Author: Gary B. Gorton
Publisher: Oxford University Press
ISBN: 9780199742110
Category : Business & Economics
Languages : en
Pages : 240
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Book Description
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.
Author: Gary B. Gorton
Publisher: Oxford University Press
ISBN: 0199986886
Category : Business & Economics
Languages : en
Pages : 296
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Book Description
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.
Author: Paul J. Thomas
Publisher: Made For Success Publishing
ISBN: 161339781X
Category : Business & Economics
Languages : en
Pages : 288
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Book Description
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.
Author: Farhad Rassekh
Publisher: Routledge
ISBN: 1134864590
Category : Business & Economics
Languages : en
Pages : 218
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Book Description
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.
Author: Richard Estep
Publisher: Llewellyn Worldwide
ISBN: 0738754005
Category : Body, Mind & Spirit
Languages : en
Pages : 192
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Book Description
The jailer's evil spirit torments residents. The demonic black entity appears in broad daylight. The ghost of a trapped child still searches for her mother. These examples are just a taste of the terrifying phantoms and tortured souls that dwell in the Cage, a cottage in Essex, England, that was used to imprison those accused of witchcraft in the 16th century. When Vanessa Mitchell moved into the Cage, she had no idea that a paranormal nightmare was waiting for her. From her first day living there, Vanessa saw apparitions walk through her room, heard ghostly growls, and was even slapped and pushed by invisible hands. After three years of hostile paranormal activity, Vanessa moved out, fearing for her young son's safety. Then paranormal researcher Richard Estep went in to investigate. Spirits of the Cage chronicles the time that Vanessa and Richard spent in the Cage, uncovering the frightening and fascinating mysteries of the spirits who lurk within it.
Author: Gert van Dijk
Publisher: Springer
ISBN: 3030162796
Category : Business & Economics
Languages : en
Pages : 204
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Book Description
This book presents a study of cooperatives as a two-layer entrepreneurial model, and analyzes cooperative enterprises. Above all, it explores how inducements (from the firm) and contributions (from its members, in their respective roles) are aligned, and seeks to answer the question of what this means for managing each cooperative as a firm as well as a group. The book is divided into three parts, the first of which begins with an analysis of specific aspects of cooperative enterprises, with a focus on the added value of cooperation, the weighing of interests, and a behavioral perspective on the imminent communities and their goals. In a structured approach, the book examines the various facets of relationships in cooperatives on a transactional, financial and control level. Further, a case study on the Dutch cooperative Rabobank illustrates what happens when members fail. In turn, part two concentrates on integrating the lessons learned with the existing economic literature on cooperatives, so as to contribute to a theory of cooperative management. Finally, the book links the theoretical approach to practice: in the third part, it reports on the outcomes of using a computerized simulation game to show members of cooperatives how to manage their business and the cooperative business at the same time, enabling them to understand and actively practice two-level entrepreneurship.
Author: Thomas H. Stanton
Publisher: Oxford University Press
ISBN: 0199916004
Category : Business & Economics
Languages : en
Pages : 208
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Book Description
Why did some firms weather the financial crisis and others not? This book investigates inner workings of over a dozen major financial and nonfinancial companies, reveals what went wrong and proposes a remedy. Regulators too must learn from past mistakes and require "constructive dialogue" for companies they supervise.
Author: Immaculate Dadiso Motsi-Omoijiade
Publisher: Routledge
ISBN: 1000594602
Category : Business & Economics
Languages : en
Pages : 122
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Book Description
This work argues that current cryptocurrency regulation, particularly in the areas of enforcement and compliance, is inadequate. It proposes reflexive regulation as an alternative approach. This book provides strategies for a reflexive regulation approach to cryptocurrencies, developed through the identification of the internal self-regulatory mechanisms of the cryptocurrency system. Apportioning blame for current problems to the regulators’ failure to take into account the inherent technical features of cryptocurrencies, the work promotes reflexive regulation in which the law acts at a subsystem-specific level to install, correct, and redefine democratic self-regulatory mechanisms. It provides strategies for this approach, developed through the identification of the internal self-regulatory mechanisms of the cryptocurrency system. These are identified as imbedded in the technical functionality of computer code and consensus-based distributive governance mechanisms respectively. In addition to providing a technical, historical and legal overview of cryptocurrencies, the book concludes by providing recommendations aimed at redirecting code and consensus towards achieving regulatory goals. In this way, it draws from the theory of reflexive law, in order to provide both a substantive and jurisprudential perspective on the regulation of cryptocurrencies and to illustrate how Financial Technology (Fintech) regulation can only be effective once regulators consider both the ‘Fin’ and the ‘tech’ in their regulatory approaches. The book will be of interest to researchers, academics and policy-makers working in the areas of Financial Regulation and Jurisprudence, Financial Crime, Banking Regulation, Information Systems, and Information Technology.
Author: United States. Financial Crisis Inquiry Commission
Publisher: Government Printing Office
ISBN: 9780160877278
Category : Financial crises
Languages : en
Pages : 668
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Book Description
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,
Author: Peter J. Wallison
Publisher: AEI Press
ISBN: 0844772313
Category : Political Science
Languages : en
Pages : 115
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Book Description
Peter J. Wallison is the only member of the Financial Crisis Inquiry Commission (FCIC) to release a formal dissent to the FCICOs official report on the causes of the financial crisis. Wallison, codirector of financial policy studies at the American Enterprise Institute, argues that the FCICOs report fails to address the cause of the deterioration in mortgage underwriting standards that led to the housing bubble widely accepted as the key factor in destabilizing the American economy. Wallison's Dissent to the Majority Report of the Financial Crisis Inquiry Commission reveals that government-mandated subprime loans, not greedy investors, were the force behind the deterioration in underwriting standards. This dissent is a must-read for anyone seeking to understand the causes of the financial crisis_and to prevent future economic collapse.
