Details

Lessons from the Financial Crisis


Lessons from the Financial Crisis

Causes, Consequences, and Our Economic Future
Robert W. Kolb Series, Band 12 1. Aufl.

von: Rob Quail

60,99 €

Verlag: Wiley
Format: EPUB
Veröffentl.: 09.09.2010
ISBN/EAN: 9780470622414
Sprache: englisch
Anzahl Seiten: 704

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Beschreibungen

<p>The world's best financial minds help us understand today's financial crisis</p> <p>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.</p> <p><i>Lessons from the Financial Crisis</i> 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.</p> <ul> <li>Each section is comprised of chapters written by experienced contributors, each with his or her own point of view, research, and conclusions</li> <li>Examines the market collapse in detail and explores safeguards to stop future crises</li> <li>Encompasses the most up-to-date analysis from today's leading financial minds</li> </ul> <p>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 <i>and</i> learn from our mistakes.</p>
<p>Acknowledgments xv</p> <p>Editor’s Note xvii</p> <p>Introduction xix</p> <p><b>PART I Overview of the Crisis 1</b></p> <p>1 Leverage and Liberal Democracy 3<br /><i>George Bragues</i></p> <p>2 A Property Economics Explanation of the Global Financial Crisis 9<br /><i>Gunnar Heinsohn and Frank Decker</i></p> <p>3 Of Subprimes and Sundry Symptoms: The Political Economy of the Financial Crisis 17<br /><i>Ashok Bardhan</i></p> <p>4 The Political Economy of the Financial Crisis of 2008 23<br /><i>Roger D. Congleton</i></p> <p>5 The Global Financial Crisis of 2008: WhatWent Wrong? 31<br /><i>Hershey H. Friedman and Linda Weiser Friedman</i></p> <p>6 The Roots of the Crisis and How to Bring It to a Close 37<br /><i>James K. Galbraith</i></p> <p>7 Enron Rerun: The Credit Crisis in Three Easy Pieces 43<br /><i>Jonathan C. Lipson</i></p> <p>8 The Global Crisis and Its Origins 51<br /><i>Peter L. Swan</i></p> <p>9 Four Paradoxes of the 2008–2009 Economic and Financial Crisis 59<br /><i>John E. Marthinsen</i></p> <p>10 Understanding the Subprime Financial Crisis 69<br /><i>Steven L. Schwarcz</i></p> <p><b>PART II Causes and Consequences of the Financial Crisis 77</b></p> <p>11 The Origins of the Financial Crisis 79<br /><i>Martin N. Baily, Robert E. Litan, and Matthew S. Johnson</i></p> <p>12 Ten Myths about SubprimeMortgages 87<br /><i>Yuliya Demyanyk</i></p> <p>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 95<br /><i>James R. Barth, Tong Li, Lu Wenling, and Glenn H. Yago</i></p> <p>14 A Decade of Living Dangerously: The Causes and Consequences of theMortgage, Financial, and Economic Crises 103<br /><i>Jon A. Garfinkel and Jarjisu Sa-Aadu</i></p> <p>15 Making Sense of the Subprime Crisis 109<br /><i>Kristopher S. Gerardi, Andreas Lehnert, Shane M. Sherlund, and Paul Willen</i></p> <p>16 Miraculous Financial Engineering or Legacy Assets? 119<br /><i>Ivo Pezzuto</i></p> <p>17 TheMaking and Ending of the Financial Crisis of 2007–2009 125<br /><i>Austin Murphy</i></p> <p>18 The SubprimeMortgage Problem: Causes and Likely Cure 133<br /><i>Ronald D. Utt</i></p> <p>19 Sequence of Asset Bubbles and the Global Financial Crisis 139<br /><i>Abol Jalilvand and A. G. (Tassos) Malliaris</i></p> <p><b>PART III Borrowers 147</b></p> <p>20 The Past, Present, and Future of Subprime Mortgages 149<br /><i>Shane M. Sherlund</i></p> <p>21 FHA Loans and Policy Responses to Credit Availability 155<br /><i>Dr. Marsha Courchane, Rajeev Darolia, and Dr. Peter Zorn</i></p> <p>22 The Single-Family Mortgage Industry in the Internet Era: Technology Developments and Market Structure 163<br /><i>Forrest Pafenberg</i></p> <p>23 Speed Kills? Mortgage Credit Boom and the Crisis 175<br /><i>Giovanni Dell’Ariccia, Deniz Igan, and Luc Laeven</i></p> <p>24 SubprimeMortgages:What We Have Learned From a New Class of Homeowners 181<br /><i>Todd J. Zywicki and Satya Thallam</i></p> <p>25 Rating Agencies: Facilitators of Predatory Lending in the SubprimeMarket 191<br /><i>David J. Reiss</i></p> <p><b>PART IV The Process of Securitization 197</b></p> <p>26 A Primer on the Role of Securitization in the Credit Market Crisis of 2007 199<br /><i>John D. Martin</i></p> <p>27 Incentives in the Originate-to-DistributeModel of Mortgage Production 209<br /><i>Robert W. Kolb</i></p> <p>28 Did Securitization Lead to Lax Screening? Evidence from Subprime Loans 217<br /><i>Benjamin J. Keys, Tanmoy Mukherjee, Amit Seru, and Vikrant Vig</i></p> <p>29 Tumbling Tower of Babel: Subprime Securitization and the Credit Crisis 225<br /><i>Bruce I. Jacobs</i></p> <p>30 The Incentives of Mortgage Servicers and Designing Loan Modifications to Address the Mortgage Crisis 231<br /><i>Larry Cordell, Karen Dynan, Andreas Lehnert, Nellie Liang, and Eileen Mauskopf</i></p> <p>31 The Contribution of Structured Finance to the Financial Crisis: An Introductory Overview 239<br /><i>Adrian A.R.J.M. van Rixtel and Sarai Criado</i></p> <p>32 Problematic Practices of Credit Rating Agencies: The Neglected Risks ofMortgage-Backed Securities 247<br /><i>Phil Hosp</i></p> <p>33 Did Asset Complexity Trigger Ratings Bias? 259<br /><i>Vasiliki Skreta and Laura Veldkamp</i></p> <p>34 The Pitfalls of Originate-to-Distribute in Bank Lending 267<br /><i>Antje Berndt and Anurag Gupta</i></p> <p><b>PART V RiskManagement and Mismanagement 275</b></p> <p>35 Behavioral Basis of the Financial Crisis 277<br /><i>J. V. Rizzi</i></p> <p>36 Risk Management Failures During the Financial Crisis 283<br /><i>Dr. Michel Crouhy</i></p> <p>37 The Outsourcing of Financial Regulation to Risk Models 293<br /><i>Erik F. Gerding</i></p> <p>38 The Future of Risk Modeling 301<br /><i>Elizabeth Sheedy</i></p> <p>39 What Happened to Risk Management During the 2008–2009 Financial Crisis? 307<br /><i>Michael McAleer, Juan-Angel Jim´enez-Martin, and Teodosio P´erez-Amaral</i></p> <p>40 Risk Management Lessons from the Global Financial Crisis for Derivative Exchanges 317<br /><i>Jayanth Varma</i></p> <p><b>PART VI The Problem of Regulation 325</b></p> <p>41 Regulation and Financial Stability in the Age of Turbulence 327<br /><i>David S. Bieri</i></p> <p>42 The Financial Crisis of 2007–2009: Missing Financial Regulation or Absentee Regulators? 337<br /><i>George G. Kaufman and A. G. Malliaris</i></p> <p>43 The Demise of the United Kingdom’s Northern Rock and Large U.S. Financial Institutions: Public Policy Lessons 345<br /><i>Robert A. Eisenbeis and George G. Kaufman</i></p> <p>44 Why Securities Regulation Failed to Prevent the CDO Meltdown 355<br /><i>Richard E. Mendales</i></p> <p>45 Curbing Optimism in Managerial Estimates Through Transparent Accounting: The Case of Securitizations 361<br /><i>Stephen Bryan, Steven Lilien, and Bharat Sarath</i></p> <p>46 Basel II Put on Trial: What Role in the Financial Crisis? 369<br /><i>Francesco Cannata and Mario Quagliariello</i></p> <p>47 Credit Rating Organizations, Their Role in the Current Calamity, and Future Prospects for Reform 377<br /><i>Thomas J. Fitzpatrick IV and Chris Sagers</i></p> <p>48 Global Regulation for GlobalMarkets? 383<br /><i>Michael W. Taylor and Douglas W. Arner</i></p> <p>49 Financial Regulation, Behavioral Finance, and the Global Financial Crisis: In Search of a New RegulatoryModel 391<br /><i>Emilios Avgouleas</i></p> <p><b>PART VII Institutional Failures 401</b></p> <p>50 Why Financial Conglomerates Are at the Center of the Financial Crisis 403<br /><i>Arthur E. Wilmarth</i></p> <p>51 Corporate Governance and the Financial Crisis: A Case Study from the S&P 500 411<br /><i>Brian R. Cheffins</i></p> <p>52 Secondary-Management Conflicts 419<br /><i>Steven L. Schwarcz</i></p> <p>53 The Financial Crisis and the Systemic Failure of Academic Economics 427<br /><i>David Colander, Michael Goldberg, Armin Haas, Alan Kirman, Katarina Juselius, Brigitte Sloth, and Thomas Lux</i></p> <p>54 FannieMae and FreddieMac: Privatizing Profit and Socializing Loss 437<br /><i>David Reiss</i></p> <p>55 Disclosure’s Failure in the SubprimeMortgage Crisis 443<br /><i>Steven L. Schwarcz</i></p> <p><b>PART VIII The Federal Reserve, Monetary Policy, and the Financial Crisis 451</b></p> <p>56 Federal Reserve Policy and the Housing Bubble 453<br /><i>Lawrence H. White</i></p> <p>57 The Greenspan and Bernanke Federal Reserve Roles in the Financial Crisis 461<br /><i>John Ryan</i></p> <p>58 The Risk Management Approach to Monetary Policy: Lessons from the Financial Crisis of 2007–2009 467<br /><i>Marc D. Hayford and A. G. Malliaris</i></p> <p>59 Reawakening the Inflationary Monster: U.S. Monetary Policy and the Federal Reserve 475<br /><i>Kevin Dowd and Martin Hutchinson</i></p> <p>60 The Transformation of the Federal Reserve System Balance Sheet and Its Implications 483<br /><i>Peter Stella</i></p> <p><b>PART IX Implications of the Crisis for Our Economic Systems 493</b></p> <p>61 Systemic Risk and Markets 495<br /><i>Steven L. Schwarcz</i></p> <p>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 501<br /><i>Nathaniel Frank, Brenda Gonz´alez-Hermosillo, and Heiko Hesse</i></p> <p>63 Credit Contagion From Counterparty Risk 509<br /><i>Philippe Jorion and Gaiyan Zhang</i></p> <p><b>PART X International Dimensions of the Financial Crisis 517</b></p> <p>64 Only in America? When Housing Boom Turns to Bust 519<br /><i>Luci Ellis</i></p> <p>65 The Equity Risk Premium Amid a Global Financial Crisis 525<br /><i>John R. Graham and Campbell R. Harvey</i></p> <p>66 Australia’s Experience in the Global Financial Crisis 537<br /><i>Christine Brown and Kevin Davis</i></p> <p>67 Collapse of a Financial System: An Icelandic Saga 545<br /><i>Tryggvi Thor Herbertsson</i></p> <p>68 Iceland’s Banking Sector and the Political Economy of Crisis 551<br /><i>James A. H. S. Hine and Ian Ashman</i></p> <p>69 The Subprime Crisis: Implications for Emerging Markets 559<br /><i>William B. Gwinner and Anthony B. Sanders</i></p> <p><b>PART XI Financial Solutions and Our Economic Future 569</b></p> <p>70 The Long-Term Cost of the Financial Crisis 571<br /><i>Murillo Campello, John R. Graham, and Campbell R. Harvey</i></p> <p>71 Coping with the Financial Crisis: Illiquidity and the Role of Government Intervention 579<br /><i>Bastian Breitenfellner and Niklas Wagner</i></p> <p>72 Fiscal Policy for the Crisis 587<br /><i>Antonio Spilimbergo, Steven Symansky, Olivier Blanchard, and Carlo Cottarelli</i></p> <p>73 The Future of Securitization 595<br /><i>Steven L. Schwarcz</i></p> <p>74 Modification ofMortgages in Bankruptcy 601<br /><i>dam J. Levitin</i></p> <p>75 The Shadow Bankruptcy System 609<br /><i>Jonathan C. Lipson</i></p> <p>76 Reregulating FannieMae and FreddieMac 617<br /><i>Dwight M. Jaffee</i></p> <p>77 Would Greater Regulation of Hedge Funds Reduce Systemic Risk? 625<br /><i>Michael R. King and Philipp Maier</i></p> <p>78 Regulating Credit Default Swaps 633<br /><i>Houman B. Shadab</i></p> <p>Index 641</p>
<p><b>ROBERT W. KOLB</b> 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.
<p><b>KOLB SERIES IN FINANCE</b></br> Essential Perspectives <p>With so much information saturating the market, it has been difficult for both financial professionals and those in the academic community to gain a firm understanding of why the recent economic crisis occurred and what needs to be done to fix it. There is a real need, and demand, from both finance professionals and scholars to obtain answers as to what really happened and why. <p>That's why Robert Kolb—one of today's most respected academics and Editor of the Robert W. Kolb Series in Finance—has created <i>Lessons from the Financial Crisis.</i> Consisting of contributed chapters from leading minds in the worlds of finance, government, and academia, <i>Lessons from the Financial Crisis</i> dissects this devastating crisis and offers a valuable look at what we must do to avoid future missteps. <p>Page by page, this timely guide puts the events that have transpired in perspective and skillfully details why it began and how it developed as well as its effect on people, implication for our economy, and the broader ramifications for our society. With each contributor bringing his or her own unique insights into this dilemma, you'll gain a firm understanding of the issues that lie at the heart of the recent financial crisis. <p>Topics touched upon along the way include: <ul> <li>Particular institutional problems that were revealed in the crisis</li> <li>The role of borrowers, especially subprime borrowers, in fomenting the crisis</li> <li>The failures of modern risk analysis and management, and how these essential disciplines can be improved</li> <li>The securitization process and how a new way of originating mortgages affected the mortgage market and the broader financial crisis</li> <li>Regulatory, systemic, and other solutions that can be implemented to avert future problems</li> <li>And much more</li> </ul> <p>We currently face a serious economic situation, but in understanding it, we can overcome the challenges it presents. This well-rounded resource offers the best chance to get through these tough times <i>and</i> learn from our mistakes.

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