Slapped By The Invisible Hand
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Slapped By The Invisible Hand
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Author : Gary B. Gorton
language : en
Publisher: Oxford University Press
Release Date : 2010-03-08
Slapped By The Invisible Hand written by Gary B. Gorton and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-03-08 with Business & Economics categories.
Originally written for a conference of the Federal Reserve, Gary Gorton's "The Panic of 2007" garnered enormous attention and is considered by many to be the most convincing take on the recent economic meltdown. Now, in Slapped by the Invisible Hand, Gorton builds upon this seminal work, explaining how the securitized-banking system, the nexus of financial markets and instruments unknown to most people, stands at the heart of the financial crisis. Gorton shows that the Panic of 2007 was not so different from the Panics of 1907 or of 1893, except that, in 2007, most people had never heard of the markets that were involved, didn't know how they worked, or what their purposes were. Terms like subprime mortgage, asset-backed commercial paper conduit, structured investment vehicle, credit derivative, securitization, or repo market were meaningless. In this superb volume, Gorton makes all of this crystal clear. He shows that the securitized banking system is, in fact, a real banking system, allowing institutional investors and firms to make enormous, short-term deposits. But as any banking system, it was vulnerable to a panic. Indeed the events starting in August 2007 can best be understood not as a retail panic involving individuals, but as a wholesale panic involving institutions, where large financial firms "ran" on other financial firms, making the system insolvent. An authority on banking panics, Gorton is the ideal person to explain the financial calamity of 2007. Indeed, as the crisis unfolded, he was working inside an institution that played a central role in the collapse. Thus, this book presents the unparalleled and invaluable perspective of a top scholar who was also a key insider.
Misunderstanding Financial Crises
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Author : Gary B. Gorton
language : en
Publisher: Oxford University Press
Release Date : 2012-11-02
Misunderstanding Financial Crises written by Gary B. Gorton and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-02 with Business & Economics categories.
Before 2007, economists thought that financial crises would never happen again in the United States, that such upheavals were a thing of the past. Gary B. Gorton, a prominent expert on financial crises, argues that economists fundamentally misunderstand what they are, why they occur, and why there were none in the U.S. from 1934 to 2007. Misunderstanding Financial Crises offers a back-to-basics overview of financial crises, and shows that they are not rare, idiosyncratic events caused by a perfect storm of unconnected factors. Instead, Gorton shows how financial crises are, indeed, inherent to our financial system. Economists, Gorton writes, looked from a certain point of view and missed everything that was important: the evolution of capital markets and the banking system, the existence of new financial instruments, and the size of certain money markets like the sale and repurchase market. Comparing the so-called "Quiet Period" of 1934 to 2007, when there were no systemic crises, to the "Panic of 2007-2008," Gorton ties together key issues like bank debt and liquidity, credit booms and manias, moral hazard, and too-big-too-fail--all to illustrate the true causes of financial collapse. He argues that the successful regulation that prevented crises since 1934 did not adequately keep pace with innovation in the financial sector, due in part to the misunderstandings of economists, who assured regulators that all was well. Gorton also looks forward to offer both a better way for economists to think about markets and a description of the regulation necessary to address the future threat of financial disaster.
The Financial Crisis Inquiry Report
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Author : Financial Crisis Inquiry Commission
language : en
Publisher: Cosimo, Inc.
Release Date : 2011-05-01
The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and has been published by Cosimo, Inc. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-05-01 with Political Science categories.
From the Publisher: 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." The 10 members of the bi-partisan Commission, prominent private citizens with significant experience in banking, market regulation, taxation, finance, economics, housing, and consumer protection, were appointed by Congress on July 15, 2009. The Chair, Phil Angelides, and Vice Chair, Bill Thomas, were selected jointly by the House and Senate Majority and Minority Leadership. The FCIC is charged with conducting a comprehensive examination of 22 specific and substantive areas of inquiry related to the financial crisis. These include: fraud and abuse in the financial sector, including fraud and abuse towards consumers in the mortgage sector; Federal and State financial regulators, including the extent to which they enforced, or failed to enforce statutory, regulatory, or supervisory requirements; the global imbalance of savings, international capital flows, and fiscal imbalances of various governments; monetary policy and the availability and terms of credit; accounting practices, including, mark-to-market and fair value rules, and treatment of off-balance sheet vehicles; tax treatment of financial products and investments; capital requirements and regulations on leverage and liquidity, including the capital structures of regulated and non-regulated financial entities; credit rating agencies in the financial system, including, reliance on credit ratings by financial institutions and Federal financial regulators, the use of credit ratings in financial regulation, and the use of credit ratings in the securitization markets; lending practices and securitization, including the originate-to-distribute model for extending credit and transferring risk; affiliations between insured depository institutions and securities, insurance, and other types of nonbanking companies; the concept that certain institutions are 'too-big-to-fail' and its impact on market expectations; corporate governance, including the impact of company conversions from partnerships to corporations; compensation structures; changes in compensation for employees of financial companies, as compared to compensation for others with similar skill sets in the labor market; the legal and regulatory structure of the United States housing market; derivatives and unregulated financial products and practices, including credit default swaps; short-selling; financial institution reliance on numerical models, including risk models and credit ratings; the legal and regulatory structure governing financial institutions, including the extent to which the structure creates the opportunity for financial institutions to engage in regulatory arbitrage; the legal and regulatory structure governing investor and mortgagor protection; financial institutions and government-sponsored enterprises; and the quality of due diligence undertaken by financial institutions. The Commission is called upon to examine the causes of major financial institutions which failed, or were likely to have failed, had they not received exceptional government assistance. In its work, the Commission is authorized to hold hearings; issue subpoenas either for witness testimony or documents; and refer to the Attorney General or the appropriate state Attorney General any person who may have violated U.S. law in relation to the financial crisis.
The Financial Crisis Inquiry Report
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Author : United States. Financial Crisis Inquiry Commission
language : en
Publisher: Government Printing Office
Release Date : 2010
The Financial Crisis Inquiry Report written by United States. Financial Crisis Inquiry Commission and has been published by Government Printing Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Financial crises categories.
and the use of credit ratings in the securitization markets; lending practices and securitization, including the originate-to-distribute model for extending credit and transferring risk; affiliations between insured depository institutions and securities, insurance, and other types of nonbanking companies; the concept that certain institutions are 'too-big-to-fail' and its impact on market expectations; corporate governance, including the impact of company conversions from partnerships to corporations; compensation structures; changes in compensation for employees of financial companies, as compared to compensation for others with similar skill sets in the labor market; the legal and regulatory structure of the United States housing market; derivatives and unregulated financial products and practices, including credit default swaps; short-selling; financial institution reliance on numerical models,
Bite Size Advice
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Author : Paul J. Thomas
language : en
Publisher: Made For Success Publishing
Release Date : 2015-06-27
Bite Size Advice written by Paul J. Thomas and has been published by Made For Success Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-06-27 with Business & Economics categories.
Never before has anyone packed so much helpful information into one book for the time starved reader. Written by a veteran financial services executive and thought leader, Bite size advice is an indispensable tool for those wanting to increase their political, economic, social and technological literacy.
Written in clear and concise language, it demystifies the key issues impacting our day-to-day lives and delivers invaluable advice in bite size chunks. Now you can find out everything you wanted to know about almost everything.
- WHAT are the pitfalls of over regulation?
- WHERE is disruptive technology taking us?
- WHEN does inequality become excessive?
- WHY is globalisation good for us?
- HOW is money created?
- WHO controls the economy?
Bite size advice is a business book, an educational book and a general knowledge book. It is for anyone who wants to understand how the world works. Each chapter is faced-paced and provides great conversation starters. Bite size advice is poised to become the go-to resource for young and old alike.
Four Central Theories Of The Market Economy
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Author : Farhad Rassekh
language : en
Publisher: Routledge
Release Date : 2016-06-10
Four Central Theories Of The Market Economy written by Farhad Rassekh and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-06-10 with Business & Economics categories.
This highly original work offers an intellectual history of four central theories underlying the market economic system, focusing on their conception, evolution, and applications. Four Central Theories of the Market Economy traces the root of the theories, their conception and articulation, as well as their evolutions to the present time. It focuses on the four theories that are generally recognized as fundamental to the discipline of economics: the invisible hand, comparative advantage, the law of markets, and the quantity theory of money. These theories have profoundly influenced the world. Chapters explore their rich intellectual history from classical Greece to today, drawing on the original works of the great economic minds of the classical era and other thinkers who prepared the path for them, as well as those who refined their works or challenged them. This volume will leave the reader with a deep understanding of these pillars of the market economic system in the context of their historical development. This book will be of great interest to all scholars and students of economics who are interested in the intellectual history of their discipline as well as scholars and students of intellectual history who are interested in economics.
The Other Mrs Miller
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Author : Allison Dickson
language : en
Publisher: Hachette UK
Release Date : 2019-07-16
The Other Mrs Miller written by Allison Dickson and has been published by Hachette UK this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-16 with Fiction categories.
Meet the Millers 'Anyone who enjoys thrillers NEEDS to read this book!' ***** 'I practically threw the book across the room when I read THAT twist.' Heidi Perks, bestselling author of Now You See Her 'Allison Dickinson has a sure fire hit on her hands' ***** 'Will take your breath away' CHRISTINA DALCHER, bestselling author of Vox 'I loved it!!! Totally mind blowing. This is must read for all thriller lovers' ***** 'A fast-paced, addictive novel' LISA BALLANTYNE, author of The Guilty One 'Kept me up way past my bedtime. I loved every dark and twisted page' ***** ***SOON TO BE A MAJOR TV SERIES*** _______________ Two women are watching each other. Phoebe isn't sure when the car started showing up. At first she put it down to the scandal around her late father, but she's certain now it's there for her. What's interesting about an unhappily married housewife, who barely leaves her house? Only one knows why. Every morning, not long before your husband leaves for work, I wait for the blinds beside your front door to twitch. You might think I'm sitting out here waiting to break into your house and add a piece of your life to my collection. Things aren't quite that simple. It's not a piece of your life I want. When a new family move in across the street, it provides Phoebe with a distraction. But with her head turned she's no longer focused on the woman in the car. And Phoebe really should be, because she's just waiting for an opportunity to upend Phoebe's life... _______________ THE OTHER MRS MILLER stands among the very best and is perfect for anyone who loved The Couple Next Door by Shari Lapena The Woman in the Window by A.J. Finn The Wife Between Us by Greer Hendricks & Sarah Pekkanen My Lovely Wife by Samantha Downing _______________ More praise for The Other Mrs Miller... 'A twisty suspense novel that will keep you guessing until its final pages' THE HERALD 'Deliciously devious' CHANDLER BAKER, author of Whisper Network 'Had me guessing until the very end' LISA LUTZ, author of The Passenger 'A thrilling page-turner!' GINA LAMANNA, author of Pretty Guilty Women 'Darkly funny and deeply chilling, Allison Dickson's The Other Mrs. Miller is a summer sensation filled with twists. You won't be able to put this one down' KAIRA ROUDA, bestselling author of Best Day 'Stunning... As disconcerting as it is unexpected' PUBLISHERS WEEKLY 'A Hitchcock-ian thriller from a new voice worth noting' KIRKUS REVIEW
Financial Crisis Inquiry Report
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Author : Phil Angelides
language : en
Publisher: DIANE Publishing
Release Date : 2011-03
Financial Crisis Inquiry Report written by Phil Angelides and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-03 with Reference categories.
The Financial Crisis Inquiry Commission was created to "examine the causes of the current financial and economic crisis in the U.S." In this report, the Commission presents the results of its examination and its conclusions as to the causes of the crisis. More than two years after the worst of the financial crisis, our economy continues to experience the aftershocks. Millions of Americans have lost their jobs and their homes, and the economy is still struggling to rebound. This report is intended to provide a historical accounting of what brought our financial system and economy to a precipice and to help policy makers and the public better understand how this calamity came to be. Charts and tables. This is a print on demand report.
The Maze Of Banking
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Author : Gary Gorton
language : en
Publisher: Oxford University Press, USA
Release Date : 2015
The Maze Of Banking written by Gary Gorton and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Business & Economics categories.
Financial crises must be studied in the context of history. The Maze of Banking is a collection of academic papers by Gary Gorton---an expert on the financial crisis of 2007-2008---on the history and analysis of banks, banking, and financial crises spanning the past 175 years. These papers provide the framework for understanding how the financial crisis of 2007-2008 developed and what can be done to promote a stabile banking industry and prevent future economic crises.
Cycles Growth And The Great Recession
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Author : Annalisa Cristini
language : en
Publisher: Routledge
Release Date : 2014-11-13
Cycles Growth And The Great Recession written by Annalisa Cristini and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-11-13 with Business & Economics categories.
Cycles, Growth and the Great Recession is a collection of papers that assess the nature and role of the business cycle in contemporary economies. These assessments are made in the context of the financial market instability that distinguishes the Great Recession from previous post-war slowdowns. Theorists and applied scholars in the fields of economics and mathematical economics discuss various approaches to understanding cycles and growth, and present mathematical and applied macro models to show how uncertainty shapes cycles by affecting the economic agent choice. Also included is an empirical section that investigates how the Great Recession affected households’ housing wealth, labour productivity and migration decisions. This book aims to: Propose a novel understanding of the business cycle by comparing the approaches of various scholars, starting from Hyman Minsky and Piero Ferri. Show that uncertainty is a main feature of the business cycle that affects decision-making and economic behaviour in general. Explain with mathematical models how the behaviour of economic agents can lead to cyclical paths for modern developed economies. Augment theory with empirical analysis of some central issues related to the Great Recession. This book comprises an original view of such widely discussed subjects as business cycles, uncertainty, economic growth and the Great Recession, constructed around theory, models and applications.