crisis of 2007-9 prompted many to ask how financial systems from America and Iceland to Russia and Hungary could have been so misgoverned that their near collapse plunged the entire world into recession. Randall Germain assess what needs to be done, and by whom, to avoid a repetition of what he calls the 'great freeze'"--

"From the chief economic commentator for the Financial Times, a brilliant tour d'horizon of the new global economy and its trajectory There have been many books that have sought to explain the causes and courses of the financial and economic crisis which began in 2007-8. The Shifts and the Shocks is not another detailed history of the crisis, but the most persuasive and complete account yet published of what the crisis should teach us about modern economies and economics. The book identifies the origin of the crisis in the complex interaction between globalization, hugely destabilizing global imbalances and our dangerously fragile financial system. In the eurozone, these sources of instability were multiplied by the tragically defective architecture of the monetary union. It also shows how much of the orthodoxy that shaped monetary and financial policy before the crisis occurred was complacent and wrong. In doing so, it mercilessly reveals the failures of the financial, political and intellectual elites who ran the system. The book also examines what has been done to reform the financial and monetary systems since the worst of the crisis passed. "Are we now on a sustainable course?" Wolf asks. "The answer is no." He explains with great clarity why "further crises seem certain" and why the management of the eurozone in particular "guarantees a huge political crisis at some point in the future." Wolf provides far more ambitious and comprehensive plans for reform than any currently being implemented. Written with all the intellectual command and trenchant judgment that have made Martin Wolf one of the world's most influential economic commentators, The Shifts and the Shocks matches impressive analysis with no-holds-barred criticism and persuasive prescription for a more stable future. It is a book no one with an interest in global affairs will want to neglect. "--