Balancing the banks Dewatripont, Mathias; Rochet, Jean-Charles; Tirole, Jean ...
2010., 20100419, 2010, 2010-04-19, 20100101
eBook
The financial crisis that began in 2007 in the United States swept the world, producing substantial bank failures and forcing unprecedented state aid for the crippled global financial system. ...Bringing together three leading financial economists to provide an international perspective, Balancing the Banks draws critical lessons from the causes of the crisis and proposes important regulatory reforms, including sound guidelines for the ways in which distressed banks might be dealt with in the future.
Political bubbles McCarty, Nolan; Poole, Keith T; Rosenthal, Howard
2013., 20130521, 2013, 2013-05-21
eBook
Behind every financial crisis lurks a "political bubble"--policy biases that foster market behaviors leading to financial instability. Rather than tilting against risky behavior, political ...bubbles--arising from a potent combination of beliefs, institutions, and interests--aid, abet, and amplify risk. Demonstrating how political bubbles helped create the real estate-generated financial bubble and the 2008 financial crisis, this book argues that similar government oversights in the aftermath of the crisis undermined Washington's response to the "popped" financial bubble, and shows how such patterns have occurred repeatedly throughout US history.
The authors show that just as financial bubbles are an unfortunate mix of mistaken beliefs, market imperfections, and greed, political bubbles are the product of rigid ideologies, unresponsive and ineffective government institutions, and special interests. Financial market innovations--including adjustable-rate mortgages, mortgage-backed securities, and credit default swaps--become subject to legislated leniency and regulatory failure, increasing hazardous practices. The authors shed important light on the politics that blinds regulators to the economic weaknesses that create the conditions for economic bubbles and recommend simple, focused rules that should help avoid such crises in the future.
The first full accounting of how politics produces financial ruptures,Political Bubblesoffers timely lessons that all sectors would do well to heed.
This groundbreaking collection on global leadership features innovative and critical perspectives by scholars from international relations, political economy, medicine, law and philosophy, from North ...and South. The book's novel theorization of global leadership is situated historically within the classics of modern political theory and sociology, relating it to the crisis of global capitalism today. Contributors reflect on the multiple political, economic, social, ecological and ethical crises that constitute our current global predicament. The book suggests that there is an overarching condition of global organic crisis, which shapes the political and organizational responses of the dominant global leadership and of various subaltern forces. Contributors argue that to meaningfully address the challenges of the global crisis will require far more effective, inclusive and legitimate forms of global leadership and global governance than have characterized the neoliberal era.
Governing the Pandemic Boin, Arjen; McConnell, Allan; t Hart, Paul
2021, 2021-05-10
eBook
Odprti dostop
This open access book offers unique insights into how governments and governing systems, particularly in advanced economies, have responded to the immense challenges of managing the coronavirus ...pandemic and the ensuing disease COVID-19. Written by three eminent scholars in the field of the politics and policy of crisis management, it offers a unique ‘bird’s eye’ view of the immense logistical and political challenges of addressing a worst-case scenario that would prove the ultimate stress test for societies, governments, governing institutions and political leaders. It examines how governments and governing systems have (i) made sense of emerging transboundary threats that have spilled across health, economic, political and social systems (ii) mobilised systems of governance and often fearful and sceptical citizens (iii) crafted narratives amid high uncertainty about the virus and its impact and (iv) are working towards closure and a return to ‘normal’ when things can never quite be the same again. The book also offers the building blocks of pathways to future resilience. Succeeding and failing in all these realms is tied in with governance structures, experts, trust, leadership capabilities and political ideologies. The book appeals to anyone seeking to understand ‘what’s going on?’, but particularly academics and students across multiple disciplines, journalists, public officials, politicians, non-governmental organisations and citizen groups.
In An Engine, Not a Camera, Donald MacKenzie argues that the emergence of modern economic theories of finance affected financial markets in fundamental ways. These new, Nobel Prize-winning theories, ...based on elegant mathematical models of markets, were not simply external analyses but intrinsic parts of economic processes. Paraphrasing Milton Friedman, MacKenzie says that economic models are an engine of inquiry rather than a camera to reproduce empirical facts. More than that, the emergence of an authoritative theory of financial markets altered those markets fundamentally. For example, in 1970, there was almost no trading in financial derivatives such as "futures." By June of 2004, derivatives contracts totaling $273 trillion were outstanding worldwide. MacKenzie suggests that this growth could never have happened without the development of theories that gave derivatives legitimacy and explained their complexities. MacKenzie examines the role played by finance theory in the two most serious crises to hit the world's financial markets in recent years: the stock market crash of 1987 and the market turmoil that engulfed the hedge fund Long-Term Capital Management in 1998. He also looks at finance theory that is somewhat beyond the mainstream--chaos theorist Benoit Mandelbrot's model of "wild" randomness. MacKenzie's pioneering work in the social studies of finance will interest anyone who wants to understand how America's financial markets have grown into their current form.
In this topical book, Boudewijn de Bruin examines the ethical 'blind spots' that lay at the heart of the global financial crisis. He argues that the most important moral problem in finance is not the ...'greed is good' culture, but rather the epistemic shortcomings of bankers, clients, rating agencies and regulators. Drawing on insights from economics, psychology and philosophy, de Bruin develops a novel theory of epistemic virtue and applies it to racist and sexist lending practices, subprime mortgages, CEO hubris, the Madoff scandal, professionalism in accountancy and regulatory outsourcing of epistemic responsibility. With its multidisciplinary reach, Ethics and the Global Financial Crisis will appeal to scholars working in philosophy, business ethics, economics, psychology and the sociology of finance. The many concrete examples and case studies mean that this book will also prove useful to policy-makers and regulators.
The squam lake report French, Kenneth R; Baily, Martin N; Campbell, John Y ...
2010., 20100525, 2010, 2010-05-25
eBook
In the fall of 2008, fifteen of the world's leading economists--representing the broadest spectrum of economic opinion--gathered at New Hampshire's Squam Lake. Their goal: the mapping of a long-term ...plan for financial regulation reform.
The Squam Lake Reportdistills the wealth of insights from the ongoing collaboration that began at these meetings and provides a revelatory, unified, and coherent voice for fixing our troubled and damaged financial markets. As an alternative to the patchwork solutions and ideologically charged proposals that have dominated other discussions, the Squam Lake group sets forth a clear nonpartisan plan of action to transform the regulation of financial markets--not just for the current climate--but for generations to come.
Arguing that there has been a conflict between financial institutions and society, these diverse experts present sound and transparent prescriptions to reduce this divide. They look at the critical holes in the existing regulatory framework for handling complex financial institutions, retirement savings, and credit default swaps. They offer ideas for new financial instruments designed to recapitalize banks without burdening taxpayers. To lower the risk that large banks will fail, the authors call for higher capital requirements as well as a systemic regulator who is part of the central bank. They collectively analyze where the financial system has failed, and how these weak points should be overhauled.
Combining an immense depth of academic, private sector, and public policy experience,The Squam Lake Reportcontains urgent recommendations that will positively influence everyone's financial well-being--all who care about the world's economic health need to pay attention.
Messy Europe Loftsdóttir, Kristín; Smith, Andrea L; Hipfl, Brigitte
2018., 2018, 2018-02-15, Letnik:
32
eBook
Using the economic crisis as a starting point, Messy Europe offers a critical new look at the issues of race, gender, and national understandings of self and other in contemporary Europe. It ...highlights and challenges historical associations of Europe with whiteness and modern civilization, and asks how these associations are re-envisioned, re-inscribed, or contested in an era characterized by crises of different kinds. This important collection provides a nuanced exploration of how racialized identities in various European regions are played out in the crisis context, and asks what work “crisis talk” does, considering how it motivates public feelings and shapes bodies, boundaries and communities.
The Panic of 1819 tells the story of the first nationwide economic collapse to strike the United States. Much more than a banking crisis or real estate bubble, the Panic was the culmination of an ...economic wave that rolled through the United States, forming before the War of 1812, cresting with the land and cotton boom of 1818, and crashing just as the nation confronted the crisis over slavery in Missouri.The Panic introduced Americans to the new phenomenon of boom and bust, changed the country's attitudes towards wealth and poverty, spurred the political movement that became Jacksonian Democracy, and helped create the sectional divide that would lead to the Civil War. Although it stands as one of the turning points of American history, few Americans today have heard of the Panic of 1819, with the result that we continue to ignore its lessons—and repeat its mistakes.
PDF
