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E-grāmata: Great Deal of Ruin: Financial Crises since 1929

(San Diego State University)
  • Formāts: EPUB+DRM
  • Izdošanas datums: 22-Aug-2019
  • Izdevniecība: Cambridge University Press
  • Valoda: eng
  • ISBN-13: 9781108759441
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  • Formāts: EPUB+DRM
  • Izdošanas datums: 22-Aug-2019
  • Izdevniecība: Cambridge University Press
  • Valoda: eng
  • ISBN-13: 9781108759441

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A Great Deal of Ruin provides an accessible introduction to the enduring problem of financial crises. Illustrated with historical analysis, case studies, and clear economic concepts, this book explains in three parts what financial crises are, how they are caused and what we can learn from them. It begins with a taxonomy of crises and a list of factors that increase the risk for countries experiencing a financial crisis. It then examines five of the most important crises in modern economic history, beginning with the Great Depression and ending with the subprime crisis in the United States and its evolution into a debt crisis in the Eurozone. The book concludes with a set of lessons that can be learnt from the crises of the past. It will appeal to university students as well as general readers who are curious to learn more about the recent subprime crisis and other financial crises.

Recenzijas

'This book provides an excellent overview of the subject of financial crises: their definitions, causes and losses. It surveys the salient serious financial crises of the post World War II era. It will be of great value to students of financial history.' Michael Bordo, Board of Governors Professor of Economics, Rutgers University 'James Gerber offers a richly documented, yet easily readable, summary of what has been learned from the world's main financial crises over the last ninety years. He shows that the facts do take sides, debunking several popular theories.' Peter Lindert, University of California, Davis 'James Gerber offers a coherent and incisive overview of the major financial crises of the twentieth and twenty-first centuries. He describes the factors that precipitated each crisis, presents a chronological account, and reviews the subsequent changes in financial regulations and institutional mechanisms. His book is an admirable synthesis of the causes of financial instability and policies to mitigate it.' Joseph P. Joyce, M. Margaret Ball Professor of International Relations, Wellesley College, Massachsetts 'It is a terrific book.' Erik Jones, Survival

Papildus informācija

Illustrated with historical analysis, case studies, and accessible economic concepts, this book explains what financial crises are, how they are caused and what we can learn from them.
List of Tables
x
Preface xi
1 Introduction
1(14)
1.1 More Frequent, More Expensive, Harder to Avoid
1(4)
1.2 Economics, Finance, and History
5(4)
1.3 Plan of the Book
9(6)
PART I FINANCIAL CRISES
15(52)
1 Categories and Risk Factors
17(26)
1.1 An Introduction to Financial Crises
17(3)
1.2 Categories of Financial Crises
20(2)
1.3 Seven Risk Factors
22(18)
1.3.1 Asset Bubbles
24(4)
1.3.2 Credit Booms
28(2)
1.3.3 Weak Supervision and Regulation
30(1)
1.3.4 Capital Market Liberalization
31(2)
1.3.5 Overvalued Currencies
33(2)
1.3.6 Large Trade Deficits
35(2)
1.3.7 Excessive Debt Levels
37(3)
1.4 What Do We Really Know?
40(3)
2 Growth, Globalization, and Financial Crises
43(24)
2.1 Modem Economic Growth
43(3)
2.2 Modem Globalization's First Wave: 1914-1950
46(5)
2.2.1 Open Capital Markets
47(1)
2.2.2 The Gold Standard
48(1)
2.2.3 Financial Crises
49(2)
2.3 Interwar Instability, 1914-1950
51(4)
2.3.1 Deflation
52(1)
2.3.2 Gold and the Great Depression
53(2)
2.4 Bretton Woods and the Golden Age, 1950-1973
55(6)
2.4.1 The Bretton Woods Exchange Rate System
57(1)
2.4.2 The End of Bretton Woods
58(3)
2.5 The Second Globalization Wave, 1973 to the Present
61(3)
2.5.1 Factors Behind the Increase in Financial Crises
62(2)
2.6 Conclusion
64(3)
PART II FIVE CASE STUDIES
67(116)
3 The Great Depression, 1929-1939
69(23)
3.1 Why Study the Great Depression?
69(3)
3.2 Factors Leading Up to the Depression
72(4)
3.3 What Caused the Great Depression?
76(3)
3.4 The Keynesian Idea
79(2)
3.5 The Monetarist Response
81(2)
3.6 Two Complications to the Monetarist Story
83(4)
3.7 Economic Recovery and Relapse
87(3)
3.8 Conclusions
90(2)
4 The Latin American Debt Crisis, 1982-1989
92(26)
4.1 Conditions Leading Up to the Crisis
92(2)
4.2 The IMF's First Global Crisis
94(3)
4.3 The Credit Boom
97(2)
4.4 Varieties of Crises
99(4)
4.5 The Search for Solutions
103(5)
4.6 The Return of Capital Flows
108(1)
4.7 Lessons
109(5)
4.8 From Latin America to East Asia
114(4)
5 The Asian Crisis, 1997-1999
118(25)
5.1 Stable Economies and Rapid Growth
118(2)
5.2 Explanations for Rapid Growth
120(4)
5.3 The Onset of the Crisis in Thailand
124(4)
5.4 Contagion and Common Fundamentals
128(4)
5.5 Crisis Resolution
132(3)
5.6 The Fallout
135(8)
6 The Subprime Crisis in the United States
143(22)
6.1 Vulnerabilities
143(9)
6.2 Chronology
152(6)
6.2.1 Too Big to Fail
154(2)
6.2.2 Maintaining Credit Availability
156(2)
6.3 Financial Reforms
158(7)
6.3.1 Crisis Prevention
159(2)
6.3.2 Crisis Mitigation
161(2)
6.3.3 Prognosis
163(2)
7 The Financial Crisis in Europe
165(18)
7.1 The Single Currency Project
165(4)
7.2 An Uneven Crisis
169(2)
7.3 Bank Debt Becomes National Debt
171(2)
7.4 The Doom Loop
173(3)
7.5 Emergency Actions
176(3)
7.6 Recessions Prolonged
179(4)
PART III LESSONS
183(113)
8 Markets Do Not Self-Regulate
185(12)
8.1 Overconfidence in the Market
185(4)
8.2 Market Reality
189(4)
8.3 Empirically Speaking
193(4)
9 Shadow Banks Are Banks
197(15)
9.1 No Bailout?
197(2)
9.2 Shadow Banks
199(2)
9.3 Securitization
201(1)
9.4 Regulators and Incentives
202(2)
9.5 Shadow Bank Depositors
204(2)
9.6 Bank Panics with Shadow Banks
206(2)
9.7 The Rise of Finance
208(4)
10 Banks Need More Capital, Less Debt
212(12)
10.1 Other People's Money
212(2)
10.2 Leverage
214(3)
10.3 Limits to Risk Models
217(2)
10.4 Resistance to Increasing Capital
219(2)
10.5 Capital and Risk Reduction
221(3)
11 Monetary Policy Does Not Always Work
224(13)
11.1 Overconfidence
224(1)
11.2 The Rise of Monetary Policy
225(3)
11.3 New Classical Economics
228(2)
11.4 The Great Moderation
230(2)
11.5 Zero Lower Bound
232(5)
12 Fiscal Multipliers Are Larger Than Expected
237(15)
12.1 Acts of Nature
237(2)
12.2 The Keynesian Consensus
239(2)
12.3 The Multiplier
241(2)
12.4 Expectations
243(2)
12.5 Keynesians and Anti-Keynesians
245(3)
12.6 Testing Ideas with a Crisis
248(4)
13 Monetary Integration Requires Fiscal Integration
252(14)
13.1 The Grand Experiment
252(1)
13.2 The United States Is a Monetary and Fiscal Union
253(3)
13.3 The Euro and Optimal Currency Areas
256(1)
13.4 Promoting the Euro
257(4)
13.5 Missing Institutions
261(5)
14 Open Capital Markets Can Be Dangerous
266(13)
14.1 Assume There Are Benefits
266(1)
14.2 Capital Market Liberalization Defined
267(3)
14.3 From Open Capital Markets to a Financial Crisis
270(4)
14.4 Open Capital Markets and Economic Growth
274(3)
14.5 Should Countries Close Their Capital Markets?
277(2)
15 Not All Debt Is Created Equal
279(17)
15.1 Fear of a US Debt Crisis
279(3)
15.2 Households, Businesses, and Governments
282(2)
15.3 Sovereign Debt Crises
284(4)
15.4 A Second Look at the United States
288(4)
15.5 Getting Out of Debt
292(4)
Conclusion 296(8)
Abbreviations and Acronyms 304(2)
Bibliography 306(21)
Index 327
James Gerber is a Professor of Economics, Emeritus at San Diego State University. He is the author of International Economics (2018), a best-selling textbook now in its 7th edition, and numerous works on US-Mexico economic relations, including Fifty Years of Change on the US-Mexico Border: Growth, Development, and Quality of Life (with Joan Anderson, 2008) which won the Association of Borderlands Studies Book Award.