1. Auflage - Juni 2010
ca. 79,90 Euro
2010. 552 Seiten, Hardcover
- Fachbuch -
ISBN-10: 0-470-56177-7
ISBN-13: 978-0-470-56177-5 - John Wiley & Sons

Preis inkl. Mehrwertsteuer zzgl. Versandkosten.







Langtext
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.

Aus dem Inhalt
Part 1. Overview of the Crisis.

Chapter 1. Leverage and Liberal Democracy (George Bragues).

Chapter 2. A Property Economics Explanation of the Global Financial Crisis

(Gunnar Heinsohn and Frank Decker).

Chapter 3. Of Subprimes and Sundry Symptoms: The Political Economy of the Financial Crisis (Ashok Bardhan).

Chapter 4. The Political Economy of the Financial Crisis of 2008 (Roger D. Congleton).

Chapter 5. The Global Financial Crisis of 2008: What Went Wrong? (Hershey H. Friedman and Linda Weiser Friedman).

Chapter 6. The Roots of the Crisis and How to Bring It to a Close (James K. Galbraith).

Chapter 7. Enron Rerun: The Credit Crisis in Three "Easy" Pieces (Jonathan C. Lipson).

Chapter 8. The Global Crisis and Its Origins (Peter L. Swan).

Chapter 9. Four Paradoxes of the 2008/2009 Economic and Financial Crisis (John E. Marthinsen).

Chapter 10. Understanding the Subprime Financial Crisis (Steven L. Schwarcz).

Part 2. Causes and Consequences of the Financial Crisis.

Chapter 11. The Origins of the Financial Crisis (Martin N. Baily, Robert E. Litan, and Matthew S. Johnson).

Chapter 12. Ten Myths about Subprime Mortgages (Yuliya Demyanyk).

Chapter 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, Wenling Lu, and Glenn Yago).

Chapter 14. A Decade of Living Dangerously: The Causes and Consequences of the Mortgage, Financial and Economic Crises (Jon Garfinkel and Jarjisu Sa-Aadu).

Chapter 15. Making Sense of the Subprime Crisis (Kristopher Gerardi, Andreas Lehnert, Shane M. Sherlund and Paul Willen).

Chapter 16. Miraculous Financial Engineering or "Legacy" Assets? (Ivo Pezzuto).

Chapter 17. The Making and Ending of the Financial Crisis of 2008? (Austin Murphy).

Chapter 18. The Subprime Mortgage Problem: Causes and Likely Cure (Ronald D. Utt).

Chapter 19. Sequence of Asset Bubbles and the Global Financial Crisis (Abol Jalilvand and A.G. Malliaris).

Part 3. Borrowers.

Chapter 20. The Past, Present, and Future of Subprime Mortgages (Shane M. Sherlund).

Chapter 21. FHA Loans and Policy Responses to Credit Availability (Marsha Courchane, Rajeev Darolia, and Peter Zorn).

Chapter 22. The Single-Family Mortgage Industry in the Internet Era: Technology Developments and Market Structure (Forrest Pafenberg).

Chapter 23. Speed Kills? Mortgage Credit Boom and the Crisis (Giovanni Dell'Ariccia, Deniz Igan, and Luc Laeven).

Chapter 24. Subprime Mortgages: What Have We Learned from a New Class of Homeowners (Todd Zywicki and Satya Thallam).

Chapter 25. Fannie Mae and Freddie Mac: Privatizing Profit and Socializing Loss (David J. Reiss).

Part 4. The Process of Securitization.

Chapter 26. A Primer on the Role of Securitization in the Credit Market Crisis of 2007 (John D. Martin).

Chapter 27. Incentives in the Originate-to-Distribute Model of Mortgage Production (Robert W. Kolb).

Chapter 28. Did Securitization Lead to Lax Screening? Evidence from Subprime Loans (Benjamin J. Keys, Tanmoy Mukherjee, Amit Seru, and Vikrant Vig).

Chapter 29. Tumbling Tower of Babel: Subprime Securitization and the Credit Crisis (Bruce I. Jacobs).

Chapter 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).

Chapter 31. The Contribution of Structured Finance to the Financial Crisis (Adrian van Rixtel and Sarai Criado).

Chapter 32. Problematic Practices Of Credit Rating Agencies: The Neglected Risks Of Mortgage-Backed Securities (Phil Hosp).

Chapter 33. Did Asset Complexity Trigger Ratings Bias? (Vasiliki Skreta and Laura Veldkamp).

Chapter 34. The Pitfalls of Originate-to-Distribute in Bank Lending (Antje Berndt and Anurag Gupta).

Part 5. Risk Management and Mismanagement.

Chapter 35. Behavioral Basis of the Financial Crisis (J.V. Rizzi).

Chapter 36. Risk Management Failures During the Financial Crisis (Michel Crouhy).

Chapter 37. The Outsourcing of Financial Regulation to Risk Models (Erik F. Gerding).

Chapter 38. The Future of Risk Modeling (Elizabeth Sheedy).

Chapter 39. What Happened to Risk Management During the 2008-09 Financial Crisis? (Michael McAleer, Juan Angel Jiménez-Martin, Teodosio Pérez-Amaral).

Chapter 40. Risk Management Lessons from the Global Financial Crisis for Derivative Exchanges (J. R. Varma).

Part 6. The Problem of Regulation.

Chapter 41. Regulation and Financial Stability in the Age of Turbulence (David S. Bieri).

Chapter 42. The Financial Crisis of 2007-09: Missing Financial Regulation or Absentee Regulators? (George Kaufman and A.G. Malliaris).

Chapter 43. The Demise of the UK's Northern Rock and Large U.S. Financial Institutions: Public Policy Lessons (Robert A. Eisenbeis and George G. Kaufman).

Chapter 44. Why Securities Regulation Failed to Prevent the CDO Meltdown (Richard E. Mendales).

Chapter 45. Curbing Optimism in Managerial Estimates through Transparent Accounting: The Case of Securitizations (Stephen Bryan, Steven Lilien, and Bharat Sarath).

Chapter 46. Basel II Put on Trial: What Role in the Financial Crisis ? (Francesco Cannata and Mario Quagliariello).

Chapter 47. Credit Rating Organizations, Their Role in the Current Calamity, and Future Prospects for Reform (Thomas J. Fitzpatrick, IV and Chris Sagers).

Chapter 48. Global Regulation for Global Markets? (Michael W. Taylor and Douglas W. Arner).

Chapter 49. Financial Regulation, Behavioral Finance, and the Global Financial Crisis: In Search of a New Regulatory Model (Emilios Avgouleas).

Part 7. Institutional Failures.

Chapter 50. Why Financial Conglomerates Are at the Center of the Financial Crisis (Arthur E. Wilmarth, Jr.).

Chapter 51. Corporate Governance and the Financial Crisis: A Case Study from the S&P 500 (Brian R. Cheffins).

Chapter 52. Secondary-Management Conflicts (Steven L. Schwarcz).

Chapter 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).

Chapter 54. Rating Agencies: Facilitators of Predatory Lending in the Subprime Market (David J. Reiss).

Chapter 55. Disclosure's Failure in the Subprime Mortgage Crisis (Steven L. Schwarcz).

Part 8. The Federal Reserve, Monetary Policy, and the Financial Crisis.

Chapter 56. Federal Reserve Policy and the Housing Bubble Lawrence H. White).

Chapter 57. The Greenspan and Bernanke Federal Reserve Role in the Financial Crisis (John Ryan).

Chapter 58. The Risk Management Approach to Monetary Policy: Lessons from the Financial Crisis of 2007-2009 (Marc D. Hayford and A.G. Malliaris).

Chapter 59. Reawakening the Inflationary Monster (Kevin Dowd and Martin Hutchinson).

Chapter 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.

Chapter 60. Systemic Risk and Markets (Steven L. Schwarcz).

Chapter 61. The Transmission of Liquidity Shocks During the Crisis (Nathaniel Frank, Brenda González-Hermosillo, and Heiko Hesse).

Chapter 62.Counterparty Risk, Impact on Collateral Flows, and Role for Central Counterparties (Manmohan Singh and James Aitken).

Chapter 63. Credit Contagion from Counterparty Risk (Phillipe Jorion and Gaiyan Zhang).

Part 10. International Dimensions of the Financial Crisis.

Chapter 64. Only in America? When Housing Boom Turns to Bust (Luci Ellis).

Chapter 65. The Equity Risk Premium amid a Global Financial Crisis (John R. Graham and Campbell R. Harvey).

Chapter 66. Australia's Experience in the Global Financial Crisis (Christine Brown and Kevin Davis).

Chapter 67. Collapse of a Financial system: An Icelandic Saga (Tryggvi Thor Herbertsson).

Chapter 68. Iceland's Banking Sector and the Political Economy of Crisis (James A.H.S. Hine and Ian Ashman).

Chapter 69. The Sub Prime Crisis: Implications for Emerging Markets (William B. Gwinner and Anthony Sanders).

Part 11. Financial Solutions and Our Economic Future.

Chapter 70. The Long-Term Cost of the Financial Crisis (Murillo Campello, John R. Graham, and Campbell R. Harvey).

Chapter 71. Coping with the Financial Crisis: Illiquidity and the Role of Government Intervention (Bastian Breitenfellner and Niklas Wagner).

Chapter 72. Fiscal Policy for the Crisis (Antonio Spilimbergo, Steve Symansky, Olivier Blanchard, and Carlo Cottarelli).

Chapter 73. The Future of Securitization (Steven L. Schwarcz).

Chapter 74. Modification of Mortgages in Bankruptcy (Adam J. Levitin).

Chapter 75. The Shadow Bankruptcy System (Jonathan C. Lipson).

Chapter 76. Reregulating Fannie Mae and Freddie Mac (Dwight M. Jaffee).

Chapter 77. Would Greater Regulation of Hedge Funds Reduce Systemic Risk? (Michael R. King and Philipp Maier).

Chapter 78. Regulating Credit Default Swaps (Houman B. Shadab).