Engineering the Financial Crisis : : Systemic Risk and the Failure of Regulation / / Wladimir Kraus, Jeffrey Friedman.
The financial crisis has been blamed on reckless bankers, irrational exuberance, government support of mortgages for the poor, financial deregulation, and expansionary monetary policy. Specialists in banking, however, tell a story with less emotional resonance but a better correspondence to the evid...
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Superior document: | Title is part of eBook package: De Gruyter Penn Press eBook Package Complete Collection |
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Place / Publishing House: | Philadelphia : : University of Pennsylvania Press, , [2011] ©2012 |
Year of Publication: | 2011 |
Language: | English |
Online Access: | |
Physical Description: | 1 online resource (224 p.) :; 13 illus. |
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001 | 9780812205077 | ||
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019 | |a (OCoLC)979578140 | ||
020 | |a 9780812205077 | ||
024 | 7 | |a 10.9783/9780812205077 |2 doi | |
035 | |a (DE-B1597)449449 | ||
035 | |a (OCoLC)824522207 | ||
040 | |a DE-B1597 |b eng |c DE-B1597 |e rda | ||
041 | 0 | |a eng | |
044 | |a pau |c US-PA | ||
050 | 4 | |a HB3717 2008 ǂb F75 2011eb | |
072 | 7 | |a BUS079000 |2 bisacsh | |
082 | 0 | 4 | |a 330.90511 |
100 | 1 | |a Friedman, Jeffrey, |e author. |4 aut |4 http://id.loc.gov/vocabulary/relators/aut | |
245 | 1 | 0 | |a Engineering the Financial Crisis : |b Systemic Risk and the Failure of Regulation / |c Wladimir Kraus, Jeffrey Friedman. |
264 | 1 | |a Philadelphia : |b University of Pennsylvania Press, |c [2011] | |
264 | 4 | |c ©2012 | |
300 | |a 1 online resource (224 p.) : |b 13 illus. | ||
336 | |a text |b txt |2 rdacontent | ||
337 | |a computer |b c |2 rdamedia | ||
338 | |a online resource |b cr |2 rdacarrier | ||
347 | |a text file |b PDF |2 rda | ||
505 | 0 | 0 | |t Frontmatter -- |t CONTENTS -- |t List of Figures and Tables -- |t Glossary of Abbreviations and Acronyms -- |t Introduction -- |t 1. Bonuses, Irrationality, and Too-Bigness: The Conventional Wisdom About the Financial Crisis and Its Theoretical Implications -- |t 2. Capital Adequacy Regulations and the Financial Crisis: Bankers' and Regulators' Errors -- |t 3. The Interaction of Regulations and the Great Recession: Fetishizing Market Prices -- |t 4. Capitalism and Regulation: Ignorance, Heterogeneity, and Systemic Risk -- |t Conclusion -- |t Appendix I. Scholarship About the Corporate-Compensation Hypothesis -- |t Appendix II. The Basel Rules off the Balance Sheet -- |t Notes -- |t References -- |t Index -- |t Acknowledgments |
506 | 0 | |a restricted access |u http://purl.org/coar/access_right/c_16ec |f online access with authorization |2 star | |
520 | |a The financial crisis has been blamed on reckless bankers, irrational exuberance, government support of mortgages for the poor, financial deregulation, and expansionary monetary policy. Specialists in banking, however, tell a story with less emotional resonance but a better correspondence to the evidence: the crisis was sparked by the international regulatory accords on bank capital levels, the Basel Accords.In one of the first studies critically to examine the Basel Accords, Engineering the Financial Crisis reveals the crucial role that bank capital requirements and other government regulations played in the recent financial crisis. Jeffrey Friedman and Wladimir Kraus argue that by encouraging banks to invest in highly rated mortgage-backed bonds, the Basel Accords created an overconcentration of risk in the banking industry. In addition, accounting regulations required banks to reduce lending if the temporary market value of these bonds declined, as they did in 2007 and 2008 during the panic over subprime mortgage defaults.The book begins by assessing leading theories about the crisis-deregulation, bank compensation practices, excessive leverage, "too big to fail," and Fannie Mae and Freddie Mac-and, through careful evidentiary scrutiny, debunks much of the conventional wisdom about what went wrong. It then discusses the Basel Accords and how they contributed to systemic risk. Finally, it presents an analysis of social-science expertise and the fallibility of economists and regulators. Engagingly written, theoretically inventive, yet empirically grounded, Engineering the Financial Crisis is a timely examination of the unintended-and sometimes disastrous-effects of regulation on complex economies. | ||
530 | |a Issued also in print. | ||
538 | |a Mode of access: Internet via World Wide Web. | ||
546 | |a In English. | ||
588 | 0 | |a Description based on online resource; title from PDF title page (publisher's Web site, viewed 24. Apr 2022) | |
650 | 0 | |a Bank capital -- Law and legislation. | |
650 | 0 | |a Bank capital |x Law and legislation. | |
650 | 0 | |a Banks and banking -- Risk management. | |
650 | 0 | |a Banks and banking |x Risk management. | |
650 | 0 | |a Basel II -- (2004). | |
650 | 0 | |a Basle Accord -- (1988). | |
650 | 0 | |a Economics -- Political aspects. | |
650 | 0 | |a Economics |x Political aspects. | |
650 | 0 | |a Financial crises -- United States -- History -- 21st century. | |
650 | 0 | |a Global Financial Crisis, 2008-2009. | |
650 | 4 | |a Political Science. | |
650 | 7 | |a BUSINESS & ECONOMICS / Government & Business. |2 bisacsh | |
653 | |a Business. | ||
653 | |a Economics. | ||
653 | |a Political Science. | ||
653 | |a Public Policy. | ||
700 | 1 | |a Kraus, Wladimir, |e author. |4 aut |4 http://id.loc.gov/vocabulary/relators/aut | |
773 | 0 | 8 | |i Title is part of eBook package: |d De Gruyter |t Penn Press eBook Package Complete Collection |z 9783110413458 |
773 | 0 | 8 | |i Title is part of eBook package: |d De Gruyter |t Penn Press eBook Package Social Sciences |z 9783110413618 |
773 | 0 | 8 | |i Title is part of eBook package: |d De Gruyter |t University of Pennsylvania Backlist eBook-Package 2000-2013 |z 9783110459548 |
776 | 0 | |c print |z 9780812243574 | |
856 | 4 | 0 | |u https://doi.org/10.9783/9780812205077 |
856 | 4 | 0 | |u https://www.degruyter.com/isbn/9780812205077 |
856 | 4 | 2 | |3 Cover |u https://www.degruyter.com/document/cover/isbn/9780812205077/original |
912 | |a 978-3-11-041345-8 Penn Press eBook Package Complete Collection | ||
912 | |a 978-3-11-041361-8 Penn Press eBook Package Social Sciences | ||
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