European Financial Crisis of 1763.
1772-1773 - European Crisis of 1772-3.
1789-1797 - Assignat Inflation during the French
- Crisis of The Second Bank of the United States.
- London Crisis of 1825.
- Panic of 1837 in United States.
- Railway Mania.
- Ohio Life Crisis.
1867-1869 - Overend &
1869 - Black
Friday in New York.
1873 - Vienna
Crash of 1873.
1907 - Crisis of
1907; spawned the Federal Reserve Bank.
1920s - German
1929 - New York
Stock Exchange Crash.
1931 - European
Collapse and World Depression.
1967 - Devaluation
August 1982 - Mexico's Finance Minister, Jesus
Silva-Herzog, announced that Mexico could no longer service its
debt; beginning of Latin America debt crisis; most Latin
American countries relied on centrally planned economies, vs.
markets, to drive national growth; adopted import substitution
policies as growth strategy - protect, develop national
industries through government intervention; resulted in high
import tariffs, government subsidies, nationalization of major
industries, other forms of protectionism, control of domestic
prices, high devaluation-risk premium for currencies (equipment
imports needed for industrialization very expensive);
'golden age': GDP per capita increased at average annual rate of
3%; debt piled up at same time.;
1980s - known as "the lost decade" - GDP per
capita declined at average annual rate of 0.7, hyperinflation
endemic; 1986 -
three out of four Latin American countries had inflation rates
above 30%; 1990s -
financial and trade liberalization (not labor market
legislation): market reforms (emphasis on market economy)
replaced heavy-handed government intervention, import
substitution policies eliminated, trade opened up, democracies
replaced dictatorships as institutional/political reforms took
hold (10 democracies out of 26 Latin America countries in 1980,
22/26 by 1990, only Cuba left by 2000); governments turned over
government institutions, activities to private sector,
deregulated domestic financial systems, eliminated controls on
capital flows, foreign currency transactions - dramatic
turnaround: GDP per capita growth rebounded, inflation declined;
end of 1996 - one
country with annual inflation rate over 30%.
1987 - US Stock Market Crash.
- Japan's "Lost Decade": collapse of Japanese real estate,
financial bubble, economic downturn, prolonged stagflation,
errors of Japanese policy makers.
Tokyo Nikkei Average 1980-2010
- Black Wednesday.
1994 - Mexican Peso Crisis.
- East Asian currency crisis began; started in Thailand with of
speculative attacks on Thai baht (devaluation); spread to
Indonesia and Korea (world's eleventh largest economy),
possibility of Korean default raised potential threat to
international monetary system; stemmed from weaknesses in
financial systems and, to lesser extent, governance' combination
of inadequate financial sector supervision, poor assessment and
management of financial risk, maintenance of relatively fixed
exchange rates led banks, corporations to borrow large amounts
of international capital, much of it short-term, denominated in
foreign currency, unhedged; inflow of foreign capital tended to
be used to finance poorer-quality investments; made worse
government involvement in private sector, lack of transparency
in corporate, fiscal accounting, provision of financial and
December 3, 1997
- South Korea struck deal with International Monetary Fund
for record $55 billion bailout of its foundering economy.
August 17, 1998
- Russian government floated exchange rate, devalued ruble,
defaulted on domestic debt, halted payment on ruble-denominated
debt, declared a 90-day moratorium on payment by commercial
banks to foreign creditors (after six years of economic reform,
some limited success in privatization and macroeconomic
stabilization, first year of positive economic growth since fall
of the Soviet Union); November 1997 - ruble came
under speculative attack (after onset of East Asian crisis);
Central Bank of Russia (CBR) defended currency, lost nearly $6
billion (USD) in foreign-exchange reserves; February 1998
- Russian government submitted new tax code to Duma; March
23, 1998 - President Yeltsin fired entire government;
replaced Prime Minister with 35-year-old former banking, oil
company executive (in government less than a year); May
18, 1998 - government bond yields swelled to 47%
(inflation at about 10%); May 27, 1998 - demand
for bonds plummeted, yields more than 50%, government failed to
sell enough bonds at weekly auction to refinance the debt coming
due; oil prices dropped to $11 per barrel, less than half their
level a year earlier; $2.5 to $3 billion in loans from foreign
investors to Russian corporations and banks coming due by end of
September; billions of dollars in ruble futures maturing in
fall; May-August. 1998 - lost much liquidity,
approximately $4 billion left Russia in capital flight, lost
around $4 billion in revenue due to sagging oil prices;
August 13, 1998 - Russian stock, bond, currency markets
collapsed as result of investor fears that government would
devalue ruble, default on domestic debt, or both (annual yields
on ruble-denominated bonds more than 200%, stock market closed
for 35 minutes as prices plummeted, down 65% on small volume).
(source: Federal Reserve Bank of St. Louis, 2002).
April 21, 2008 -
Final Subprime Tally? - $300 billion in losses; $160 billion
September 2008 -
75-Year Wall Street Round-Trip.
September 16, 2008
- Portrait of lost profitability - Falling interest rates,
rising securitization, rising rate of risky loans as home prices
rose, rising leverage followed by decline in home prices, rise
in mortgage delinquencies, declining cash generating ability,
declining credit availability, declining stock prices,
October 1, 2008
- Financial crisis spread; Timeline of bailouts, buyouts
and takeovers of financial services companies in US and Europe
since July 2007 (when subprime mortgage crisis began) -
July 2007 - IKN Deutsche Industriebank ($79 Billion),
Sept. 2007 - Northern Rock ($216.8 B);
Dec. 12, 2007 - Central banks in US, EU, Canada,
Switzerland announced plan to provide at least $90 B in
short-term financing to banks; Dec. 18, 2007
- European Central Bank injected $500 B into financial system;
Jan. 2008 - Countrywide Financial ($172.1 B);
March 7, 2008 - Federal Reserve offered $200 B
in 28-day loans to investment banks, big financial institutions;
March 11, 2008 - Federal Reserve offered $200 B
in Treasury securities to investment banks in exchange for
mortgage-backed securities; March 17, 2008 -
Bear Stearns ($399 B); March 21, 2008 -
European Central bank offered $24 B in loans to help banks
strengthen balance sheets; Bank of England offered $10 B in
loans; April 2008 - Dusseldorfer Hypothekenbank
($42.5 B); July 2007 - IndyMac Bancorp failed
($32.3 B); Alliance & Leicester ($153.4 B); Aug. 2008
- Roskilde Bank ($7.9 B); Sept. 7, 2008 -
Freddie Mac ($879 B), Fannie Mae ($885.9 B); Sept. 14,
2008 - Merrill Lynch ($966.2 B); Sept. 15, 2008
- Lehman Brothers ($639.4 B); Sept. 16, 2008
-AIG ($1,049.9 B); Sept. 18, 2008 - HBOS
($1,356.5 B); Federal Reserve, European Central Bank, Bank of
England, Bank of Japan, central banks in Switzerland and Canada
made $180 B available in currency swaps; Sept. 26, 2008
- Washington Mutual ($309.7 b); Sept. 29-30, 2008
- Fortis ($1,533.2 B), Wachovia ($812.4 B), Hypo Real Estate
($622.2 B), Bradford & Bingley ($104 B), Gilitnir ($48.9 B),
Dexia ($913 B).
October 3, 2008 - President Bush signed
Troubled Asset Relief Program, $700
billion program to buy illiquid debt, backed by home loans, on
bank balance sheets, free flow of credit to companies and
of U.S. Government Bailouts - Chronological Order, Cost
in 2008 Dollars
independent, non-profit newsroom that produces
investigative journalism in the public interest;
Left-to-Right (in 2008 $):
June 1970 - Penn Central Railroad ($3.2
billion); August 1971
- Lockheed (Emergency Loan Guarantee Act, $1.4 billion);
1974 - Franklin
National Bank ($7.7 billion); 1975
- New York City (New York City Seasonal Financing Act, $9.4
billion); 1979 -
Chrysler (Chrysler Loan Guarantee Act, $3.9 billion); 1984 -
Continental Illinois Bank ($9.5 billion);
1989 - Savings & Loans (Financial
Institutions Reform Recovery and Enforcement Act, $293.8
billion); 2001 -
Airlines (Air Transportation Safety and Stabilization Act, $18.6
billion); March 2008
- Bear Stearns ($30 billion);
September 2008 - Fannie Mae/Freddie Mac (U.S.
government seized control, $200 billion);
September 2008 - American International
Group (AIG) - $85 billion;
September 2008 - Autos (Congress approved more
than $630 billion spending bill; $25 billion);
October 2008 -
Wall Street (Troubled Asset Relief Program, $700 billion).
October 2008 - Biggest
bailouts in history (BusinessWeek): AIG, Sept.
17, 2008: $85 billion guaranteed by the Federal Reserve;
Bear Stearns, Mar. 16, 2008: $29 billion guaranteed by
the Federal Reserve; MBIA, Dec. 10, 2007: $1
billion from private equity fund Warburg Pincus; UBS,
Dec. 10, 2007: $11.5 billion from Singapore’s sovereign wealth
fund, along with an unnamed Middle Eastern investor;
E*Trade Financial, Nov. 29, 2007: $2.55 billion from
Citadel Investment Group; Citigroup, Nov. 26,
2007: $7.5 billion from Abu Dhabi’s sovereign wealth fund;
Countrywide Financial, Aug. 22, 2007: $2
billion from Bank of America; Goldman Sachs Hedge Fund,
Aug. 13, 2007: $3 billion from Goldman Sachs and investors
including C.V. Starr & Co. and Eli Broad; U.S. Domestic
Airlines, September 2001: $15 billion from the U.S.
government; Russia, 1998: $17 billion in loans
from the International Monetary Fund; Long Term Capital
Management, 1998: $3.6 billion from various Wall Street
firms; Apple, August 1997: $150 million from
rival Microsoft; Mexico, 1995: $50 billion in
loans ($20 billion from the U.S. and more than $30 billion from
the International Monetary Fund, Europe, private banks, and
other trading partners); Salomon Brothers,
1987: $700 million from Warren Buffet’s Berkshire Hathaway;
Various U.S. Savings and Loans, 1986-1995: $124
billion from the FDIC; Continental Illinois,
1984: $1 billion in capital from the FDIC, which also guaranteed
the bank’s $30 billion in uninsured deposits and assumed $3.5
billion of the company’s debt; Chrysler,
January 1980: $1.5 billion in loans from the U.S. government;
City of New York, 1975: $150 million from the
New York City Teachers’ Union plus refinancing $3 billion of its
debt; Lockheed Aircraft, 1971: $250 million in
loan guarantees from Congress; New York City Trusts,
1907: $50 million ($30 million from John Pierpont Morgan, along
with other bankers and $25 million from the U.S. Treasury).
2008 - Major Intervention by Federal Reserve,
October 10, 2008 -
Expansion of government's role in capital
February 21, 2009 - Japan's second Lost Decade -
Lost Consumption - 1990s-early 2000s -
economic malaise of Japan's 'Lost Decade' stunted wages,
depressed stock prices, turning free-spending consumers into
misers (per capita consumer spending rose 0.2% between
2001-2007); fourth quarter 2008 - Japan's economy
shrunk at 12.7% annualized rate (worst since 1970s); 48% of
Japanese workers 24 years old or younger are 'temps'; widespread
distrust of Japanese pension system; rapidly aging society;
Japanese government planning $21 billion in cash handouts to
March 6, 2009 - 1) 20 years after Japan’s stock
market peaked in 1989, share prices trade a less than 25% of
their top values; 2002 - 1.5 quadrillion yen of wealth destroyed
(stock market, falling land prices) - rough equivalent of three
times country’s GDP (source: Nomura
Research Institute); 2) Dow Jones
industrial average - lost 50% of its value from October 2007
peak to February 2009 (10 months longer for Nikkei to lose half
of its value in early 1990s); 3) after 1987 crash, global
investors recouped losses in two years
(source: Credit Suisse Global Investment
Returns Yearbook); 4) after 1973-74 bear
market, UK stocks regained
previous highs in less than three years (had fallen 73%
in real terms); 5) after Wall Street crash of 1929, longest bear
market in major economy, stocks did not trade at reach their
pre-Depression levels for 25 years (1954).
(Argentina), Jorge A. Rojas (2003).
La Emergencia y el Proceso. (Buenos Aires, Argentina:
Rubinzal-Culzoni, 289 p.). Revalorization of debts--Argentina;
Currency question--Argentina; Financial crisis--Argentina.
(Argentina), Ernesto Tenembaum (2004).
Enemigos: Argentina y el FMI: La Apasionante Discusión entre un
Periodista y Uno de los Hombres Clave del Fondo en los Noventa.
(Buenos Aires, AR: Grupo Editorial Norma, 334 p.). Journalist (Ventitres
Magazine). Colección Biografías y documentos.
Economic principles vs. ideology.
(Argentina), Paul Blustein (2005).
And the Money Kept Rolling In (and Out): Wall Street, the IMF,
and the Bankrupting of Argentina. (New York, NY:
PublicAffairs, 320 p.). Reporter (Washington Post).
International Monetary Fund--Argentina; Financial
crises--Argentina; Investments, Foreign--Argentina;
(Argentina), Edited by Edward Epstein and
David Pion-Berlin (2006).
Broken Promises: The Argentine Crisis and Argentine Democracy.
(Lanham, MD: Lexington Books, 306 p.). Professor of Political
Science (University of Utah); Professor of Political Science
(University of California, Riverside). Financial
crises--Argentina; Argentina--Economic conditions--1983- ;
Argentina--Economic policy; Argentina--Politics and
government--1983-2002. Political, economic origins of the crisis, reactions of
Argentina's security forces, responses of Argentine society, key
relationships with Brazil and the U.S.
(Asia), Christopher Wood (1992).
The Bubble Economy: Japan’s Extraordinary Speculative Boom of
the ’80s and the Dramatic Bust of the ’90s. (New
York, NY: Atlantic Monthly Press, 210 p.). Stocks --Prices
--Japan; Speculation; Stock exchanges --Japan; Financial crises
--Japan; International finance; Japan --Economic conditions
--1945-1989; Japan --Economic conditions --1989-.
failure of Japanese economic management since 1945; second half
of 1980s - Japan's financial madness, arrogance centered on
booming stockmarket, rocketing land prices;' dragged solid
manufacturing economy into whirlwind of outrageous speculation;
boom went spectacularly bust, left withered stockmarket,
crashing land prices, mountains of bad loans, economy in
recession, slew of political and financial scandals; graphically
exposed seedy underbelly of Japan's feudal finance systeml how
Japan is spending first half of 1990s paying off excesses in
process that threatens world's economies with dire consequences;
myths surrounding Japanese management, levels of incompetence
never before thought possible.
(Asia), Philippe Delhaise (1998).
Asia in Crisis: The Implosion of the Banking and Finance Systems.
(New York, NY: Wiley, 280 p.). Established Asia's first regional
bank rating agency, Capital Information Services, the basis of
the Asia division of Thomson BankWatch. Banks and
banking--Asia--Case studies; Finance--Asia--Case studies;
Business cycles--Asia--Case studies.
(Asia), Robert Garran (1998).
Tigers Tamed: The End of the Asian Miracle. (Honolulu,
HI: University of Hawaii Press, 228 p.). East Asia--Economic
conditions; Asia, Southeastern--Economic conditions.
(Asia), Callum Henderson (1998).
Asia Falling: Making Sense of the Asian Crisis and Its Aftermath.
(New York, NY: McGraw-Hill, 330 p.). Foreign exchange
(Asia), Richard Katz (1998).
Japan, The System That Soured: The Rise and Fall of the Japanese
Economic Miracle. (Armonk, NY: M. E. Sharpe, 463 p.).
Japan -- Commercial policy; Industrial policy -- Japan; Japan --
Economic conditions -- 1989-.
(Asia), Ed. Karl D. Jackson (1998).
The Asian Contagion: The Causes and Consequences of a Financial
Crisis. (Boulder, CO: Westview Press,
p.). Financial crises--Asia; Asia--Economic conditions;
Asia--Politics and government.
(Asia), Adam S. Posen (1998).
Restoring Japan’s Economic Growth. (Washington,
DC: Institute for International Economics, 186 p.).
Deputy Director of the Peterson Institute for
International Economics. Fiscal policy --Japan; Japan
--Economic policy --1989-; Japan --Economic conditions
Japanese economic stagnation in 1990s is result of
mistaken policies of fiscal austerity, financial
laissez-faire rather than any supposed structural
failures of "Japan Model"; why shift in Japanese fiscal and monetary
policies, financial reform, would be in Japan's own
self-interest, put country back on path to solid
economic growth (permanent tax cuts, monetary
(Asia), Norman Flynn (1999).
Miracle to Meltdown in Asia: Business, Government, and Society.
(New York, NY: Oxford University Press, 170 p.). Financial
crises--Asia; Asia--Economic conditions--1945-; Asia--Economic
(Asia), Gerald Tan (1999).
The End of the Asian Miracle?: Tracing Asia’s Economic
Transformation. (Singapore: Times Academic Press, 434
p.). Asia--Economic conditions--1945- ; Asia--Economic policy;
(Asia), Stephen Vines (1999).
The Years of Living Dangerously: Asia--from Financial Crisis to
the New Millennium. (London, UK: Orion Business Books,
276 p.). Financial crises--Asia; Business
enterprises--Asia--Finance; Asia--Economic policy;
(Asia), Mark L. Clifford, Pete Engardio
Meltdown: Asia's Boom, Bust, and Beyond. (Paramus, NJ:
Prentice Hall Press, 322 p.). Asia--Economic conditions--1945-.
(Asia), Stephen Haggard (2000).
The Political Economy of the Asian Financial Crisis.
(Washington, DC: Institute for International Economics, 272 p.).
Finance--Asia--Case studies; Financial crises--Asia--Case
(Asia), Gerald Tan (2000).
The Asian Currency Crisis. (Singapore: Times Academic
Press, 283 p.). Head of Department, Asia Center (Flinders
University, Adelaide). Financial crises--Southeast Asia;
Financial crises--East Asia. Introduction
to complexities of 1998 Asian financial crisis.
(Asia), Eds, Van Hoa Tran and Charles Harvie
The Causes and Impact of the Asian Financial Crisis.
(New York, NY: St. Martin's Press, 232 p.). Financial
crises--Asia; Asia--Economic conditions--1945-.
(Asia), Eds. Wing Thye Woo, Jeffrey D. Sachs,
and Klaus Schwab (2000).
The Asian Financial Crisis: Lessons for a Resilient Asia.
(Cambridge, MA: MIT Press, 280 p.). Financial crises--Asia--Case
studies; Asia--Economic policy--Case studies.
(Asia), Paul Blustein (2001).
The Chastening: Inside the Crisis That Rocked the Global
Financial System and Humbled the IMF. (New York, NY:
Public Affairs, 431 p.). Business Reporter (Washington Post).
International Monetary Fund--Economic assistance--Asia;
Financial crises--Asia; International finance.
(Asia), Edith Terry (2001).
How Asia Got Rich: China, Japan and the Asian Miracle.
(Armonk, NY: M. E. Sharpe`, p.). Wealth--Asia; Japan--Economic
conditions--1989-; China--Economic conditions--1976-2000;
(Asia), Richard Katz (2002).
Japanese Phoenix: The Long Road to Economic Revival.
(Armonk, NY: M. E. Sharpe, p.). Structural adjustment (Economic
policy)--Japan; Economic stabilization--Japan; Globalization;
(Asia), David L. McKee, Don E. Garner, and
Yosra AbuAmara McKee (2002).
Crisis, Recovery, and the Role of Accounting Firms in the
Pacific Basin. (Westport, CT: Quorum Books, 214 p.).
Professor of Economics in the Graduate School of Management
(Kent State University); Professor and former Chair of the
Department of Accounting (California State University,
Stanislaus); Adjunct Faculty Member in Economics (Kent State
University). Accounting firms--Pacific Area; Financial
(Asia), Eds. Ryoichi Mikitani, Adam S. Posen
Japan’s Financial Crisis and Its Parallels to U.S. Experience.
(Washington, DC: Institute for International Economics, 228 p.).
Professor in the Faculty of Economics (Kobe Gakuin University);
Deputy Director of the Peterson Institute for International
Economics. Monetary policy --Japan; Financial crises --Japan;
Banks and banking --Japan; Monetary policy --United States;
Financial crises --United States; Banks and banking --United
States. Japanese government's financial and monetary policy
response to banking crisis in 1990s was slow compared to that of
U.S. monetary and financial policy to American Savings and Loan
Crisis of late 1980s; mismanaged partial
deregulation, regulatory forebearance gave rise to crisis,
allowed it to deepen; closing some banks, injection of
new capital into others began resolution; Bank of Japan's
monetary policy from late 1980s onwards
increasingly out of step with U.S., other developed country
norms; limited response to deflation after being granted
independence in 1998 as dangerous and unusual stance.
(Asia), Mihir Rakshit (2002).
The East Asian Currency Crisis. (New York, NY: Oxford
University Press, 288 p.). Currency question--East Asia;
Financial crises--East Asia.
(Asia), Sea-Jin Chang (2003).
Financial Crisis and Transformation of Korean Business Groups:
The Rise and Fall of Chaebols. (New York, NY: Cambridge
University Press, 364 p.). Corporations--Korea (South)--Finance;
Conglomerate corporations--Korea (South); Financial
crises--Korea (South); Corporate governance--Korea (South).
(Asia), Shalendra D. Sharma (2003).
The Asian Financial Crisis: Crisis, Reform and Recovery.
(New York, NY: Manchester Uiversity Press, 400 p.). Financial
crises Asia; Asia Economic conditions 1945-; Asia Economic
(Asia), Jang-Sup Shin and Ha-Joon Chang
Restructuring Korea Inc. (New York, NY: RoutledgeCurzon,
155 p.). Conglomerate corporations--Korea (South); Big
business--Korea (South); Financial crises--Korea (South);
Industrial policy--Korea (South). Strengths, weaknesses of 'Korea
Inc.' in comparison with other East Asian countries; challenges
faced by Korea in 1990s due to acceleration of globalization;
transition attempted by Korea badly conceived, ill designed
(huge 'transition costs').
(Asia), Ian Brown (2004).
A Colonial Economy in Crisis: Burma’s Rice Delta and the World
Depression of the 1930s. (New York, NY: RoutledgeCurzon.
Rice trade--Burma--History; Rice trade--Government
policy--Burma--History; Financial crises--Burma--History;
Peasantry--Burma--Political activity--History; Burma--Economic
conditions. Rural populations, which abandoned self-sufficiency to
become single commodity producers, were supposedly very
vulnerable to commodity price collapse of 1930s
Depression, did not suffer as much as has been supposed.
(Asia), Wong Sook Ching, Jomo K.S., Chin Kok
Malaysian "Bail Outs"?: Capital Controls, Restructuring, and
Recovery. (Singapore: University of Hawaii Press, 320
p.). Malaysia economic conditions 1997-98; Malaysia--economic
policy; Malaysia--government policy. Economic policy issues in
Malaysia and the region. Asian crisis and government policy responses; capital controls,
corporate, bank, debt restructuring.
(Asia), David B.H. Denoon (2007).
The Economic and Strategic Rise of China and India: Asian
Realignments After the 1997 Financial Crisis. (New York,
NY: Palgrave Macmillan, 228 p.). Professor of Politics and
Economics (New York University). Financial crises--Asia;
China--Economic policy--1976-2000; China--Economic
policy--2000-; India--Economic policy--1991-; Asia--Foreign
economic relations--United States; United States--Foreign
economic relations--Asia. Why 1997 financial crisis was such critical turning point, ended
up stimulating trade and investment within Asia.
(Asia), John Greenwood (2008).
Hong Kong’s Link to the US Dollar: Origins and Evolution.
(Hong Kong: Hong Kong University Press, 303 p.). Chief Economist
of INVESCO plc. Currency question -- China -- Hong Kong;
Monetary policy -- China -- Hong Kong; Hong Kong (China) --
Economic conditions -- 20th century; Hong Kong (China) --
Economic conditions -- 21st century. City's
1983 currency crisis; creation of currency
board, subsequent problems leading to Asian financial
crisis of 1997-98, later reforms; Hong Kong's monetary
developments between 1990 and 2005.
(Asia), Richard C. Koo (2008).
The Holy Grail of Macroeconomics: Lessons from Japan’s Great
Recession. (Hoboken, NJ: Wiley, 296 p.). Chief Economist
of Nomura Research Institute. Macroeconomics; Japan --Economic
conditions --1989-; United States --Economic conditions
--1981-2001; United States --Economic conditions --2001-.
Japan's "Great Recession" (1992-2007); massive fall in asset prices,
companies jettisoned conventional goal of profit
maximization, moved to minimize debt in order to restore their
credit ratings; precise mechanism of prolonged
depression, liquidity trap vs. conventional economics.
(Asia), Eds. Koichi Hamada, Anil K Kashyap,
and David E. Weinstein (2010).
Japan's Bubble, Deflation, and Long-term Stagnation.
(Cambridge, MA: MIT Press, 420 p.). Tuntex Professor of
Economics (Yale University); Edward Eagle Brown Professor of
Economics and Finance and Richard N. Rossett Faculty Fellow
(University of Chicago Booth School of Business); Carl S. Shoup
Professor of the Japanese Economy (Columbia University). Japan
-- Economic conditions -- 1989-; Monetary policy -- Japan; Banks
and banking -- Japan; Labor market -- Japan.
What happened, why
it happened, effectiveness (or ineffectiveness) of Japan's
policy choices; two phases: 1) typical recession, 2) breakdown
in economy likely due to insufficient restructuring; Japan's
experience, unconventional, sometimes unsuccessful, measures
adopted by Japan's government and central bank, offer valuable
lessons for post-boom world.
(Bank Indonesia), J. Soedradjad Djiwandono
Bank Indonesia and the Crisis: An Insider's View.
(Singapore: Institute of Southeast Asian Studies, 289 p.). Bank
Indonesia; Banks and banking, Central--Indonesia; Financial
crises--Indonesia; Structural adjustment (Economic
policy)--Indonesia; Economic stabilization--Indonesia.
(Great Britain), Matthias Matthijs (2010).
Ideas and Economic Crises in Britain from Attlee to Blair
(1945-2005). (New York, NY: Routledge, 272 p.).
Assistant Professor of International Political Economy (American
University’s School of International Service). Financial crises
--Great Britain --History; Great Britain --Economic policy
--1945-1964; Great Britain --Economic policy --1964-1979; Great
Britain --Economic policy --1979-1997; Great Britain --Economic
policy --1997-. 1945 to 2005 -
Britain underwent two deep-seated institutional transformations on how to govern economy; Attlee
and Thatcher were able to effectively implement most of their
political platforms amidst two
opportunities to challenge existing institutional arrangements
(Heath's 'U-turn' in 1972 signaled his failure to implement
radical agenda promised upon election in 1970, Tony Blair’s New
Labour failed to instigate major break with 'Thatcherite'
settlement); institutional path dependence, economic
constructivism, political economy to explain this puzzle.
(IMF - 1976), Douglas Wass (2008).
Decline to Fall: The Making of British Macro-Economic Policy and
the 1976 IMF Crisis. (New York, NY: Oxford University
Press, 374 p.). Former Permanent Secretary to the UK Treasury.
International Monetary Fund; Monetary policy --Great Britain;
Financial crises --Great Britain; Great Britain --Economic
policy --1964-1979; Great Britain --Politics and government
leading up to UK's seeking massive loan from IMF in 1976, almost
precipitated financial crisis on par with those of 1930's, early
post War period; blow-by-blow account of how Treasury reacted
when faced with series of inter-locking crises.
(Mexico), Eds. Sebastian Edwards and Moisés
Mexico 1994: Anatomy of an Emerging-Market Crash.
(Washington, DC: Carnegie Endowment for International Peace, 326
p.). Financial crises--Mexico; Monetary policy--Mexico;
Devaluation of currency--Mexico; Mexico--Economic policy--1994-;
(Russia - 1998), Martin Gilman (2010).
No Precedent, No Plan: Inside Russia's 1998 Default.
(Cambridge, MA: MIT Press, 416 p.). Professor of Economics at
Russia's Higher School of Economics (formerly IMF's senior
representative in Moscow during Russia's period of default and
rebuilding). Financial crises --Russia (Federation) --21st
century; Russia (Federation) --Economic conditions --1991-.
Russia's painful transition to market economy; 1998 - President
Boris Yeltsin’s government defaulted on its domestic debt,
Russia experienced financial meltdown that brought it to brink
of disaster; spurred Russia to integrate economy with rest of
world; IMF’s involvement; how shell-shocked Russian public
turned to Vladimir Putin in search of stability; could serve as
unfortunate precedent for sovereign defaults in future.
(U.S. - 1914), William L. Silber (2007).
When Washington Shut Down Wall Street: The Great Financial
Crisis of 1914 and the Origins of America’s Monetary Supremacy.
(Princeton, NJ: Princeton University Press, 232 p.). Marcus
Nadler Professor of Finance and Economics at the Stern School of
Business (New York University). McAdoo, William Gibbs,
1863-1941; Currency crises--United States--Case studies;
Currency question; World War, 1914-1918--Finance; Gold standard.
Monetary crisis at
outbreak of World War I threatened U. S. with financial
disaster; biggest gold outflow in a generation imperiled
America's ability to repay debts abroad; dollar plummeted on
world markets due to fear that U. S. would abandon gold
(U.S. - 2008), National Bureau of Economic
Research; Edited, introduction by Martin Feldstein (1991).
The Risk of Economic Crisis. (Chicago, IL: University of
Chicago Press, 197 p.). Business cycles --Congresses; Economic
stabilization --Congresses; Economic policy --Congresses;
Business cycles --United States --Congresses; Economic
stabilization --United States --Congresses; United States
--Economic policy --1981-1993 --Congresses.
1991 - Collapse of
thrift industry, major stock slump of 1987, rising corporate
debt, wild fluctuations of currency exchange rates, rash of
defaults on developing country debts have revived fading
memories of Great Depression, fueled fears of impending economic
crisis. Under what conditions are financial markets vulnerable
to disruption? Whhat economic consequences ensue when these
markets break down?
(U.S. - 2008), Edward M. Gramlich with a
foreword by Robert D. Reischauer (2007).
Subprime Mortgages: America’s Latest Boom and Bust.
(Washington, DC: Urban Institute Press, 120 p.). Former Federal
Reserve Governor. Mortgage loans--United States; Real estate
finance. How subprime
market (loans at low interest rates, for little or no money down
to low-income people pursuing American dream of homeownership)
emerged, why it is in crisis, how to reform public policy to
(U. S. - 2008), Anastasia Nesvetailova (2007).
Fragile Finance: Debt, Speculation and Crisis in the Age
of Global Credit.
(New York, NY: Palgrave
Macmillan, 256 p.). Lecturer in Global Political Economy
at the Department of International Relations and
Politics (The University of Sussex). Minsky, Hyman P.;
Financial crises; International economic relations.
today's global financial system is unstable, prone to
crisis; nature of financial crisis in era of global
combination of financial innovation, over-borrowing,
progressive illiquidity of financial structures - their role
in events that defined
global financial system during past decade, their
implications for emerging paradigm of global financial
(U.S. - 2008), Riccardo Rebonato (2007).
Plight of the Fortune Tellers: Why We Need To Manage Financial
Risk Differently. (Princeton, NJ: Princeton University
Press, 272 p.). Global Head of Market Risk and Global Head of
Quantitative Research and Quantitative Analysis at the Royal
Bank of Scotland. Financial Risk Management.
Managing risk = real people making decisions under uncertainty;
excessive reliance on quantitative precision (ever-more
sophisticated mathematics in attempts to come to grips with
financial risk) is misleading, puts everyone at risk; must
restore genuine decision making to financial planning, using
probability, experimental psychology, decision theory; only way
to effectively manage financial risk in manner congruent with
how human beings actually react to chance.
(U. S. - 2008), Alex Brummer (2008).
The Crunch: The Scandal of Northern Rock and the
Escalating Credit Crisis. (London, UK: Random
House Business, 244 p.). City Editor (Daily Mail).
Financial crises; Bank failures; Bankers -- Malpractice;
Monetary policy; International finance.
from origins in US 'subprime' market to explosion on international scene; story of greed, mismanagement,
dithering; bankers sought to make quick buck,
regulators engaged in turf wars and blame-avoidance,
government paralyzed by scale of problem - conspired to
bring banking system almost to its knees; victims: 1.5
million people in US who thrown out of their
houses, entire population of UK co-opted
to guarantee Northern Rock with 30 billion pounds of
public money; borrowers everywhere now finding
credit more expensive, harder to get.
(U.S. - 2008), Jochen Felsenheimer
and Philip Gisdakis (2008).
Credit Crises: From Tainted Loans to a Global Economic
Meltdown. (Weinheim, Germany: Wiley-VCH, 277
p.). Head of Credit Strategy & Structured Credit Team
(Unicredit); Senior Quantitative Credit Strategist
(Unicredit). Financial crises; Banks and banking;
Credit; Capital market. Mechanisms of financial market
crisis: relevant players & strategies, principles of
financial instruments involved: how bubbles emerge, how
they burst, potential economic impact: why financial
markets run into crises repeatedly; where do risks for
financial crises come from?; which instruments, strategies can drive crisis?; risks that were underestimated? transmission mechanisms onto other
markets, real economy; when is it over?
(U.S. - 2008), Robert Kuttner (2008).
Obama’s Challenge: America’s Economic Crisis and the Power of a
Transformative Presidency. (White River Junction, VT:
Chelsea Green Pub., 213 p.). Cofounder and Coeditor of The
American Prospect magazine. Obama, Barack; Financial crises
--United States; Political leadership --United States; United
States --Economic policy. How Obama must be a transformative
president—re-awaken America to renewed promise of shared
prosperity coupled with responsibility towards future
generations, international community; decades of regressive
politics and political gridlock, collapse of housing bubble,
financial meltdown, revival of 1970s style stagflation threat,
income lag behind inflation, household and international debt
growth, looming climate change disaster, energy and food price
escalation, growth in ranks of un- and under-insured Americans.
(U.S. - 2008), Charles R. Morris (2008).
The Trillion Dollar Meltdown: Easy Money, High Rollers, and the
Great Credit Crash. (New York, NY: PublicAffairs, 224
p.). Capital market--United States; Finance--United States;
Financial crises--United States. Gross excess put world
economy on brink; most reckless financial environment in recent
history- arcane credit derivative bets in trillions,
astronomical leverage at investment banks, hedge funds, private
equity firms, disruption in global markets; quarter century of
free-markets crashed; what new landscape will
(U.S. - 2008), Paul Muolo, Mathew Padilla
Chain of Blame: How Wall Street Caused the Mortgage and Credit
Crisis. (Hoboken, NJ: Wiley, 338 p.). Executive Editor
(National Mortgage News); Business Reporter (Orange County
Register). Mortgages --United States; Mortgage loans --United
States; Financial crises --United States; Stock exchanges
disaster - how crisis occurred, what individuals and
institutions (lenders, brokers, some of biggest investment banks
in world) were doing; who was
(U.S. - 2008), Kevin Phillips (2008).
Bad Money: Reckless Finance, Failed Politics, and the Global
Crisis of American Capitalism. (New York, NY: Viking,
256 p.). Political, Economic Commentator. United
States--Economic conditions--20th century; United
States--Economic conditions--2001- ;United States--Economic
policy--20th century; United States--Economic policy--2001-.
"Bad money" - U.S.
capitalism pointed toward global crisis; consequences of
misguided economic policies, mounting debt, collapsing housing
market, threatened oil, end of American domination of world
markets; parallels to decline of previous leading world economic
powers (Dutch, British); global overreach, worn-out politics,
excessive debt, exhausted energy regimes - signals that United
States is crumbling as world superpower.
(U.S. - 2008), Robert J. Shiller (2008).
The Subprime Solution: How Today’s Global Financial Crisis
Happened and What To Do About It. (Princeton, NJ:
Princeton University Press, 208 p.). Arthur M. Okun Professor of
Economics (Yale University). Subprime mortgage loans; Secondary
mortgage market; Real estate investment; Financial crises.
Origins of crisis, measures to solve it -
restructuring of institutional foundations of financial system;
bailouts of low-income victims of subprime deals needed in short
run; longer term solution - require leaders to revamp financial
framework, deploy ambitious package of initiatives to inhibit
formation of bubbles, limit risks.
(U.S. - 2008), George Soros (2008).
The New Paradigm for Financial Markets: The Credit Crisis of
2008 and What It Means. (New York, NY: PublicAffairs,
192 p.). Chairman of Soros Fund Management. Financial
crises--United States; Credit--United States; United
States--Economic policy; United States--Economic
conditions--21st century. Origins of credit crisis, its implications for future; in
context of decades of study of how individuals, institutions
handle boom, bust cycles that now dominate global economic
activity; "This is the worst financial crisis since the 1930s."
(U. S. - 2008), Ed. Katrina Vanden
Meltdown: How Greed and Corruption Shattered Our
Financial System and How We Can Recover. (New
York, NY: Nation Books, 336 p.). Editor and Publisher of
The Nation. Editor and Publisher of The Nation.
Financial crisis primer; what
steps President Obama, new administration must
take to ensure more secure future.
(U.S. - 2008), Mark Zandi (2008).
Financial Shock: A 360 Look at the Subprime Mortgage Implosion,
and How To Avoid the Next Financial Crisis. (Harlow, UK:
Financial Times Prentice Hall, 288 p.). Chief Economist and
co-founder of Moody’s Economy.com, Inc. Mortgage loans --United
States; Secondary mortgage market --United Statesl Foreclosure
--United States; Financial crises --United States; Consumer
credit --United States. Causes of subprime disaster - from psychology of homeownership
to Greenspan’s missteps; home "flippers", real estate
agents who cheered them; how Internet technology, access to
global capital transformed mortgage industry;
irresponsible lenders drove out good ones; complex financial
engineering enabled lenders to hide deepening risks, how global
investors eagerly bought in, how flummoxed regulators failed to
prevent disaster, despite crucial warning signs.
(U.S. - 2008),
Kieth Ambachtshee, David Beatty, Lawrence Booth (2009).
The Finance Crisis and Rescue: What Went Wrong? Why? What
Lessons Can Be Learned? (Toronto, ON: Rotman/UTP
Publishing, 166 p.). Director - International Centre for Pension
Management and Adjunct Professor of Finance at Rotman School of
Management (University of Toronto); Director - Clarkson Centre
for Business Ethics and Board Effectiveness and Professor of
Strategic Management at Rotman School of Management (University
of Toronto); CIT Chair in Structured Finance and Professor of
Finance at Rotman School of Management (University of Toronto).
Financial crises; Economic history -- 21st century; Economic
history; Economic security; Capitalism -- History.
wrong, why, lessons that events can teach businesspeople, policy
makers, interested observers; crisis analysis from diverse
backgrounds in fields of structured finance, behavioural
finance, value investing, pension plans, risk management,
corporate governance, public policy, leadership.
(U. S. -
2008), Eds. Viral V. Acharya and Matthew Richardson (2009).
Restoring Financial Stability: How to Repair a Failed System.
(Hoboken, NJ: Wiley, 416 p.). Professor of Finance at Stern
School of Business (New York University), London Business
School; Charles E. Simon Professor of Financial Economics and
the Sidney Homer Director of the Salomon Center for the Study of
Financial Institutions at Stern School of Business (New York
University). Finance --United States; Financial crises
--Government policy --United States; Banks and banking --United
States; Financial services industry --United States; United
States --Economic conditions --2001-. Financial policy
alternatives, specific market-focused solutions, courses of
action to restore global financial system; origins of current
financial crisis, options for restoring financial health; bold
ideas to deal with unprecedented, systemic financial crisis.
(U.S. - 2008), Edmund L. Andrews (2009).
Busted: Life Inside
the Great Mortgage Meltdown. (New York, NY: Norton, 240 p.).
Economics Reporter (New York Times). Mortgages --United States;
Subprime mortgage loans --United States; Housing --United States
--Finance; Housing --Prices --United States.
$120,000 a year in
salary (most went to child support, alimony); got "don't ask,
don't tell" mortgage with assumption that new wife would be able
to get job to keep them afloat,; didn't work as planned;
cynicism, self-destructive judgment that led to America's
biggest economic calamity in generations.
(U. S. - 2008),
Robert J. Barbera (2009).
The Cost of Capitalism: Understanding
Market Mayhem and Stabilizing our Economic Future. (New York,
NY: McGraw-Hill, 240 p.). Executive Vice President, Chief
Economist at ITG, Economics Department Fellow (Johns Hopkins
University). Capitalism--History; Financial crises; Capital
Markets--history. Why didn't economists see crises coming (panic
of 1987, tech-bubble burst of 2000, meltdown of 2008)? What
should they have known but didn't? How must they adjust their
thinking going forward?; how to manage ever present potential
for mayhem intrinsic to free market economies without stunting
innovation and growth.
(U. S. - 2008), James R. Barth ...
[et al.] (2009).
The Rise and Fall of the U.S. Mortgage and
Credit Markets; A Comprehensive Analysis of the Market Meltdown.
(Hoboken, NJ: Wiley, 526 p.). Lowder Eminent Scholar in Finance
(Auburn University). Mortgage loans --United States; Credit
--United States; Financial crises --United States; United States
--Economic conditions --2001-2009. What went wrong in every
critical area (securitization, loan origination practices,
regulation, supervision, Fannie Mae and Freddie Mac, leverage,
accounting practices, rating agencies); steps government has
taken to address crisis; factors that should drive reform,
issues that policymakers must confront in reshaping of financial
(U. S. - 2008), Roger Boyes
Meltdown Iceland: Lessons on the World Financial Crisis from a
Small Bankrupt Island.
(New York, NY, Bloomsbury USA, 256 p.). Correspondent (Times of
Credit--crisis; Economic crisis--Iceland--history.
September 2008 - Bankrupting of
Iceland, financial destruction of tiny country; population of
300,000, world’s highest GDP per capita, happiest of countries;
all wealth accumulated in previous decade disappeared; how
closely world economy is interconnected: default on subprime
mortgages in U .S. led to collapse of Lehman Brothers, led
directly to run on Iceland’s banks.
(U. S. - 2008), Vince Cable (2009).
The Storm: The World Economic Crisis and What it Means.
(London, UK: Atlantic Books, 192 p.). Treasury Spokesman for
Liberal Democrats. Credit--history; Credit--crisis; Economic
How we got into credit crisis, where
we're going; causes of world economic crisis, respose to its
challenges; complacency of British government towards huge
'bubble' in property prices, high levels of personal debt,
increasingly exotic, opaque trading within financial markets;
insular response to crisis would be disaster,
isolationism/nationalism no answers to economic woes; faith in
liberal markets maintained to build on advances in living
standards now being extended to world's poorer countries.
(U.S. - 2008), John Calverley (2009).
When Bubbles Burst:
Surviving the Financial Fallout. (Boston, MA:
Nicholas Brealey Pub., 248 p.). Head of Research, Standard
Chartered Bank. Financial crises; Investments; Real estate
Implications of crash of 2008, solutions for individuals,
companies, central banks; crises now faced, how we got here;
anatomy of bubbles, checklist for identifying them; how housing
bubble led to current financial crisis, how far prices might
fall (household debt as value of household assets collapse);
strategies for investors.
(U.S. - 2008), John Cassidy (2009).
How Markets Fail: An Atlas of Economic Irrationality.
(New York, NY, Farrar, Straus and Giroux, 400 p.). Journalist
(The New Yorker).Financial crises; Stock exchanges; Monetary
policy; Banks and banking. Force of irrational in volatile
global economy; rising influence of 'utopian economics'; new understanding of the economy;
world in which everybody is connected,
social contagion is norm; individual behavioral biases and kinks often give rise
to troubling macroeconomic phenomena -
inevitable outcomes of “rational irrationbality".
(U.S. - 2008), Byron L. Dorgan (2009).
Reckless! How Debt, Deregulation, and Dark Money Nearly
Bankrupted America (And How We Can Fix It!). (New
York, NY: Thomas Dunne Books, 288 p.). U. S. Senator from North
Dakota (D; one of only eight senators to vote against bank
deregulation). Banks and banking --Deregulation --United States;
Debt --United States; Financial crises --United States.
of regulation, untrammeled greed has undermined Americans' faith
in government; modern-day carnival; corporate executives reap
millions, even billions, as "reward" for self-interest,
mismanagement; elected public officials have sold out as
government has become partner to Big Oil, Big Media, Big Pharma;
must rescue economy from influence of financial conglomerates,
power brokers, hold public officials accountable for regulating
(U.S. - 2008), Larry Elliott and Dan Atkinson
The Gods That Failed: How Blind Faith in Markets Has
Cost Us Our Future. (London, UK: Bodley Head, 326 p.). Economics
Editor of The Guardian; Economics Editor of Mail on Sunday.
Capitalism --Evaluation. Capitalism --Social aspects. Economic
history --1945-; Quality of life --Economic aspects; Labor
economics; Economic security; Financial crises.
to whom governments have ceded economic control over least three
decades; origins traced to 1947 secret gathering of free-market
economists; series of far-reaching reforms to prevent
(U.S. - 2008), David Faber (2009).
the Roof Caved In: How Wall Street's Greed and Stupidity Brought
Capitalism to Its Knees. (Hoboken, NJ: Wiley, 192 p.). CNBC.
Real estate investment --United States; Financial crises
--United States; Foreclosure --United States; Mortgage loans
--United States. Events of previous seven years that planted
seeds for worst economic crisis since Great Depression;
regulators who tried to stop problem before it swung out of
control; hedge fund managers who correctly foresaw the coming
housing crash, profited from it.
(U.S. - 2008), Nicole
After the Fall: Saving Capitalism from Wall
Street--and Washington. (New York, NY, Encounter Books, 227 p.).
Chartered Financial Analyst (CFA), Manhattan Institute senior
fellow. Free enterprise -- United States; Capitalism -- United
States; Financial crises -- United States -- History.
finance became immune to regulation of marketplace beginning in
early 1980s, due to government policies, creation of new
financial instruments that escaped reasonable limits.
(U.S. - 2008), Andrew Gamble (2009).
Spectre at the Feast:
Capitalist Crisis and the Politics of Recession. (New
York, NY: Palgrave Macmillan. (New York, NY: Palgrave Macmillan,
208 p.). Professor and Head of Department of Politics
(University of Cambridge). Financial crises; Capitalism;
Economic history -- 21st century; Economic history; Economic
security; Capitalism -- History.
Guide to events, consequences of current global economic and
political crises; crisis in historical context; why it happened,
global cost, possible solutions; financial sector was chief
beneficiary of "neoliberal" policies introduced by Ronald
Reagan, Margaret Thatcher; historical turning point when
economic system is remade (Great Depression led to adoption of
social safety nets).
(U.S. - 2008),
Charles Gasparino (2009).
The Sellout: How Wall Street Greed and Stupidity Destroyed
America's Dominance of the Global Financial System.
(New York, NY, Collins Business: 384 p.). Correspondent for
CNBC, Former Writer (Wall Street Journal, Newsweek). Financial
crises --United States --History --21st century; Avarice
--United States --History --21st century; Wall Street (New York,
N.Y.) --History --21st century. Rise in
power, wealth of America's largest investment banks, brokerage
houses, beginning in 2002; how and why several suffered
staggering losses in assets, influence, triggered vast financial
crisis that devastated individual, institutional wallets through
United States, across globe; how leaders of numerous major US
banks caused their firms to
lose billions of dollars by going into ill-advised business of
packaging, underwriting bonds containing sub-prime mortgages
that they then sold to investors.
(U. S. -
2008), Peter S. Goodman (2009).
Past Due: The End of Easy Money and the Renewal of the American
York, NY: Times Books,
336 p.). National Economics Correspondent (New York Times).
Credit --United States; Financial crises --United States;
Unemployed --United States; United States --Economic conditions
--2001-2009. How flow of capital from Asia and Silicon Valley to
suburbs of housing bubble perverted America’s economy; Americans
binged on imports, easy credit for two decades, spending spree
abetted by ever-increasing home values; economic adaptation is
possible, through new industries, new safety nets.
(U.S. - 2008), Dan Immergluck (2009).
Foreclosed: High-Risk Lending, Deregulation, and the Undermining
of America's Mortgage Market. (Ithaca, NY: Cornell
University Press, 251 p.). Associate Professor of City and
Regional Planning (Georgia Institute of Technology). Mortgage
loans -- United States; Mortgage loans -- Government policy --
United States; Subprime mortgage loans -- United States;
Foreclosure -- United States; Financial services industry --
Deregulation -- United States; Housing -- Finance -- Government
policy -- United States; Financial crises -- United States.
Development of generally stable, risk-limiting mortgage markets
throughout much of twentieth century; how federal policy-makers
failed to regulate new high-risk lending markets that arose in
late 1990s, early 2000s; federal, state, local efforts to deal
with mortgage, foreclosure crisis of 2007, 2008; set of
principles, detailed policy recommendations for "righting the
ship" of U.S. housing finance to promote affordable, sustainable
homeownership as option for broad set of households,
(U.S. - 2008), Les Leopold (2009).
Looting of America: How Wall Street's Game of Fantasy Finance
Destroyed Our Jobs, Pensions, and Prosperity, and What We Can Do
About It. (White River Junction, VT: Chelsea Green Pub., 219
p.). Labor Economist. Finance --United States; Financial crises
--United States; United States --Economic conditions --2001-;
United States --Economic policy --2001-.
How Wall Street
undermined itself, rest of economy by playing, losing highly
lucrative, dangerous game of fantasy finance (low-income home
buyers in over their heads, people with too much credit-card
debt, government interference with free markets - not to blame);
victim of Wall Street's exotic financial products; some tough
questions: 1) Why did Americans let the gap between workers'
wages and executive compensation grow so large? 2) Why did we
fail to realize that the excess money in those executives'
pockets was fueling casino-style investment schemes? 3) Why did
we buy the notion that too-good-to-be-true financial products
that no one could even understand would somehow form the
backbone of America's new, postindustrial economy? 4) How do we
make sure we never give our wages away to gamblers again? 5) And
what can we do to get our money back?
(U.S. - 2008), Michael Lewis (2009).
Panic: The Story of Modern Financial Insanity. (New York, NY:
Norton, 352 p.). Financial crises --History --20th century;
Financial crises --History --21st century; Finance
--Psychological aspects; Investments --Psychological aspects.
Five of most violent, costly upheavals in recent financial
history: crash of '87, Russian default (subsequent collapse of
Long-Term Capital Management), Asian currency crisis of 1999,
Internet bubble, current sub-prime mortgage disaster; mood and
market factors leading up to each event, what people thought was
happening at time; what actually happened, what should have been
(U.S. - 2008), Paul Mason (2009).
End of the Age of Greed. (New York, NY: 192 p., 192 p.).
Economics Editor (BBC Newsnight). Time line of meltdown of U.S.
economy in September 2008, its global reverberations; end of old
world banking system business model in favor of "low-profit,
utility-style banking"; hyper-regulated capitalism only viable
(U.S. - 2008), Charles Morris (2009).
Sages: Warren Buffett, George Soros, Paul Volcker, and the
Maelstrom of Markets. (New York, NY: Public Affairs, 224 p.).
Soros, George --Political and social views; Buffett, Warren
--Political and social views; Volcker, Paul A. --Political and
social views; Finance; Investments.
Perspectives, principles of
three pillars of financial community; more than 50 years of deep
involvement in markets, skepticism of Wall Street frenzies,
belief that markets tend to be right (only over medium term);
seen too many cycles of herd-driven, emotion-riding booms and
busts to believe markets are truly efficient; their records,
wisdom, experience; importance of consistent values in
navigating treacherous terrain of today's globalized world.
(U.S. - 2008), Wolfgang Munchau (2009).
The Meltdown Years:
The Unfolding of the Global Economic Crisis. (New York, NY:
McGraw-Hill, 266 p.). Associate Editor of the Financial Times.
Global Financial Crisis, 2008-2009; Monetary policy.
values, life savings, job security, investments around world are
in peril; what is to blame - why world's financial systems,
put in place to help stave off such a crisis, failed so
miserably; What is inherently wrong with global monetary system?
What happened to regulatory process? What role did credit
market, hedge funds, investment banks play? flaws, weaknesses of
global financial system, in context of crisis: structure of
world banking system; global events that led to financial
collapse; growth of speculative bubbles; descent from financial
crisis into full-out recession; how long recession wil run,
long-term consequences of the meltdown.
(U.S. - 2008),
Richard A. Posner (2009).
A Failure of Capitalism: The Crisis of
'08 and the Descent into Depression. (Boston, MA:
Harvard University Press, 368 p.). Circuit Judge, United States
Court of Appeals for the Seventh Circuit, Senior
Lecturer(University of Chicago Law School). Financial crises
--United States; Depressions; Capitalism; United States
--Economic conditions --2001-; United States --Economic policy
--2001-. Most alarming of economic
crises because of warp-speed at which it is occurring: 1) excess
savings flowing from Asia, 2) reckless lowering of interest
rates by Federal Reserve Board; 3) relation between executive
compensation, short-term profit goals, risky lending; 4) housing
bubble fueled by low interest rates, aggressive mortgage
marketing, loose regulations; 5) low savings rate of American
people; 6) highly leveraged balance sheets of large financial
institutions; two basic remedial approaches to crisis
(correspond to two theories of cause of Great Depression): A)
monetarist Federal Reserve Board allowed money supply to shrink,
failed to prevent disastrous deflation; B) Keynesian -
depression was product of credit binge in 1920's, stock-market
crash, ensuing downward spiral in economic activity; pendulum
swung too far, financial markets need to be more heavily
2008), Robert Pozen; foreword by Robert J. Shiller
Too Big To Save?: How To Fix the U.S. Financial System.
(Hoboken, NJ, Wiley, 457 p.). Chairman of MFS Investment
Management ($150 billion in assets), senior lecturer at
Harvard Business School, former chairman of the SEC
advisory committee on improving financial reporting,
former vice chairman of Fidelity Investments and
president of Fidelity Management & Research Company.
Finance --Government policy --United States; Financial
crises --Government policy --United States; Global
Financial Crisis, 2008-2009; United States --Economic
policy --2009-. Globalization of
financial crisis through sale of mortgage-backed
securities around world; how securitization process
should be reformed; impact of financial crisis on stock
and bond markets; broad government guarantees of bank
debt and money market funds; reinstatement of incentives
for large debt holders to scrutinize condition of
financial institutions; federal bailout of financial
institutions by buying their stock and toxic assets; how
these bailouts constitute "one-way capitalism"; what
can, cannot be achieved through international financial
cooperation; concrete plan to address risks to entire
financial system, strengthen functional regulation of
each segment of financial services industry.
(U. S. - 2008), Colin Read (2009).
Global Financial Meltdown: How We Can Avoid The Next Economic
Crisis. (New York, NY: Palgrave Macmillan, 252 p.).
Professor of Economics and Finance (SUNY College at
Plattsburgh). Finance; Economic policy; Monetary policy;
International finance; International economic relations.
Reasons for global financial unrest arising from sub-prime
mortgage crisis, global economic meltdowns (well educated
economic citizen is most effective tool to prevent future
financial collapses); economic topics conneced to real world
financial problems; recommendations to strengthen economy, leave
it less prone to manipulation; role of globalization, expected
profound impact countries like India and China will have on
(U.S. - 2008), Barry Ritholtz (2009).
Bailout Nation: How Greed and Easy Money Corrupted Wall Street
and Shook the World Economy. (Hoboken, NJ: Wiley, 332
p.). Chief Executive Officer of FusionIQ . Financial crises
--United States; Finance --Government policy --United States;
Intervention (Federal government); United States --Economic
conditions --2001-; United States --Economic policy --2001-.
Current crisis in historic context; how nation that long found
government intervention in business abhorrent came to embrace
bailouts as normal; 1971 - Lockheed Aircraft Corp. (blueprint
for future rescues, Penn Central railroad, Chrysler Corp.,
Continental Illinois National Bank and Trust Co.,
savings-and-loan cleanup, Long-Term Capital Management LP);
"tech wreck" of 2000, credit and housing bubbles.
(U.S. - 2008), Herman M. Schwartz (2009).
Subprime Nation: American Power, Global Capital, and the Housing
Bubble. (Ithaca, NY: Cornell University Press, 258
p.). Professor, Director of Graduate Studies, Department of
Politics (University of Virginia). Financial crises --United
States; Subprime mortgage loans --United States; Housing
--United States --Finance; Credit --United States; International
finance; Capital market; United States --Economic conditions
--1981-2001; United States --Economic conditions --2001-; United
States --Foreign economic relations.
Impact of U.S. regulatory failure on international economy;
worldwide, U.S. growth and power over last twenty years has
depended in large part on domestic housing markets;
mortgage-based securities attracted cascade of overseas capital
into U.S. economy; high levels of private home ownership,
particularly in United States, United Kingdom, helped pull in a
disproportionately large share of world capital flows; mortgage
lenders became more eager to extend housing loans (more mortgage
packages securitized, higher their profits); dangerously
inventive in creating new mortgage products, (adjustable-rate,
subprime mortgages) to attract new, mainly first-time, buyers
into housing market; mortgage-based instruments work only when
confidence in mortgage system is maintained; regulatory failures
in U.S. S&L sector, accounting crisis that led to extinction of
Arthur Andersen, subprime crisis that destroyed Lehman Brothers
and Merrill Lynch and damaged many other big financial
institutions, jeopardized significant engine of economic growth;
"local" problem of housing crisis carries substantial, ongoing
risks for U.S. economic health, continuing primacy of U.S.
dollar in international financial circles, U.S. hegemony in
(U.S. - 2008), Andrew Sheng (2009).
Asian to Global Financial Crisis: An Asian Regulator's View of
Unfettered Finance in the 1990s and 2000s. (New York, NY,
Cambridge University Press, 489 p.). Chief Adviser to the China
Banking Regulatory Commission and a Board Member of the Qatar
Financial Centre Regulatory Authority. Finance -- Asia;
Financial crises -- Asia. How old mindsets, market
fundamentalism, loose monetary policy, carry trade, lax
supervision, greed, cronyism, financial engineering caused Asian
crisis of late 1990s, current global crisis of 2008-2009; how
Japanese zero interest rate policy to fight deflation helped
create carry trade that generated bubbles in Asia whose effects
brought Asian economies down; global finance interlinked,
interactive (current tools, institutional structure to deal with
critical episodes completely outdated); how current financial
policies, regulation failed to deal with global bubble;
recommendations on what must change.
(U.S. 2008), Andrew Ross Sorkin
Too Big to Fail: The Inside Story of How Wall Street and
Washington Fought to Save the Financial System---and Themselves.
(New York, NY, Viking, 624 p.). Chief Mergers and Acquisitions
Reporter (The New York Times).Global Financial Crisis,
2008-2009; Financial crises --United States --History --21st
centuy. From inside corner office
at Lehman Brothers to secret meetings in South Korea, corridors
of Washington, definitive story of most powerful men and women
in finance, politics grappling with success and failure, ego and
greed, fate of world's economy; how decisions made on Wall
Street over the past decade sowed the seeds of the debacle;
real-life thriller with cast of bold-faced names who themselves
thought they were too big to fail.
(U.S. - 2008), Thomas
The Housing Boom and Bust. (New York, NY: Basic
Books, 192 p.). Scholar in Residence at the Hoover Institution
(Stanford University). Housing; Economic crisis--history;
Subprime mortgage loans; political leadership --United States.
How financial house of cards was built, then suddenly collapsed
("creative" financing of home mortgages, more "creative"
marketing of financial securities based on American mortgages to
countries around world); politicians, financial dangers they
created, distractions they created later to escape their
responsibility when financial markets collapsed; outlines,
implications of what to do.
(U.S. - 2008), John B. Taylor (2009).
Getting Off Track: How Government Actions and Interventions
Caused, Prolonged, and Worsened the Financial Crisis.
(Stanford, CA: Hoover Institution Press, 92 p.). Bowen H. and
Janice Arthur McCoy Senior Fellow at the Hoover Institution and
the Mary and Robert Raymond Professor of Economics at Stanford
University. Financial crises; Financial crises --United States;
Monetary policy; Mortgages --Government policy.
Current crisis - housing boom and bust led to financial turmoil
in world; what caused financial crisis, what prolonged it, what
worsened it dramatically more than year after it began; how
unusually easy monetary policy helped set crisis in motion; how
use of subprime mortgages led to excessive risk taking;
principles to to prevent misguided actions, interventions in
(U.S. - 2008), Armann Thorvaldsson (2009).
Assets: How I Lived Iceland's Boom and Bust. (Chichester, West
Sussex, UK, Wiley, 266 p.). Former CEO at Iceland's Kaupthing
Bank in UK. Banks and banking -- Iceland -- History -- 21st
How one man, one bank, one country experienced, was
affected by course of world economic history; bank grew from
small brokerage house to Â£6 billion international bank;
represented money behind household names as Iceland, Matalan,
easyJet, Karen Millen. He travelled most frantic efforts to save
bank were fruitless.
(U.S. - 2008), David Wessel (2009).
In Fed We Trust: Ben Bernanke's War on the Great Panic. (New
York, NY: Crown Business, 336 p.). Economics Editor (Wall Street
Journal). Bernanke, Ben; Board of Governors of the Federal
Reserve System (U.S.); Banks and banking, Central --United
States; Financial crises --United States; Monetary policy
How federal reserve became fourth branch of
government ( with no direct accountability to nation's
voters), spearheaded biggest government intervention in more
than half century; determined not to repeat epic mistake of
1930s - economic catastrophe largely fault of sluggish,
wrongheaded Federal Reserve; how Bernanke-Fed led desperate
effort to prevent world's financial engine from grinding to
(U. S. - 2008), Eds. Viral V. Acharya, Thomas F. Cooley, Matthew
P. Richardson, Ingo Walter, New York University Stern School of
Business; foreword by Myron Scholes (2010).
Regulating Wall Street: The Dodd-Frank Act and the New
Architecture of Global Finance. (Hoboken, NJ: Wiley,
573 p.). Professor of Finance (New York University Stern School
of Business); Dean Emeritus and the Paganelli-Bull Professor of
Economics (New York University Stern School of Business);
Charles E. Simon Professor of Applied Financial Economics (New
York University Stern School of Business); Seymour Milstein
Professor of Finance, Corporate Governance and Ethics and Vice
Dean of Faculty (New York University Stern School of Business).
Financial institutions --Government policy --United States;
Banks and banking --State supervision --United States; Financial
crises --United States; International finance --Law and
legislation; United States --Economic policy --2009-.
Dodd-Frank Act improved financial regulation, fell far short of
what could have been achieved; impact of most significant
changes in financial regulation since 1930s on U.S., global
financial architecture; strengths, weaknesses of new
regulations: key issues that regulatory reform should address;
key components of regulatory reform; how reforms will affect
financial firms, markets, real economy - promote growth, prevent
another near collapse of financial system, or contribute to its
(U.S. - 2008), Philip Arestis and
Elias Karakitsos (2010).
The Post 'Great Recession' US Economy:
Implications for Financial Markets and the Economy. (New York,
NY: Palgrave Macmillan, 336 p. [2nd ed.]). Professor at the
Cambridge Centre for Economic and Public Policy (University of
Cambridge, UK); Global Economic Research. Financial crises
--United States --History --21st century; Recessions --United
States --History --21st century; Financial institutions --United
States --History --21st century.
Causes, consequences of burst
of 'new economy' bubble, impact on financial markets.
(U.S. - 2008), John Authers (2010).
The Fearful Rise of Markets:
A Short View of Global Bubbles and Market Meltdowns. (New York,
NY: Financial Times/Prentice Hall, 256 p.). Investment Editor of
the Financial Times. Global Financial Crisis, 2008-2009;
Financial crises --History --21st century; Capital market
--History --21st century.
How first truly global super bubble
inflated; multiple roots of repeated financial crises: massive
shift in investing power from individuals to big institutions;
migration of key decisions from banks to capital markets;
wholesale financialization of many asset classes; fundamental
failures of both theory and policy; realistic solutions.
(U.S. - 2008), Harold Bierman, Jr. (2010).
Beating the Bear: Lessons from the 1929 Crash Applied to Today's
World. (Santa Barbara, CA: Praeger, 206 p.). Nicholas
H. Noyes Professor of Business Administration at Johnson
Graduate School of Management (Cornell University). Stock Market
Crash, 1929; Global Financial Crisis, 2008-2009; Bear markets --
Much of what happened could have been foreseen, avoided (as it
could have been in 1929); economic situations in United States
before 1929 and 2008-2009 stock market crashes; causes of both
financial crises; connection between explosion of sub-prime
mortgage market, current state of economy, forecast future.
(U.S. - 2008), Anton Brender, Florence Pisani; [translated
into English by Francis Wells] (2010).
Global Imbalances and the
Collapse of Globalised Finance. (Brussels, Berlgium: Centre for
European Policy Studies, 179 p.). Chief economist of Dexia-Asset
Management, Associate Professor at Paris-Dauphine University;
Teaches at Paris-Dauphine University. Balance of payments;
Global Financial Crisis, 2008-2009; International finance;
International economic integration; Financial crises.
finance at origin of successive eruptions (Asian crisis,
stock-market bubble, subprimes crisis); wave of innovation has
transformed ways in which capital circulates, risks of
investment are borne; savings generated in one place used in
another; sequence of events leading to collapse of globalised
(U. S. - 2008), Damiano Brigo, Andrea Pallavicini, Roberto
Credit Models and the Crisis: A Journey into CDOs, Copulas,
Correlations and Dynamic Models. (Chichester, UK:
Wiley, 143 p.). Managing Director and Global Head of the
Quantitative team in Fitch Solutions, Visiting Professor at the
Department of Mathematics (Imperial College, London); Head of
Financial Engineering at Banca Leonardo in Milan; Responsible
for Structured Credit Derivatives at BBVA (Banco de Bilbao,
Banco de Vizcaya merged in 1988, formed BBV; Corporacion
Bancaria de Espana , BEX, BHE, Caja Postal merged in 1998,
formed Argentaria). Finance--Mathematical models;
Credit--Mathematical models; Financial crises--Mathematical
Technical analysis of credit derivatives modeling problems;
development (and flaws) of new quantitative methods for credit
derivatives, CDOs up to, through credit crisis; impact,
strengths, weaknesses of methods (from introduction of Gaussian
Copula model, related implied correlations, to introduction of
arbitrage-free dynamic loss models capable of calibrating all
tranches for all maturities at same time); implied copula,
method that can consistently account for CDOs with different
attachment, detachment points but not for different maturities;
why Gaussian Copula model is still used in base correlation
(U.S. - 2008), Gordon Brown (2010).
Beyond the Crash: Overcoming the First Crisis of Globalization.
(New York, NY: Free Press, 314 p.). Former British Prime
Minister and Chancellor of the Exchequer Gordon Brown. Global
Financial Crisis, 2008-2009; Financial crises; International
trade; International finance; International economic relations;
Economic policy -- International cooperation; Economic
development -- International cooperation. First true crisis of
globalization - everyone affected by same crisis; events that
led to crisis; historical precedents; contradiction of
globalization: as economies have become more interconnected,
regulators and governments have failed to keep pace, increase
coordination; manner in which increasing flows of capital around
world had impact on economy resulted in instability - 1) failure
intrinsic to unregulated global markets; 2) failure of
collective action at international level to respond quickly
enough to structural imbalances, inequities that arose; future
of low growth, high unemployment, decline, decay is not
(U.S. - 2008),
Mathias Dewatripont, Jean-Charles Rochet, and Jean Tirole;
translated by Keith Tribe (2010).
Balancing the Banks: Global Lessons from the Financial Crisis.
(Princeton, NJ, Princeton University Press, 160 p.). Professor
of Economics (Universite Libre de Bruxelles); Professor of
Mathematics and Economics (University of Toulouse); Chairman of
the Foundation Jean-Jacques Laffont (Toulouse School of
Economics). Banks and banking --Government policy; Banks and
banking --State supervision; Global Financial Crisis, 2008-2009;
Financial crises --History --21st century.
Lessons from causes of 2008 crisis; important regulatory reform
proposals to deal with issues regarding economic incentives of
financial institutions, impact of economic shocks, role of
political constraints; guidelines for ways in which distressed
banks might be dealt with in future; necessity of adaptive
prudential regulatory system that can better address financial
(U.S. - 2008), Kevin Dowd, Martin Hutchinson
Alchemists of Loss: How Modern Finance and Government
Intervention Crashed the Financial System. (Hoboken, NJ: Wiley,
432 p.). Former academic and policy economist; Former
merchant/investment banker (Hill Samuel). Economic crisis --
2008; modern finance.
How modern finance, combined with easy
money, threatened to bring down world financial system; modern
finance as U.S. invention, theories and practices, changes they
made in business models and risk management on Wall Street,
other major financial centers: events involved in 2007-08
financial collapse; how botched policy response made bad
situation worse; lessons that practice of finance must learn
from recent events; what it will take to make sure won't happen
(U. S. - 2008), Darrell Duffie (2010).
How Big Banks Fail and What To Do About It.
(Princeton, NJ: Princeton University Press, 91 p.). Dean Witter
Distinguished Professor of Finance at the Graduate School of
Business (Stanford University). Bank failures; Bank failures
--Prevention; Bank failures -- United States; Financial crises.
How dealer banks (large banks that deal in securities,
derivatives) collapse, how need to bail them out can be
prevented; mechanics of large-bank failures; where cracks first
appear when severe trading losses weaken dealer bank; how
relationships with customers, business partners abruptly change
when solvency is threatened (seek to reduce exposure to dealer
bank); bank uses remaining liquid capital to signal strength;
how key mechanisms in dealer bank's collapse derive from special
institutional frameworks, regulations that influence flight of
short-term secured creditors, hedge-fund clients, derivatives
counterparties, loss of clearing and settlement services (Lehman
Brothers's failure in 2008); why today's regulatory,
institutional frameworks for mitigating large-bank failures
don't address special risks to financial system posed by dealer
banks; improvements in regulations, institutions needed to
address systemic risks.
(U. S. - 2008), Emily Eisenlohr
Fairy Tale Capitalism: Fact And Fiction Behind Too Big
To Fail. (Bloomington, IN: AuthorHouse, 272 p.). Former Banker,
Former Senior Credit Officer (Moody's). Economic crisis -- 2008;
credit crisis -- history; capitalism.
financial meltdown: which political party is most responsible?,
can regulators prevent another crisis?, how do credit ratings
play hidden role?, can Congress tame systemic risk without
shrinking big banks? simple explanations, simple illustrations
to show how systemic risk remains.
(U.S. - 2008), Richard Florida (2010).
The Great Reset: How New Ways of Living and Working Drive
Post-Crash Prosperity. (New York, NY: Harper, 240
p.). Director of the Martin Prosperity Institute at the Rotman
School of Management (University of Toronto). Financial crises
--United States --History --21st century; Global Financial
Crisis, 2008-2009; United States --Economic policy --2009-.
Economic meltdown of 2008-09 as opportunity to "reset"; previous
economic epochs, or "resets" (Long Depression of the late 19th
century, Great Depression of the 1930s); deep forces that have
altered physical, social landscapes, reshaped economies and
societies: 1) new patterns of consumption, new attitudes toward
ownership that are less centered on houses and cars; 2)
transformation of millions of service jobs into middle class
careers that engage workers as source of innovation; 3) new
forms of infrastructure that speed movement of people, goods,
ideas; 4) economic landscape organized around "megaregions" that
will drive development of new industries, new jobs, new way of
(U.S. - 2008), Kenneth R. French, Martin N. Baily,
John Y. Campbell, John H. Cochrane, Douglas W. Diamond, Darrell
Duffie, Anil K Kashyap, Frederic S. Mishkin, Raghuram G. Rajan,
David S. Scharfstein, Robert J. Shiller, Hyun Song Shin, Matthew
J. Slaughter, Jeremy C. Stein, and Rene M. Stulz (2010).
Squam Lake Report: Fixing the Financial System. (Princeton, NJ:
Princeton University Press, 168 p.). Economists. Financial
crises --Prevention; Finance --Government policy; Capital market
Fall 2008 - fifteen of world's leading
economists gathered at Squam Lake, NH to develop long-term plan
for financial regulation reform: 1) sound and transparent
prescriptions to reduce divide between financial instiutions and
society; 2) plug critical holes in existing regulatory framework
for handling complex financial institutions, retirement savings,
credit default swaps; 3) new financial instruments designed to
recapitalize banks without burdening taxpayers; 4) higher
capital requirements, systemic regulator (part of central bank)
- to lower risk that large banks will fail; 5) where financial
system has failed; how weak points should be overhauled.
(U.S. - 2008), Gary B. Gorton (2010).
Slapped by the Invisible Hand: The Panic of 2007.
(New York, NY, Oxford University Press, 223 p.).
Frederick Frank Class of 1954 Professor of Management
and Finance (Yale School of Management).Banks and
banking -- United States -- History -- 21st century;
Financial crises -- United States -- History -- 21st
century. Bank panics- systemic crises: 1873, 1884,
1890, 1893, 1896, 1907, 1914; 1934=2007 - no systemic crises (combination of deposit insurance, strong
regulation-undermined by rise of shadow banking);
August 2007 -wholesale
panic involving institutions (large financial firms
"ran" on other financial firms, made system insolvent);
how securitized-banking system, nexus of financial
markets and instruments unknown to most people, stands
at heart of financial crisis; Panic of 2007 not so
different from Panics of 1907 or 1893, except most
people had never heard of markets that were involved,
didn't know how they worked, what their purposes were
(subprime mortgage, asset-backed commercial paper
conduit, structured investment vehicle, credit
derivative, securitization, repo market); securitized
banking system is real banking system, allows
institutional investors, firms to make enormous,
(U. S. - 2008), Michael Hirsh (2010).
Capital Offense: How Washington’s Wise Men Turned
America’s Future Over to Wall Street.
(Hoboken, NJ: Wiley, 352 p.). National Economics
Correspondent (Newsweek). Global Financial Crisis,
2008-2009; Finance --Government policy --United States;
United States --Economic policy --2009-; United States
--Politics and government --2009-. Missteps of three
decades of fiscal, regulatory, financial recklessness
(dismantling of Glass-Steagall Act, S&L debacle, Enron,
subprime mortgage meltdown); why Clinton administration
failed to heed warning sounded by Asian financial crisis
of 1998; why then Treasury Secretary Rubin dismissed
very explicit warning about dangers of new type of
financial instrument known as derivatives; lives of key
people of era of free-market finance: Milton Friedman -
creator, earliest promoter (adopted by conservative
movement); influence on Reagan administration (theories
first became government policy); top White House
advisors, administration officials (Alan Greenspan,
Robert Rubin, Paul O'Neill, others); key figures, lively
interpersonal clashes (fierce\, ongoing conflict between
Larry Summers and Nobel Prize–winning economist Joe
Stiglitz, staunch opponent of free-market theory); why
President Obama took so long to work on economy, why his
policies, far better than nothing, may not be nearly
enough to sustain long-term recovery.
(U.S. - 2008), William M. Isaac with Philip C. Meyer
Senseless Panic: How Washington Failed America.
(Hoboken, NJ: Wiley, 190 p.). Chairman of LECG Global
Financial Services, Former Chairman of the Federal
Deposit Insurance Corporation (FDIC) during the banking
and S&L crises of the 1980s; . Savings and loan
association failures --United States --History; Savings
and Loan Bailout, 1989-1995; Global Financial Crisis,
2008-2009; Bank failures --United States --History.
went wrong with nation's banking system, indictment of
United States policy; early 1980s - prime interest rate
at an astonishing 21.5%; led to a severe recession,
unemployment reached nearly 11%; some 3,000 banks and
thrifts failed (nine of Texas’s 10 largest, Continental
Illinois - 7th largest bank in the nation; conditions
handled without creating a panic, economy began longest
peacetime expansion in history; 2008 - failure of comparative handful of
institutions nearly shut down world’s financial system;
mistakes that led to panic of 2008 and 2009; conditions
America faced in 2008; roadmap for avoiding similar
shutdowns and panics in future.
(U.S. - 2008), Ed. Robert W. Kolb (2010).
Lessons from the Financial Crisis: Causes, Consequences,
and Our Economic Future.. (Hoboken, NJ: Wiley,
667 p.). Professor of Finance, Frank W. Considine Chair
of Applied Ethics School of Business (Loyola University
Chicago). Financial crises; Global Financial Crisis,
2008-2009; Financial crises --United States.
Institutional problems revealed in crisis:
role of borrowers (especially subprime borrowers) in
fomenting crisis; 2) failures of modern risk analysis
and management (how these essential disciplines can be
improved); 3) securitization process (how new way of
originating mortgages affected mortgage market, broader
financial crisis); 4) role of regulation (its absence,
failure of regulators to enforce existing rules; solutions
to be implemented to avert future problems);
emerging consequences of crisis for
economy, lives of people; decisions of Federal
Reserve: how actions it has taken to avert disaster may
lay foundation for future financial problems;
(U.S. - 2008), Edited by Martijn Konings (2010).
The Great Credit Crash.
(New York. NY: Verso,
398 p.). Researcher in the Amsterdam Institute for
Metropolitan and International Development Studies
(University of Amsterdam, The Netherlands). Global
Financial Crisis, 2008-2009; International finance.
Recent economic disaster - product of social order built
during triumphalist years of neoliberal capitalism;
current events, political responses; understanding of
crisis beyond subprime headlines.
- 2008), John Lanchester
I.O.U.: Why Everyone Owes Everyone and No One Can Pay. (New
York, NY, Simon & Schuster, 272 p.). British journalist. Global
financial crisis, 2008-2009; Economic history --21st century;
International finance. How complete, devastating financial implosion
happened; how decisions, actions
of select group of individuals had profound consequences for
America, Europe, global economy; proliferation of cheap
credit led to explosion of lending; invention, widespread
misuse of financial instruments, culpability of subprime
mortgages; -- limitations of financial, governmental regulation,
capitalism's deepest flaw, facts of human nature where cash is
(U.S. - 2008), Philippe Legrain 2010).
Aftershock: Reshaping the World Economy After the Crisis.
(London, UK: Little, Brown, 448 p.). 2010. Visiting
Fellow at the London School of Economics' European
Institute. Global Financial Crisis, 2008-2009; Financial
crises --History --21st century; Capital market
--History --21st century. What went wrong, how world's
leaders and financial institutions can learn from
disastrous mistakes; how world economy is being
reshaped, what it means for jobs, future prospects.
(U.S. - 2008),
Michael Lewis (2010). The
Big Short: Inside the Doomsday Machine.
(New York, NY, Norton, 288 p.). Author. Financial crises --
history; United States -- Economic conditions -- 2008. How free
fall of American economy was possible; how easy money, greatly expanded home ownership led to crash; how shareholder
demand for profit forced investment executives to use toxic
(U.S. 2008), Eds. Michael Lounsbury, Paul M. Hirsch (2010).
Markets on Trial: The Economic Sociology of the U.S. Financial
Crisis. (Bingley, UK: Emerald, 666 p.). Alex Hamilton
Professor of Business Strategic Management & Organization
(University of Alberta); James L. Allen Professor of Strategy &
Organizations at the Kellogg School of Management (Northwestern
University). Economics -- Sociological aspects; Global Financial
Crisis, 2008-2009; Mortgages; United States -- Economic
conditions -- 2001-2009. Top scholars in economic and
organizational sociology address recent global financial crisis
debates, struggles around how to organize economies, societies
(U.S. - 2008), Roger Lowenstein
The End of Wall Street. (New York, NY,
Penguin Press, 336 p.). Former Reporter (Wall Street
Journal). Financial crises --United States --History
--21st century; Mortgages --Government policy --United
States; Wall Street (New York, N.Y.) --History --21st
century; United States --Economic policy --2001-2009.
LLiquidity and capital - origins of crisis, positions
collapse of 2008 as greatest ever of Wall Street's
unlearned lessons; America's succumbing to siren
song of easy debt, speculative mortgages; profiles of
Angelo Mozilo, Johnny Appleseed of subprime mortgages,
damning explication of how rating agencies helped gift
wrap faulty loans in guise of triple-A paper, takedown
of academic formulas that proved ruin of investors and
banks; searing profiles of banking CEOs,
(U. S. - 2008), Matthew Lynn
Bust: Greece, the Euro and the Sovereign Debt Crisis.
(Hoboken, NJ: Bloomberg Press, 288 p.). Bloomberg
columnist. Financial crises --Greece --History --21st
century; Debts, External --Greece --History --21st
century; Greece --Economic policy --1974-; Economic
stabilization --Greece --History --21st century; Greece
--Economic conditions --1974-.
Greece's spectacular rise
and fall, global repercussions of its
financial disaster; origins, how it escalated,
government deceit, unfettered spending, cheap borrowing;
implications for fragile global economy; how Greek
contagion spread throughout Europe; how government
ineptitude, financial speculators compounded problem.
- 2008), Christian Marazzi; Translated by Kristina Lebedeva
The Violence of Financial Capitalism.
(Cambridge, MA, Semiotext(e), Distributed by MIT Press, 112
p.). Professor and Director of Socio-Economic Research (Scuola
Universitaria della Svizzera Italiana). Financial crises.
Processes of financialization - new type of accumulation adapted to
processes of social, cognitive production today (not
simply irregularities between traditional categories of wages,
- fundamental component of contemporary accumulation, not classic lack of economic growth; individual debt, management of
financial markets - techniques for governing transformations
of immaterial labor, general intellect, social cooperation;
financial crisis has radically undermined concept of unilateral,
multilateral economico-political hegemony; efforts toward new
geo-monetary order that have emerged around globe in response.
(U.S. - 2008), Bethany McLean and Joe Nocera (2010).
All the Devils Are Here: The Hidden History of the
Financial Crisis. (New York, NY: Portfolio
Penguin, 400 p.). Writer for Vanity Fair; Business
Columnist for The New York Times. Global Financial
Crisis, 2008-2009; Financial crises --United States
--History --21st century; Mortgage-backed securities
--United States; Subprime mortgage loans --United
How Wall Street, mortgage industry, government
conspired to change way Americans bought their homes;
who changed game and why; about basic human
psychology-from poorest Florida home buyer to richest
(U. S. - 2008), Anastasia
Financial Alchemy in Crisis: The
Great Liquidity Illusion. (London, UK: Pluto Press 204
p.). International Politics Staff (City University,
London). Bank liquidity; Credit control; Financial
crises. Elusive concept of ‘liquidity’ in global
finance, in global financial crisis of 2007-2009.
- 2008), Henry M. Paulson, Jr. (2010). On
the Brink: Inside the Race to Stop the Collapse of the Global
Financial System. (New
York, NY, Business Plus, 496 p.). Former CEO of Goldman Sachs,
Former Secretary of the Treasury. Paulson, Henry M.; Financial
crises--History. Key decisions that
had to be made, people and politics during world's impending
(U. S. - 2008), Raghuram G. Rajan (2010).
Fault Lines: How Hidden Fractures Still Threaten the
(Princeton, NJ: Princeton University Press, 260 p.).
Eric J. Gleacher Distinguished Service Professor of
Finance at Booth School of Business (University of
Chicago). Income distribution --United States --History
--21st century; Global Financial Crisis, 2008-2009;
Economic history --21st century; United States --Social
conditions --21st century.
How individual choices made by bankers, government
officials, ordinary homeowners collectively brought
economic meltdown; financial sector, with skewed
incentives, was critical, unstable link between
over-stimulated America, under-consuming world; how
unequal access to education, health care in United
States encouraged easy credit, kept job creation strong
(regardless of consequences to economy's long-term
health), put everyone in deeper financial peril;
economic choices of countries (Germany, Japan, China)
placed political pressure on America to amend policies;
hard choices needed to make to ensure more stable world
economy, restore lasting prosperity.
(U. S. - 2008), Jack Rasmus (2010).
Epic Recession: Prelude to Global Depression.
(London, UK: Pluto Press, 272 p.). Professor of Economics (St.
Mary's College and Santa Clara University). Economic conditions -
2000-2008; Recession -- 2010.
Origins, future direction of
current economic crisis; relationships between banking system's
breakdown, economy in general; how recession is highly resistant
to traditional fiscal, monetary policy solutions, requires major
structural changes in economy to check, contain;
origins, causes of Epic Recession: roots in corporate,
government policies, fundamental structural changes in U.S.
capitalist economy since early 1980s; how current economic
crisis is similar to, simultaneously different from, Great
Depression of 1929-1934, post-1945 recessions in U.S.; two
dominant forms of Epic Recessions: 1) ‘Type I’ - similar to
events of 1907-1914; 2) ‘Type II - similar to events of
1929-1931; current crisis evolving into ‘Type I’, potential for
transforming into ‘Type II’; 2011-2013 critical period
for determining which type.
(U.S. - 2008), Paul Reyes (2010).
Exiles in Eden: Life Among the Ruins of Florida's Great
Recession. (New York, NY: Henry Holt, 259 p.).
Subprime mortgage loans -- Florida; Foreclosure -- Florida;
Global Financial Crisis, 2008-2009. Father's small company
"trashes out" (enters, empties) foreclosed homes in Florida;
portrayal of his own family, people, communities affected by
foreclosure crisis; human element of frightening rattling of
American Dream; "ecosystems" of each failed mortgage, parts of
abandoned Florida returned to its wild natural state; from
machinations of Wall Street to sun-baked side streets where true
costs of crisis seen; allure and dream of home, portrait of
America where exiled insist on right to their own America
dreams, even as terms are forcibly redrawn.
(U. S. - 2008), Stephen J. Rose
Rebound: Why America Will Emerge Stronger from the Financial
Crisis. (New York,
NY, St. Martin’s Press, 240 p.). Labor Economist and Former
Senior Advisor to Secretary of Labor Robert Reich. Economic
forecasting --United States; Financial crises --United States;
United States --Economic conditions --2009-. How economy will
return to high growth rates; data on economic performance of
America over last 30 years debunks myths about declining middle
class incomes, burger-flipping jobs, global competition;
evolution of financial crisis, mortgage lending implosion under
rubric of “brilliant idiocy” - how investors, financial firms,
regulators made devastating mistakes in pursuit of quick gains;
simple financial regulation, forthcoming investments in
education, health care, energy will pay quick and healthy
(U.S. - 2008), Nouriel Roubini and Stephen Mihm
Crisis Economics: A Crash Course in the Future of
(New York, NY: Penguin Press, 368
p.). Professor of Economics at Stern School of Business
(New York University); Associate Professor of History
(University of Georgia). Financial crises; Business
Methods used to foretell current
crisis before other economists saw it coming; financial
cataclysms - old, ubiquitous (Mexico, Thailand, Brazil,
Pakistan, Argentina in last two decades; much in common
with current downturn); how to recognize, grapple with
inherent instability of global financial system,
understand its pressure points, learn from previous
episodes of "irrational exuberance," pinpoint course of
global contagion, plan for immediate future; how world's
economy can get out, stay out of current mess.
(U. S. - 2008), Robert Scheer with Christopher Scheer
The Great American Stick-Up!: Greedy Bankers and the
Politicians Who Love Them. (New York, NY:
Nation Books, 304 p.). Former Foreign Correspondent (Los
Angeles Times). Banks and banking --Corrupt practices
--United States; Financial crises --United States.
captains of finance industry, their lobbyists, allies
among leading politicians destroyed American regulatory
system that had been functioning effectively since era
of New Deal; roots of disaster - free-market
propaganda of Reagan years, bipartisan deregulation of banking industry undertaken
with full support of "progressive" Bill Clinton; Clinton
financial clique, havoc it wrought; anatomy of American
business, political class.
(U. S. - 2008), Hyun Song Shin (2010).
Risk and Liquidity.
(Oxford, UK: Oxford
University Press, 192 p.). Professor of Economics
(Princeton University). Financial risk management;
Financial institutions -- Management; Global Financial
Paradox of global financial crisis -
erupted in era when risk management was core management
focus of most sophisticated financial institutions;
severity of crisis: 1) financial development put
marketable assets at heart of financial system; 2)
increased sophistication of financial institutions that
held, traded the assets; economics behind fluctuations
in price of risk, boom-bust dynamics that follow; role
played by market-to-market accounting rules, securitisation in amplifying crisis; lessons for
financial architecture, financial regulation, monetary
(U.S. - 2008), David Smith (2010).
The Age of Instability: The Global Financial Crisis and What
(London, UK: Profile Books, 288 p.). Economics Editor (Sunday
Times). Financial crises -- history. Political, economic
factors that contributed to fall of Lehman, collapse of
Iceland, disintegration of subprime mortgage market, emergence
of culture of risk and greed.
(U.S. - 2008),
Yves Smith (2010).
ECONned: How Unenlightened Self Interest Damaged Democracy and
Corrupted Capitalism. (New
York, NY, Palgrave Macmillan, 368 p.). Blogger (Naked
Capitalism). Financial crises --United States --21st century;
Economics --United States --History; Neoclassical school of
economics; Free enterprise --United States --History; United
States --Economic conditions --21st century; United States
--Economic policy. Unquestioned role of economists as
policy-makers, how they helped create unmitigated economic
disaster; how economists in key policy positions put doctrine
before hard evidence, ignored deteriorating conditions and
rising dangers that eventually led off the cliff, into financial
meltdown; 25 years of misrepresentations, naive interpretations
of economic conditions, rationalizations of bad outcomes,
rejection of clear signs of growing instability.
- 2008), Joseph E. Stiglitz (2010).
Freefall: America, Free Markets, and the Sinking of the World
(New York, NY, Norton, 361 p.). 2001 Nobel Memorial Prize for
Economics, Former Chairman of President Clinton's Council of
Economic Advisers, Former Senior Vice President and Chief
Economist at the World Bank. Financial crises --United States;
Finance --Government policy --United States; Global Financial
Crisis, 2008-2009; United States --Economic policy --1981-2001;
United States --Economic policy --2001-2009. How America
exported bad economics, bad policies, bad behavior to rest of
world; cobbled together haphazard, ineffective
response when markets finally seized; way forward: restore
balance between markets and government, address inequalities of
global financial system, demand more good ideas (less ideology)
(U. S. - 2008), Matt Taibbi (2010).
Griftopia: Bubble Machines, Vampire Squids, and the Long
Con That Is Breaking America. (New York, NY:
Spiegel & Grau, 272 p.). Contributing Editor for Rolling
Stone magazine. Political corruption --United States;
Deception --Political aspects --United States; Despotism
--United States; United States --Politics and government
--2009-; United States --Politics and government
Movement’s origins to cult of Ayn Rand, her
most influential acolyte, Alan
Greenspan; backroom deals that decided winners, losers
in government bailouts; hidden commodities bubble that
transferred billions of dollars to Wall Street while
creating food shortages around world; how finance
dominates politics; Goldman
Sachs, “vampire squid wrapped around the face of
(U. S. - 2008), Ed. Leila Simona Talani (2010).
The Global Crash: Towards a New Global Financial Regime?
(New York, NY: Palgrave Macmillan, 198 p.). Lecturer in
European Studies (King's College London). Global
Financial Crisis, 2008-2009; Banks and banking;
Capitalism; International economic relations.
Movement’s origins to cult of Ayn Rand, her
most influential acolyte, Alan
Greenspan; backroom deals that decided winners, losers
in government bailouts; hidden commodities bubble that
transferred billions of dollars to Wall Street while
creating food shortages around world; how finance
dominates politics; Goldman
Sachs, “vampire squid wrapped around the face of
(U. S. - 2008), Eds. Steen Thomsen, Caspar Rose, Ole
Understanding the Financial Crisis: Investment, Risk and
Governance. (New York, NY: Palgrave
Macmillan, 229 p.). Director of the Centre for Corporate
Governance (Copenhagen Business School); Professor,
Department of International Economics and Management
(Copenhagen Business School); Professor (Copenhagen
Business School). Global Financial Crisis, 2008-2009.
Why financial crisis happened; recommendations for
building of new, sustainable financial system
(U.S. - 2008), Vanity Fair, Graydon Carter (2010).
The Great Hangover: 21 Tales of the New Recession from
the Pages of Vanity Fair. (New York, NY:
Harper Perennial, 480 p.). Economic crisis -- 2008;
recessions --United States --History --21st century.
Recession's myriad villains and victims; worldwide
impact of financial downturn - collection of 21
essays on global economic crisis by 15 of most respected
contemporary business writers in America.
(U. S. - 2008), Viral V. Acharya, Matthew Richardson, Stijn
van Nieuwerburgh, Lawrence J. White (2011).
Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of
Mortgage Finance. (Princeton, NJ: Princeton
University Press, 222 p.). Professors at the Leonard N. Stern
School of Business (New York University). Freddie Mac (Firm);
Federal National Mortgage Association; Mortgage loans
--Government policy --United States; Housing --United States
--Finance; Business failures --United States --History --21st
century; Financial crises --United States --History --21st
century. Why Fannie Mae and Freddie Mac collapsed, why housing
finance is broken; how poorly designed government guarantees for
Fannie Mae and Freddie Mac led to debacle of mortgage finance in
United States: reform proposals, recommendations; immense,
highly interconnected businesses of Fannie and Freddie; model of
reform that emphasizes public-private partnership; cautionary
note about excessive government intervention in markets.
(U. S. - 2008), Eds. Robert Z. Aliber and Gylfi Zoega
Preludes to the Icelandic Financial Crisis.
(New York, NY Palgrave Macmillan, 357 p.). Professor
Emeritus at Booth Graduate School of Business
(University of Chicago); Professor of Economics
(University of Iceland). Finance -- Iceland; Financial
crises -- Iceland; Iceland -- Economic policy; Iceland
-- Economic conditions. Papers and reports, written
prior to collapse of Iceland's financial system, about
economy; what did and didn't they see coming, why?
- 2008), Eds. Philip Arestis, Rogério Sobreira and
José Luis Oreiro (2011).
The Financial Crisis: Origins and Implications. (New
York, NY: Palgrave Macmillan, 268 p.). Cambridge Centre for
Economics and Public Policy, Department of Land Economy
(University of Cambridge); Associate Professor of Economics and
Finance, Brazilian School of Public and Business Administration
at Getulio Vargas Foundation and CNPq Researcher; Associate
Professor of Economics (University of Brasilia). Global
Financial Crisis, 2008-2009; Financial crises -- History;
(U. S. - 2008), Anders Aslund and Valdis Dombrovskis (2011).
How Latvia Came Through the Financial Crisis.
(Washington, DC Peterson Institute for International Economics,
140 p.). Specialist on Postcommunist Economic Transformation;
Prime Minister of Latvia. Financial crises -- Latvia; Global
Financial Crisis, 2008-2009; Latvia -- Economic conditions --
21st century; Latvia -- Economic policy -- 21st century.
How national government responded to
global financial crisis, made tough choices, led country back to
economic growth; 2008-2010 - East European country hardest hit
by global financial crisis (lost approximately 25% of GDP); most
overheated economy before crisis; second half 2010 - returned to
economic growth: how so quickly?; why Latvian economy became so
overheated; why IMF, European Union stabilization program was
needed; what Latvian government did to resolve financial crisis,
why the choices; outcome.
(U. S. - 2008), Roddy Boyd (2011).
Fatal Risk: A Cautionary Tale of AIG’s Corporate Suicide.
(Hoboken, NJ: Wiley, 349 p.). Investigative Reporter. American
International Group, Inc. --History; Insurance companies
--United States --History; Federal aid --United States;
Financial crises --United States; Global Financial Crisis,
2008-2009. How risk destroys; how company
at center of financial storm nearly caused collapse of entire
economic system; how AIG choked on risk; personal notes, records
of key players (former Chairman, Hank Greenberg); U.S. Treasury,
Federal Reserve Bank of New York; how understanding of risk
built AIG, disdain for government regulators led to run-in with
New York State Attorney General Eliot Spitzer.
(U.S. - 2008), Barry Eichengreen (2011).
Exorbitant Privilege: The Decline of the Dollar and the Future
of the International Monetary System. (New York, NY:
Oxford University Press, 224 p.). Professor of Political Science
and Economics (University of California, Berkeley). Money
--United States --History --20th century; Devaluation of
currency --United States --History --21st century; Financial
crises --United States --21st century; United States --Economic
policy --2009-. Rise of dollar to international prominence over
course of 20th century; how greenback dominated internationally
in second half of century for same reasons, same way, that
United States dominated global economy; several currencies have
shared international role over long periods; fate of dollar
hinges on economic policy decisions in the U.S.
(U.S. - 2008), Kathleen C. Engel and Patricia A. McCoy
The Subprime Virus: Reckless Credit, Regulatory Failure, and
Next Steps. (New York, NY: Oxford University Press,
355 p.). Associate Dean for Intellectual Life and Professor of
Law (Suffolk University Law School); Connecticut Mutual
Professor of Law and Director of the Insurance Law Center
(University of Connecticut); Subprime mortgage loans -- United
States; Financial crises -- United States. Political, financial
failures that led to crisis; how consumer abuses in once obscure
corner of home mortgage market led to near meltdown of world's
financial system; roles of federal banking and securities
regulators (knew of lenders' hazardous mortgages, Wall
Street's addiction to high stakes financing, did nothing
until crisis erupted); government's failure to act, analyze
financial reform legislation of 2010; lessons from crisi.
(U. S. - 2008), Roman Frydman and
Michael D. Goldberg (2011).
Beyond Mechanical Markets: Asset Price Swings, Risk, and the
Role of the State. (Princeton, NJ: Princeton
University Press, 304 p.). Professor of Economics (New York
University); Roland H. O'Neal Professor (University of New
Hampshire). Rational expectations (Economic theory); Global
Financial Crisis, 2008-2009; Economic forecasting; Risk;
Keynesian economics; Securities --Prices.
Rational, behavioral theories of market
rest on fatal assumption: that markets act mechanically,
economic change is fully predictable; how failure to abandon
assumption (bubble fueled by herd psychology) hinders
understanding of how markets work, why price swings help
allocate capital to worthy companies, what role government can
and can't play; how imperfect knowledge economics provides
better understanding of markets, financial crisis: price swings
driven by individuals' imperfect interpretations of significance
of economic fundamentals for future prices and risk; swings at
heart of dynamic economy, reforms should aim to curb their
(U. S. 2008), Robert M. Hardaway (2011).
The Great American Housing Bubble: The Road to Collapse.
(Santa Barbara, CA: Praeger, 256 p.). Professor of Law at Sturm
College of Law (University of Denver). Housing -- United States
-- Finance; Housing -- Prices -- Economic aspects -- United
States; Subprime mortgage loans -- United States; Financial
crises -- United States. Political
and economic causes of American housing bubble (created between
1940 and 200): federal income tax subsidies for housing, local
exclusionary policies, banking, accounting, real estate
appraisal, credit agency rating practices and policies; impact
of greed, government regulation, speculation, psychology (blind
faith in investment advisors); current crisis in light of
notorious bubbles of past; events precipitating collapse traced,
in part,to too much government regulation.
(U. S. - 2008), James
P. Hawley, Shyam J. Kamath, and Andrew T. Williams
Corporate Governance Failures: The Role of Institutional
Investors in the Global Financial Crisis.
(Philadelphia. PA: University of Pennsylvania Press, 344
p.). Professors of Economics and Business (Saint Mary's
College of California). Global Financial Crisis,
2008-2009 -- Congresses; Financial risk -- Congresses;
Corporate governance -- Congresses; Institutional
investments -- Congresses.
Misdeeds, lapses of shareholding institutional investors
leading up to economic meltdown; how pension funds,
mutual funds organizations exposed themselves,
their clientele to extremely complex financial
instruments (credit default swaps) through investments
in hedge and private equity funds; fund executives
tolerated "pursuit of alpha" culture; how, why
institutional investors failed to effectively monitor
volatile investments, ignored relatively
well-established corporate governance principles, best
(U. S. - 2008),
Gretchen Morgenson, Joshua Rosner (2011).
Reckless Endangerment: How Outsized Ambition, Greed, and
Corruption Led to Economic Armageddon. (New
York, NY: Times Books, 352 p.). Business Reporter and
Columnist (New York Times); Managing Director at Graham
Fisher and Co. . Federal National Mortgage Association
--History --21st century; Subprime mortgage loans
--United States --History --21st century; Financial
crises --United States --History --21st century; Global
Financial Crisis, 2008-2009. How financial meltdown
emerged from toxic interplay of Washington, Wall Street,
corrupt mortgage lenders; how watchdogs, supposed to
protect country from financial harm, were complicit in
actions that blew up American economy - Fannie Mae,
mortgage-finance giant that grew, with support of
Clinton administration, through 1990s, became major
opponent of government oversight even as benefited from
public subsidies; Countrywide Financial, Goldman Sachs,
Federal Reserve, HUD, Congress, FDIC, biggest players on
Wall Street; how greed, aggression, fear led countless
officials to ignore warning signs of imminent disaster.
(Venezuela), Ruth de Krivoy (2002).
Colapso: La Crisis Bancaria Venezolana de 1994.
(Washington, DC: Group of Thirty, 323 p.). Bank
failures--Venezuela--History--20th century; Financial
Eds. Joshua Aizenman, Brian Pinto (2005).
Managing Economic Volatility and Crises: A Practitioner’s Guide.
(New York, NY: Cambridge University Press, 595 p.). Professor of
Economics (University of California, Santa Cruz); Lead Economist
in the Economic Policy Department, Poverty Reduction and
Economic Management Network (World Bank). Business cycles;
Financial crises; Economic development. Economic volatility as a primary
phenomenon in business cycle.
Franklin Allen, Douglas Gale (2007).
Understanding Financial Crises. (Oxford, UK: Oxford
University Press, 303 p.). Nippon Life Professor of Finance and
Professor of Economics at the Wharton School (University of
Pennsylvania); Julius Silver Professor of Economics (New York
University). Financial crises. History of financial crises,
guide through existing theoretical, empirical literature; modern
theory of intermediation, asset markets, causes of asset price
volatility, interaction of banks, markets.
Stefan Altorfer, Benedikt Koehler, Mark
History of Financial Disasters 1763-1995. (London, UK:
Pickering & Chatto, 1200 p.). Economic History Department
(London School of Economics). Financial disasters; financial
crises; economic history.
Key economic and financial
turning points that have shaped the western world.
Douglas W. Arner (2007).
Financial Stability, Economic Growth, and the Role of Law.
(New York, NY: Cambridge University Press, 382 p.). Associate
Professor at the Faculty of Law (University of Hong Kong).
Financial crises; Economic development; Finance--Law and
legislation. International, domestic responses to financial crises over
past twenty years; role of law , institutions in financial
stability, financial development.
Jennifer A. Amyx (2004).
Japan's Financial Crisis: Institutional Rigidity and Reluctant
Change. (Princeton, NJ: Princeton University Press.
Finance--Japan; Financial crises--Japan; Banks and
Dominic Barton, Roberto Newell, Gregory Wilson
Dangerous Markets: Managing in Financial Crises. (New
York, NY: Wiley, 300 p.). Consultants (McKinsey). Crisis
management; Financial crises.
Bill Bonner and Addison Wiggin (2005).
Empire of Debt: The Rise and Fall of an Epic Financial Crisis.
(Hoboken, NJ: Wiley, 370 p.) President and CEO of Agora Inc.
(financial newsletters); Editorial Director and Publisher of the
Daily Reckoning. Financial crises--United States; Debt--United
States; United States--Economic conditions--2001-.
Seismic shift in politics, economy of United States in less than 100 years.
Theodore E. Burton (2009).
Financial Crises and Periods of Industrial and Commercial
Depression. (BN Publishing, 408 p. [0rig. pub. 1902]).
Represented Ohio in U.S. Congress for 41 years; served on Inland
Waterways Commission, National Waterways Commission, National
Monetary Commission. Depressions. Making sense of "recurring
disturbances"; clarification of confusion surrounding economic
phenomena (panics, crises, depressions); their causes, effects;
whether depressions are unavoidable features of transition
period in business, industry; periodicity of crises, depressions
(regularly recur or result of chance).
Eds. Gerard Caprio, James A. Hanson, Robert E.
Financial Crises: Lessons from the Past, Preparation for the
Future. (Washington, DC: Brookings Institution Press,
291 p.). Director of the Operations Policy Department in the
World Bank's Financial Sector; Senior Adviser to the World
Bank's Financial Sector Operations and Policy Department; Senior
Fellow in Economic Studies at the Brookings Institution.
Financial crises; International finance; Monetary policy;
Economic policy. Lessons
from attempts to recover from crises of recent history.
Guillermo A. Calvo (2005).
Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy.
(Cambridge, MA: MIT Press, 552 p.). Distinguished University
Professor and the Director of the Center for International
Economics (University of Maryland). Financial crises; Capital
market; Financial crises--Developing countries.
of emerging market economies (Mexico in 1994-5, East Asia in
1997, Russia in 1998, Argentina in 2001).
Youssef Cassis (2011).
Crises and Opportunities. The Shaping of Modern Finance.
(New York, NY: Oxford University Press, 288 p.). Professor of
Economic History at the European University Institute (Florence,
Italy). Financial crises -- history. Have financial crises
presented opportunities to rebuild financial system (8 global
financial crises since late 19th century)? how financial
landscape has been (or failed to be) reshaped after systemic
shock (banks, governance, regulation, international cooperation,
balance of power); economic and business aspects of financial
crises, political and socio-cultural dimensions, idiosyncrasies
and common features, impact in broader context of long-term
Ed. James Ciment (2010).
Booms and Busts: An Encyclopedia of Economic History from
Tulipmania of the 1630s to the Global Financial Crisis of the
21st Century. (Armonk, NY Sharpe Reference, 3
Volumes). Financial crises -- Encyclopedias; Finance --
Charles Albert Colman (1968).
Our Mysterious Panics, 1830-1930; A Story of Events and the Men
Involved. (Westport, CT: Greenwood Press, 310 p. [prig.
pub. 1931]). Financial crises; Depressions--1929.
Frank Griffith Dawson (1990).
The First Latin American Debt Crisis: The City of London and the
1822-25 Loan Bubble. (New Haven, CT: Yale University
Press, 281 p.). Loans, British--Latin America--History--19th
century; Loans, Foreign--Latin America--History--19th century.
Eds. Mark Duckenfield, Stefan Altorfer, Benedikt
The History of Financial Disasters 1763-1995. (Ashgate,
VT: Pickering & Chatto, 1,296 p. [3 vols.]). Financial
crises--history. Origins, consequences of
seminal financial crises throughout history (background of each
disaster, first-hand accounts of how contemporaries viewed,
responded to unfolding events); Volume 1: 1763–1840s; Volume 2:
1850–1925; Volume 3: 1929–1995.
Barry Eichengreen (2002).
Financial Crises: And What To Do about Them. (New York,
NY: Oxford University Press, 194 p.). International finance;
Financial crises--Developing countries; Financial
Ed. Benton E. Gup (2004).
Too Big To Fail: Policies and Practices in Government
Bailouts. (Westport, CT: Praeger, 359 p.).
Robert Hunt Cochrane-Alabama Bankers Association Chair
of Banking (University of Alabama College of Commerce).
Business failures; Business failures --United States;
Bank failures; Bank failures --United States;
Intervention (Federal government); Bankruptcy; Corporate
reorganizations; Corporate turnarounds.
bailouts are not new, nor limited to United States;
views of academics, practitioners, regulators from
around the world (e.g., Australia, Hungary, Japan,
Europe, Latin America) on implications, consequences of
Terence C. Halliday and Bruce
G. Carruthers (2009).
Bankrupt: Global Lawmaking and Systemic Financial Crisis.
(Stanford, CA, Stanford University Press, 505 p.).
Co-Director of the Center on Law and Globalization, American
Bar Foundation (University of Illinois College of Law);
Gerald F. and Marjorie G. Fitzgerald Professor of Economic
History in the Department of Sociology (Northwestern
University). Bankruptcy; Bankruptcy -- International
cooperation; Financial crises. How global actors developed comprehensive norms for corporate bankruptcy laws;
how national policymakers responded; how national
policymakers contested, negotiated domestic laws in context
of global pressures; theory of legal change to explain why
global/local tensions produce implementation gaps.
F.T. Hane (1985). Financial Crisis: Causes
and Solutions. (New York, NY: Praeger, 187 p.).
International finance; Loans, Foreign; Business cycles; Monetary
policy--United States; United States--Economic
Philip T. Hoffman, Gilles Postel-Vinay and
Jean-Laurent Rosenthal (2007).
Surviving Large Losses: Financial Crises, the Middle Class, and
the Development of Capital Markets. (Boston, MA: Harvard
University Press, 272 p.). Richard and Barbara Rosenberg
Professor of History and Social Science (California Institute of
Technology); Director of Studies (École des Hautes Études en
Sciences Sociales); Professor of Economics (California Institute
of Technology). Financial crises; Middle class; Capital market;
Economic policy. Why
financial crises occur, why their effects last so long, what
political, economic conditions can help rich, poor countries
survive, even prosper, in the aftermath.
Eds. Chris Jochnick & Fraser A. Preston
Sovereign Debt at the Crossroads: Challenges and Proposals for
Resolving the Third World Debt Crisis. (New York, NY:
Oxford University Press, 352 p.). Debts, External--Developing
countries; Debt relief--Developing countries.
Problems raised by debt, practical approaches to overcoming them.
Clement Juglar; translated and edited with an
introduction and brought down from 1889 to date by DeCourcy W.
A Brief History of Panics and Their Periodical Occurrence in the
United States. (Fairfield, NJ: A. M. Kelley, 189 p. [3rd
ed.; orig. pub. 1916]). Business cycles--United States--History;
United States--Economic conditions.
Laurence H. Kallen (1991).
Corporate Welfare: The Megabankruptcies of the 80s and 90s.
(New York, NY: Carol Pub. Group, 484 p.). Bankruptcy--United
States; Corporate reorganizations--United States;
Corporations--Corrupt practices--United States.
Charles P. Kindleberger and Jean-Pierre
Laffargue (1982). Financial Crises: Theory, History, and
Policy. (New York, NY: Cambridge University Press, 301 p.).
Depressions--Congresses; Business cycles--Congresses; Lenders of
last resort; Financial crises--Congresses.
Ed. Paul Krugman (1992).
Currencies and Crises. (Cambridge, MA: MIT Press, 219
p.). Ford International Professor of Economics (MIT). Currency
question--History--20th century; Foreign exchange--History--20th
century; Financial crises--History--20th century.
of 10 papers presented at conference held in February 1998.
E. Mitchell (2007).
The Speculation Economy: How Finance Triumphed Over Industry. (San
Francisco, CA Berrett-Koehler 395 p.). Theodore Rinehart
Professor of Business Law (The George Washington
University). Industries --United States; Corporations --United
States; Finance --United States; Speculation --United States;
United States --Economic policy. Roots of one of most critical
flaws in modern American capitalism. When stock market
become driver of American economy - first decade of 20th
century as result of birth of giant modern corporation (spurred
rise of stock market); 1920s - stock market left
behind business origins, became reason for creation
of business itself; legal, financial, economic, social
transformations that allowed financiers to collect companies,
combine them into huge new corporations for main purpose of
manufacturing stock, dumping it on market; started to make more
money from legal, financial manipulation than from practical
business improvements (innovations in technology, management,
distribution, marketing); how and why, over course of first two
decades of 20th century, attitudes shifted, Americans changed
from cautious bond buyers into eager stock speculators; how
federal government, wedded to outdated economic model, struggled to expand its own power, failed to regulate finance,
missed chance to control corporations; finance came to dominate
industry, stock ownership spread widely through society, stock market came to dominate finance.
Charles R. Morris (1999).
Money, Greed, and Risk: Why Financial Crises and Crashes Happen.
(New York, NY: Times Business, 297 p.). Financial crises --
United States -- History; Stock exchanges -- United States --
History; International finance.
Max Otte (2008).
Der Crash Kommt: Die Neue Weltwirtschaftskrise und Wie Sie Sich
Darauf Vorbereiten. (Berlin, Germany: Ullstein, 304 p.).
Professor in the Department of Corporate Finance Function (Fachhochschule
Predicted current situation; social, manmade
phenomena that made crash predictable.
Donald Rapp (2009).
Bubbles, Booms, and Busts : The Rise and Fall of
Financial Assets. (New York, NY: Copernicus
Books, 274 p.). Business cycles --History; Financial
crises --History. Research Professor,
Viterbi School of Engineering, USC.
Nature, history of booms, bubbles
busts in financial markets; how they emerge, develop,
collapse; distribution of wealth, inflation, rationality
of bankers, monetary and fiscal policy, role of central
banks, tax policies, social security, US federal, state,
municipal personal debt, valuation of common stocks;
historical boom/bust cycles; US Government’s cure for excessive spending,
inadequate revenues - increase spending, cut revenues.
Carmen M. Reinhart, Kenneth
S. Rogoff (2009).
This Time Is Different: Eight Centuries of Financial Folly.
(Princeton, NJ: Princeton University Press, 496 p.). Professor
of Economics (University of Maryland); Thomas D. Cabot Professor
of Public Policy and Professor of Economics (Harvard
University). Financial crises --Case studies; Fiscal policy
--Case studies; Business cycles --Case studies.
8 centuries of
financial missteps - 66 countries across 5 continents; varieties
of financial crises - government defaults, banking
panics, inflationary spikes (from medieval currency debasements
to today's subprime catastrophe); financial combustions are
universal rites of passage for emerging, established market
nations; financial fallouts occur in clusters, strike with
surprisingly consistent frequency, duration, ferocity; patterns
of currency crashes, high and hyperinflation, government
defaults on international and domestic debts, cycles in housing
and equity prices, capital flows, unemployment, government
revenues around these crises; short memories make it all too
easy for crises to recur.
Ed. Justin Robertson (2008).
Power and Politics After Financial Crises: Rethinking Foreign
Opportunism in Emerging Markets. (New York, NY: Palgrave
Macmillan, 272 p.). Assistant Professor in the Department of
Asian and International Studies (City University of Hong Kong,
China). Financial crises--Developing countries--Case studies;
Investments, Foreign--Developing countries--Case studies.
Interpretations of interaction
between international, domestic forces after crises; extent to
which foreign firms, governments, institutions liberalized,
penetrated these economies.
David Smick (2008).
The World Is Curved: Hidden Dangers to the Global Economy.
(New York, NY: Portfolio, 272 p.). Johnson Smick International,
Inc. International finance; Financial crises; Globalization
--Economic aspects; International economic relations. Global
How today’s risky environment came to be, why
mortgage mess is symptom of potentially far more devastating
trouble; how bad could things really get in today’s volatile
economy? what can we do about it? why world desperately needs "big think" financial doctrine to
guide today’s dangerous ocean of money.
Adam Smith (1981).
Paper Money. (New York, NY: Summit Books, 335 p.).
Organization of Petroleum Exporting Countries; Inflation
(Finance).; International finance; Economic history--1971-1990.
Federico Sturzenegger, Jeromin Zettelmeyer
Debt Defaults and Lessons from a Decade of Crises.
(Cambridge, MA: MIT Press, 360 p.). Professor (Universidad
Torcuato di Tella, Buenos Aires); Assistant to the Director of
the Western Hemisphere Department (International Monetary Fund).
Debts, External--Developing countries; Debt relief--Developing
countries; Developing countries--Economic policy.
Facts, economic theory, policy
implications of sovereign debt crises; detailed case histories
of default, debt crises in seven emerging market countries
between 1998 and 2005.
Barry E. Supple (1959). Commercial Crisis
and Change in England, 1600-1642; A Study in the Instability of
a Mercantile Economy (New York, NY: Cambridge University
Press, 296 p.).
Elmus Wicker (1996).
The Banking Panics of the Great Depression. (New York,
NY: Cambridge University Press, 174 p.). Banks and
banking--United States--History--20th century; Bank
failures--United States--History--20th century; Financial
crises--United States--History--20th century;
Depressions--1929--United States; United States--Economic
Banking Panics of the Gilded Age.
(New York, NY:
Cambridge University Press, 160 p.). Banks and banking--United
States--History; Bank failures--United States--History;
Financial crises--United States--History.
Business History Links
Autopsy on a Bubble (Pdf)
Financial Crisis: A Timeline of Events and Policy Actions
What caused the financial crisis (boiling point in September
2008)? Many analysts blame financial crisis on at least three
interrelated causes: 1) Rapid growth, subsequent collapse of
U.S. house prices; 2) general decline in mortgage underwriting
standards (growing proportion of home purchases financed by
nonprime mortgages); 3) widespread mismanagement of financial
risks by firms engaged in originating, distributing, investing
in mortgages, mortgage-backed securities, derivative financial
What Caused Asia's
Economic and Currency Crisis and Its Global Contagion?
States Misery Index
Arthur Okun, adviser to President Lyndon
Johnson, initiated the misery index in the 1960's. It is simply
the unemployment rate added to the inflation rate. It is assumed
that both a higher rate of unemployment and a worsening of
inflation both create economic and social costs for a country. A
combination of rising inflation and more people of out of work
implies a deterioration in economic performance and a rise in
the misery index.
United States Pacific Command: Asia-Pacific Economic
One of the most extensive studies of the
impact of the Asian crash of 2000 available anywhere online or
in print. Produced by the United States Pacific Command's
Strategic Planning and Policy Directorate, the report offers a
country-by-country economic analysis of the entire Pacific
region. Not always for the faint of heart, the report tells it
like it is, detailing the often devastating impact of the
financial crises that were unleashed on the region throughout
the 1990s to present. Presented as individual reports and
several broader regional analyses, the study is essential
reading for anyone hoping to grasp the big picture of the global
economy, because the Pacific region comprises the single largest
sector of production and export today. It is compelling reading
and offers a wealth of information on a region of vital interest
to all Americans.
Business Cycle Expansion/Contractions (1854-2007)
Business Cycle Dating Committee of the National Bureau of
Economic Research (contractions [recessions] start at the peak
of a business cycle and end at the trough; prior to 1979, there
were no formal announcements of business cycle turning points).
The NBER does not define a recession in terms of two consecutive
quarters of decline in real GDP. Rather, a recession is a
significant decline in economic activity spread across the
economy, lasting more than a few months, normally visible in
real GDP, real income, employment, industrial production, and
Wall Street Panics
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