Description
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
