Economic and financial crises and disasters Books
Yale University Press The Memoirs of Walter Bagehot
Book SynopsisThe spirited and measured memoir of Walter Bagehot, had he left oneTrade Review“[Prochaska] has done a remarkable job . . . What he has accomplished is a quiet tour de force, often tightening and (if it is permitted to say so) improving on the original . . . Frank Prochaska has shone an agreeable and revelatory light upon this great Victorian writer by an artful deployment of literary mirrors, not lanterns. The Memoirs of Walter Bagehot is a testimony not only to his command of the Bagehot oeuvre but also to his deep understanding of Bagehot’s curious place in the pantheon of that endangered species, the man of letters.”—Roger Kimball, Literary Review -- Roger Kimball * Literary Review *“A brief and eminently readable introduction to a stimulating writer and thinker, a man for whom the term 'public intellectual' may have been coined.”—Gertrude Himmelfarb, The Weekly Standard -- Gertrude Himmelfarb * The Weekly Standard *“An ambitious ‘reconstruction’ . . . Augustine Birrell, the English politician and belle-lettrist, put the matter as plainly as Bagehot himself might have: "To know Walter Bagehot through his books," he said, "is one of the good things of life." And so is knowing Bagehot through these ‘Memoirs.’”—George Selgin, The Wall Street Journal -- George Selgin * The Wall Street Journal *“As far as I can check, pretty much everything in this little book is direct quotation, with only minimal editorial linking. So you will probably get as good a picture of what Bagehot was like and what he thought from Prochaska’s two hundred pages as from St John Steva’s 15 volumes. Prochaska picks out the plums nicely, and the ripest and juiciest are usually Bagehot’s remarks on the world he really knew from the inside, the world of money.”—Ferdinand Mount, London Review of Books -- Ferdinand Mount * London Review of Books *
£26.92
WW Norton & Co End This Depression Now
Book SynopsisA call-to-arms from Nobel Prizewinning economist and best-selling author Paul Krugman.Trade Review"An important contribution to the current study of economics and a reason for hope that effective solutions will be implemented again." "Starred review. Krugman (Fuzzy Math), winner of the 2008 Nobel Prize in Economics, takes an edifying and often humorous journalistic approach to the current economic crisis in this accessible and timely study. Rather than provide a mere postmortem on the 2008 collapse (though relevant history lessons are provided), Krugman aims to plot a path out of this depression. Krugman has consistently called for more liberal economic policies, but his wit and bipartisanship ensure that this book will appeal to a broad swath of readers-from the Left to the Right, from the 99% to the 1%."
£18.99
WW Norton & Co Lost Decades
Book SynopsisA clear, authoritative guide to the crisis of 2008, its continuing repercussions, and the needed reforms ahead.Trade Review"An excellent read. [Chinn and Frieden] anticipated a movement like Occupy Wall Street." -- Occupy Wall Street Forum"[An] important book, which deserves to be widely read and debated." -- Publishers Weekly"An invaluable resource in a time of great uncertainty. Intelligent yet accessible to non-experts, [it] fills a valuable niche in a debate often dominated by ideological talking heads who thrive on popular anger and drain the political system of sensible dialogue." -- Jon Rosen - USA Today"If you enjoy seeing the Gottmans as presenters, you will love their most recent book, 10 Principles for Doing Effective Couples Therapy. Extraordinary therapists and gifted researchers, it’s as if you can hear the authors’ voices emanate from the text. . . . [E]asy to read, while also providing useful concepts and a formula that works. . . . Of course, I recommend this book. It can be used as a resource guide, as well as one that offers immediate tools for working with clients. The research-based wisdom will no doubt become standardized knowledge because of how applicable it is for clinical work." -- Simon Johnson, MIT, co-author of 13 Bankers"[L]ike their previous books, 10 Principles attempts to break down a complex issue into something more tangible. . . . [T]he heart of this text focuses on well-crafted principles for effective therapy, and includes scientific research, assessments, exercises, and statistics. . . . Few things are more fascinating than when therapy and scientific research come together, which is precisely why any work produced by John or Julie Gottman makes for an interesting read." -- Ernesto Zedillo, Director of the Yale Center for the Study of Globalization Former President of Mexico"Known for their iconic research on couples, their prolific writings, and the development of a couples therapy informed by their research findings, Julie and John Gottman, in this well written and comprehensive book, gift their clinical wisdom and processes to couples therapists. Filled with clinical insight, coherent theory, case illustrations, various data gathering forms, and a treatment plan, this book should increase the competence and confidence of any clinician who is wise enough to read it." -- Dani Rodrik, author of The Globalization Paradox"In 10 principles, this book lays out in an eminently readable and accessible way the basic steps of effective couple therapy. It is a great contribution to the field and will guide numerous therapists onto the path of successful intervention." -- Nouriel Roubini, Stern School of Business, NYU
£19.00
John Wiley & Sons Inc Restoring Financial Stability
Book SynopsisAn insightful look at how to reform our broken financial system The financial crisis that unfolded in September 2008 transformed the United States and world economies. As each day''s headlines brought stories of bank failures and rescues, government policies drawn and redrawn against the backdrop of an historic Presidential election, and solutions that seemed to be discarded almost as soon as they were proposed, a group of thirty-three academics at New York University Stern School of Business began tackling the hard questions behind the headlines. Representing fields of finance, economics, and accounting, these professors-led by Dean Thomas Cooley and Vice Dean Ingo Walter-shaped eighteen independent policy papers that proposed market-focused solutions to the problems within a common framework. In December, with great urgency, they sent hand-bound copies to Washington. Restoring Financial Stability is the culmination of their work. Proposes bold, yTrade Review"In conclusion, this book should be read by every serious observer of the crisis. It is an outstanding contribution." (Lombard Street) "…ably tackles complex issues and covers a wide spectrum of the current debate, including the multiplicity of regulators, the need for international regulatory coordination, transparency, fair value accounting, compensation reform, and the extent to which monetary policy should address systemic asset bubbles." (The Investment Professional) “…the book that best combines history, analysis and prescription is “Restoring Financial Stability”, a series of essays by academics at New York University’s Stern School of Business. The 60-page prologue is packed with telling facts and sophisticated analysis, and alone is worth the steep cover price. The individual chapters deal methodically with the myriad issues raised by the crunch, and the policy changes that will be needed, covering everything from the American mortgage market to the need for international cooperation in regulating finance." (The Economist) "We are always better analysts with a 20/20 hindsight. Indeed, an ex post reading about events leading up to a crisis appears logical, and often leaves one with the question about why the evolution of the crisis could not be seen and corrected in time. Still, policy-makers know that such a review and understanding are important to learning from mistakes. Restoring Financial Stability (Wiley) acts as a catalyst to that understanding by offering a comprehensive sequencing of the causes and progression of the build-up of the financial strains that . . evolved into a full-blown global financial crisis. . . highly recommended even though bankers will remain bankers and will probably figure out ways to beat the new system." (Business Standard) Table of ContentsForeword xi Acknowledgments xiii Prologue: A Bird’s-Eye ViewThe Financial Crisis of 2007–2009: Causes and Remedies 1Viral V. Acharya, Thomas Philippon, Matthew Richardson, and Nouriel Roubini Part One Causes of the Financial Crisis of 2007–2009 57 Matthew Richardson Chapter 1 Mortgage Origination and Securitization in the Financial Crisis 61 Dwight Jaffee, Anthony W. Lynch, Matthew Richardson, and Stijn Van Nieuwerburgh Chapter 2 How Banks Played the Leverage Game 83 Viral V. Acharya and Philipp Schnabl Chapter 3 The Rating Agencies: Is Regulation the Answer? 101 Matthew Richardson and Lawrence J. White Part Two Financial Institutions 117 Matthew Richardson Chapter 4 What to Do about the Government-Sponsored Enterprises? 121 Dwight Jaffee, Matthew Richardson, Stijn Van Nieuwerburgh, Lawrence J. White, and Robert E. Wright Chapter 5 Enhanced Regulation of Large, Complex Financial Institutions 139 Anthony Saunders, Roy C. Smith, and Ingo Walter Chapter 6 Hedge Funds in the Aftermath of the Financial Crisis 157 Stephen J. Brown, Marcin Kacperczyk, Alexander Ljungqvist, Anthony W. Lynch, Lasse H. Pedersen, and Matthew Richardson Part Three Governance, Incentives, and Fair Value Accounting Overview 179 Viral V. Acharya and Rangarajan K. Sundaram Chapter 7 Corporate Governance in the Modern Financial Sector 185 Viral V. Acharya, Jennifer N. Carpenter, Xavier Gabaix, Kose John, Matthew Richardson, Marti G. Subrahmanyam, Rangarajan K. Sundaram, and Eitan Zemel Chapter 8 Rethinking Compensation in Financial Firms 197 Gian Luca Clementi, Thomas F. Cooley, Matthew Richardson, and Ingo Walter Chapter 9 Fair Value Accounting: Policy Issues Raised by the Credit Crunch 215 Stephen G. Ryan Part Four Derivatives, Short Selling, and Transparency 229 Viral V. Acharya Chapter 10 Derivatives: The Ultimate Financial Innovation 233 Viral V. Acharya, Menachem Brenner, Robert F. Engle, Anthony W. Lynch, and Matthew Richardson Chapter 11 Centralized Clearing for Credit Derivatives 251 Viral V. Acharya, Robert F. Engle, Stephen Figlewski, Anthony W. Lynch, and Marti G. Subrahmanyam Chapter 12 Short Selling 269 Menachem Brenner and Marti G. Subrahmanyam Part Five The Role of the Federal Reserve 277 Thomas F. Cooley and Thomas Philippon Chapter 13 Regulating Systemic Risk 283 Viral V. Acharya, Lasse H. Pedersen, Thomas Philippon, and Matthew Richardson Chapter 14 Private Lessons for Public Banking: The Case for Conditionality in LOLR Facilities 305 Viral V. Acharya and David K. Backus Part Six The Bailout 323 Thomas F. Cooley and Thomas Philippon Chapter 15 The Financial Sector Bailout: Sowing the Seeds of the Next Crisis? 327 Viral V. Acharya and Rangarajan K. Sundaram Chapter 16 Mortgages and Households 341 Andrew Caplin and Thomas F. Cooley Chapter 17 Where Should the Bailout Stop? 353 Edward I. Altman and Thomas Philippon Part Seven International Coordination 363 Chapter 18 International Alignment of Financial Sector Regulation 365 Viral V. Acharya, Paul Wachtel, and Ingo Walter About the Authors 377 Index 381
£30.39
John Wiley & Sons Inc Broke
Book SynopsisWhat principled business leaders can do to solve America''s current financial crisis Broke is a startling wake-up call for America and an honest accounting of what our future holds if we don''t take charge and change our country for the better. If the business of America is business, then it''s up to our business leaders to solve the mess we''re in. Broke offers practical, nonpolitical, and nonpartisan solutions that every business leader can implement today for a better tomorrow. Whether you operate a giant corporation or a local small business, you''ll find practical steps to limit future risks, strengthen every business, stabilize the current economy, and help turn the country around. Author John Mumford has spent decades helping business leaders turn around failing companies. Now, he helps them to turn around a failing country. Presents bold initiatives and concrete steps every business leader can use to create a better futuTable of ContentsPreface. Acknowledgments. PART I BUSINESS LEADERSHIP IN TWENTY-FIRST CENTURY AMERICA. Chapter 1 Down a Dark Road. Chapter 2 The Dilemma—Is America Off Course? Chapter 3 Applying Timeless Principles to Business Leadership. Chapter 4 Business Leadership and the Political Process. PART II PRINCIPLED LEADERSHIP AND FINANCIAL STABILITY. Chapter 5 The Vital Role of Business Leaders—Getting Your Enterprise in Top Shape. Chapter 6 Overcoming the Declining Dollar. Chapter 7 Managing Business Debt (So It Doesn't Manage You!). Chapter 8 Avoiding Derivatives and Financial Tsunamis. Chapter 9 Preparing for Inevitable Disasters. Chapter 10 Controlling Inflation's Damage to Business. Chapter 11 Avoiding the Liquidity Traps. Chapter 12 Maintaining Sound Business Pensions. Chapter 13 Business and Our Nation's Financial Stability. PART III MANAGING VITAL RESOURCES. Chapter 14 Water—Business and a New Direction. Chapter 15 Business Solutions to Energy Gridlock. Chapter 16 Environment—Renewal and Redirection. Chapter 17 Infrastructure Renewal—Business Can Lead. PART IV PRINCIPLED BUSINESS LEADERSHIP AND OUR GLOBAL CHALLENGES. Chapter 18 Business and Renewed International Relationships. Chapter 19 Business and the Limits to Empire. Chapter 20 Overcoming Technology Losses. Chapter 21 Limiting the Impact of Terror. Chapter 22 Business Solutions for the Developing World. Chapter 23 Business and International Environmental Resources. PART V BUSINESS: LEADING OR FOLLOWING—THE CHOICE IS OURS. Chapter 24 The Role of Principled Leadership in America's Turnaround. Chapter 25 A Tale of Two Nations—Which Path Will We Choose? Appendix A America's Economic / Business Leadership Failures: 1965 to the Present Appendix B Repaying America's Debt: Staffing the National Service Corps: 2010 to 2030. Appendix C Meeting America's Growing Power Demands. Notes. Bibliography. Index. About the Author.
£17.84
John Wiley & Sons Inc Barbarians of Wealth
Book SynopsisHow the actions of a few in Europe destroyed the prosperity of the many (and how it's happening again now in America) After the fall of the Roman Empire, vicious barbaric tribes including the Hunds lead by Atilla, the Mongols, Charlemagne and the Vikings invaded Europe, plundering property and destroying homes.Table of ContentsForeword ix Acknowledgments xiii Introduction 1 Part One: Great Barbarians of History 7 Chapter 1 Attila the Hun: The Scourge of God 9 Chapter 2 Charlemagne: The Clandestine Barbarian 21 Chapter 3 The Vikings: Savage Pirates, Savvy Traders 33 Chapter 4 Genghis Khan: Mighty Warrior 43 Part Two: Banks: The Barbarians of Money 55 Chapter 5 The Brotherhood of Power 57 Chapter 6 Race to the Bottom Line 77 Chapter 7 Say Goodbye to Gold 97 Chapter 8 The Gatekeepers 117 Chapter 9 Money for Nothing 139 Chapter 10 The Barbarians’ Powerful Ally 161 Part Three: The Barbarians of Wall Street 179 Chapter 11 The Scourge of Wall Street 181 Chapter 12 Epic Tool of Destruction 203 Chapter 13 The Brotherhood of Banks 221 Chapter 14 Wall Street Bloodlines 241 Part Four: Political Barbarians 265 Chapter 15 The Monied-Class Rulers and Demigods 267 Chapter 16 Barbarians in the Lobby 281 Chapter 17 Global Barbarians 297 Part Five: Protection Strategies 311 Chapter 18 Diversification: The Key to Wealth Protection 313 Chapter 19 Precious Metals: Inflation Protection Strategies 323 Chapter 20 Barbarians of Wealth, Castles of Currency 339 Chapter 21 Arm Yourself with Ultra-Resource-Rich Countries 355 Notes 373 About the Authors 413 Index 415
£19.54
Harvard University Press Austrian Reconstruction and the Collapse of
Book SynopsisAlthough some statesmen and historians have pinned Austria’s—and the world’s—interwar economic implosion on financial colonialism, in this corrective history Nathan Marcus deemphasizes the negative role of external players and points to the greater impact of domestic malfeasance and predatory speculation on Austrian political and financial decline.
£41.61
Princeton University Press The Subprime Solution
Book SynopsisThe subprime mortgage crisis wreaked havoc on the lives of millions of people and threatened to derail the US economy and economies around the world. This book calls for a restructuring of the institutional foundations of the financial system that can allow people once again to buy and sell homes with confidence.Trade ReviewRobert J. Shiller, Co-Winner of the 2013 Nobel Prize in Economics Winner of the 2009 Bronze Medal in Finance/Investment/Economics, Independent Publisher Book Awards Honorable Mention for the 2008 PROSE Award in Business, Finance, and Management, Association of American Publishers "One man who does have some ideas is the Yale economist Robert Shiller, who would merit attention if only for the fact that he predicting the bursting of the Internet bubble, in 2000, with his book Irrational Exuberance, then discussed at length the dangers of systematic risk in his next, The New Financial Order. Now, in The Subprime Solution--published in August, after the start of the meltdown, but before the full scale of the disaster had become manifest--he comes up with a set of startlingly counterintuitive suggestions about what to do next."--John Lanchester, The New Yorker "With The Subprime Solution, Robert J. Shiller offers his formula to protect us from repeating such disasters: more financial engineering. It would be easy to sneer at this idea, but Mr. Shiller, an economics professor at Yale University, always deserves a hearing... In what he describes as a 'brief manifesto,' Mr. Shiller argues that bailouts of distressed borrowers are inevitable to avoid wrecking our economy and shredding our social fabric--even though bailouts may punish the prudent (say, through higher taxes) while comforting those who gambled on real estate and lost."--James R. Hagerty, Wall Street Journal "Irrational exuberance, or the 'social contagion of boom thinking,' is ... the subject of Shiller's new book, The Subprime Solution, a slim but valuable addition to the growing literature on the ongoing collapse of the housing market."--Max Fraser, The Nation "[The Subprime Solution is] a lucid primer on how we slipped into this money pit and what it might take to clamber out of it... Shiller is sometimes called a Cassandra, and his prophesies about the dot-com and housing bubbles did come true. Yet in these pages he sounds more like a visionary optimist who considers today's emergency to be a grand opportunity."--James Pressley, Bloomberg News "In The Subprime Solution, [Shiller] briskly sketches out his views on both short-term and long-term strategies for dealing with a housing meltdown that's left millions of Americans a lot less wealthy--and an unfortunate number at risk for losing their homes... The book's most compelling discussion centers on the long-term opportunities that lie in this crisis. Shiller describes how key parts of America's financial system--the Federal Reserve, the Securities and Exchange Commission, and the FDIC, to name only three--were created in the reforms after earlier bank crises or the Great Depression... Shiller suggests that political leaders should look at the current crisis as an opportunity to rethink the homebuying process and add new protections to keep homeowners from getting in over their heads during a future bubble."--Daniel McGinn, Newsweek.com "What sets Shiller apart--brilliantly apart--from other analysts of the housing bubble are the sharpness of his diagnoses and the creativity of his solutions. These are the core of his excellent new book, The Subprime Solution... [A] brilliant and radical--but not implausible--perspective on putting the Humpty Dumpty that is American finance together again."--Arvind Subramanian, Forbes.com "Yale University's Robert Shiller is one of the world's outstanding economic thinkers and intellectual innovators, with a record of foresight that is the envy of his profession... His short, snappy and surprisingly far-reaching book on the subprime crisis is as interesting and indispensible as you would expect... The Subprime Solution is an ambitious little volume... It covers a remarkable amount of ground in less than 200 pages... [T]he book's broad framing of the issues is novel and valuable, and its arguments are always stimulating... Shiller ... is an ardent financial-technology optimist, and his book is a torrent of fascinating ideas. Anybody interested in the subject must profit from reading it."--Clive Crook, Financial Times "Robert J. Shiller explains how trillions of dollars of mortgage debt, based on dubious loans to doubtful borrowers, were forfeited and how it can be fixed. An influential economist, he offers insights into the growth of the credit bubble and solutions for curing the ensuing chaos... Shiller's reputation in economics, his majestic prose style, his statistical proofs and his vast coterie of admirers suggest that at least some of his recommendations will become part of U.S. mortgage regulation... For those who want to figure out how to fix the global credit crisis that has developed as a result of Americans' inability or unwillingness to read their mortgage contracts, The Subprime Solution is vital reading. It is advocacy built on faith that government does good, that intervention never produces unintended results and that there is no other way to fix the mortgage mess."--Andrew Allentuck, The Globe & Mail "In his new book, The Subprime Solution, the Yale University professor sounds an alarm that the credit crunch, now early in its second year, poses a dire risk. His text is a stimulating, rapid response to current events--and a forceful demand for dramatic action from Washington, where, he says, the White House and Congress have been 'totally inadequate' to the task... [A] storehouse of valuable, provocative ideas awaits the reader of The Subprime Solution."--Christopher Farrell, BusinessWeek "In The Subprime Solution, he argues that what united the missteps by the Federal Reserve, mortgage brokers, Wall Street bankers, and home buyers that together brought on the current financial mess was a shared belief that house prices never go down. What's the antidote to that kind of mass delusion? Shiller seems to have no interest in substituting his judgment, or the government's, for the market's. Instead, he sees information and innovation as the counter to group think."--Justin Fox, Time "Robert J. Shiller's clear-eyed look at what happened in the U.S. housing market--and what might be done about it--is not keen to attribute blame to the actors in the drama. He explains that the development of subprime mortgages in the Nineties was welcomed as a way of extending home ownership to those once locked out of the market, and it was not the dishonesty of the mortgage lenders, or the greed of bankers, that led to the bubble. There was dishonesty and greed, but these were the result of the bubble, not its cause."--Tim Worstall, The Telegraph "American optimism: Is there any investment bubble it can't fuel? Consider the excesses of the housing market, the effects of which are roiling the global economy. As Yale University economist Robert Shiller demonstrates in his short, whip-smart new book The Subprime Solution, there was a contagion at work that helped pushed home prices to unsustainable levels... Shiller's views are grounded in exhaustive research and penetrating analysis. The Subprime Solution should be read by anyone with assets at risk in the global financial crisis and a desire to fix things ahead of the next crisis. Which is to say, all of us."--Robert Elder, Austin American-Statesman "Robert Shiller's got an argument that will make some peoples' heads explode in his new book The Subprime Solution--we need more speculation in the housing market... I said above that this solution will make some peoples' heads explode, that the solution to an excess of speculation is to create a market in yet more speculation. Yet in this case ti is indeed true, this is a valid solution."--Tim Worstall, The Register "[The Subprime Solution] is short, punchy and political. Shiller is a top-flight academic economist who has often warned of the tendency of markets towards irrational exuberance, and of the harmful consequences that follow. He is rightly scathing towards the 'boosters' who kept assuring us that house prices only rise, and he gains authority for having spoken out during the boom, when it was an unpopular position to hold... Shiller's debunking of house price myths is masterful. Especially important is his rubbishing of the concept of scarcity ... Shiller's explanations are sophisticated and intelligent, and they are also admirably clear."--Michael Savage, Fund Strategy "The Subprime Solution, his postmortem on irrational exuberance in the real estate market, is superb, even for general-interest readers otherwise confused by the whole mess. Though his introduction reads a bit like an arid position paper, his insistence on the fundamentally psychological, rather than economic, basis of the boom is supple and fascinating."--Andrew Rosenblum, New York Observer "If you're unfamiliar with Robert Shiller then understand that he is perhaps the most eminent and considered examiner of modern investment bubbles... Shiller's new book, The Subprime Solution, is a concise attempt to elaborate in just seven short chapters the genesis of the housing bubble, explode its myths, explore its scale and the dangers of its deepening impact, assert the need to maintain confidence in our economic and financial institutions by aggressive action, and then explore longer-term, more fundamental reforms and innovations that will create a population much more attuned to economic risk... There are many more recommendations, but if this book has the ambition of Keynes' earlier work, and the scale of the problem is as suggested, I'd argue that the book is as accessible as you are going to get from such a modern behavioural economics guru. It's a book that everyone who lives in a house should own; just don't buy ten and try to rent them out to friends."--The Knackered Hack "In his latest work, The Subprime Solution, Shiller explains that greater financial 'democracy' and a 'contagion of ideas' led many to conclude a 'new era' had been reached in real estate. The public expected prices to rise continually. Worse, Shiller wrote: 'The very people responsible for oversight were caught up in the same high expectations for future prices.'... Shiller's The Subprime Solution is well worth the read for individuals and private enterprise looking to understand current real estate bubble. It should be required reading for public policy makers who need to take immediate action to solve the subprime crisis."--John Fout, TheStreet.com "Like the financial bubble in technology stocks that exploded in 2000, real estate investors acted on unrealistic assumptions that prices could only go up. In the aftermath, Shiller's recommendation to policy makers is 'Mend It, Don't End It.' He advises regulatory modifications and greater financial disclosure from all players in the complex mortgage-banking process."--Kevin G. Hall, McClatchy Newspapers "In [The Subprime Solution], he provides the ignoramuses on Wall Street, asleep-at-the-switch regulators and dumbfounded investors worried about their savings with a stark insight to digest over the last two weeks of summer: 'We as a society do not understand or know how to deal with speculative bubbles.'"--Robert Lenzner, Forbes.com " [I]t's an interesting book... [S]hiller convinced me ... that bailing out banks and borrowers who've been clobbered might be the right thing to do."--Dan Pink, danpink.com "In his now-famous 2005 book, Irrational Exuberance, Second Edition, Yale professor and economist Robert Shiller predicted a boom and bust in real estate would have terrifying global ramifications. He was mocked by realtors, but global bank failures and the bailout of Fannie Mae and Freddie Mac have proved him dead on. Now Shiller strikes again with The Subprime Solution, his suggestion for sweeping economic reform to get us out of this mess."--Katie Benner, Fortune "While initially providing a short and concise understanding of the subprime fiasco, Shiller goes on to investigate the various financial collapses over the years and the history of recent housing arrangements, searching for clues that might inspire a universal remedy to our current predicament... Along the way, the narrative, which skips along without being fussy or intrusive, also emphasises the characteristics, psychology and lifespan of the bubble--be it financial, IT or housing--and how the way we've changed the way we think 'is the deepest cause' of the current variant of the malignancy."--Paul O'Doherty, The Investor "[Shiller] offers a primer on the history of home prices, roots of subprime lending and a road map of what to do now. The book is at its best when explaining how so few in authority imagined what has come to pass. Shiller says they were filled with same housing boom faith held by the public."--Jim Wasserman, The Sacramento Bee "In his latest book, The Subprime Solution, he briefly but deftly dissects how easy credit, lack of government oversight and human behavior allowed the subprime bubble to inflate. Shiller's understanding of human behavior is the book's genius, both in the diagnosis and the proposed cures."--Robert Frick, Kiplinger's "For a closer examination of the crisis, there's The Subprime Solution by Yale University economist Robert J. Shiller, the bestselling author of Irrational Exuberance. In his new book, Shiller focuses more tightly on the stock market bubble of the 1990s and the housing bubble of the last seven years, which led lenders to loosen requirements for loans and resell these questionable loans in the subprime market. He shows how the bubble, when overheated housing prices cooled and asset values fell, burst and led directly to the subprime mortgage crisis that torpedoed the credit markets and with them stock markets worldwide."--Geeta Sharma-Jensen, Milwaukee Journal-Sentinel "In this slim volume, Shiller not only describes the problem but also places equal emphasis on various proposals to correct it. Rather than viewing the subprime meltdown and credit contraction as a handwringing crisis, he sees it as an opportunity to initiate institutional reforms that will ensure against repeat failures and extend opportunities for home ownership... An important, timely book."--E.L. Whalen, Choice "Reading Shiller also makes me optimistic. Ever the contrarian, he's convinced that, used properly, the new financial technologies that have such a bad name right now will make us all much better off in the long run. In particular, he's working on ways ordinary folk can get out from under the now standard but truly bizarre investment custom in which most of us sink most of our net worth into a single piece of real estate. What kind of sensible diversification is that? What Shiller proposes is the market-led 'democratization of finance.' Coming from anyone else you'd think it was a scam. But read his book and you'll end up feeling strangely optimistic, despite the enveloping gloom."--William Watson, Montreal Gazette "The Subprime Solution is an easy read at less than 200 pages. People seeking to understand the cause of the housing bubble, and those wanting to consider short- and long-term solutions would be well-served reading it."--Bill Freehling, Fredricksburg Free Lance-Star "In The Subprime Solution, which he wrote just as the system was beginning to implode, he says that what is needed now is the next stage of financial innovation, not constriction...He also sees government intervention as vital to channel animal spirits and innovation...In essence, Shiller is laying the intellectual groundwork for the next financial revolution."--Zachary Karabell, Newsweek "The book is not so much an analysis of the subprime crisis as an essay that ruminates on the genesis and evolution of financial bubbles in general and housing bubbles in particular. Shiller believes correctly that economists, in their emphasis on rational decision-making, have confused desired outcomes with actual outcomes--and have paid far too little attention to the reality of swings in social sentiments that can move market prices far from sustainable levels."--Richard N. Cooper, Foreign Affairs "This is an important book from a distinguished academic... The book offers a coherent alternative to policy makers. They should consider its recommendations very seriously."--Shamik Dhar, The Business Economist "[T]his is an exciting book that is to be read under the current market condition. It provides us some hope of correcting the existing problems, so as to have a brighter future."--Ye Xu, Journal of Property Investment & Finance "Policymakers, and students of financial history, money and macroeconomics, will find much of value in Shiller's assessment of the subprime debacle."--Oscar T. Brookins, Eastern Economic JournalTable of ContentsAcknowledgments ix Chapter 1: Introduction 1 Chapter 2: Housing in History 29 Chapter 3: Bubble Trouble 39 Chapter 4: The Real Estate Myth 69 Chapter 5: A Bailout by Any Other Name 87 Chapter 6: The Promise of Financial Democracy 115 Chapter 7: Epilogue 171 Index 179
£13.29
Princeton University Press The Subprime Solution
Book SynopsisThe subprime mortgage crisis has already wreaked havoc on the lives of millions of people and now it threatens to derail the US economy and economies around the world. In this book, the author reveals the origins of this crisis and puts forward bold measures to solve it.Trade ReviewRobert J. Shiller, Co-Winner of the 2013 Nobel Prize in Economics Winner of the 2009 Bronze Medal in Finance/Investment/Economics, Independent Publisher Book Awards Honorable Mention for the 2008 Award for Excellence in Business, Finance and Management, Association of American Publishers "One man who does have some ideas is the Yale economist Robert Shiller, who would merit attention if only for the fact that he predicting the bursting of the Internet bubble, in 2000, with his book Irrational Exuberance, then discussed at length the dangers of systematic risk in his next, The New Financial Order. Now, in The Subprime Solution--published in [2008], after the start of the meltdown, but before the full scale of the disaster had become manifest--he comes up with a set of startlingly counterintuitive suggestions about what to do next."--John Lanchester, The New Yorker "With The Subprime Solution, Robert J. Shiller offers his formula to protect us from repeating such disasters: more financial engineering. It would be easy to sneer at this idea, but Mr. Shiller, an economics professor at Yale University, always deserves a hearing... In what he describes as a 'brief manifesto,' Mr. Shiller argues that bailouts of distressed borrowers are inevitable to avoid wrecking our economy and shredding our social fabric--even though bailouts may punish the prudent (say, through higher taxes) while comforting those who gambled on real estate and lost."--James R. Hagerty, Wall Street Journal "Irrational exuberance, or the 'social contagion of boom thinking,' is ... the subject of Shiller's new book, The Subprime Solution, a slim but valuable addition to the growing literature on the ongoing collapse of the housing market."--Max Fraser, The Nation "In The Subprime Solution, [Shiller] briskly sketches out his views on both short-term and long-term strategies for dealing with a housing meltdown that's left millions of Americans a lot less wealthy--and an unfortunate number at risk for losing their homes... The book's most compelling discussion centers on the long-term opportunities that lie in this crisis. Shiller describes how key parts of America's financial system--the Federal Reserve, the Securities and Exchange Commission, and the FDIC, to name only three--were created in the reforms after earlier bank crises or the Great Depression... Shiller suggests that political leaders should look at the current crisis as an opportunity to rethink the homebuying process and add new protections to keep homeowners from getting in over their heads during a future bubble."--Daniel McGinn, Newsweek.com "Yale University's Robert Shiller is one of the world's outstanding economic thinkers and intellectual innovators, with a record of foresight that is the envy of his profession... His short, snappy and surprisingly far-reaching book on the subprime crisis is as interesting and indispensible as you would expect... The Subprime Solution is an ambitious little volume... It covers a remarkable amount of ground in less than 200 pages... [T]he book's broad framing of the issues is novel and valuable, and its arguments are always stimulating... Shiller ... is an ardent financial-technology optimist, and his book is a torrent of fascinating ideas. Anybody interested in the subject must profit from reading it."--Clive Crook, Financial Times "In his new book, The Subprime Solution, the Yale University professor sounds an alarm that the credit crunch, now early in its second year, poses a dire risk. His text is a stimulating, rapid response to current events--and a forceful demand for dramatic action from Washington, where, he says, the White House and Congress have been 'totally inadequate' to the task... [A] storehouse of valuable, provocative ideas awaits the reader of The Subprime Solution."--Christopher Farrell, BusinessWeek "[The Subprime Solution is] a lucid primer on how we slipped into this money pit and what it might take to clamber out of it... Shiller is sometimes called a Cassandra, and his prophesies about the dot-com and housing bubbles did come true. Yet in these pages he sounds more like a visionary optimist who considers today's emergency to be a grand opportunity."--James Pressley, Bloomberg News " [I]t's an interesting book... [S]hiller convinced me ... that bailing out banks and borrowers who've been clobbered might be the right thing to do."--Dan Pink, danpink.com "Robert J. Shiller explains how trillions of dollars of mortgage debt, based on dubious loans to doubtful borrowers, were forfeited and how it can be fixed. An influential economist, he offers insights into the growth of the credit bubble and solutions for curing the ensuing chaos... Shiller's reputation in economics, his majestic prose style, his statistical proofs and his vast coterie of admirers suggest that at least some of his recommendations will become part of U.S. mortgage regulation... For those who want to figure out how to fix the global credit crisis that has developed as a result of Americans' inability or unwillingness to read their mortgage contracts, The Subprime Solution is vital reading. It is advocacy built on faith that government does good, that intervention never produces unintended results and that there is no other way to fix the mortgage mess."--Andrew Allentuck, The Globe & Mail "What sets Shiller apart--brilliantly apart--from other analysts of the housing bubble are the sharpness of his diagnoses and the creativity of his solutions. These are the core of his excellent new book, The Subprime Solution... [A] brilliant and radical--but not implausible--perspective on putting the Humpty Dumpty that is American finance together again."--Arvind Subramanian, Forbes.com "In The Subprime Solution, which he wrote just as the system was beginning to implode, he says that what is needed now is the next stage of financial innovation, not constriction...He also sees government intervention as vital to channel animal spirits and innovation...In essence, Shiller is laying the intellectual groundwork for the next financial revolution."--Zachary Karabell, Newsweek "In The Subprime Solution, he argues that what united the missteps by the Federal Reserve, mortgage brokers, Wall Street bankers, and home buyers that together brought on the current financial mess was a shared belief that house prices never go down. What's the antidote to that kind of mass delusion? Shiller seems to have no interest in substituting his judgment, or the government's, for the market's. Instead, he sees information and innovation as the counter to group think."--Justin Fox, Time "Robert J. Shiller's clear-eyed look at what happened in the U.S. housing market--and what might be done about it--is not keen to attribute blame to the actors in the drama. He explains that the development of subprime mortgages in the Nineties was welcomed as a way of extending home ownership to those once locked out of the market, and it was not the dishonesty of the mortgage lenders, or the greed of bankers, that led to the bubble. There was dishonesty and greed, but these were the result of the bubble, not its cause."--Tim Worstall, The Telegraph "American optimism: Is there any investment bubble it can't fuel? Consider the excesses of the housing market, the effects of which are roiling the global economy. As Yale University economist Robert Shiller demonstrates in his short, whip-smart new book The Subprime Solution, there was a contagion at work that helped pushed home prices to unsustainable levels... Shiller's views are grounded in exhaustive research and penetrating analysis. The Subprime Solution should be read by anyone with assets at risk in the global financial crisis and a desire to fix things ahead of the next crisis. Which is to say, all of us."--Robert Elder, Austin American-Statesman "Robert Shiller's got an argument that will make some peoples' heads explode in his new book The Subprime Solution--we need more speculation in the housing market... I said above that this solution will make some peoples' heads explode, that the solution to an excess of speculation is to create a market in yet more speculation. Yet in this case ti is indeed true, this is a valid solution."--Tim Worstall, The Register "[The Subprime Solution] is short, punchy and political. Shiller is a top-flight academic economist who has often warned of the tendency of markets towards irrational exuberance, and of the harmful consequences that follow. He is rightly scathing towards the 'boosters' who kept assuring us that house prices only rise, and he gains authority for having spoken out during the boom, when it was an unpopular position to hold... Shiller's debunking of house price myths is masterful. Especially important is his rubbishing of the concept of scarcity ... Shiller's explanations are sophisticated and intelligent, and they are also admirably clear."--Michael Savage, Fund Strategy "The Subprime Solution, his postmortem on irrational exuberance in the real estate market, is superb, even for general-interest readers otherwise confused by the whole mess. Though his introduction reads a bit like an arid position paper, his insistence on the fundamentally psychological, rather than economic, basis of the boom is supple and fascinating."--Andrew Rosenblum, New York Observer "If you're unfamiliar with Robert Shiller then understand that he is perhaps the most eminent and considered examiner of modern investment bubbles... Shiller's new book, The Subprime Solution, is a concise attempt to elaborate in just seven short chapters the genesis of the housing bubble, explode its myths, explore its scale and the dangers of its deepening impact, assert the need to maintain confidence in our economic and financial institutions by aggressive action, and then explore longer-term, more fundamental reforms and innovations that will create a population much more attuned to economic risk... There are many more recommendations, but if this book has the ambition of Keynes' earlier work, and the scale of the problem is as suggested, I'd argue that the book is as accessible as you are going to get from such a modern behavioural economics guru. It's a book that everyone who lives in a house should own; just don't buy ten and try to rent them out to friends."--The Knackered Hack "In his latest work, The Subprime Solution, Shiller explains that greater financial 'democracy' and a 'contagion of ideas' led many to conclude a 'new era' had been reached in real estate. The public expected prices to rise continually. Worse, Shiller wrote: 'The very people responsible for oversight were caught up in the same high expectations for future prices.'... Shiller's The Subprime Solution is well worth the read for individuals and private enterprise looking to understand current real estate bubble. It should be required reading for public policy makers who need to take immediate action to solve the subprime crisis."--John Fout, TheStreet.com "Like the financial bubble in technology stocks that exploded in 2000, real estate investors acted on unrealistic assumptions that prices could only go up. In the aftermath, Shiller's recommendation to policy makers is 'Mend It, Don't End It.' He advises regulatory modifications and greater financial disclosure from all players in the complex mortgage-banking process."--Kevin G. Hall, McClatchy Newspapers "In [The Subprime Solution], he provides the ignoramuses on Wall Street, asleep-at-the-switch regulators and dumbfounded investors worried about their savings with a stark insight to digest over the last two weeks of summer: 'We as a society do not understand or know how to deal with speculative bubbles.'"--Robert Lenzner, Forbes.com "In his now-famous 2005 book, Irrational Exuberance, Second Edition, Yale professor and economist Robert Shiller predicted a boom and bust in real estate would have terrifying global ramifications. He was mocked by realtors, but global bank failures and the bailout of Fannie Mae and Freddie Mac have proved him dead on. Now Shiller strikes again with The Subprime Solution, his suggestion for sweeping economic reform to get us out of this mess."--Katie Benner, Fortune "While initially providing a short and concise understanding of the subprime fiasco, Shiller goes on to investigate the various financial collapses over the years and the history of recent housing arrangements, searching for clues that might inspire a universal remedy to our current predicament... Along the way, the narrative, which skips along without being fussy or intrusive, also emphasises the characteristics, psychology and lifespan of the bubble--be it financial, IT or housing--and how the way we've changed the way we think 'is the deepest cause' of the current variant of the malignancy."--Paul O'Doherty, The Investor "[Shiller] offers a primer on the history of home prices, roots of subprime lending and a road map of what to do now. The book is at its best when explaining how so few in authority imagined what has come to pass. Shiller says they were filled with same housing boom faith held by the public."--Jim Wasserman, The Sacramento Bee "In his latest book, The Subprime Solution, he briefly but deftly dissects how easy credit, lack of government oversight and human behavior allowed the subprime bubble to inflate. Shiller's understanding of human behavior is the book's genius, both in the diagnosis and the proposed cures."--Robert Frick, Kiplinger's "For a closer examination of the crisis, there's The Subprime Solution by Yale University economist Robert J. Shiller, the bestselling author of Irrational Exuberance. In his new book, Shiller focuses more tightly on the stock market bubble of the 1990s and the housing bubble of the last seven years, which led lenders to loosen requirements for loans and resell these questionable loans in the subprime market. He shows how the bubble, when overheated housing prices cooled and asset values fell, burst and led directly to the subprime mortgage crisis that torpedoed the credit markets and with them stock markets worldwide."--Geeta Sharma-Jensen, Milwaukee Journal-Sentinel "In this slim volume, Shiller not only describes the problem but also places equal emphasis on various proposals to correct it. Rather than viewing the subprime meltdown and credit contraction as a handwringing crisis, he sees it as an opportunity to initiate institutional reforms that will ensure against repeat failures and extend opportunities for home ownership... An important, timely book."--E.L. Whalen, Choice "Reading Shiller also makes me optimistic. Ever the contrarian, he's convinced that, used properly, the new financial technologies that have such a bad name right now will make us all much better off in the long run. In particular, he's working on ways ordinary folk can get out from under the now standard but truly bizarre investment custom in which most of us sink most of our net worth into a single piece of real estate. What kind of sensible diversification is that? What Shiller proposes is the market-led 'democratization of finance.' Coming from anyone else you'd think it was a scam. But read his book and you'll end up feeling strangely optimistic, despite the enveloping gloom."--William Watson, Montreal Gazette "The Subprime Solution is an easy read at less than 200 pages. People seeking to understand the cause of the housing bubble, and those wanting to consider short- and long-term solutions would be well-served reading it."--Bill Freehling, Fredricksburg Free Lance-Star "The book is not so much an analysis of the subprime crisis as an essay that ruminates on the genesis and evolution of financial bubbles in general and housing bubbles in particular. Shiller believes correctly that economists, in their emphasis on rational decision-making, have confused desired outcomes with actual outcomes--and have paid far too little attention to the reality of swings in social sentiments that can move market prices far from sustainable levels."--Richard N. Cooper, Foreign Affairs "This is an important book from a distinguished academic... The book offers a coherent alternative to policy makers. They should consider its recommendations very seriously."--Shamik Dhar, The Business Economist "[T]his is an exciting book that is to be read under the current market condition. It provides us some hope of correcting the existing problems, so as to have a brighter future."--Ye Xu, Journal of Property Investment & Finance "Policymakers, and students of financial history, money and macroeconomics, will find much of value in Shiller's assessment of the subprime debacle."--Oscar T. Brookins, Eastern Economic JournalTable of ContentsPreface to the Paperback Edition ix Acknowledgments xxv Chapter 1 Introduction 1 Chapter 2 Housing in History 29 Chapter 3 Bubble Trouble 39 Chapter 4 The Real Estate Myth 69 Chapter 5 A Bailout by Any Other Name 87 Chapter 6 The Promise of Financial Democracy 115 Chapter 7 Epilogue 171 Index 179
£12.34
Princeton University Press American Default
Book SynopsisThe untold story of how FDR did the unthinkable to save the American economy.Trade Review"[Sebastian Edwards] skillfully narrates a pivotal episode in American political and economic history he considers too little remembered. . . . Edwards writes equally knowledgeably about economics and politics: . . . At a time of economic uncertainty at home and abroad, this comprehensive study of an important event in U.S. fiscal history has significant implications for today." * Publishers Weekly *"Sebastian Edwards' American Default is just such a superb history of the US exit from gold in 1933-34, satisfyingly detailed and highly accessible on both the relevant economics & law."---David Frum"Edwards analyses the default that followed President Franklin Delano Roosevelt’s 1933 decision to devalue the dollar against gold. . . . The story is fascinating and the lessons eternal."---Martin Wolf, Financial Times"[American Default] is the history of that mighty legal, moral, political and monetary controversy, the effects of which are with us still. . . . [Sebastian Edwards] knowledgably compares the 20th-century American default to Argentina’s 2002 abrogation of its dollar denominated debt."---James Grant, Wall Street Journal"Brilliantly told."---Steve Hanke, Forbes"Edwards ends his admirably accessible and illuminating book with some careful thoughts on recent financial crises around the world, such as those in Argentina and Greece, and shows why US gold cases from 1933 to 1935 are a useful precedent to understand how future such crises may be successfully resolved by hewing carefully to the rule of law. He believes that the cases may even be invoked by lawyers in other national, or international, arenas. If so, those involved will, no doubt, turn to this book for inspiration and guidance."---Benn Steil, Financial World"Excellent. . . . A fascinating narrative of FDR's decision to devalue the dollar in 1933-34."---Scott Sumner, EconLog"Edwards’ book is fascinating, well written and enjoyable."---Geoffrey Wood, Central Banking"Great book by UCLA economist Sebastian Edwards about a key moment in American economic history. Many economists believe that the most important thing FDR did to help the economy recover from the Great Depression was to go off the gold standard. As part of that policy, he pursued laws that rewrote many bond contracts, annulling gold clauses. It was controversial then (and surely would be again if such an issue were ever to arise). Edwards does a wonderful job telling the story."---Greg Mankiw, Greg Mankiw's Blog"Fascinating. . . . I couldn't put this book down."---Brenda Jubin, Seeking Alpha"A shimmering example of the benefits of historical distance can be found in the UCLA economist Sebastián Edwards’ American Default, a sharp-eyed exploration of a little-noted episode in US economic history."---Ken Rogoff, Project Syndicate"Sebastian Edwards has written a very important book on a monumental episode in U.S. history, the great debt default of 1933-35, which was a true turning point in American political and economic history. . . . I highly recommend American Default. It is more than compelling history; it is a tract for our times."---Gerald P. O'Driscoll Jr., Cato Journal"A magnificent piece of scholarship."---Kenneth Rogoff, Project Syndicate"This easily accessible economic, political, and legal history should be read by undergraduates, graduate students, and the general public. Each audience will gain a new perspective on an important though underappreciated episode in international political economy."---Laura Phillips Sawyer, Journal of American History"Rarely does one read a book on a topic already researched thoroughly and still feel as if one has walked away with a new perspective."---James Caton, Independent Review"Edwards’ clarity enables him to sustain the interest of the reader in spite of the technical nature of his narrative."---Peter Fearon, Journal of Transatlantic Studies
£22.50
Princeton University Press The Federal Reserve and the Financial Crisis
Book SynopsisIn 2012, Ben Bernanke, chairman of the U.S. Federal Reserve, gave a series of lectures about the Federal Reserve and the 2008 financial crisis, as part of a course at George Washington University on the role of the Federal Reserve in the economy. In this unusual event, Bernanke revealed important background and insights into the central bank's crucTrade ReviewOne of China Business News' Financial Books of the Year for 2014 "Anyone interested in a primer on recent financial history will likely find Bernanke's book to be worthwhile reading."--Publishers Weekly "The lectures are consistently lucid and informal ... and above all intelligent and interesting... [I]t would be difficult to find a better short and not very technical account of what went wrong, and of how the Fed (and the Treasury) managed to keep it from getting much worse."--Robert Solow, New Republic "Readers who are not fans of the Fed chairman and his Keynesian, fiat-money policies should find as much of interest here as those who are; it's the sort of primary-source book that investors will scrutinize, politicians will seize on, pundits will plunder and generations of scholars will analyse... [The Federal Reserve and the Financial Crisis] brings what Bernanke said in the classroom to a vastly larger audience; now, it's up to the readers of varying political and economic persuasions to make what they will of his behind-the-scenes account."--Alan Wallace, Pittsburgh Tribune-Review "This book is, in short, not just an excellent guide to the Fed and its response to the financial crisis, but also constitutes an important document of its time, a reflection that central banks can do some very effective short-term anti-crisis measures, but they cannot be miracle workers."--Harold James, Central Banking Journal "The lectures, and Bernanke's answers to students' questions, are uniformly erudite, elegant and concise. Perhaps, the most arresting aspect of the lectures is the fascinating insight they provide into the thinking and motivation of the world's most powerful central banker."--Selwyn Cornish, Economic Record "The author examines what the Federal Reserve was intended to accomplish, how it performed its statutory task as it evolved over time and the special functions of the lender-of-last-resort that have been called upon during the financial crisis. These lectures provide a useful primer on matters not often presented in such a comprehensive or unequivocal way. Bernanke's reputation is often identified with his expertise on the Great Depression. Here, he presents himself differently, as a practitioner of central banking... A great introduction to the functioning of central banking for general readers."--Kirkus Reviews "This important book deserves to be read widely both because Bernanke admirably explains the Fed and its actions and because his authorship provides a window into his thinking as one of the world's most powerful financial figures."--Library Journal (starred review) "In March 2012, Ben Bernanke, chairman of the US Federal Reserve, gave four guest lectures at George Washington University. This slim volume--at only 130 pages, comfortably finished in the time it takes to watch a TV movie--comprises those lectures apparently almost verbatim, with a few astute audience questions and answers at the end of each... This is easy reading."--Financial World "The Federal Reserve and the Financial Crisis ... provides a useful tutorial on the workings of an institution in its most difficult hour. For that reason alone, it makes an important contribution to the historical record."--Marc L. Ross, Financial Analysts Journal "[T]his is a useful and highly approachable take on the history of central banking and the recent financial crisis. It's worth a read, if only to get a first-person narrative from one of the most important figures in global capital markets."--Carrie Sheffield, Washington Times "[F]or those interested in why we have central banks, what led to the 2008 financial crisis and how the nation's top officials reacted, there isn't a better primer... This is no boring textbook, despite the occasional chart. Bernanke presents a clear and engaging narrative of the economic history of the United States, while also tackling a few of the perennial anti-Fed bugaboos... One of the book's most important achievements is to place the Fed's extraordinary interventions during the crisis--including the emergency lending of $1.2 trillion to the financial industry--in context."--Ben Weyl, Roll Call "That loud crack you hear are the necks snapping as money-managers and financial specialists all over the country do double takes before snatching this book off the shelves."--C.D. Quyn, San Francisco Book Review "[The Federal Reserve and the Financial Crisis] is a helpful primer on modern central banking by one of its preeminent practitioners."--Foreign Affairs "This book will be particularly useful for those teaching a class in either macroeconomics or economic history of the twentieth century at the undergraduate level, as these lectures provide a succinct and accessible account of U.S. macro policymaking over the last hundred years."--Kris James Mitchener, EH.Net "Providing first-hand knowledge of how problems in the financial system were handled, The Federal Reserve and the Financial Crisis will long be studied by those interested in this critical moment in history."--World Book Industry "I learned so much about the Fed, the crisis, the financial market. Say what you want about Bernanke, but he is one great teacher."--Tibi Puiu, ZME Science "[T]his is an extremely useful book, especially to monetary neophytes like myself. I learned so much about the Fed, the crisis, the financial market. Say what you want about Bernanke, but he is one great teacher."--Tibi Puiu, ZME ScienceTable of ContentsPublisher's Note vii Lecture 1 - Origins and Mission of the Federal Reserve 1 Lecture 2 - The Federal Reserve after World War II 29 Lecture 3 - The Federal Reserve's Response to the Financial Crisis 64 Lecture 4 - The Aftermath of the Crisis 97 Index 131
£10.44
Pluto Press Revenge Capitalism The Ghosts of Empire the
Book SynopsisCapitalism has become a system of economic revenge, meted out against oppressed populations around the globe.Trade Review'Perhaps the most theoretically creative radical thinker of the moment' -- David Graeber, author of 'Debt: The First 5000 Years''Max Haiven retraces the roots of the current regression, of the reactionary trend that is driving the world toward a new darkness. These roots are humiliation and revenge. In my opinion, this book is of strategic importance' -- Franco Berardi, author of 'Futurability: The Age of Impotence and the Horizon of Possibility''A deeply learned debt warrior, Haiven lays bare the abject cruelty of financial capitalism, and provides us with a rich supply of sources and arguments for a fightback that gives as good as it takes' -- Andrew Ross, author of 'Creditocracy and the Case for Debt Refusal'Table of ContentsList of figures Acknowledgments Preface Introduction: we want revenge 1. Toward a materialist theory of revenge Interlude: Shylock’s vindication, or Venice’s bonds? 2. The work of art in an age of unpayable debts: social reproduction, geopolitics, and settler colonialism Interlude: Ahab’s coin, or Moby Dick’s currencies? 3. Money as a medium of vengeance: colonial accumulation and proletarian practices Interlude: Khloé Kardashian’s revenge body, or the Zapatisa nobody? 4. Our Opium Wars: pain, race, and the ghosts of empire Interlude: V's vendetta, or Joker's retribution? 5. The dead zone: financialized nihilism, toxic wealth, and vindictive technologies Conclusion: revenge fantasy or avenging imaginary? Coda: 11 theses on revenge capitalism Postscript: after the pandemic – against the vindictive normal Notes Index
£72.25
Pluto Press Revenge Capitalism The Ghosts of Empire the
Book SynopsisCapitalism has become a system of economic revenge, meted out against oppressed populations around the globe.Trade Review'Perhaps the most theoretically creative radical thinker of the moment' -- David Graeber, author of 'Debt: The First 5000 Years''Max Haiven retraces the roots of the current regression, of the reactionary trend that is driving the world toward a new darkness. These roots are humiliation and revenge. In my opinion, this book is of strategic importance' -- Franco Berardi, author of 'Futurability: The Age of Impotence and the Horizon of Possibility''A deeply learned debt warrior, Haiven lays bare the abject cruelty of financial capitalism, and provides us with a rich supply of sources and arguments for a fightback that gives as good as it takes' -- Andrew Ross, author of 'Creditocracy and the Case for Debt Refusal'Table of ContentsList of figures Acknowledgments Preface Introduction: we want revenge 1. Toward a materialist theory of revenge Interlude: Shylock’s vindication, or Venice’s bonds? 2. The work of art in an age of unpayable debts: social reproduction, geopolitics, and settler colonialism Interlude: Ahab’s coin, or Moby Dick’s currencies? 3. Money as a medium of vengeance: colonial accumulation and proletarian practices Interlude: Khloé Kardashian’s revenge body, or the Zapatisa nobody? 4. Our Opium Wars: pain, race, and the ghosts of empire Interlude: V's vendetta, or Joker's retribution? 5. The dead zone: financialized nihilism, toxic wealth, and vindictive technologies Conclusion: revenge fantasy or avenging imaginary? Coda: 11 theses on revenge capitalism Postscript: after the pandemic – against the vindictive normal Notes Index
£18.99
John Wiley and Sons Ltd Crisis
Book SynopsisWe are living in a time of crisis which has cascaded through society. Financial crisis has led to an economic crisis of recession and unemployment; an ensuing fiscal crisis over government deficits and austerity has led to a political crisis which threatens to become a democratic crisis.Trade Review"This extraordinary book gives us a sharp and illuminating examination of a condition that it is easy to think we understand … until we read this book. We may all be touched by it but Walby shows us all that is actually mobilized in producing the outcomes."Saskia Sassen, Columbia University, author of Expulsions"Sylvia Walby’s new complexity theory analysis of the current crises adds an essential dimension, addressing the financial, economic, welfare state and political ramifications of the crisis as strongly connected dynamics. She convincingly argues why the conflict between democracy and capitalism can only be resolved through a deepening of democracy. As such, her book is an indispensable academic intervention in the politics of knowledge and empowers academics, politicians and citizens alike to address crisis."Mieke Verloo, Radboud University "A lucid text that ranges across disciplines yet maintains accessibility for a wide readership including sociologists, policy communities, students, and activists. [Walby] has produced a book that comfortably straddles the alleged divides among professional, policy, public, and critical sociology…Crisis makes signal contributions to sociological analysis and presents a pragmatic alternative to neoliberalism, which could be fairly readily implemented." American Journal of Sociology"[Walby] gives us conceptual tools adequate for a global theory of inequalities […and] also enables an integration of micro-social transactions into societal theory: the concept of a tipping point in crises where agency of a few may produce massive results."SociologyTable of ContentsAcknowledgements1 Introduction2 Theorizing Crisis3 Financial Crisis4 Economic Crisis: Recession5 Fiscal Crisis: Austerity6 Democratic Crisis7 Crisis in the Gender Regime8 Conclusions: Implications for Social Theory and Public PolicyReferences
£49.50
John Wiley and Sons Ltd Twenty Observations on a World in Turmoil
Book Synopsis* This new book by one of the world s leading sociologists reflects on the major events of our time, from the financial crisis to the chaos in the eurozone, from the Arab uprisings to protests in Athens, Barcelona, New York and elsewhere.Trade Review"Beck is one of the most influential sociological theorists alive today, and not just in the academic sphere."Canadian Journal of Sociology"The astonishingly diverse world in turmoil is here trenchantly dissected by the analyst of risk and uncertainty."John Urry, Lancaster UniversityTable of ContentsIntroduction Twenty Observations on a World in Turmoil 1. Mushrooms and Other Flowers of Capitalism 2. All aboard the Nuclear Power Superjet Ð Just Don't Ask about the Landing Strip 3. This Appalling Injustice! 4. Harm in Exchange for Money 5. Illegal World Citizens 6. The Cards of Power Are Being Reshuffled across the World 7. Felt Peace and Waged War 8. The Return of Social Darwinism or: Which University Do We Want? 9. A Kind of Berlin Wall Has Again Collapsed 10. German Euro-Nationalism 11. Beyond the Aeroplane 12. Global Domestic Politics from below: How Global Families Are Becoming Normal 13. The Environmental Storm on the Bastille 14. Without Buddha I Could Not Be a Christian 15. The Caterpillar's Mistake: Fukushima and the End of Nuclear Power 16. It's Time to Get Angry, Europe. Create the Europe of Citizens Now! 17. Powerless but Legitimate: the Occupy Movement in the Financial Crisis 18. Cooperate or Bust! The Existential Crisis of the European Union 19. What Is Meant by Global Domestic Politics? 20. The Five Self-Delusions of a Supposedly Unpolitical Age
£38.00
John Wiley and Sons Ltd Twenty Observations on a World in Turmoil
Book Synopsis* This new book by one of the world s leading sociologists reflects on the major events of our time, from the financial crisis to the chaos in the eurozone, from the Arab uprisings to protests in Athens, Barcelona, New York and elsewhere.Trade Review"Beck is one of the most influential sociological theorists alive today, and not just in the academic sphere."Canadian Journal of Sociology"The astonishingly diverse world in turmoil is here trenchantly dissected by the analyst of risk and uncertainty."John Urry, Lancaster UniversityTable of ContentsIntroduction Twenty Observations on a World in Turmoil 1. Mushrooms and Other Flowers of Capitalism 2. All aboard the Nuclear Power Superjet Ð Just Don't Ask about the Landing Strip 3. This Appalling Injustice! 4. Harm in Exchange for Money 5. Illegal World Citizens 6. The Cards of Power Are Being Reshuffled across the World 7. Felt Peace and Waged War 8. The Return of Social Darwinism or: Which University Do We Want? 9. A Kind of Berlin Wall Has Again Collapsed 10. German Euro-Nationalism 11. Beyond the Aeroplane 12. Global Domestic Politics from below: How Global Families Are Becoming Normal 13. The Environmental Storm on the Bastille 14. Without Buddha I Could Not Be a Christian 15. The Caterpillar's Mistake: Fukushima and the End of Nuclear Power 16. It's Time to Get Angry, Europe. Create the Europe of Citizens Now! 17. Powerless but Legitimate: the Occupy Movement in the Financial Crisis 18. Cooperate or Bust! The Existential Crisis of the European Union 19. What Is Meant by Global Domestic Politics? 20. The Five Self-Delusions of a Supposedly Unpolitical Age
£12.99
Kogan Page Ltd AntiMoney Laundering
Book SynopsisRose Chapman is the Global Head of Compliance for a leading travel commerce platform and solutions provider. With over 20 years of experience working in compliance and ethics in global organizations, she is accustomed to the demands and challenges faced by business professionals and compliance teams working in fast-moving, culturally diverse and dynamic environments. She is a lecturer and training manual writer/reviewer for the ICA in Post Graduate Diplomas and Certificates in Compliance, a member of the Institute of Money Laundering Prevention Officers Committee, UK, and a recognised speaker and expert voice on anti-money laundering.Table of Contents Section - 00: Introduction; Section - 01: Reaction: The rise of anti-money laundering and counter-terrorist financing activity; Section - 02: Implementing an anti-money laundering risk control framework; Section - 03: Using the anti-money laundering strategy wheel; Section - 04: Applying the brakes at key moments; Section - 05: Country and people risk; Section - 06: Product and delivery channel risk; Section - 07: Regulators: External reporting and Financial Intelligence Unit activity; Section - 08: Navigating cultural change; Section - 09: Conclusion;
£37.99
University of British Columbia Press Grey Zones in International Economic Law and
Book SynopsisGrey Zones in International Economic Law and Global Governance examines contested zones of global governance to understand state policy and market behaviour in the current era.Table of ContentsForeword / Pitman B. PotterIntroduction: Grey Zones of International Economic Law and Global Governance / Daniel Drache and Lesley A. JacobsPart 1: Hot Button Issues in Global Governance1 A Crafty Madness Kept Aloof: Anti-Dumping as Faulted Global Governance / Tomer Broude2 The Anti-Dumping Wars: An Analysis of Unfair Trading Suits, 1995–2011 / Daniel Drache and Yin Jiyuan3 Investor-State Dispute Settlement Mechanisms in International Economic Law / Lesley A. Jacobs4 The WTO and the Future of Subsidies and Food Security / Carlos M. CorreaPart 2: Global Trade and Local Adaptation5 Is Anti-Dumping a Smart Policy for Global South Countries? / Welber Barral6 Grey Zones in the European Union: Between Flexibility and Uniformity of the State Aid Rules / Ljiljana BiukovicPart 3: Labour and Food Rights in the Global Policy Arena7 A New Grey Zone in Global Trade Governance? Recent Developments on Food Security at the WTO / Matias E. Margulis8 Labour Relations and Trade Policy in China: Opportunities for Coordinated Compliance / Pitman B. Potter9 What Constitutes Legitimate Policy Space for Food Security? / Katie SykesPart 4: The Greening of International Economic Law10 Renewable Energy and WTO Law: More Policy Space or Enhanced International Disciplines? / Thomas Cottier11 Green Energy Programs and the WTO Subsidies Agreement: Is There Enough Policy Space? / Debra P. StegerConclusion: Living in a Dangerous Age: Trade Policy Options for Canada / Daniel Drache and Lesley A. JacobsIndex
£66.60
Stanford University Press Learning from the Global Financial Crisis
Book SynopsisThis book is motivated by the simple hope that the cloud of the global financial crisis may yet have a silver liningthat political leaders, economists, and management scholars might seize this opportunity to reflect critically on the assumptions, practices, and infrastructures that have precipitated the crisis and to imagine and create new forms of organization that sustainably enhance the well-being of global stakeholders.The contributors suggest that aesthetic management, high reliability and crisis management, and sustainability science have much to contribute to the resolution of the collapse that we''ve witnessed, and to providing enduring lessons for how to structure the institutions of the future. Learning From the Global Financial Crisis devotes a section to each of these areas, offering full-length chapters which explore key issues in depth, as well as shorter commentaries that focus on practical considerations. The chapters progress from micro-level issues thTrade Review"The editors and contributors are on target in identifying creativity—human, social, organizational, and ecological—as key to any paradigm shift in the economy. This volume makes tangible this key insight, engaging readers with essays that are at once informative and provocative."—Ronald Purser, San Francisco State University, co-editor of 24/7: Time and Temporality in the Network Society"Yes, we have considered the financial crisis, but no other book has fruitfully examined this historical moment in the same way as this volume. It is through taking on new perspectives-like creativity, sustainability, and reliability-that we reveal the deeper fallacies in our approaches to markets and organizations. We know what caused the crisis; in this book we come to understand what underpinned those causes and how to shift our foundations."—Hans Hansen, Texas Tech University
£59.40
University of Pennsylvania Press What Caused the Financial Crisis
Book SynopsisFeaturing essays by Nobel laureate economists and an afterword by Richard Posner, this volume provides a comprehensive overview of the collapse of the global financial sector in 2008. It will be essential reading for anyone interested in the nature of modern capitalism and regulation.Trade Review"You will find in this collection some of the best efforts so far to understand the financial crisis." * Edmund Phelps, Columbia University *Table of ContentsList of Illustrations 1. Capitalism and the Crisis: Bankers, Bonuses, Ideology, and Ignorance —Jeffrey Friedman PART I. THE CRISIS IN HISTORICAL PERSPECTIVE 2. An Accident Waiting to Happen: Securities Regulation and Financial Deregulation —Amar Bhide 3. Monetary Policy, Credit Extension, and Housing Bubbles, 2008 and 1929 —Steven Gjerstad and Vernon L. Smith PART II. WHAT WENT WRONG (AND WHAT DIDN'T)? 4. The Anatomy of a Murder: Who Killed the American Economy? —Joseph E. Stiglitz 5. Monetary Policy, Economic Policy, and the Financial Crisis: An Empirical Analysis of What Went Wrong —John B. Taylor 6. Housing Initiatives and Other Policy Factors —Peter J. Wallison 7. How Securitization Concentrated Risk in the Financial Sector —Viral V. Acharya and Matthew Richardson 8. A Regulated Meltdown: The Basel Rules and Banks' Leverage —Juliusz Jablecki and Mateusz Machaj 9. The Credit-Rating Agencies and the Subprime Debacle —Lawrence J. White 10. Credit-Default Swaps and the Crisis Peter J. Wallison PART III. ECONOMISTS, ECONOMICS, AND THE FINANCIAL CRISIS 11. The Crisis of 2008: Lessons for and from Economics —Daron Acemoglu 12. The Financial Crisis and the Systemic Failure of the Economics Profession —David Colander, Michael Goldberg, Armin Haas, Katarina Juselius, Alan Kirman, Thomas Lux, and Brigitte Sloth Afterword: The Causes of the Financial Crisis —Richard A. Posner List of Abbreviations and Acronyms Notes References List of Contributors Index Acknowledgments
£28.80
University of Pennsylvania Press The Next Economic Disaster
Book SynopsisIn this illuminating and provocative work, Richard Vague argues that the rapid expansion of private debt-rather than public spending-is what constrains economic growth and triggers economic calamities like the financial crisis of 2008.Trade Review"Economists failed to predict the 2007 meltdown and they're on course to miss the next one too. As a consumer lending practitioner who saw it coming, Richard Vague's voice should not be ignored. His emphasis on the dangers of rising private household debt is a key both to the last crisis and the next." * Ed Luce, Financial Times Chief U.S. Commentator and Columnist *"If you want to understand why financial crises occur, read The Next Economic Disaster. In this penetrating new book, serial entrepreneur Richard Vague succinctly documents how all financial collapses originate with too much private borrowing. In plain English, he outlines some of the steps we need to take to avoid the next cataclysm." * Liaquat Ahamed, author of Lords of Finance: The Bankers Who Broke the World *"We all know that too much debt is bad. But if you want to know how bad, you need to read this book. Packed with insightful analysis, it is a must-read for anyone who wants to understand how we got onto the road to financial ruin-and how to avoid the next disaster." * Megan McArdle, Bloomberg View *Table of ContentsPreface Chapter One. Boom and Crisis Chapter Two. The Deleveraging Challenge Chapter Three. The Paradox of Debt and the Long-term View Conclusion Acknowledgments Appendices can be found online at www.debt-economics.org/appendix/
£15.19
University of Pennsylvania Press Beyond the New Deal Order
Book SynopsisTrade Review"If we want to understand the driving forces and the scope of the wide-ranging shifts in our societies on both sides of the Atlantic and beyond, it is essential, then, to be more precise about neoliberalism as an analytical concept and as a tool to grasp historical change. This is one of the goals of Gary Gerstle, Nelson Lichtenstein, and Alice O’Connor’s recent look at the New Deal order and its transformation. Refining the earlier claim of a radical shift brought about by the presidency of Ronald Reagan, the authors instead point at an accumulation of changes which, ultimately, signaled the inception of a new ‘neoliberal order.'" * Reviews in American History *"[An] important synthesis of twentieth-century US history with [a] much-needed framework for the ‘Neoliberal Order’ which could be said to have defined the US political-economy from 1980 to 2016… [A]n extremely valuable book for anyone looking to understand the limits and unfulfilled promise of the New Deal state." * The New England Quarterly *"As both a historical and historiographical marker of persistence and transformation, this outstanding volume invites readers to consider anew the New Deal's legacies and successors. Offering inventive analytical reflections that illuminate recent decades of the American experience, the book's bracing essays prompt fresh thought about periodization, historical causation, the scope of possibility, and a good deal more." * Ira Katznelson, author of Fear Itself: The New Deal and the Origins of Our Time *"An ambitious and exciting collection. After twenty-five years of reflection, do historians believe there was a 'New Deal order'? If there was, and it ended, what replaced it? How have understandings of the postwar period changed to accommodate a fuller sense of what the New Deal accomplished and what its limits were? Each essay is compelling and the various questions they address are deeply important." * Kimberly Phillips-Fein, author of Fear City: New York's Fiscal Crisis and the Rise of Austerity Politics *"A timely book that will appeal to anyone interested in American politics from the New Deal to the present. Every chapter, without exception, is excellent." * Daniel Geary, author of Beyond Civil Rights: The Moynihan Report and Its Legacy *
£45.00
MP-WBK World Bank Group Publ Globalization and Growth Implications for a PostCrisis World
Book SynopsisOffers a comprehensive overview of the financial and economic crises of 2008-2009 and the economic and financial policy implications for growth in developing countries.
£31.46
Duke University Press AntiCrisis
Book SynopsisTaking the so-called subprime mortgage crisis as her case study, Janet Roitman analyzes "crisis" as a narrative device, explaining how the term enables some narratives and questions while foreclosing others.Trade Review“One of the great strengths of Roitman’s book is that by analysing how we come to view certain events as being indications of a ‘crisis’, she also sheds light on the way we construct our notion of ‘normalcy.’ . . . Anti-Crisis is clearly the product of a serious attempt to think outside the usual academic boxes, and as such it deserves much praise. It is to Roitman’s credit, and to the reader’s benefit, that she largely succeeds in her aim to illuminate the notion of crisis as an object of knowledge.” -- Luke McDonagh * LSE Review of Books *“Anti-Crisis is an engaging, timely, and provocative critical analysis of contemporary crisis narratives. It does work that few others have undertaken by plumbing the roots of crisis as a historico-philosophical concept and approaching its narration as a discursive tool for the defense of the status quo and the interests animating it. Roitman does a superb job of excavating and analyzing the technical practices that allowed for what were at one moment regarded as legitimate and lucrative practices of debt capitalization to be transfigured in the next moment into toxic obligations requiring public bailouts in order to rescue the world as we know it.” -- Alex Khasnabish * Anthropological Quarterly *“Roitman’s book fulfills multiple timely and important tasks. . . . Roitman therefore calls attention to the contingent practices which constitute normality as institutional legitimacy. . . . The merit of this perspective is that it restores politicality both in and beyond crisis conditions.” -- Sascha Engel * New Political Science *“Anti-Crisis draws our attention to a range of key issues in social theory: critique and crisis are cognates whereby crisis is necessary for the enunciation of critique and that crisis may be understood as a blind spot that regulates narratives about contemporary history—enabling and disenabling certain questions. Ultimately, Roitman’s elaboration of crisis is significant insofar as it is understood, not as a condition, but as an observation about history that generates meanings — meanings that are contested and the product of particular ideological vantage points.” -- Jude Fokwang * Anthropology of Southern Africa *“The book offers important insights for ethnography insofar as crisis is either a backdrop for many ethnographic projects. . . . Furthermore, our discipline’s increasing focus on problems rather than ethnoi will require anthropologists to reflect carefully on articulations of crisis. Conceptual work is delicate business, which Roitman handles with aplomb. Anti-Crisis offers an important caution for those engaged in ethnographic work: fieldworkers should be attentive to the overlaps and differences between the concepts used by participants in research and the concepts deployed in analysis.” -- Daromir Rudnyckyj * American Ethnologist *"An immensely rich, atypical and inspiring account of the calculus of crisis." -- Radman Selmic * Journal of Cultural Economy *"Well written and provocative, Anti-Crisis makes a great contribution to conceptual anthropology. By dislodging a key term in contemporary critical theories, it poses an exciting challenge to scholars within and beyond the discipline, at the same time reasserting anthropology’s broader intellectual relevance." -- Amalia Sa’ar * American Anthropologist *Table of ContentsAcknowledgments xi Introduction. What Is at Stake? 1 1. Crisis Demands 15 Judgment Day The Moral Demand The Test 2. Crisis Narratives 41 Bubbles Houses Finance Subjects 3. Crisis: Refrain! 71 Noncrisis Narrations The Crisis that does not Obtain Conclusion: Dreams 91 Notes 97 References 133 Index 153
£17.99
University of Pittsburgh Press Crisis Cultures
a huge range and FREE tracked UK delivery on ALL orders.
£48.92
Emerald Publishing Limited International Corporate Governance
Book SynopsisPresents research on corporate governance from a number of countries across the world, including the United States, Spain, Malaysia, Israel and others. This title examines many important corporate governance mechanisms, such as board characteristics, ownership structure, legal protection of shareholders, and annual general meetings.Table of ContentsList of Contributors. Corporate Governance of Dual-Class Firms. The Effect of CEO Pay on Firm Valuation in Closely Held Firms. Does Public Debt Discipline Managers and Controlling Owners?. The Use of Warrants in Mergers and Acquisitions. The Role of Annual General Meetings in a Civil-Law Country. Corporate Governance and Agency Costs. Does Corporate Governance Matter? Evidence from Related Party Transactions in Malaysia. The Influence of Corporate Venture Capital Investment on the Likelihood of Attracting a Prestigious Underwriter. International Corporate Governance. Advances in Financial Economics. Advances in Financial Economics. Copyright page.
£90.99
Edward Elgar Publishing Ltd The Impact of the Economic Crisis on East Asia
Book SynopsisThis insightful book explores the economic conditions and policy response of four major East Asian economies in the wake of the 2008 global economic crisis.Table of ContentsContents: Preface PART I: FINANCIAL SYSTEM AND FINANCIAL CRISIS 1. The Global Financial Crisis: Lessons for Taiwan Sheng-Cheng Hu 2. A Perspective on the US Dollar after the Current Financial Crisis: Lessons from the Fall of the Pound Sterling and the Gold Standard after World War I Lee-Rong Wang 3. De-Privatization? Case Studies of Government Banks’ Performance in Developing Countries During the Financial Crisis Chung-Hua Shen and Chih-Yung Lin PART II: IMPACTS, CONSEQUENCES AND POLICY RESPONSES 4. Why World Exports are so Susceptible to the Economic Crisis: The Prevailing ‘Export Overshooting’ Phenomenon, with Particular Reference to Taiwan Bih Jane Liu 5. The Impact of the Global Financial Crisis on the Taiwanese Economy and its Industrial Policy in Response Jiann-Chyuan Wang and Chia-Hui Lin 6. The American Crisis and Korean Financial Distress Un Chan Chung 7. Why Was Japan Hit So Hard by the Global Financial Crisis? Masahiro Kawai and Shinji Takagi 8. China’s Policy Responses to the Global Financial Crisis Yongding Yu PART III: POLICY CONSTRAINTS 9. Fiscal Discipline in the Recovery from a Global Financial Crisis Chih-Chin Ho, Yu-Shan Hsu and Ching-Shin Mao 10. A Challenge to Sustainable Development: The Dual Crisis of Energy and the Economy Daigee Shaw and Pi Chen Index
£95.00
Edward Elgar Publishing Ltd PostCrisis Growth and Integration in Europe
Book SynopsisAgainst the backdrop of the financial crisis that unfolded in 2008, this book deals with policy challenges going forward, focusing in particular on the ongoing catching-up process in Central, Eastern and South-Eastern European countries.Table of ContentsContents: Preface PART I: CATCHING-UP AND GROWTH PROSPECTS AFTER THE CRISIS 1. Challenges to European Economic Integration Vítor Constâncio 2. A Forward-looking View on Catching-up Strategies from an Austrian Angle Ewald Nowotny 3. Re-establishing Growth After the Crisis – Lessons from the Nordic Countries Seppo Honkapohja 4. Catching-up Prospects After the Crisis for the EU’s CESEE Region Kieran Mc Morrow and Werner Röger 5. Growth Prospects in the EU-10 Members States After the Crisis Dariusz K. Rosati 6. Neoclassicism in the Balkans Vladimir Gligorov 7. Unlocking Growth Potential in the Balkans Boštjan Jazbec and Albulenë Kastrati 8. The Catching-up Experience of the Western Balkans – the Cases of Serbia, FYR of Macedonia and Albania Michael Loufir PART II: POLICY CHALLENGES IN THE CESEE REGION AND BEYOND 9. Monetary Policy and Financial Stability: What’s Ahead for Central and Eastern Europe Stephen G. Cecchetti 10. Central Banking for the 21st Century: An American Perspective Paul A. Wachtel 11. Monetary Policy Challenges in the CESEE Region: Architecture for an Earthquake Zone Bas B. Bakker and Leslie Lipschitz 12. A Policy Recipe for Successful Convergence of CESEE Countries in the Post-crisis World Júlia Király, Attila Csajbók and Mihály András Kovács 13. Monetary Policy Challenges in the CESEE Region – the Case of Poland Marek Belka 14. Monetary Policy Challenges in the CESEE Region – the Case of Romania Christian Popa 15. Monetary Policy Challenges in the CESEE Region – the Case of Croatia Boris Vujčić 16. Challenges for Monetary and Exchange Rate Policy in CESEE Created by the Crisis: Back to Square One? Peter Mooslechner PART III: THE NEW ROLE OF FINANCIAL INTEGRATION, GROWTH FINANCING AND EXPORTS 17. Policy Perspectives on Financial Integration After the Crisis Ignazio Angeloni 18. The Need for an Enhanced Role of Local Supervisors and Shareholder Oversight Andrzej Stopczyński 19. Firms’ Patterns of Trade and Access to Finance Jože P. Damijan and Črt Kostevc 20. Financing for Growth in CESEE Joachim Nagel and Corinna Knobloch 21. Capital Inflows, Exports and Growth in the CESEE Region Jarko Fidrmuc and Reiner Martin 22. Structural Components of International Trade Growth 1995–2009 Joseph F. Francois and Julia Wörz 23. The Great Trade Collapse and its Impact on Firms in Europe László Halpern PART IV: CHALLENGES FOR BANKING IN THE CESEE REGION 24. After the Crisis: Financial Sector Reform in the EU María Teresa Fábregas Fernández 25. Banking Challenges in the CESEE Region from the Erste Group Perspective Andreas Treichl 26. Challenges for Banking in the CESEE Region – the Situation in Austria and CESEE in November 2010 Michael Hysek 27. The CESEE Experience of KBC Group Marko Voljć 28. Challenges for Banking in the CESEE Region – the Case of Swedbank Baltic Banking Håkan Berg Index
£116.00
Edward Elgar Publishing Ltd The Global Financial Crisis What Have We Learnt
Book SynopsisThe Global Financial Crisis is a unique investigation into the causes of the most savage economic downturn experienced since the Great Depression. With the advent of this challenging new work, these alternative perspectives should now receive a far closer examination given the unmistakable economic failures endured over the past few years.Table of ContentsContents: Introduction Steven Kates 1. Been There Done That: The Political Economy of Déjà Vu Peter J. Boettke, Daniel J. Smith and Nicholas A. Snow 2. Traditional Monetary Economics vs Keynesianism, Creditism and Base-ism Tim Congdon 3. Can a Progressive Capital Gains Tax Help Avoid the Next Crisis? Public Sector Governance in a Comprehensive Neo-Schumpeterian System Horst Hanusch and Florian Wackermann 4. The Great Recession and its Aftermath from a Monetary Equilibrium Theory Perspective Steven G. Horwitz and William J. Luther 5. Policy in the Absence of Theory: The Coming World of Political Economy without Keynes Steven Kates 6. Hindsight on the Origins of the Global Financial Crisis? Steve Keen 7. Four Theses on the Global Financial Crisis J.E. King 8. Monetary Policies During the Financial Crisis: An Appraisal Mervyn K. Lewis 9. After the Crash of 2008: Financial Reform in an Age of Plutocracy Robert E. Prasch 10. The New Institutional Economics and the Global Financial Crisis Martin Ricketts 11. Economics in the Mirror of the Financial Crisis Rodolfo Signorino 12. Human Resources: The Key to Institutional Economics after the Great Recession Charles J. Whalen 13. What Should a Financial System Do? Minskian Lessons from the Global Financial Crisis L. Randall Wray Index
£100.00
Edward Elgar Publishing Ltd Implications of the Global Financial Crisis for
Book SynopsisThis book develops concrete recommendations for financial sector reform and regulation in Asian economies aimed at preventing the recurrence of systemic financial crises.Trade ReviewFilled with fresh observations from the global financial crisis, this book provides a blueprint for making Asia's financial systems safe. With contributions from experts in several countries, it is both comprehensive and rigorous. It will be invaluable to policymakers and students of finance everywhere, but its unique Asian perspective provides special insight into the systems that managed to ride out the global crisis - but absent further reform might set the stage for another one. The book's analysis and recommendations deserve urgent policy attention. - Peter Petri, Brandeis University, US What are the lessons of the global financial crisis of 2007 - 2009 for Asia? This is a key issue for Asia today. On one hand, some observers argue that following the Asian financial crisis in 1997 - 98, most Asian developing countries built up strong mechanisms to guarantee financial stability. But the recent financial shocks across America and Europe show that even the best financial systems have key weaknesses. This book is a valuable guide for Asian financial policymakers of the road ahead. --- Peter McCawley, Australian National UniversityTable of ContentsContents: Preface 1. The Global Financial Crisis and its Implications for Financial Sector Reform and Regulation in Asia David G. Mayes and Peter J. Morgan PART I: FINANCIAL SURVEILLANCE AND REGULATION TO PREVENT CRISES 2. Strengthening Systemic Financial Regulation Masahiro Kawai and Michael Pomerleano 3. Enlisting Macroprudential and Market Regulatory Structures to Strengthen Prudential Supervision Larry D. Wall 4. Dynamic Provisioning: Some Lessons from Experience Santiago Fernández de Lis and Alicia García-Herrero 5. Securitized Products, Financial Regulation and Systemic Risk Mariko Fujii 6. Liberalization and Regulation of Capital Flows: Lessons for Emerging Market Economies Rakesh Mohan and Muneesh Kapur PART II: REGIONAL FINANCIAL MONITORING AND COORDINATION 7. The Financial Crisis: A Wake-up Call for Strengthening Regional Monitoring of Financial Markets and Regional Coordination of Financial Sector Policies? Adalbert Winkler 8. Regional Monitoring of Capital Flows and Coordination of Financial Regulation: Stakes and Options for Asia Michael G. Plummer PART III: FINANCIAL CRISIS MANAGEMENT AND RESOLUTION 9. The Role of State Intervention in the Financial Sector: Crisis Prevention, Containment and Resolution Yoon Je Cho 10. The Role of the State in Managing and Forestalling Systemic Financial Crises: Some Issues and Perspectives Charles Adams PART IV: PROMOTION OF ASIAN BOND MARKETS 11. Developing Asian Local Currency Bond Markets: Why and How? Mark M. Spiegel 12. Foreign Bond Markets and Financial Market Development: International Perspectives Jonathan A. Batten, Warren P. Hogan and Peter G. Szilagyi Index
£111.00
Edward Elgar Publishing Ltd Financial Instability and Economic Security after
Book SynopsisThis timely book rethinks economic theory and policy by addressing the problem of economic instability and the need to secure broadly shared prosperity.Trade ReviewIn the 1930s, economic theory and policy underwent dramatic change; such a shift occurs rarely and only in times of great calamity. We are in a similar period today, and this book enlightens economic policy and contributes to change that is ongoing in the mainstream of economic thinking. Economists and policymakers alike will benefit from this book. --Ronnie J. Phillips, Colorado State University, USFor those who take the work of Hyman Minsky seriously, this collection of essays provides a most welcome and refreshing examination of modern economic reality. It also demonstrates just how fruitful a conjoining of Post Keynesian and Institutionalist theory can be. Whalen has chosen his authors wisely, and, taken as a whole, their contributions provide an illuminating inquiry into what Minsky called ''money-manager capitalism''. The authors continue in the Minsky tradition, complementing his theoretical work and driving it forward. I highly recommend this book to not only economists who consider themselves Post Keynesian or Institutionalist, but to all who are looking for a way out of the theoretical impasse posed by conventional economics. --John Henry, University of Missouri-Kansas CityFinancial Instability and Economic Security after the Great Recession explores the close relationship between Institutional and Post Keynesian economics, thereby contributing greatly to our understanding of the recent - indeed, still ongoing - crisis in the U.S. economy and global financial markets. Together these two schools of thought provide coherent diagnoses and prescriptions that are wholly lacking in orthodox neoclassical theory. We are reminded that institutions matter, unregulated financial markets are not self-correcting, economies stall at equilibriums far below potential, and activist government is the only path to rebuilding a stable and balanced economy. This book will help greatly in the important task of rethinking economics and pointing us in the direction of reform and recovery. --Timothy A. Canova, Chapman University School of LawTable of ContentsContents: Preface Introduction: Instability, Prosperity and Economics After the Great Recession Charles J. Whalen PART I: FOUNDATIONS 1. Subverting Say’s Law: Harlan McCracken and the Commons-Keynes Connection Steven Kates 2. Towards a Synthesis of Institutional and Post Keynesian Economics W. Robert Brazelton and Charles J. Whalen 3. Futurity: Cornerstone of Post-Keynesian Institutionalism Glen Atkinson and Charles J. Whalen PART II: THE AMERICAN ECONOMY 4. Understanding and Preventing Financial Instability: Post-Keynesian Institutionalism and Government as Employer of Last Resort Fadhel Kaboub 5. Towards a More Rapid Recovery: Incorporating Subsidiarity into Macroeconomic Policy David A. Zalewski and Charles J. Whalen 6. Financial Stability, Regulatory Buffers and Economic Growth After the Great Recession: Some Regulatory Implications Éric Tymoigne PART III: THE GLOBAL ECONOMY 7. Regulating for Stability: Bank Capitalization and the Emergence of an International Lender of Last Resort Jan Toporowski 8. Evolution Without Fundamental Change: The Washington Consensus on Economic Development and its Significance for Post-Keynesian Institutionalism John Marangos and Charles J. Whalen 9. Money-manager Capitalism, Capital Flows and Development in Emerging Market Economies: A Post-Keynesian Institutionalist Analysis Yan Liang PART IV: CONCLUSION 10. The Future of Post-Keynesian Institutionalism Charles J. Whalen Index
£95.00
Edward Elgar Publishing Ltd The Financial Crisis and Developing Countries
Book SynopsisThe Financial Crisis and Developing Countries is an invaluable discussion and analysis of the regional and country specific impacts of the financial crisis in both emerging markets and developing countries.Table of ContentsContents: Preface 1. Introduction: Crisis? What Crisis? For Whom? Peter A.G. van Bergeijk, Arjan de Haan and Rolph van der Hoeven PART I: THE CRISIS AND CONCEPTS OF DEVELOPMENT 2. Re-orienting Development in Uncertain Times Jayati Ghosh 3. How Have Poor Women and Men Experienced the Global Economic Crisis: What Have We Learned? Duncan Green and Richard King 4. After the Gold Rush: Prospects for Africa, Economic Recovery and Long-term Growth Fantu Cheru 5. A Historical Ethnography of Recessions: Crises in Yogyakarta Ben White PART II: HETERODOX (POLITICAL) ECONOMIC INTERPRETATIONS 6. Chinese Savings Gluts or Northern Financialisation? The Ideological Expediency of Crisis Narratives Andrew Martin Fischer 7. Short- and Long-run Macroeconomic Effects of Keynesian Trade Policies in the Presence of Debt Servicing Syed Mansoob Murshed 8. FDI Volatility and Development Irene van Staveren 9. Financial Globalization, Current Crisis and Labour in Developing Countries Rolph van der Hoeven PART III: REGIONAL AND COUNTRY EXPERIENCES 10. Impact of the Global Crises (Financial, Economic and Food): The Case of Microfinance in Latin America Reynaldo Marconi and Harry Clemens 11. Crisis, Employment and Poverty in the Middle East and North Africa Mahmood Messkoub 12. Crisis and Exclusionary Growth in Europe’s ‘East’ Max Spoor 13. The Crisis in South Asia: From Jobless Growth to Jobless Slump? Karin Astrid Siegmann 14. Diamonds are for Never: The Economic Crisis and the Diamond Polishing Industry in India Astha Kapoor 15. Defending Vulnerable Workers in South Africa after the Crisis: What Role for COSATU? Freek B. Schiphorst 16. How China Managed the Impact of the Financial Crisis: Globalization and Public Policy Responses in an Emerging Economy Arjan de Haan and Sen Gong 17. Thailand From Crisis to Crisis: Do We Ever Learn? Karel Jansen PART IV: PREPARING FOR THE NEXT CRISIS? 18. The Global Economic Crisis and the Future of Globalization Rob Vos References Index
£38.90
Edward Elgar Publishing Ltd Regulatory Failure and the Global Financial
Book SynopsisThis fascinating book presents a lively discussion of key issues resulting from the recent financial crisis. The expert contributors explore why the global financial crisis occurred, how it destroyed wealth, triggered mass unemployment and created an unprecedented loss of control on employment, monetary policy and government budgets.Table of ContentsContents: Preface 1. Timeline of Crisis and Introduction Mohamed Ariff and John Farrar PART I: ORIGINS OF THE CRISIS AND IMPACT ON BANKING AND FINANCE 2. The Origin of the Global Financial Crisis: An Alternative View Mohamed Ariff 3. Exchange Rate Changes and Global Trade Imbalances: China as a Major Creditor Company Ronald I. MacKinnon 4. Bank Capital Adequacy: Where to Now? Kevin Davis PART II: CRISIS IMPACT ON ECONOMIC ACTIVITIES AND COSTS 5. Unemployment and the Global Financial Crisis: Who Suffered Most and Why? Melisa Bond and Noel Gaston 6. The Fiscal Policy Response to the Global Financial Crisis: A Critique Tony Makin 7. Cost Consequences to the Economy and Finance Ahmed Khalid PART III: GOVERNANCE AND REGULATORY ISSUES OF THE CRISIS 8. Improving the Governance of Financial Institutions John Farrar 9. The Work of IOSCO and the Financial Regulatory Framework Jane Diplock 10. Balancing National and International Interests Wayne Byres PART IV: LESSONS FROM THE CRISIS 11. Executive Remuneration in Australia Allan Fels 12. Regulatory Lessons from the Global Financial Crisis Jeffrey Carmichael 13. Should We Stop the IMF from Doing What it Should Not Do? A Radical Idea Ross P. Buckley 14. When History is Ignored, Business Black Swans and the Use and Abuse of a Notion Graeme Dean and Frank Clarke Index
£104.00
Edward Elgar Publishing Ltd Housing Markets and the Global Financial Crisis
Book SynopsisHousing markets are at the centre of the recent global financial turmoil. In this well-researched study, a multidisciplinary group of leading analysts explores the impact of the crisis within, and between, countries.Trade Review‘Housing Markets and the Global Financial Crisis: The Uneven Impact on Households brings together a diverse set of researchers from a solid mix of countries, culminating in an accessible, methodologically sound and engaging edited collection. Given this, and as a first-attempt at examining the GFC comparatively in terms of its impacts on households, this book is a much welcomed addition to the urban studies discourse broadly, and empirical work on the GFC specifically.’ -- Dylan Simone, Urban Studies‘Housing Markets and the Global Financial Crisis is worth reading for policymakers (in central banks, governments or municipalities) who are in charge of the introduction of regulatory or fiscal measures in the housing sector. I enjoyed reading this small and handy book and recommend that researchers and political decision makers involved in housing buy it, read it and finally recommend it to others as a means of achieving a more global insight.’ -- Karin Wagner, International Journal of Housing PolicyTable of ContentsContents: Preface 1. Households, Homeownership and Neoliberalism Ray Forrest 2. Effects of the Recent Credit Cycle on Homeownership Rates Across Households: What We Know and What We Expect Doug Duncan and Cesar Costantino 3. The Credit Crunch in the UK: Understanding the Impact on Housing Markets, Policies and Households Peter Williams 4. Housing in Iceland in the Aftermath of the Global Financial Crisis Jón Rúnar Sveinsson 5. Housing Wealth, Debt and Stress Before, During and After the Celtic Tiger Michelle Norris and Nessa Winston 6. Housing in the Netherlands Before and After the Global Financial Crisis Richard Ronald and Kees Dol 7. Housing Policy and the Economic Crisis – The Case of Hungary József Hegedüs 8. The Impacts of the Global Financial Crisis on Housing and Mortgage Markets in Australia: A View from the Vulnerable Mike Berry, Tony Dalton and Anitra Nelson 9. Rebuilding Housing Polices in Response to the Current Crisis. Is Homeownership the Solution? David Thorns 10. The Global Financial Crisis and its Impact on Households: The Case of Urban Vietnam Hoang Huu Phe 11. Housing Policy Issues in South Korea Since the Global Economic Crisis: Aspects of a Construction-Industry-Dependent Society Soo-hyun Kim 12. Towards a Post-Homeowner Society? Homeownership and Economic Insecurity in Japan Yosuke Hirayama 13. Business Nearly as Usual: The Global Financial Crisis and its Impacts on Households in Hong Kong Ngai-Ming Yip 14. The Impact of the Financial Crisis on China’s Housing Market Jianping Ye and Chao Sun 15. Concluding Discussion – Where to Now? Ray Forrest Appendix: Selected Key Indicators Index
£33.20
Edward Elgar Publishing Ltd The Global Financial Crisis What Have We Learnt
Book SynopsisThe Global Financial Crisis is a unique investigation into the causes of the most savage economic downturn experienced since the Great Depression. With the advent of this challenging new work, these alternative perspectives should now receive a far closer examination given the unmistakable economic failures endured over the past few years.Table of ContentsContents: Introduction Steven Kates 1. Been There Done That: The Political Economy of Déjà Vu Peter J. Boettke, Daniel J. Smith and Nicholas A. Snow 2. Traditional Monetary Economics vs Keynesianism, Creditism and Base-ism Tim Congdon 3. Can a Progressive Capital Gains Tax Help Avoid the Next Crisis? Public Sector Governance in a Comprehensive Neo-Schumpeterian System Horst Hanusch and Florian Wackermann 4. The Great Recession and its Aftermath from a Monetary Equilibrium Theory Perspective Steven G. Horwitz and William J. Luther 5. Policy in the Absence of Theory: The Coming World of Political Economy without Keynes Steven Kates 6. Hindsight on the Origins of the Global Financial Crisis? Steve Keen 7. Four Theses on the Global Financial Crisis J.E. King 8. Monetary Policies During the Financial Crisis: An Appraisal Mervyn K. Lewis 9. After the Crash of 2008: Financial Reform in an Age of Plutocracy Robert E. Prasch 10. The New Institutional Economics and the Global Financial Crisis Martin Ricketts 11. Economics in the Mirror of the Financial Crisis Rodolfo Signorino 12. Human Resources: The Key to Institutional Economics after the Great Recession Charles J. Whalen 13. What Should a Financial System Do? Minskian Lessons from the Global Financial Crisis L. Randall Wray Index
£37.95
Edward Elgar Publishing Ltd Unemployment Recession and Effective Demand The
Book SynopsisIn the midst of the current world economic crisis, many claim there is a necessity to return to the Marxian and Keynesian traditions in order to better understand the dynamics of market economies.Trade Review‘Unemployment, Recession and Effective Demand is a fine example of how critical analysis and debate about fundamental issues should be carried on. Claudio Sardoni does not pull his punches, but he criticises with courtesy in a learned and fair-minded way. His writings are a role model of proper procedure allied with cumulative persuasion through weight of evidence, sound scholarship and argument.’ -- From the foreword by G.C. Harcourt’There is a great deal to comment in this book. The structure of the argument is concise and easy to follow. Sardoni leads the reader logically from one point to the next in such a way that there is little doubt where we have been, where are we going, or why. The line between ''principles of'' and ''recent controversies in'' can be exceedingly fine when treating complex theoretical issues in brief, but it is a line that Sardoni walks with aplomb. This approach makes the book perfectly accessible to all readers with advanced economic training; in fact, there is much to be gained even by specialists in the field from Sardoni's argument. Given the structure of the book, it is ideally suited for young researchers of the graduate or post-graduate level, and even for neoclassical economists shaken by the most recent failure of mainstream models. It appears that this notion is in the back of Sardoni's mind when he composed chapter 8, which culminates in an appeal to greater plurality in economics. It may be, though, that this optimism is misplaced. Casual inspection of the recent literature published in''reputable'' journals unfortunately shows mainstream economists to be doing exactly what Sardoni advises them against through the ''uncritical reproduction of essentially the same model, enriched by some minor variations''.’ -- James Andrew Felkerson, Review of Keynesian Economics’This volume is a welcome update of an earlier book, Marx and Keynes on Economic Recession, published in 1987.’ -- Jo Michell, Eronomk IssuesTable of ContentsContents: Foreword by G.C. Harcourt Preface 1. Introduction 2. The Marxian Notion of a Monetary Economy and the Critique of Say's Law 3. General Overproduction Crises 4. Keynes’s Critique of Say’s Law 5. Keynesian Underemployment Equilibria 6. A Critique of Keynes’s Microfoundations 7. Kaleckian Macroeconomics: An Outline 8. The Problem of Market Forms in Modern Macroeconomics 9. Concluding Remarks A. A Formalization of Marx’s Schemes of Reproduction B. Effects of Wage Changes in Keynes’s Model C. Price Determination and Income Distribution in Kalecki Bibliography Index
£33.20
The Peterson Institute for International Economics Russia After the Global Economic Crisis
Book Synopsis
£17.55
The Peterson Institute for International Economics Financial Globalization Economic Growth and the
Book Synopsis
£21.56
The Peterson Institute for International Economics Bankings Final Exam Stress Testing and
Book Synopsis
£18.00
Edward Elgar Publishing Ltd A Modern Guide to Financial Shocks and Crises
Book SynopsisTable of ContentsContents: Preface ix PART I FINANCIAL INSTABILITY AFTER THE GLOBAL FINANCIAL CRISIS: TAXONOMY AND MODELS 1. The Global Financial Crisis 2 Vincenzo D’Apice and Giovanni Ferri 2. Minsky’s financial instability hypothesis 22 Maria Nikolaidi 3. Financial accelerator framework 45 Tommaso Oliviero and Giovanni W. Puopolo PART II MAIN CHANNELS OF TRANSMISSION OF THE FINANCIAL SHOCK 4. The role of the household balance sheets 66 Christophe André 5. The European network of cross-border lending 93 Ornella Ricci and Francesco Saverio Stentella Lopes 6. International banks and the transmission of financial shocks 111 Eugenio Cerutti and Haonan Zhou 7. The role of bank ownership types and business models 135 Giorgio Caselli 8. The role of market valuation in financial crises 159 Paola Bongini and Emanuele Rossi PART III THE ROLE OF PUBLIC POLICIES 9. Reflections on the shifting consensus about monetary and fiscal policies following the GFC and the COVID-19 crises 180 Alex Cukierman 10. Fiscal policy lessons since the Global Financial Crisis 199 Jérémie Cohen-Setton 11. The government as lender of last resort and temporary owner 212 Aneta Hryckiewicz 12. The sovereign-bank nexus 241 Giovanni Ferri and Valerio Pesic 13. Financial reforms 262 Alexandre Garel and Arthur Petit-Romec PART IV LEARNING FROM PAST FINANCIAL CRISES TO PREVENT FUTURE ONES 14. Looking back: a historical perspective on European crises 289 Elias Bengtsson 15. Looking ahead: early warning systems 314 E. Philip Davis and Dilruba Karim Index 349
£38.90
Bloomberg Press The Crisis of Crowding
Book SynopsisA rare analytical look at the financial crisis using simple analysis The economic crisis that began in 2008 revealed the numerous problems in our financial system, from the way mortgage loans were produced to the way Wall Street banks leveraged themselves. Curiously enough, however, most of the reasons for the banking collapse are very similar to the reasons that Long-Term Capital Management (LTCM), the largest hedge fund to date, collapsed in 1998. The Crisis of Crowding looks at LTCM in greater detail, with new information, for a more accurate perspective, examining how the subsequent hedge funds started by Meriwether and former partners were destroyed again by the lapse of judgement in allowing Lehman Brothers to fail. Covering the lessons that were ignored during LTCM''s collapse but eventually connected to the financial crisis of 2008, the book presents a series of lessons for hedge funds and financial markets, including touching upon the circle of greed f
£24.79
John Wiley & Sons Inc Endgame
Book SynopsisWhat is the End Game? It?s the end of the Debt SuperCycle, defined as decades long growth of debt from small and easily-dealt-with levels, to a point where the debt has gotten so out of control it needs to be restructured or reduced. Depending on where you live, the investment implications can be very different.Table of ContentsAcknowledgments xiii Introduction: Endgame 1 Part One: The End of the Debt Supercycle 11 Chapter 1: The Beginning of the End 15 Chapter 2: Why Greece Matters 31 Chapter 3: Let’s Look at the Rules 45 Chapter 4: The Burden of Lower Growth and More Frequent Recessions 73 Chapter 5: This Time Is Different 91 Chapter 6: The Future of Public Debt: An Unsustainable Path 109 Chapter 7: The Elements of Deflation 133 Chapter 8: Inflation and Hyperinflation 157 Part Two: A World Tour: Who Will Face Endgame First? 175 Chapter 9: The United States: The Mess We Find Ourselves In 181 Chapter 10: The European Periphery: A Modern-Day Gold Standard 215 Chapter 11: Eastern European Problems 233 Chapter 12: Japan: A Bug in Search of a Windshield 247 Chapter 13: The United Kingdom: How to Quietly Inflate Away Your Debt 261 Chapter 14: Australia: Could It Follow in Ireland's Footsteps? 273 Chapter 15: Unintended Consequences: Loose Monetary Policies and Emerging Markets 283 Conclusion: Investing and Profiting from Endgame 293 Epilogue: Some Final Thoughts 297 Notes 301 About the Authors 309 Index 311
£11.69
John Wiley and Sons Ltd Money and Finance After the Crisis
Book SynopsisMoney and Finance After the Crisis provides a critical multi-disciplinary perspective on the post-crisis financial world in all its complexity, dynamism and unpredictability. Contributions illuminate the diversity of ways in which money and finance continue to shape global political economy and society. A multidisciplinary collection of essays that study the geographies of money and finance that have unfolded in the wake of the financial crisis Contributions discuss a wide range of contemporary social formations, including the complexities of modern debt-driven financial markets Chapters critically explore proliferating forms and spaces of financial power, from the realms of orthodox finance capital to biodiversity conservation Contributions demonstrate the centrality of money and finance to contemporary capitalism and its political and cultural economies Table of ContentsSeries Editors’ Preface vii Notes on Contributors ix 1 Money and Finance After the Crisis: Taking Critical Stock 1Brett Christophers, Andrew Leyshon and Geoff Mann Part I Financial Imaginaries 41 2 From Time–Space Compression to Spatial Spreads: Situating Nationality in Global Financial Liquidity 43Dick Bryan, Michael Rafferty and Duncan Wigan 3 Financial Flows: Spatial Imaginaries of Speculative Circulations 69Paul Langley 4 Making Financial Instability Visible in Space as Well as Time: Towards a More Keynesian Geography 91Gary A. Dymski Part II Financial Practices 117 5 Banks in the Frontline: Assembling Space/Time in Financial Warfare 119Marieke de Goede 6 Undoing Apartheid? From Land Reform to Credit Reform in South Africa 145Deborah James Part III Financialization 169 7 Infrastructure’s Contradictions: How Private Finance is Reshaping Cities 171Phillip O’Neill 8 The Financialization of Nature Conservation? 191Jessica Dempsey 9 Financialization of Singaporean Banks and the Production of Variegated Financial Capitalism 217Karen P.Y. Lai and Joseph A. Daniels Index 245
£18.99
John Wiley & Sons Inc RealTime Risk
Book SynopsisRisk management solutions for today''s high-speed investing environment Real-Time Risk is the first book to show regular, institutional, and quantitative investors how to navigate intraday threats and stay on-course. The FinTech revolution has brought massive changes to the way investing is done. Trading happens in microsecond time frames, and while risks are emerging faster and in greater volume than ever before, traditional risk management approaches are too slow to be relevant. This book describes market microstructure and modern risks, and presents a new way of thinking about risk management in today''s high-speed world. Accessible, straightforward explanations shed light on little-understood topics, and expert guidance helps investors protect themselves from new threats. The discussion dissects FinTech innovation to highlight the ongoing disruption, and to establish a toolkit of approaches for analyzing flash crashes, aggressive high frequency trading, and other sTable of ContentsAcknowledgments xi Chapter 1 Silicon Valley is Coming! 1 Everyone is into Fintech 3 The Millennials are Coming 7 Social Media 9 Mobile 10 Cheaper and Faster Technology 13 Cloud Computing 14 Blockchain 15 Fast Analytics 15 In the End, It’s All About Real-Time Data Analytics 18 End of Chapter Questions 19 Chapter 2 This Ain’t Your Grandma’s Data 21 Data 21 The Risk of Data 23 Technology 27 Blockchain 30 What Elements are Common to All Blockchains? 31 Conclusions 39 End of Chapter Questions 39 Chapter 3 Dark Pools, Exchanges, and Market Structure 41 The New Market Hours 51 Where Do My Orders Go? 52 Executing Large Orders 54 Transaction Costs and Transparency 56 Conclusions 57 End of Chapter Questions 57 Chapter 4 Who is Front-Running You? 59 Spoofing, Flaky Liquidity, and HFT 64 Order-Based Negotiations 78 Conclusions 80 End of Chapter Questions 81 Chapter 5 High-Frequency Trading in Your Backyard 83 Implications of Aggressive HFT 89 Aggressive High-Frequency Trading in Equities 96 Aggressive HFT in US Treasuries 98 Aggressive HFT in Commodities 99 Aggressive HFT in Foreign Exchange 101 Conclusions 102 End of Chapter Questions 102 Chapter 6 Flash Crashes 103 What Happens During Flash Crashes? 104 Detecting Flash-Crash Prone Market Conditions 116 Are HFTs Responsible for Flash Crashes? 124 Conclusions 126 End of Chapter Questions 127 Chapter 7 The Analysis of News 129 The Delivery of News 130 Preannouncement Risk 139 Data, Methodology, and Hypotheses 143 Conclusions 154 End of Chapter Questions 154 Chapter 8 Social Media and the Internet of Things 155 Social Media and News 160 The Internet of Things 165 Conclusions 169 End of Chapter Questions 170 Chapter 9 Market Volatility in the Age of Fintech 171 Too Much Data, Too Little Time—Welcome, Predictive Analytics 174 Want to Lessen Volatility of Financial Markets? Express Your Thoughts Online! 175 Market Microstructure is the New Factor in Portfolio Optimization 176 Yes, You Can Predict T + 1 Volatility 178 Market Microstructure as a Factor? You Bet. 179 Case Study: Improving Execution in Currencies 183 For Longer-Term Investors, Incorporate Microstructure into the Rebalancing Decision 184 Conclusions 185 End of Chapter Questions 185 Chapter 10 Why Venture Capitalists are Betting on Fintech to Manage Risks 187 Opportunities for Disruption are Present, and They May Not Be What They Seem 189 Data and Analytics in Fintech 191 Fintech as an Asset Class 192 Where Do You Find Fintech? 194 Fintech Success Factors 194 The Investment Case for Fintech 196 How Do Fintech Firms Make Money? 198 Fintech and Regulation 198 Conclusions 200 End of Chapter Questions 200 Authors’ Biographies 201 Index 203
£24.79
Johns Hopkins University Press Days of Slaughter
Book SynopsisA cautionary tale of failed policies and corporate mismanagement that compellingly addresses previously unexplored issues of political ideology, organizational dynamics, and ethics, Days of Slaughter will appeal to readers everywhere who want a fuller explanation of what went awry in the US housing market.Trade ReviewThis detailed, thoughtful examination of the GSEs before, during, and after the crisis is a welcome contribution to the historical record of a turbulent time. Publishers WeeklyTable of ContentsContents Key Acronyms Acknowledgements Prologue - Acknowledging the Obvious 5I. Reckoning Day 8II. Homeownership: Dream or Nightmare? 35III. Securitization Breakdown 62 IV. Charter Confusion 90 V. Affordable Housing 112VI. Subprime Semantics 138VII. Political Capture 156VIII. Who's Ultimately Responsible? 181IX. Scandal (s) 198X. Battle for Credit Leadership 222XI. One Tough Bill 247XII. Stand Up and Say 272XIII. The Unraveling 288XIV. Sad Goodbyes 305XV: Housing's Future 309XVI: Wherefore Ethics? 319
£18.45
University of Toronto Press Europeanizing Greece
Book SynopsisEuropeanizing Greece serves as a perceptive case study of the EU's continual enlargement and resulting regional challenges.Table of ContentsContents Acknowledgements Abbreviations 1. Europeanization in the Case of Greece 2. Europeanization as it is Manifested in Legislative Reform 3. Europeanization as Political Adaptation to the Structural Programs (1989-1999) 4. Political Adaptation and Centre Periphery Politics 5. A few tentative Conclusions Postscript References
£26.99
Bristol University Press Managing Risk during the COVID19 Pandemic
Book SynopsisThis book provides an accessible guide to the key elements of risk in policy making and shows how its use and misuse has shaped policy makers' responses to the COVID-19 pandemic in a range of countries.Table of ContentsForeword: Jens Zinn Preface 1. Introduction: Risk as a Key Feature of Late Modern Societies Part 1: Responding to the Challenges of the Pandemic 2. Managing Uncertainty: Framing COVID-19 3. The Risks of COVID-19: Probability, Categorisation and Outcomes 4. Communicating Risk: Public Health Messaging Part 2: Mitigating Risk Through Science and Technology 5. ‘Following the Science’: Expertise and Risk 6. Risk Work To Maintain Services During the Pandemic Part 3: Risk Narratives 7. Pandemic Narratives: Telling Stories About COVID-19 and Its Risks 8. Contesting Risk: Conspiracy Theories 9. Hindsight: Inquiries and the Blame Game Part 4: Reflections on the Pandemic and Risk 10. Conclusion: Risk and the Pandemic
£77.39
MP-WBK World Bank Group Publ Global Waves of Debt Causes and Consequences
Book Synopsis
£41.36
