This time is different Reinhart, Carmen M; Rogoff, Kenneth S
2009., 2009, 2009-09-11
eBook
Throughout history, rich and poor countries alike have been lending, borrowing, crashing--and recovering--their way through an extraordinary range of financial crises. Each time, the experts have ...chimed, "this time is different"--claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. With this breakthrough study, leading economists Carmen Reinhart and Kenneth Rogoff definitively prove them wrong. Covering sixty-six countries across five continents, This Time Is Different presents a comprehensive look at the varieties of financial crises, and guides us through eight astonishing centuries of government defaults, banking panics, and inflationary spikes--from medieval currency debasements to today's subprime catastrophe. Carmen Reinhart and Kenneth Rogoff, leading economists whose work has been influential in the policy debate concerning the current financial crisis, provocatively argue that financial combustions are universal rites of passage for emerging and established market nations. The authors draw important lessons from history to show us how much--or how little--we have learned.
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.
An Engine, Not a Camera Mackenzie, Donald
2006, 2008-08-29, 20060101, c2006, Letnik:
1
eBook, Book
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.
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.
Understanding financial crises Allen, Franklin; Gale, Douglas
2007., 20070322, 2009, 2009-04-02, 20070101, 2007
eBook, Book
What causes a financial crisis? Can financial crises be anticipated or even avoided? What can be done to lessen their impact? Should governments and international institutions intervene? Or should ...financial crises be left to run their course? In the aftermath of the recent Asian financial crisis, many blamed international institutions, corruption, governments, and flawed macro and microeconomic policies not only for causing the crisis but also unnecessarily lengthening and deepening it. Based on ten years of research, the authors develop a theoretical approach to analyzing financial crises. Beginning with a review of the history of financial crises and providing readers with the basic economic tools needed to understand the literature, the authors construct a series of increasingly sophisticated models. Throughout, the authors guide the reader through the existing theoretical and empirical literature while also building on their own theoretical approach. The text presents the modern theory of intermediation, introduces asset markets and the causes of asset price volatility, and discusses the interaction of banks and markets. The book also deals with more specialized topics, including optimal financial regulation, bubbles, and financial contagion.
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