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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

Using a large panel of UK manufacturing firms over the period 2000–9, we consider how firms responded during the most recent financial crisis, estimating models for export market participation decisions and firm growth and survival. The results indicate that financial variables are highly important in predicting export market entry, especially in the midst of the global financial crisis. With respect to firm growth and survival, we find that starters and continuous exporters are more likely to perform well in and out of the crisis than non-exporters.

Following the onset of the global financial crisis in 2007, there has been an abundance of books and articles purporting to explain its causes and consequences, with some offering tentative remedies. One of the major targets of criticism was the economics profession, which ignored the warnings of impending catastrophe prior to the onset of the crisis. As a result its public esteem suffered, much like that of the bankers and other professional groups implicated in the crisis. The books under review in this article represent a broad cross-section of work undertaken within the disciplinary boundaries of political science. As such, they provide complementary insights that yield deeper understanding of both the origins of the crisis and the nature of the solutions required to prevent a recurrence.

AbstractExisting scholarship attributes various political and economic advantages to democratic governance. These advantages may make more democratic countries prone to financial crises. Democracy is characterized by constraints on executive authority, accountability through free and fair elections, protections for civil liberties, and large winning coalitions. These characteristics bring important benefits, but they can also have unintended consequences that increase the likelihood of financial instability and crises. Using data covering the past two centuries, I demonstrate a strong relationship between democracy and financial crisis onset: on average, democracies are about twice as likely to experience a crisis as autocracies. This is an empirical regularity that is robust across a wide range of model specifications and time periods.