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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

Cover Page -- Half Title Page -- Title Page -- Copyright Page -- Contents -- Foreword -- Introduction -- Chapter 1: Causes of the Global Financial Crisis -- 1. China and Russia Blame U.S. Policies for the Crisis -- 2. The Greed of Financial Institutions Caused the Crisis -- 3. "Boom Thinking" Caused the Crisis -- 4. The Weakness of Banking Regulations Caused the Crisis -- 5. Low Interest Rates Caused the Crisis -- 6. Abandoning the Gold Standard Caused the Crisis -- 7. United States and China Must Join Forces to Control Crisis -- Periodical Bibliography -- Chapter 2: Effects of the Global Financial Crisis on Wealthier Nations -- 1. In the United States, the Financial Crisis Creates Tent Cities and Homelessness -- 2. Canada Will Not Suffer a Subprime Mortgage Crisis -- 3. Australia's Economy Remains Bound Up with That of the United States -- 4. The European Union Is Buckling Under the Crisis -- 5. In Iceland, an Economic Miracle Ended in Disaster -- 6. The Crisis Fuels Unrest in France, Britain, China, and Russia -- 7. Israel Will Cut Social Programs, but Not Military Spending -- Periodical Bibliography -- Chapter 3: Effects of the Global Financial Crisis on Developing Nations -- 1. Worldwide, Migrant Workers Are Threatened by Job Losses and Xenophobia -- 2. In India and China, the Crisis May Worsen Poverty -- 3. China Could Use the Crisis to Become a Responsible World Power -- 4. The Philippines Is in a Good Position to Weather the Crisis -- 5. Latin America Is Struggling to Deal with the Crisis -- 6. Islamic Banks Are Insulated from the Crisis -- Periodical Bibliography -- Chapter 4: Solutions to the Global Financial Crisis -- 1. International Investments Complicate the Financial Crisis and Its Remedy -- 2. Protectionist Measures Will Worsen the Crisis -- 3. In Africa, Ending Neoliberal Economic Policies Will Solve the Crisis

The financial crisis has opened up a global debate on the taxation of the financial sector. A number of international policy initiatives, most notably by the G20, have called for major changes in the tax treatment of financial institutions and transactions as well as individuals working in the financial sector. This book examines how tax policies contributed to the financial crisis and whether taxation can play a role in the reform efforts under way to establish a sounder and safer financial system. The book looks at the pros and cons of various tax initiatives, including limiting the tax advantages to debt financing, special taxes on the financial sector and financial transactions taxes.

"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 todays 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."

The financial crisis has opened up a global debate on the taxation of the financial sector. A number of international policy initiatives, most notably by the G20, have called for major changes in the tax treatment of financial institutions and transactions as well as individuals working in the financial sector. This book examines how tax policies contributed to the financial crisis and whether taxation can play a role in the reform efforts under way to establish a sounder and safer financial system. The book looks at the pros and cons of various tax initiatives, including limiting the tax advantages to debt financing, special taxes on the financial sector and financial transactions taxes.