Lessons from the financial crisis : causes, consequences, and our economic future

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書誌事項

Lessons from the financial crisis : causes, consequences, and our economic future

Robert W. Kolb

（The Robert W. Kolb series in finance）

J. Wiley, c2010

  • : cloth

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注記

Includes bibliographical references and index

内容説明・目次

内容説明

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.

目次

Acknowledgments xv Editor's Note xvii Introduction xix PART I Overview of the Crisis 1 1 Leverage and Liberal Democracy 3 George Bragues 2 A Property Economics Explanation of the Global Financial Crisis 9 Gunnar Heinsohn and Frank Decker 3 Of Subprimes and Sundry Symptoms: The Political Economy of the Financial Crisis 17 Ashok Bardhan 4 The Political Economy of the Financial Crisis of 2008 23 Roger D. Congleton 5 The Global Financial Crisis of 2008: WhatWent Wrong? 31 Hershey H. Friedman and Linda Weiser Friedman 6 The Roots of the Crisis and How to Bring It to a Close 37 James K. Galbraith 7 Enron Rerun: The Credit Crisis in Three Easy Pieces 43 Jonathan C. Lipson 8 The Global Crisis and Its Origins 51 Peter L. Swan 9 Four Paradoxes of the 2008-2009 Economic and Financial Crisis 59 John E. Marthinsen 10 Understanding the Subprime Financial Crisis 69 Steven L. Schwarcz PART II Causes and Consequences of the Financial Crisis 77 11 The Origins of the Financial Crisis 79 Martin N. Baily, Robert E. Litan, and Matthew S. Johnson 12 Ten Myths about SubprimeMortgages 87 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 95 James R. Barth, Tong Li, Lu Wenling, and Glenn H. Yago 14 A Decade of Living Dangerously: The Causes and Consequences of theMortgage, Financial, and Economic Crises 103 Jon A. Garfinkel and Jarjisu Sa-Aadu 15 Making Sense of the Subprime Crisis 109 Kristopher S. Gerardi, Andreas Lehnert, Shane M. Sherlund, and Paul Willen 16 Miraculous Financial Engineering or Legacy Assets? 119 Ivo Pezzuto 17 TheMaking and Ending of the Financial Crisis of 2007-2009 125 Austin Murphy 18 The SubprimeMortgage Problem: Causes and Likely Cure 133 Ronald D. Utt 19 Sequence of Asset Bubbles and the Global Financial Crisis 139 Abol Jalilvand and A. G. (Tassos) Malliaris PART III Borrowers 147 20 The Past, Present, and Future of Subprime Mortgages 149 Shane M. Sherlund 21 FHA Loans and Policy Responses to Credit Availability 155 Dr. Marsha Courchane, Rajeev Darolia, and Dr. Peter Zorn 22 The Single-Family Mortgage Industry in the Internet Era: Technology Developments and Market Structure 163 Forrest Pafenberg 23 Speed Kills? Mortgage Credit Boom and the Crisis 175 Giovanni Dell'Ariccia, Deniz Igan, and Luc Laeven 24 SubprimeMortgages:What We Have Learned From a New Class of Homeowners 181 Todd J. Zywicki and Satya Thallam 25 Rating Agencies: Facilitators of Predatory Lending in the SubprimeMarket 191 David J. Reiss PART IV The Process of Securitization 197 26 A Primer on the Role of Securitization in the Credit Market Crisis of 2007 199 John D. Martin 27 Incentives in the Originate-to-DistributeModel of Mortgage Production 209 Robert W. Kolb 28 Did Securitization Lead to Lax Screening? Evidence from Subprime Loans 217 Benjamin J. Keys, Tanmoy Mukherjee, Amit Seru, and Vikrant Vig 29 Tumbling Tower of Babel: Subprime Securitization and the Credit Crisis 225 Bruce I. Jacobs 30 The Incentives of Mortgage Servicers and Designing Loan Modifications to Address the Mortgage Crisis 231 Larry Cordell, Karen Dynan, Andreas Lehnert, Nellie Liang, and Eileen Mauskopf 31 The Contribution of Structured Finance to the Financial Crisis: An Introductory Overview 239 Adrian A.R.J.M. van Rixtel and Sarai Criado 32 Problematic Practices of Credit Rating Agencies: The Neglected Risks ofMortgage-Backed Securities 247 Phil Hosp 33 Did Asset Complexity Trigger Ratings Bias? 259 Vasiliki Skreta and Laura Veldkamp 34 The Pitfalls of Originate-to-Distribute in Bank Lending 267 Antje Berndt and Anurag Gupta PART V RiskManagement and Mismanagement 275 35 Behavioral Basis of the Financial Crisis 277 J. V. Rizzi 36 Risk Management Failures During the Financial Crisis 283 Dr. Michel Crouhy 37 The Outsourcing of Financial Regulation to Risk Models 293 Erik F. Gerding 38 The Future of Risk Modeling 301 Elizabeth Sheedy 39 What Happened to Risk Management During the 2008-2009 Financial Crisis? 307 Michael McAleer, Juan-Angel Jimenez-Martin, and Teodosio Perez-Amaral 40 Risk Management Lessons from the Global Financial Crisis for Derivative Exchanges 317 Jayanth Varma PART VI The Problem of Regulation 325 41 Regulation and Financial Stability in the Age of Turbulence 327 David S. Bieri 42 The Financial Crisis of 2007-2009: Missing Financial Regulation or Absentee Regulators? 337 George G. Kaufman and A. G. Malliaris 43 The Demise of the United Kingdom's Northern Rock and Large U.S. Financial Institutions: Public Policy Lessons 345 Robert A. Eisenbeis and George G. Kaufman 44 Why Securities Regulation Failed to Prevent the CDO Meltdown 355 Richard E. Mendales 45 Curbing Optimism in Managerial Estimates Through Transparent Accounting: The Case of Securitizations 361 Stephen Bryan, Steven Lilien, and Bharat Sarath 46 Basel II Put on Trial: What Role in the Financial Crisis? 369 Francesco Cannata and Mario Quagliariello 47 Credit Rating Organizations, Their Role in the Current Calamity, and Future Prospects for Reform 377 Thomas J. Fitzpatrick IV and Chris Sagers 48 Global Regulation for GlobalMarkets? 383 Michael W. Taylor and Douglas W. Arner 49 Financial Regulation, Behavioral Finance, and the Global Financial Crisis: In Search of a New RegulatoryModel 391 Emilios Avgouleas PART VII Institutional Failures 401 50 Why Financial Conglomerates Are at the Center of the Financial Crisis 403 Arthur E. Wilmarth 51 Corporate Governance and the Financial Crisis: A Case Study from the S&P 500 411 Brian R. Cheffins 52 Secondary-Management Conflicts 419 Steven L. Schwarcz 53 The Financial Crisis and the Systemic Failure of Academic Economics 427 David Colander, Michael Goldberg, Armin Haas, Alan Kirman, Katarina Juselius, Brigitte Sloth, and Thomas Lux 54 FannieMae and FreddieMac: Privatizing Profit and Socializing Loss 437 David Reiss 55 Disclosure's Failure in the SubprimeMortgage Crisis 443 Steven L. Schwarcz PART VIII The Federal Reserve, Monetary Policy, and the Financial Crisis 451 56 Federal Reserve Policy and the Housing Bubble 453 Lawrence H. White 57 The Greenspan and Bernanke Federal Reserve Roles in the Financial Crisis 461 John Ryan 58 The Risk Management Approach to Monetary Policy: Lessons from the Financial Crisis of 2007-2009 467 Marc D. Hayford and A. G. Malliaris 59 Reawakening the Inflationary Monster: U.S. Monetary Policy and the Federal Reserve 475 Kevin Dowd and Martin Hutchinson 60 The Transformation of the Federal Reserve System Balance Sheet and Its Implications 483 Peter Stella PART IX Implications of the Crisis for Our Economic Systems 493 61 Systemic Risk and Markets 495 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 501 Nathaniel Frank, Brenda Gonzalez-Hermosillo, and Heiko Hesse 63 Credit Contagion From Counterparty Risk 509 Philippe Jorion and Gaiyan Zhang PART X International Dimensions of the Financial Crisis 517 64 Only in America? When Housing Boom Turns to Bust 519 Luci Ellis 65 The Equity Risk Premium Amid a Global Financial Crisis 525 John R. Graham and Campbell R. Harvey 66 Australia's Experience in the Global Financial Crisis 537 Christine Brown and Kevin Davis 67 Collapse of a Financial System: An Icelandic Saga 545 Tryggvi Thor Herbertsson 68 Iceland's Banking Sector and the Political Economy of Crisis 551 James A. H. S. Hine and Ian Ashman 69 The Subprime Crisis: Implications for Emerging Markets 559 William B. Gwinner and Anthony B. Sanders PART XI Financial Solutions and Our Economic Future 569 70 The Long-Term Cost of the Financial Crisis 571 Murillo Campello, John R. Graham, and Campbell R. Harvey 71 Coping with the Financial Crisis: Illiquidity and the Role of Government Intervention 579 Bastian Breitenfellner and Niklas Wagner 72 Fiscal Policy for the Crisis 587 Antonio Spilimbergo, Steven Symansky, Olivier Blanchard, and Carlo Cottarelli 73 The Future of Securitization 595 Steven L. Schwarcz 74 Modification ofMortgages in Bankruptcy 601 dam J. Levitin 75 The Shadow Bankruptcy System 609 Jonathan C. Lipson 76 Reregulating FannieMae and FreddieMac 617 Dwight M. Jaffee 77 Would Greater Regulation of Hedge Funds Reduce Systemic Risk? 625 Michael R. King and Philipp Maier 78 Regulating Credit Default Swaps 633 Houman B. Shadab Index 641

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