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

Medientyp: E-Book

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

Beteiligte: Kolb, Robert W. [HerausgeberIn]

Erschienen: Hoboken, N.J: Wiley, 2010

Umfang: 1 Online-Ressource (xxv, 667 Seiten); Illustrationen

Sprache: Englisch

DOI: 10.1002/9781118266588

ISBN: 0470622393; 0470622415; 1118266587; 1282772910; 9781118266588; 9780470622391; 9780470622414; 9781282772915

Identifikator:

RVK-Notation: QK 640 : Internationale Geld- und Kapitalmärkte. Eurodollar

Schlagwörter: Internationaler Kreditmarkt > Bankenkrise > Geschichte 2007-2009

Entstehung:

Anmerkungen: Includes bibliographical references and index

Beschreibung: Front Matter -- Overview of the Crisis. Leverage and Liberal Democracy / George Bragues -- A Property Economics Explanation of the Global Financial Crisis / Gunnar Heinsohn, Frank Decker -- Of Subprimes and Sundry Symptoms: The Political Economy of the Financial Crisis / Ashok Bardhan -- The Political Economy of the Financial Crisis of 2008 / Roger D Congleton -- The Global Financial Crisis of 2008: What Went Wrong? / Hershey H Friedman, Linda Weiser Friedman -- The Roots of the Crisis and How to Bring It to a Close / James K Galbraith -- Enron Rerun: The Credit Crisis in Three Easy Pieces / Jonathan C Lipson -- The Global Crisis and Its Origins / Peter L Swan -- Four Paradoxes of the 2008₆2009 Economic and Financial Crisis / John E Marthinsen -- Understanding the Subprime Financial Crisis / Steven L Schwarcz -- Causes and Consequences of the Financial Crisis. The Origins of the Financial Crisis / Martin N Baily, Robert E Litan, Matthew S Johnson -- Ten Myths About Subprime Mortgages / Yuliya Demyanyk -- 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, Lu Wenling, Glenn H Yago -- A Decade of Living Dangerously: The Causes and Consequences of the Mortgage, Financial, and Economic Crises / Jon A Garfinkel, Jarjisu Sa-Aadu -- Making Sense of the Subprime Crisis / Kristopher S Gerardi, Andreas Lehnert, Shane M Sherlund, Paul Willen -- Miraculous Financial Engineering Or Legacy Assets? / Ivo Pezzuto -- The Making and Ending of the Financial Crisis of 2007₆2009 / Austin Murphy -- The Subprime Mortgage Problem: Causes and Likely Cure / Ronald D Utt -- Sequence of Asset Bubbles and the Global Financial Crisis / Abol Jalilvand, A G (Tassos) Malliaris -- Borrowers. The Past, Present, and Future of Subprime Mortgages / Shane M Sherlund -- Fha Loans and Policy Responses to Credit Availability / Marsha Courchane, Rajeev Darolia, Peter Zorn -- The Single-Family Mortgage Industry in the Internet Era: Technology Developments and Market Structure / Forrest Pafenberg -- Speed Kills? Mortgage Credit Boom and the Crisis / Giovanni Dell'ariccia, Deniz Igan, Luc Laeven -- Subprime Mortgages: What We have Learned from a New Class of Homeowners / Todd J Zywicki, Satya Thallam -- Rating Agencies: Facilitators of Predatory Lending in the Subprime Market / David J Reiss -- the Process of Securitization. A Primer on the Role of Securitization in the Credit Market Crisis of 2007 / John D Martin -- Incentives in the Originate-to-Distribute Model of Mortgage Production / Robert W Kolb -- Did Securitization Lead to Lax Screening? Evidence from Subprime Loans / Benjamin J Keys, Tanmoy Mukherjee, Amit Seru, Vikrant Vig -- Tumbling Tower of Babel: Subprime Securitization and the Credit Crisis / Bruce I Jacobs -- The Incentives of Mortgage Servicers and Designing Loan Modifications to Address the Mortgage Crisis / Larry Cordell, Karen Dynan, Andreas Lehnert, Nellie Liang, Eileen Mauskopf -- The Contribution of Structured Finance to the Financial Crisis: An Introductory Overview / Adrian ARJM Van Rixtel, Sarai Criado -- Problematic Practices of Credit Rating Agencies: The Neglected Risks of Mortgage-Backed Securities / Phil Hosp -- Did Asset Complexity Trigger Ratings Bias? / Vasiliki Skreta, Laura Veldkamp -- The Pitfalls of Originate-to-Distribute in Bank Lending / Antje Berndt, Anurag Gupta -- Risk Management and Mismanagement. Behavioral Basis of the Financial Crisis / J V Rizzi -- Risk Management Failures During the Financial Crisis / Michel Crouhy -- The Outsourcing of Financial Regulation to Risk Models / Erik F Gerding -- The Future of Risk Modeling / Elizabeth Sheedy -- What Happened to Risk Management During the 2008₆2009 Financial Crisis? / Michael Mcaleer, Teodosio P̌rez-Amaral, Juan-Angel Jim̌nez-Martin -- Risk Management Lessons from the Global Financial Crisis for Derivative Exchanges / JAYANTH VARMA -- the Problem of Regulation. Regulation and Financial Stability in the Age of Turbulence / David S Bieri -- The Financial Crisis of 2007₆2009: Missing Financial Regulation Or Absentee Regulators? / George G Kaufman, A G Malliaris -- The Demise of the United Kingdom's Northern Rock and Large U.S. Financial Institutions: Public Policy Lessons / Robert A Eisenbeis, GEORGE G KAUFMAN -- Why Securities Regulation Failed to Prevent the Cdo Meltdown / Richard E Mendales -- Curbing Optimism in Managerial Estimates Through Transparent Accounting: The Case of Securitizations / Stephen Bryan, Steven Lilien, Bharat Sarath -- Basel II Put on Trial: What Role in the Financial Crisis? / Francesco Cannata, Mario Quagliariello -- Credit Rating Organizations, Their Role in the Current Calamity, and Future Prospects for Reform / Thomas J Fitzpatrick, Chris Sagers -- Global Regulation for Global Markets? / Michael W Taylor, Douglas W Arner -- Financial Regulation, Behavioral Finance, and the Global Financial Crisis: In Search of a New Regulatory Model / Emilios Avgouleas -- Institutional Failures. Why Financial Conglomerates Are at the Center of the Financial Crisis / Arthur E Wilmarth -- Corporate Governance and the Financial Crisis: A Case Study from the S & P 500 / Brian R Cheffins -- Secondary-Management Conflicts / Steven L Schwarcz -- The Financial Crisis and the Systemic Failure of Academic Economics / David Colander, Michael Goldberg, Armin Haas, Alan Kirman, Katarina Juselius, Brigitte Sloth, Thomas Lux -- Fannie Mae and Freddie Mac: Privatizing Profit and Socializing Loss / David Reiss -- Disclosure's Failure in the Subprime Mortgage Crisis / Steven L Schwarcz -- the Federal Reserve, Monetary Policy, and the Financial Crisis. Federal Reserve Policy and the Housing Bubble / Lawrence H White -- The Greenspan and Bernanke Federal Reserve Roles in the Financial Crisis / John Ryan -- The Risk Management Approach to Monetary Policy: Lessons from the Financial Crisis of 2007₆2009 / Marc D Hayford, A G Malliaris -- Reawakening the Inflationary Monster: U.S. Monetary Policy and the Federal Reserve / Kevin Dowd, Martin Hutchinson -- The Transformation of the Federal Reserve System Balance Sheet and Its Implications / Peter Stella -- Implications of the Crisis for Our Economic Systems. Systemic Risk and Markets / Steven L Schwarcz -- 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 Gonz̀lez-Hermosillo, Heiko Hesse -- Credit Contagion from Counterparty Risk / Philippe Jorion, Gaiyan Zhang -- International Dimensions of the Financial Crisis. Only in America? When Housing Boom Turns to Bust / Luci Ellis -- The Equity Risk Premium Amid a Global Financial Crisis / John R Graham, Campbell R Harvey -- Australia's Experience in the Global Financial Crisis / Christine Brown, Kevin Davis -- Collapse of a Financial System: An Icelandic Saga / Tryggvi Thor Herbertsson -- Iceland's Banking Sector and the Political Economy of Crisis / James A H S Hine, Ian Ashman -- The Subprime Crisis: Implications for Emerging Markets / William B Gwinner, Anthony B Sanders -- Financial Solutions and Our Economic Future. The Long-Term Cost of the Financial Crisis / Murillo Campello, John R Graham, Campbell R Harvey -- Coping with the Financial Crisis: Illiquidity and the Role of Government Intervention / Bastian Breitenfellner, Niklas Wagner -- Fiscal Policy for the Crisis / Antonio Spilimbergo, Steven Symansky, Olivier Blanchard, Carlo Cottarelli -- The Future of Securitization / Steven L Schwarcz -- Modification of Mortgages in Bankruptcy / Adam J Levitin -- The Shadow Bankruptcy System / Jonathan C Lipson -- Reregulating Fannie Mae and Freddie Mac / Dwight M Jaffee -- Would Greater Regulation of Hedge Funds Reduce Systemic Risk? / Michael R King, Philipp Maier -- Regulating Credit Default Swaps / Houman B Shadab -- Index.

In this title, 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 of this book is comprised of chapters written by experienced contributors, each with his or her own point of view, research, and conclusions. It examines the market collapse in detail and explores safeguards to stop future crises. It 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

Part 3. Borrowers -- 20. The past, present, and future of subprime mortgages / Shane M. Sherlund -- 21. FHA loans and policy responses to credit availability / Marsha Courchane, Rajeev Darolia, and 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 we have learned from a new class of homeowners / Todd J. Zywicki and Satya Thallam -- 25. Rating agencies: facilitators of predatory lending in the subprime market / David J. Reiss.

Part 8. 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 roles 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 9. 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 / Philippe Jorion and Gaiyan Zhang -- Part 10. 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 6. The problem of regulation -- 41. Regulation and financial stability in the age of turbulence / David S. Bieri -- 42. The financial crisis of 2007-2009: missing financial regulation or absentee regulators? / George G. Kaufman and A.G. Malliaris -- 43. The demise of the United Kingdom's northern rock and large U.S. financial institutions: public and 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 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 7. 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: privatizing profit and socializing loss / David Reiss -- 55. Disclosure's failure in the subprime mortgage crisis / Steven L. Schwarcz.

Part 11. 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, Steven 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.

Part 5. Risk management and mismanagement -- 35. Behavioral basis of the financial crisis / J.V. Rizzi -- 36. Risk management failures during the financial crisis / 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 2008-2009 financial crisis? / Michael McAleer, Juan-Angel Jiménez-Martin, and Teodosio Pérez-Amaral -- 40. Risk management lessons from the global financial crisis for derivative exchanges / Jayanth Varma.

Part 1. 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 4. 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: an introductory overview / 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 2. 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, Lu Wenling, and Glenn H. Yago -- 14. A decade of living dangerously: the causes and consequences of the mortgage, financial, and economic crises / Jon A. Garfinkel and Jarjisu Sa-Aadu -- 15. Making sense of the subprime crisis / Kristopher S. 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 2007-2009 / 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.

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