Lessons from the Financial Crisis (eBook, ePUB)

Causes, Consequences, and Our Economic Future
Redaktion: Quail, Rob

• Format: ePub

Produktbeschreibung

The world's best financial minds help us understand today's financial crisis With so much information saturating the market for the everyday investor, trying to understand why the economic crisis happened and what needs to be done to fix it can be daunting. There is a real need, and demand, from both investors and the financial community to obtain answers as to what really happened and why. Lessons from the Financial Crisis brings together the leading minds in the worlds of finance and academia to dissect the crisis. Divided into three comprehensive sections-The Subprime Crisis; The Global Financial Crisis; and Law, Regulation, the Financial Crisis, and The Future-this book puts the events that have transpired in perspective, and offers valuable insights into what we must do to avoid future missteps. * Each section is comprised of chapters written by experienced contributors, each with his or her own point of view, research, and conclusions * Examines the market collapse in detail and explores safeguards to stop future crises * Encompasses the most up-to-date analysis from today's leading financial minds We currently face a serious economic crisis, but in understanding it, we can overcome the challenges it presents. This well-rounded resource offers the best chance to get through the current situation and learn from our mistakes.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 704
• Erscheinungstermin: 13. September 2010
• Englisch
• ISBN-13: 9780470622414
• Artikelnr.: 37298018

Autorenporträt

ROBERT W. KOLB is the Frank W. Considine Chair of Applied Ethics and Professor of Finance at Loyola University, Chicago. Before this, he was the assistant dean, Business and Society, and director, Center for Business and Society, at the University of Colorado at Boulder and department chairman at the University of Miami. Kolb has authored over twenty books on finance, derivatives, and futures, as well as numerous articles in leading finance journals.

Inhaltsangabe

Acknowledgments. Editor's Note. Introduction. PART I Overview of the
Crisis. 1 Leverage and Liberal Democracy (George Bragues). 2 A Property
Economics Explanation of the Global Financial Crisis (Gunnar Heinsohn and
Frank Decker). 3 Of Subprimes and Sundry Symptoms: The Political Economy of
the Financial Crisis (Ashok Bardhan). 4 The Political Economy of the
Financial Crisis of 2008 (Roger D. Congleton). 5 The Global Financial
Crisis of 2008: What Went Wrong? (Hershey H. Friedman and Linda Weiser
Friedman). 6 The Roots of the Crisis and How to Bring It to a Close (James
K. Galbraith). 7 Enron Rerun: The Credit Crisis in Three "Easy" Pieces
(Jonathan C. Lipson). 8 The Global Crisis and Its Origins (Peter L. Swan).
9 Four Paradoxes of the 2008-2009 Economic and Financial Crisis (John E.
Marthinsen). 10 Understanding the Subprime Financial Crisis (Steven L.
Schwarcz). PART II Causes and Consequences of the Financial Crisis. 11 The
Origins of the Financial Crisis (Martin N. Baily, Robert E. Litan, and
Matthew S. Johnson). 12 Ten Myths about Subprime Mortgages (Yuliya
Demyanyk). 13 The Financial Crisis: How Did We Get Here and Where Do We Go
Next? New Evidence on How the Crisis Spread Among Financial Institutions
(James R. Barth, Tong Li, Wenling Lu, and Glenn Yago). 14 A Decade of
Living Dangerously: The Causes and Consequences of the Mortgage, Financial
and Economic Crises (Jon Garfinkel and Jarjisu Sa-Aadu). 15 Making Sense of
the Subprime Crisis (Kristopher Gerardi, Andreas Lehnert, Shane M. Sherlund
and Paul Willen). 16 Miraculous Financial Engineering or "Legacy" Assets?
(Ivo Pezzuto). 17 The Making and Ending of the Financial Crisis of
2008-2009 (Austin Murphy). 18 The Subprime Mortgage Problem: Causes and
Likely Cure (Ronald D. Utt). 19 Sequence of Asset Bubbles and the Global
Financial Crisis (Abol Jalilvand and A.G. (Tassos) Malliaris). PART III
Borrowers. 20 The Past, Present, and Future of Subprime Mortgages (Shane M.
Sherlund). 21 FHA Loans and Policy Responses to Credit Availability (Dr.
Marsha Courchane, Rajeev Darolia, and Dr. Peter Zorn). 22 The Single-Family
Mortgage Industry in the Internet Era: Technology Developments and Market
Structure (Forrest Pafenberg). 23 Speed Kills? Mortgage Credit Boom and the
Crisis (Giovanni Dell'Ariccia, Deniz Igan, and Luc Laeven). 24 Subprime
Mortgages: What Have We Learned from a New Class of Homeowners (Todd
Zywicki and Satya Thallam). 25 Rating Agencies: Facilitators of Predatory
Lending in the Subprime Marke (David J. Reiss). PART IV The Process of
Securitization. 26 A Primer on the Role of Securitization in the Credit
Market Crisis of 2007 (John D. Martin). 27 Incentives in the
Originate-to-Distribute Model of Mortgage Production (Robert W. Kolb). 28
Did Securitization Lead to Lax Screening? Evidence from Subprime Loans
(Benjamin J. Keys, Tanmoy Mukherjee, Amit Seru, and Vikrant Vig). 29
Tumbling Tower of Babel: Subprime Securitization and the Credit Crisis
(Bruce I. Jacobs). 30 The Incentives of Mortgage Servicers and Designing
Loan Modifications to Address the Mortgage Crisis (Larry Cordell, Karen
Dynan, Andreas Lehnert, Nellie Liang, and Eileen Mauskopf). 31 The
Contribution of Structured Finance to the Financial Crisis (Adrian A.R.J.M.
van Rixtel and Sarai Criado). 32 Problematic Practices Of Credit Rating
Agencies: The Neglected Risks Of Mortgage-Backed Securities (Phil Hosp). 33
Did Asset Complexity Trigger Ratings Bias? (Vasiliki Skreta and Laura
Veldkamp). 34 The Pitfalls of Originate-to-Distribute in Bank Lending
(Antje Berndt and Anurag Gupta). PART V Risk Management and Mismanagement.
35 Behavioral Basis of the Financial Crisis (J.V. Rizzi). 36 Risk
Management Failures During the Financial Crisis (Dr. Michel Crouhy). 37 The
Outsourcing of Financial Regulation to Risk Models (Erik F. Gerding). 38
The Future of Risk Modeling (Elizabeth Sheedy). 39 What Happened to Risk
Management During the 2008-09 Financial Crisis? (Michael McAleer, Juan
Angel Jiménez-Martin, Teodosio Pérez-Amaral). 40 Risk Management Lessons
from the Global Financial Crisis for Derivative Exchanges (Jayanth Varma).
PART VI The Problem of Regulation. 41 Regulation and Financial Stability in
the Age of Turbulence (David S. Bieri). 42 The Financial Crisis of 2007-09:
Missing Financial Regulation or Absentee Regulators? (George Kaufman and
A.G. Malliaris). 43 The Demise of the United Kingdom's Northern Rock and
Large U.S. Financial Institutions: Public Policy Lessons (Robert A.
Eisenbeis and George G. Kaufman). 44 Why Securities Regulation Failed to
Prevent the CDO Meltdown (Richard E. Mendales). 45 Curbing Optimism in
Managerial Estimates through Transparent Accounting: The Case of
Securitizations (Stephen Bryan, Steven Lilien, and Bharat Sarath). 46 Basel
II Put on Trial: What Role in the Financial Crisis ? (Francesco Cannata and
Mario Quagliariello). 47 Credit Rating Organizations, Their Role in the
Current Calamity, and Future Prospects for Reform (Thomas J. Fitzpatrick,
IV and Chris Sagers). 48 Global Regulation for Global Markets? (Michael W.
Taylor and Douglas W. Arner). 49 Financial Regulation, Behavioral Finance,
and the Global Financial Crisis: In Search of a New Regulatory Model
(Emilios Avgouleas). PART VII Institutional Failures. 50 Why Financial
Conglomerates Are at the Center of the Financial Crisis (Arthur E.
Wilmarth). 51 Corporate Governance and the Financial Crisis: A Case Study
from the S&P 500 (Brian R. Cheffins). 52 Secondary-Management Conflicts
(Steven L. Schwarcz). 53 The Financial Crisis and the Systemic Failure of
Academic Economics (David Colander, Michael Goldberg, Armin Haas, Alan
Kirman, Katarina Juselius, Brigitte Sloth and Thomas Lux). 54 Fannie Mae
and Freddie Mac: Privatilizing Profit and Socializing Loss (David Reiss).
55 Disclosure's Failure in the Subprime Mortgage Crisis (Steven L.
Schwarcz). PART VIII The Federal Reserve, Monetary Policy, and the
Financial Crisis. 56 Federal Reserve Policy and the Housing Bubble
(Lawrence H. White). 57 The Greenspan and Bernanke Federal Reserve Role in
the Financial Crisis (John Ryan). 58 The Risk Management Approach to
Monetary Policy: Lessons from the Financial Crisis of 2007-2009 (Marc D.
Hayford and A.G. Malliaris). 59 Reawakening the Inflationary Monster: U.S.
Monetary Policy and the Federal Reserve (Kevin Dowd and Martin Hutchinson).
60 The Transformation of the Federal Reserve System Balance Sheet and its
Implications (Peter Stella). PART IX Implications of the Crisis for Our
Economic Systems. 61 Systemic Risk and Markets (Steven L. Schwarcz). 62 The
Transmission of Liquidity Shocks During the Crisis: Ongoing Research into
the Transmission of Liquidity Shock Suggests the Emergence of a Range of
New Channels During the Credit Crisis (Nathaniel Frank, Brenda
González-Hermosillo, and Heiko Hesse). 63 Credit Contagion from
Counterparty Risk (Phillipe Jorion and Gaiyan Zhang). PART X International
Dimensions of the Financial Crisis. 64 Only in America? When Housing Boom
Turns to Bust (Luci Ellis). 65 The Equity Risk Premium amid a Global
Financial Crisis (John R. Graham and Campbell R. Harvey). 66 Australia's
Experience in the Global Financial Crisis (Christine Brown and Kevin
Davis). 67 Collapse of a Financial System: An Icelandic Saga (Tryggvi Thor
Herbertsson). 68 Iceland's Banking Sector and the Political Economy of
Crisis (James A.H.S. Hine and Ian Ashman). 69 The Subprime Crisis:
Implications for Emerging Markets (William B. Gwinner and Anthony B.
Sanders). PART XI Financial Solutions and Our Economic Future. 70 The
Long-Term Cost of the Financial Crisis (Murillo Campello, John R. Graham,
and Campbell R. Harvey). 71 Coping with the Financial Crisis: Illiquidity
and the Role of Government Intervention (Bastian Breitenfellner and Niklas
Wagner). 72 Fiscal Policy for the Crisis (Antonio Spilimbergo, Steve
Symansky, Olivier Blanchard, and Carlo Cottarelli). 73 The Future of
Securitization (Steven L. Schwarcz). 74 Modification of Mortgages in
Bankruptcy (Adam J. Levitin). 75 The Shadow Bankruptcy System (Jonathan C.
Lipson). 76 Reregulating Fannie Mae and Freddie Mac (Dwight M. Jaffee). 77
Would Greater Regulation of Hedge Funds Reduce Systemic Risk? (Michael R.
King and Philipp Maier). 78 Regulating Credit Default Swaps (Houman B.
Shadab). Index.