Rethinking The Financial Crisis
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Rethinking The Financial Crisis
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Author : Alan S. Blinder
language : en
Publisher: Russell Sage Foundation
Release Date : 2013-01-03
Rethinking The Financial Crisis written by Alan S. Blinder and has been published by Russell Sage Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-03 with Business & Economics categories.
Some economic events are so major and unsettling that they “change everything.” Such is the case with the financial crisis that started in the summer of 2007 and is still a drag on the world economy. Yet enough time has now elapsed for economists to consider questions that run deeper than the usual focus on the immediate causes and consequences of the crisis. How have these stunning events changed our thinking about the role of the financial system in the economy, about the costs and benefits of financial innovation, about the efficiency of financial markets, and about the role the government should play in regulating finance? In Rethinking the Financial Crisis, some of the nation’s most renowned economists share their assessments of particular aspects of the crisis and reconsider the way we think about the financial system and its role in the economy. In its wide-ranging inquiry into the financial crash, Rethinking the Financial Crisis marshals an impressive collection of rigorous and yet empirically-relevant research that, in some respects, upsets the conventional wisdom about the crisis and also opens up new areas for exploration. Two separate chapters–by Burton G. Malkiel and by Hersh Shefrin and Meir Statman – debate whether the facts of the financial crisis upend the efficient market hypothesis and require a more behavioral account of financial market performance. To build a better bridge between the study of finance and the “real” economy of production and employment, Simon Gilchrist and Egan Zakrasjek take an innovative measure of financial stress and embed it in a model of the U.S. economy to assess how disruptions in financial markets affect economic activity—and how the Federal Reserve might do monetary policy better. The volume also examines the crucial role of financial innovation in the evolution of the pre-crash financial system. Thomas Philippon documents the huge increase in the size of the financial services industry relative to real GDP, and also the increasing cost per financial transaction. He suggests that the finance industry of 1900 was just as able to produce loans, bonds, and stocks as its modern counterpart—and it did so more cheaply. Robert Jarrow looks in detail at some of the major types of exotic securities developed by financial engineers, such as collateralized debt obligations and credit-default swaps, reaching judgments on which make the real economy more efficient and which do not. The volume’s final section turns explicitly to regulatory matters. Robert Litan discusses the political economy of financial regulation before and after the crisis. He reviews the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which he considers an imperfect but useful response to a major breakdown in market and regulatory discipline. At a time when the financial sector continues to be a source of considerable controversy, Rethinking the Financial Crisis addresses important questions about the complex workings of American finance and shows how the study of economics needs to change to deepen our understanding of the indispensable but risky role that the financial system plays in modern economies.
Rethinking The Financial Crisis
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Author : Alan S. Blinder
language : en
Publisher: Russell Sage Foundation
Release Date : 2013-01-03
Rethinking The Financial Crisis written by Alan S. Blinder and has been published by Russell Sage Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-03 with Business & Economics categories.
Some economic events are so major and unsettling that they “change everything.” Such is the case with the financial crisis that started in the summer of 2007 and is still a drag on the world economy. Yet enough time has now elapsed for economists to consider questions that run deeper than the usual focus on the immediate causes and consequences of the crisis. How have these stunning events changed our thinking about the role of the financial system in the economy, about the costs and benefits of financial innovation, about the efficiency of financial markets, and about the role the government should play in regulating finance? In Rethinking the Financial Crisis, some of the nation’s most renowned economists share their assessments of particular aspects of the crisis and reconsider the way we think about the financial system and its role in the economy. In its wide-ranging inquiry into the financial crash, Rethinking the Financial Crisis marshals an impressive collection of rigorous and yet empirically-relevant research that, in some respects, upsets the conventional wisdom about the crisis and also opens up new areas for exploration. Two separate chapters–by Burton G. Malkiel and by Hersh Shefrin and Meir Statman – debate whether the facts of the financial crisis upend the efficient market hypothesis and require a more behavioral account of financial market performance. To build a better bridge between the study of finance and the “real” economy of production and employment, Simon Gilchrist and Egan Zakrasjek take an innovative measure of financial stress and embed it in a model of the U.S. economy to assess how disruptions in financial markets affect economic activity—and how the Federal Reserve might do monetary policy better. The volume also examines the crucial role of financial innovation in the evolution of the pre-crash financial system. Thomas Philippon documents the huge increase in the size of the financial services industry relative to real GDP, and also the increasing cost per financial transaction. He suggests that the finance industry of 1900 was just as able to produce loans, bonds, and stocks as its modern counterpart—and it did so more cheaply. Robert Jarrow looks in detail at some of the major types of exotic securities developed by financial engineers, such as collateralized debt obligations and credit-default swaps, reaching judgments on which make the real economy more efficient and which do not. The volume’s final section turns explicitly to regulatory matters. Robert Litan discusses the political economy of financial regulation before and after the crisis. He reviews the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which he considers an imperfect but useful response to a major breakdown in market and regulatory discipline. At a time when the financial sector continues to be a source of considerable controversy, Rethinking the Financial Crisis addresses important questions about the complex workings of American finance and shows how the study of economics needs to change to deepen our understanding of the indispensable but risky role that the financial system plays in modern economies.
Out Of Crisis
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Author : David A. Westbrook
language : en
Publisher: Routledge
Release Date : 2015-12-03
Out Of Crisis written by David A. Westbrook and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-12-03 with Social Science categories.
Former Federal Reserve chair Greenspan recently said that the risk management paradigm is broken; thus our understanding of financial regulation no longer makes sense. More generally, the current financial crisis obliges us to rethink the relationships among "financial markets" and "governments." In Out of Crisis financial analyst David Westbrook illuminates the intellectual, business, and policy errors that have led us into the present morass. Through a vivid legal and political analysis he shows how the ideologies of the right and left have distorted financial thinking and policy. Learning from these errors, the book sketches the emergence of a new understanding of risk management and bureaucratic regulation. Out of Crisis begins the tasks of rethinking the structures that constitute financial markets and exploring how such structures may be strengthened. Taking responsibility for the markets we build to do so much of our society's work, we may yet become mature capitalists.
The Money Problem
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Author : Morgan Ricks
language : en
Publisher: University of Chicago Press
Release Date : 2016-03-09
The Money Problem written by Morgan Ricks and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-03-09 with Business & Economics categories.
An “intriguing plan” addressing shadow banking, regulation, and the continuing quest for financial stability (Financial Times). Years have passed since the world experienced one of the worst financial crises in history, and while countless experts have analyzed it, many central questions remain unanswered. Should money creation be considered a “public” or “private” activity—or both? What do we mean by, and want from, financial stability? What role should regulation play? How would we design our monetary institutions if we could start from scratch? In The Money Problem, Morgan Ricks addresses these questions and more, offering a practical yet elegant blueprint for a modernized system of money and banking—one that, crucially, can be accomplished through incremental changes to the United States’ current system. He brings a critical, missing dimension to the ongoing debates over financial stability policy, arguing that the issue is primarily one of monetary system design. The Money Problem offers a way to mitigate the risk of catastrophic panic in the future, and it will expand the financial reform conversation in the United States and abroad. “Highly recommended.” —Choice
Rethinking Financial Deepening
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Author : Ms.Ratna Sahay
language : en
Publisher: International Monetary Fund
Release Date : 2015-05-04
Rethinking Financial Deepening written by Ms.Ratna Sahay and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-05-04 with Business & Economics categories.
The global financial crisis experience shone a spotlight on the dangers of financial systems that have grown too big too fast. This note reexamines financial deepening, focusing on what emerging markets can learn from the advanced economy experience. It finds that gains for growth and stability from financial deepening remain large for most emerging markets, but there are limits on size and speed. When financial deepening outpaces the strength of the supervisory framework, it leads to excessive risk taking and instability. Encouragingly, the set of regulatory reforms that promote financial depth is essentially the same as those that contribute to greater stability. Better regulation—not necessarily more regulation—thus leads to greater possibilities both for development and stability.
After The Crisis
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Author : Thomas Lagoarde-Segot
language : en
Publisher: Nova Science Publishers
Release Date : 2010
After The Crisis written by Thomas Lagoarde-Segot and has been published by Nova Science Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Finance categories.
The 2007-2010 economic crisis has profoundly shaken the foundations of mainstream financial economics. This book illustrates various paths in economic research by examining the crisis from perspectives which fall outside the conventional theoretical paradigm and which are in a position to provide a refreshed gaze on former ways of thinking.
Finance At The Threshold
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Author : Christopher Houghton Budd
language : en
Publisher: CRC Press
Release Date : 2016-04-15
Finance At The Threshold written by Christopher Houghton Budd and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-15 with Business & Economics categories.
Every banking crisis, whatever its particular circumstances, has two features in common with every previous one. Each has been preceded by a period of excessive monetary ease, and by ill thought out regulatory changes. For many the recent hiatus in inter-bank lending has been seen as a blip - enormous in size and global in scope, but, nonetheless, a blip. Finance at the Threshold offers a unique perspective from an English economic and monetary historian. In it the author asks: Why did the banks stop lending to one another, and why now? Was it merely a matter of over-loose credit due to the relaxation of traditional prudence, or did global finance find itself at its limits? Have government bail-outs saved the day or merely postponed the problem? Christopher Houghton Budd offers a radical view of the global financial crisis, spanning a wide gamut of current thinking. He argues that we need, above all, to overcome the left-right divide so much taken for granted today, and promote financial literacy to young people. His contribution to the Transformation and Innovation Series claims that global finance has brought us to the limits of what mechanistic economic explanations can capture. New ideas and above all new instruments are needed so that innovation can shift from its dexterous exploitation of inefficiencies and turn its attention instead to fresh initiative. Finance at the Threshold is essential reading for academics and practitioners concerned with financial and economic policy and needing to develop a sense of the history thus understanding the forward prospects for global finance.
Rethinking Money Debt And Finance After The Crisis
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Author : Melinda Cooper
language : en
Publisher:
Release Date : 2015
Rethinking Money Debt And Finance After The Crisis written by Melinda Cooper and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Business & Economics categories.
The financial crisis of 2007-8 has been widely understood as a result of the financial system's exceeding its proper place in society; the system became unbalanced, unsustainable, and deprived of a solid foundation. Even as capitalist finance seeks to reinvent itself in the wake of massive upheaval, critics continue to portray the financial system as fundamentally irrational--an unstable, destructive inventor of fictitious money. Characterizing finance in this way, however, neglects the growing connection between the worlds of high finance and consumer credit. The essays in this special issue take the financial crisis as an opportunity for much-needed conceptual innovation. Its contributors move beyond strictly moralistic criticisms of financialization to rethink core economic categories such as money, speculation, measure, value, and the wage, as well as the relationship among labor, finance, and money. Melinda Cooper is an Australian Research Council Future Fellow in the Department of Sociology and Social Policy at the University of Sydney. She is the author of Clinical Labor: Tissue Donors and Research Subjects in the Global Bioeconomy, also published by Duke University Press. Martijn Konings is Senior Lecturer and Australian Research Council DECRA Fellow in the Department of Political Economy at the University of Sydney. He is the author of The Development of American Finance. Contributors: Lisa Adkins, Fiona Allon, Dick Bryan, Melinda Cooper, Marieke de Goede, Chris Jefferis, Martijn Konings, Randy Martin, Michael Rafferty
Evolution Or Revolution
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Author : Olivier Blanchard
language : en
Publisher: MIT Press
Release Date : 2019-04-16
Evolution Or Revolution written by Olivier Blanchard and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-04-16 with Business & Economics categories.
Leading economists discuss post–financial crisis policy dilemmas, including the dangers of complacency in a period of relative stability. The Great Depression led to the Keynesian revolution and dramatic shifts in macroeconomic theory and macroeconomic policy. Similarly, the stagflation of the 1970s led to the adoption of the natural rate hypothesis and to a major reassessment of the role of macroeconomic policy. Should the financial crisis and the Great Recession lead to yet another major reassessment, to another intellectual revolution? Will it? If so, what form should it, or will it, take? These are the questions taken up in this book, in a series of contributions by policymakers and academics. The contributors discuss the complex role of the financial sector, the relative roles of monetary and fiscal policy, the limits of monetary policy to address financial stability, the need for fiscal policy to play a more active role in stabilization, and the relative roles of financial regulation and macroprudential tools. The general message is a warning against going back to precrisis ways—to narrow inflation targeting, little use of fiscal policy for stabilization, and insufficient financial regulation. Contributors David Aikman, Alan J. Auerbach, Ben S. Bernanke, Olivier Blanchard, Lael Brainard, Markus K. Brunnermeier, Marco Buti, Benoît Cœuré, Mario Draghi, Barry Eichengreen, Jason Furman, Gita Gopinath, Pierre-Olivier Gourinchas, Andrew G. Haldane, Philipp Hildebrand, Marc Hinterschweiger, Sujit Kapadia, Nellie Liang, Adam S. Posen, Raghuram Rajan, Valerie Ramey, Carmen Reinhart, Dani Rodrik, Robert E. Rubin, Jay C. Shambaugh, Tharman Shanmugaratnam, Jeremy C. Stein, Lawrence H. Summers
Rethinking Fiction After The 2007 8 Financial Crisis
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Author : Mirosław Aleksander Miernik
language : en
Publisher: Taylor & Francis
Release Date : 2021-03-31
Rethinking Fiction After The 2007 8 Financial Crisis written by Mirosław Aleksander Miernik and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-31 with Literary Criticism categories.
This book provides insight into the impact the 2007/8 financial crisis and subsequent Great Recession had on American fiction. Employing an interdisciplinary approach which combines literary studies with anthropology, economics, sociology, and psychology, the author attempts to gauge the changes that the crisis facilitated in the American novel. Focusing on four books, Elizabeth Strout’s My Name Is Lucy Barton, Philipp Meyer’s American Rust, Sophie McManus’s The Unfortunates, and William Gibson’s The Peripheral, the study traces how they present such issues as poverty, wealth, equality, distinction, opportunity, and how they relate both to traditional criticisms of consumer culture and the US economy, particularly those issues that have received more attention as a result of the crisis. It also tackles the issue of genre and interpretation in this period, as well as what methods the analyzed novels employ in order to highlight the decreasing social mobility of Americans.