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Crash Course on Crises: Macroeconomic Concepts for Run-Ups, Collapses, and Recoveries [Hardback]

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  • Formāts: Hardback, 136 pages, height x width: 235x156 mm, 32 b/w illus.
  • Izdošanas datums: 06-Jun-2023
  • Izdevniecība: Princeton University Press
  • ISBN-10: 0691221103
  • ISBN-13: 9780691221106
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  • Cena: 41,71 €
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Crash Course on Crises: Macroeconomic Concepts for Run-Ups, Collapses, and RecoveriesPalielināt
  • Formāts: Hardback, 136 pages, height x width: 235x156 mm, 32 b/w illus.
  • Izdošanas datums: 06-Jun-2023
  • Izdevniecība: Princeton University Press
  • ISBN-10: 0691221103
  • ISBN-13: 9780691221106
Citas grāmatas par šo tēmu:
Permanent link: https://www.kriso.lv/db/9780691221106.html
Keywords:

An incisive overview of the macroeconomics of financial crises—essential reading for students and policy experts alike

With alarming frequency, modern economies go through macro-financial crashes that arise from the financial sector and spread to the broader economy, inflicting deep and prolonged recessions. A Crash Course on Crises brings together the latest cutting-edge economic research to identify the seeds of these crashes, reveal their triggers and consequences, and explain what policymakers can do about them.

Each of the book’s ten self-contained chapters introduces readers to a key economic force and provides case studies that illustrate how that force was dominant. Markus Brunnermeier and Ricardo Reis show how the run-up phase of a crisis often occurs in ways that are preventable but that may go unnoticed and discuss how debt contracts, banks, and a search for safety can act as triggers and amplifiers that drive the economy to crash. Brunnermeier and Reis then explain how monetary, fiscal, and exchange-rate policies can respond to crises and prevent them from becoming persistent.

With case studies ranging from Chile in the 1970s to the COVID-19 pandemic, A Crash Course on Crises synthesizes a vast literature into ten simple, accessible ideas and illuminates these concepts using novel diagrams and a clear analytical framework.

Recenzijas

"A Financial Times Best Book of the Year: Economics" "'Economies sometimes go through macro-financial crises.' Indeed, they do, as we have so painfully learned in recent decades. In this excellent and blessedly brief book, two distinguished scholars bring students and busy professionals up to date on the best thinking about how these crises originate and unfold and how policymakers need to respond. A valuable guide for those who need to understand what contemporary economics has to say on this vital topic."---Martin Wolf, Financial Times "A must-read."---Ashoka Mody, Project Syndicate "A Crash Course on Crises packs a serious punch, covering a substantial amount of theoretical ground illustrated by real-world examples drawn from four continents and almost 100 years."---Anjalika Badalai, Society of Professional Economists "Designed as both a complement to existing macroeconomic textbooks and a present-day primer for policymakers, [ A Crash Course on Crises] is brief, direct and accessible. It will likely adorn the reading lists of financial economics courses for years to come."---Rémi Meehan, International Affairs "An excellent book on macro financial crises that provides a succinct and highly accessible review of some important ideas that have emerged from research."---Anjan Thakor, Business Economics

1 Introduction
1(10)
1.1 Crashes
1(2)
1.2 Organization of the Book
3(5)
1.3 Uses of the Book
8(1)
1.4 Acknowledgments
9(2)
PART I GROWING FRAGILITIES: THE RUN-UP TO CRISES
11(30)
2 Bubbles and Beliefs
13(8)
2.1 A Model of Bubbles with a Keynesian Beauty Contest
13(4)
2.2 The Japanese Bubble of the Mid-1980s
17(1)
2.3 The Internet Bubble of 1998-2000
18(3)
3 Capital Inflows and Their (Mis)allocation
21(11)
3.1 A Model of Misallocation
22(4)
3.2 The Seeds of the Euro Crisis: Portugal's Twenty-First Century Slump
26(2)
3.3 Chile's 1970s Liberalization and 1982 Crash
28(4)
4 Banks and Their Cousins
32(9)
4.1 Modern and Shadow Banks
33(2)
4.2 U.S. Subprime Mortgages and Securitization
35(2)
4.3 The Spanish Credit Boom of the 2000s
37(4)
PART II CRASHES: TRIGGERS AND AMPLIFIERS
41(40)
5 Systemic Risk, Amplification, and Contagion
43(10)
5.1 Strategic Complementarities, Amplification, Multiplicity
43(4)
5.2 Systemic Risk in the Irish Banking Sector in the 2000s
47(2)
5.3 The Emerging Markets' Storm of 1997--98
49(4)
6 Solvency and Liquidity
53(12)
6.1 Debt and the Challenging Illiquidity-Insolvency Distinction
54(5)
6.2 The Run on the German Banking System in 1931
59(1)
6.3 The Greek Sovereign Debt Crisis of 2010--12 and the IMF
60(5)
7 The Nexus between the Private and Public Sectors
65(8)
7.1 The Diabolic/Doom Loop
66(1)
7.2 European Banks and Their Sovereigns in 2007--10
67(1)
7.3 Argentina's 2001--02 Crisis
68(5)
8 The Flight to Safety
73(8)
8.1 Safe Assets
73(2)
8.2 Borrowing Costs in the Euro Area: The 2010--12 Crisis
75(3)
8.3 The Pandemic Flight to Safety of 2020
78(3)
PART III POLICIES AND RECOVERIES
81(32)
9 Exchange Rate Policies and the Speed of Recoveries
83(10)
9.1 A Model of Exchange Rates and Recovery
84(4)
9.2 The Mexican Tequila Crisis of 1994--95
88(2)
9.3 The Lasting Stagnation from the 2008 Global Financial Crisis
90(3)
10 The New Conventional Monetary Policy
93(9)
10.1 Reserve Satiation and Quantitative Easing
94(3)
10.2 The Bank of Japan's Innovations since 1998
97(2)
10.3 The Euro Area Yield Curve during Crisis
99(3)
11 Fiscal Policy and the Real Interest Rates
102(11)
11.1 Savings and Investment, Revisited
103(3)
11.2 The Rise of Savings during the 2020 Pandemic
106(3)
11.3 The End of the U.S. Great Depression
109(4)
PART IV PARTING WORDS
113(4)
12 Conclusion
115(2)
Bibliography 117(4)
Index 121
Markus K. Brunnermeier is the Edwards S. Sanford Professor of Economics at Princeton University. His books include The Resilient Society and The Euro and the Battle of Ideas (Princeton). Ricardo Reis is the A. W. Phillips Professor of Economics at the London School of Economics. He is a winner of the 2021 Yrjö Jahnsson Award and advises many central banks.