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...
Saved in:
Superior document: | Title is part of eBook package: De Gruyter Penn Press eBook Package Complete Collection |
---|---|
VerfasserIn: | |
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. |
Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
id |
9780812205077 |
---|---|
ctrlnum |
(DE-B1597)449449 (OCoLC)824522207 |
collection |
bib_alma |
record_format |
marc |
spelling |
Friedman, Jeffrey, author. aut http://id.loc.gov/vocabulary/relators/aut Engineering the Financial Crisis : Systemic Risk and the Failure of Regulation / Wladimir Kraus, Jeffrey Friedman. Philadelphia : University of Pennsylvania Press, [2011] ©2012 1 online resource (224 p.) : 13 illus. text txt rdacontent computer c rdamedia online resource cr rdacarrier text file PDF rda Frontmatter -- CONTENTS -- List of Figures and Tables -- Glossary of Abbreviations and Acronyms -- Introduction -- 1. Bonuses, Irrationality, and Too-Bigness: The Conventional Wisdom About the Financial Crisis and Its Theoretical Implications -- 2. Capital Adequacy Regulations and the Financial Crisis: Bankers' and Regulators' Errors -- 3. The Interaction of Regulations and the Great Recession: Fetishizing Market Prices -- 4. Capitalism and Regulation: Ignorance, Heterogeneity, and Systemic Risk -- Conclusion -- Appendix I. Scholarship About the Corporate-Compensation Hypothesis -- Appendix II. The Basel Rules off the Balance Sheet -- Notes -- References -- Index -- Acknowledgments restricted access http://purl.org/coar/access_right/c_16ec online access with authorization star 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. Issued also in print. Mode of access: Internet via World Wide Web. In English. Description based on online resource; title from PDF title page (publisher's Web site, viewed 24. Apr 2022) Bank capital -- Law and legislation. Bank capital Law and legislation. Banks and banking -- Risk management. Banks and banking Risk management. Basel II -- (2004). Basle Accord -- (1988). Economics -- Political aspects. Economics Political aspects. Financial crises -- United States -- History -- 21st century. Global Financial Crisis, 2008-2009. Political Science. BUSINESS & ECONOMICS / Government & Business. bisacsh Business. Economics. Public Policy. Kraus, Wladimir, author. aut http://id.loc.gov/vocabulary/relators/aut Title is part of eBook package: De Gruyter Penn Press eBook Package Complete Collection 9783110413458 Title is part of eBook package: De Gruyter Penn Press eBook Package Social Sciences 9783110413618 Title is part of eBook package: De Gruyter University of Pennsylvania Backlist eBook-Package 2000-2013 9783110459548 print 9780812243574 https://doi.org/10.9783/9780812205077 https://www.degruyter.com/isbn/9780812205077 Cover https://www.degruyter.com/document/cover/isbn/9780812205077/original |
language |
English |
format |
eBook |
author |
Friedman, Jeffrey, Friedman, Jeffrey, Kraus, Wladimir, |
spellingShingle |
Friedman, Jeffrey, Friedman, Jeffrey, Kraus, Wladimir, Engineering the Financial Crisis : Systemic Risk and the Failure of Regulation / Frontmatter -- CONTENTS -- List of Figures and Tables -- Glossary of Abbreviations and Acronyms -- Introduction -- 1. Bonuses, Irrationality, and Too-Bigness: The Conventional Wisdom About the Financial Crisis and Its Theoretical Implications -- 2. Capital Adequacy Regulations and the Financial Crisis: Bankers' and Regulators' Errors -- 3. The Interaction of Regulations and the Great Recession: Fetishizing Market Prices -- 4. Capitalism and Regulation: Ignorance, Heterogeneity, and Systemic Risk -- Conclusion -- Appendix I. Scholarship About the Corporate-Compensation Hypothesis -- Appendix II. The Basel Rules off the Balance Sheet -- Notes -- References -- Index -- Acknowledgments |
author_facet |
Friedman, Jeffrey, Friedman, Jeffrey, Kraus, Wladimir, Kraus, Wladimir, Kraus, Wladimir, |
author_variant |
j f jf j f jf w k wk |
author_role |
VerfasserIn VerfasserIn VerfasserIn |
author2 |
Kraus, Wladimir, Kraus, Wladimir, |
author2_variant |
w k wk |
author2_role |
VerfasserIn VerfasserIn |
author_sort |
Friedman, Jeffrey, |
title |
Engineering the Financial Crisis : Systemic Risk and the Failure of Regulation / |
title_sub |
Systemic Risk and the Failure of Regulation / |
title_full |
Engineering the Financial Crisis : Systemic Risk and the Failure of Regulation / Wladimir Kraus, Jeffrey Friedman. |
title_fullStr |
Engineering the Financial Crisis : Systemic Risk and the Failure of Regulation / Wladimir Kraus, Jeffrey Friedman. |
title_full_unstemmed |
Engineering the Financial Crisis : Systemic Risk and the Failure of Regulation / Wladimir Kraus, Jeffrey Friedman. |
title_auth |
Engineering the Financial Crisis : Systemic Risk and the Failure of Regulation / |
title_alt |
Frontmatter -- CONTENTS -- List of Figures and Tables -- Glossary of Abbreviations and Acronyms -- Introduction -- 1. Bonuses, Irrationality, and Too-Bigness: The Conventional Wisdom About the Financial Crisis and Its Theoretical Implications -- 2. Capital Adequacy Regulations and the Financial Crisis: Bankers' and Regulators' Errors -- 3. The Interaction of Regulations and the Great Recession: Fetishizing Market Prices -- 4. Capitalism and Regulation: Ignorance, Heterogeneity, and Systemic Risk -- Conclusion -- Appendix I. Scholarship About the Corporate-Compensation Hypothesis -- Appendix II. The Basel Rules off the Balance Sheet -- Notes -- References -- Index -- Acknowledgments |
title_new |
Engineering the Financial Crisis : |
title_sort |
engineering the financial crisis : systemic risk and the failure of regulation / |
publisher |
University of Pennsylvania Press, |
publishDate |
2011 |
physical |
1 online resource (224 p.) : 13 illus. Issued also in print. |
contents |
Frontmatter -- CONTENTS -- List of Figures and Tables -- Glossary of Abbreviations and Acronyms -- Introduction -- 1. Bonuses, Irrationality, and Too-Bigness: The Conventional Wisdom About the Financial Crisis and Its Theoretical Implications -- 2. Capital Adequacy Regulations and the Financial Crisis: Bankers' and Regulators' Errors -- 3. The Interaction of Regulations and the Great Recession: Fetishizing Market Prices -- 4. Capitalism and Regulation: Ignorance, Heterogeneity, and Systemic Risk -- Conclusion -- Appendix I. Scholarship About the Corporate-Compensation Hypothesis -- Appendix II. The Basel Rules off the Balance Sheet -- Notes -- References -- Index -- Acknowledgments |
isbn |
9780812205077 9783110413458 9783110413618 9783110459548 9780812243574 |
callnumber-first |
H - Social Science |
callnumber-subject |
HB - Economic Theory and Demography |
callnumber-label |
HB3717 2008 ǂB F75 2011EB |
callnumber-sort |
HB 43717 42008 B F75 42011EB |
url |
https://doi.org/10.9783/9780812205077 https://www.degruyter.com/isbn/9780812205077 https://www.degruyter.com/document/cover/isbn/9780812205077/original |
illustrated |
Illustrated |
dewey-hundreds |
300 - Social sciences |
dewey-tens |
330 - Economics |
dewey-ones |
330 - Economics |
dewey-full |
330.90511 |
dewey-sort |
3330.90511 |
dewey-raw |
330.90511 |
dewey-search |
330.90511 |
doi_str_mv |
10.9783/9780812205077 |
oclc_num |
824522207 |
work_keys_str_mv |
AT friedmanjeffrey engineeringthefinancialcrisissystemicriskandthefailureofregulation AT krauswladimir engineeringthefinancialcrisissystemicriskandthefailureofregulation |
status_str |
n |
ids_txt_mv |
(DE-B1597)449449 (OCoLC)824522207 |
carrierType_str_mv |
cr |
hierarchy_parent_title |
Title is part of eBook package: De Gruyter Penn Press eBook Package Complete Collection Title is part of eBook package: De Gruyter Penn Press eBook Package Social Sciences Title is part of eBook package: De Gruyter University of Pennsylvania Backlist eBook-Package 2000-2013 |
is_hierarchy_title |
Engineering the Financial Crisis : Systemic Risk and the Failure of Regulation / |
container_title |
Title is part of eBook package: De Gruyter Penn Press eBook Package Complete Collection |
author2_original_writing_str_mv |
noLinkedField noLinkedField |
_version_ |
1806143363859087360 |
fullrecord |
<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>06173nam a22009615i 4500</leader><controlfield tag="001">9780812205077</controlfield><controlfield tag="003">DE-B1597</controlfield><controlfield tag="005">20220424125308.0</controlfield><controlfield tag="006">m|||||o||d||||||||</controlfield><controlfield tag="007">cr || ||||||||</controlfield><controlfield tag="008">220424t20112012pau fo d z eng d</controlfield><datafield tag="019" ind1=" " ind2=" "><subfield code="a">(OCoLC)979578140</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9780812205077</subfield></datafield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.9783/9780812205077</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-B1597)449449</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)824522207</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-B1597</subfield><subfield code="b">eng</subfield><subfield code="c">DE-B1597</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">pau</subfield><subfield code="c">US-PA</subfield></datafield><datafield tag="050" ind1=" " ind2="4"><subfield code="a">HB3717 2008 ǂb F75 2011eb</subfield></datafield><datafield tag="072" ind1=" " ind2="7"><subfield code="a">BUS079000</subfield><subfield code="2">bisacsh</subfield></datafield><datafield tag="082" ind1="0" ind2="4"><subfield code="a">330.90511</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Friedman, Jeffrey, </subfield><subfield code="e">author.</subfield><subfield code="4">aut</subfield><subfield code="4">http://id.loc.gov/vocabulary/relators/aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Engineering the Financial Crisis :</subfield><subfield code="b">Systemic Risk and the Failure of Regulation /</subfield><subfield code="c">Wladimir Kraus, Jeffrey Friedman.</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Philadelphia : </subfield><subfield code="b">University of Pennsylvania Press, </subfield><subfield code="c">[2011]</subfield></datafield><datafield tag="264" ind1=" " ind2="4"><subfield code="c">©2012</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 online resource (224 p.) :</subfield><subfield code="b">13 illus.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">text</subfield><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">computer</subfield><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">online resource</subfield><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="347" ind1=" " ind2=" "><subfield code="a">text file</subfield><subfield code="b">PDF</subfield><subfield code="2">rda</subfield></datafield><datafield tag="505" ind1="0" ind2="0"><subfield code="t">Frontmatter -- </subfield><subfield code="t">CONTENTS -- </subfield><subfield code="t">List of Figures and Tables -- </subfield><subfield code="t">Glossary of Abbreviations and Acronyms -- </subfield><subfield code="t">Introduction -- </subfield><subfield code="t">1. Bonuses, Irrationality, and Too-Bigness: The Conventional Wisdom About the Financial Crisis and Its Theoretical Implications -- </subfield><subfield code="t">2. Capital Adequacy Regulations and the Financial Crisis: Bankers' and Regulators' Errors -- </subfield><subfield code="t">3. The Interaction of Regulations and the Great Recession: Fetishizing Market Prices -- </subfield><subfield code="t">4. Capitalism and Regulation: Ignorance, Heterogeneity, and Systemic Risk -- </subfield><subfield code="t">Conclusion -- </subfield><subfield code="t">Appendix I. Scholarship About the Corporate-Compensation Hypothesis -- </subfield><subfield code="t">Appendix II. The Basel Rules off the Balance Sheet -- </subfield><subfield code="t">Notes -- </subfield><subfield code="t">References -- </subfield><subfield code="t">Index -- </subfield><subfield code="t">Acknowledgments</subfield></datafield><datafield tag="506" ind1="0" ind2=" "><subfield code="a">restricted access</subfield><subfield code="u">http://purl.org/coar/access_right/c_16ec</subfield><subfield code="f">online access with authorization</subfield><subfield code="2">star</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="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.</subfield></datafield><datafield tag="530" ind1=" " ind2=" "><subfield code="a">Issued also in print.</subfield></datafield><datafield tag="538" ind1=" " ind2=" "><subfield code="a">Mode of access: Internet via World Wide Web.</subfield></datafield><datafield tag="546" ind1=" " ind2=" "><subfield code="a">In English.</subfield></datafield><datafield tag="588" ind1="0" ind2=" "><subfield code="a">Description based on online resource; title from PDF title page (publisher's Web site, viewed 24. Apr 2022)</subfield></datafield><datafield tag="650" ind1=" " ind2="0"><subfield code="a">Bank capital -- Law and legislation.</subfield></datafield><datafield tag="650" ind1=" " ind2="0"><subfield code="a">Bank capital</subfield><subfield code="x">Law and legislation.</subfield></datafield><datafield tag="650" ind1=" " ind2="0"><subfield code="a">Banks and banking -- Risk management.</subfield></datafield><datafield tag="650" ind1=" " ind2="0"><subfield code="a">Banks and banking</subfield><subfield code="x">Risk management.</subfield></datafield><datafield tag="650" ind1=" " ind2="0"><subfield code="a">Basel II -- (2004).</subfield></datafield><datafield tag="650" ind1=" " ind2="0"><subfield code="a">Basle Accord -- (1988).</subfield></datafield><datafield tag="650" ind1=" " ind2="0"><subfield code="a">Economics -- Political aspects.</subfield></datafield><datafield tag="650" ind1=" " ind2="0"><subfield code="a">Economics</subfield><subfield code="x">Political aspects.</subfield></datafield><datafield tag="650" ind1=" " ind2="0"><subfield code="a">Financial crises -- United States -- History -- 21st century.</subfield></datafield><datafield tag="650" ind1=" " ind2="0"><subfield code="a">Global Financial Crisis, 2008-2009.</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Political Science.</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">BUSINESS & ECONOMICS / Government & Business.</subfield><subfield code="2">bisacsh</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Business.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Economics.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Political Science.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Public Policy.</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Kraus, Wladimir, </subfield><subfield code="e">author.</subfield><subfield code="4">aut</subfield><subfield code="4">http://id.loc.gov/vocabulary/relators/aut</subfield></datafield><datafield tag="773" ind1="0" ind2="8"><subfield code="i">Title is part of eBook package:</subfield><subfield code="d">De Gruyter</subfield><subfield code="t">Penn Press eBook Package Complete Collection</subfield><subfield code="z">9783110413458</subfield></datafield><datafield tag="773" ind1="0" ind2="8"><subfield code="i">Title is part of eBook package:</subfield><subfield code="d">De Gruyter</subfield><subfield code="t">Penn Press eBook Package Social Sciences</subfield><subfield code="z">9783110413618</subfield></datafield><datafield tag="773" ind1="0" ind2="8"><subfield code="i">Title is part of eBook package:</subfield><subfield code="d">De Gruyter</subfield><subfield code="t">University of Pennsylvania Backlist eBook-Package 2000-2013</subfield><subfield code="z">9783110459548</subfield></datafield><datafield tag="776" ind1="0" ind2=" "><subfield code="c">print</subfield><subfield code="z">9780812243574</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">https://doi.org/10.9783/9780812205077</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">https://www.degruyter.com/isbn/9780812205077</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="3">Cover</subfield><subfield code="u">https://www.degruyter.com/document/cover/isbn/9780812205077/original</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">978-3-11-041345-8 Penn Press eBook Package Complete Collection</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">978-3-11-041361-8 Penn Press eBook Package Social Sciences</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">978-3-11-045954-8 University of Pennsylvania Backlist eBook-Package 2000-2013</subfield><subfield code="c">2000</subfield><subfield code="d">2013</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">EBA_BACKALL</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">EBA_CL_LAEC</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">EBA_EBACKALL</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">EBA_EBKALL</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">EBA_ECL_LAEC</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">EBA_EEBKALL</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">EBA_ESSHALL</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">EBA_ESTMALL</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">EBA_PPALL</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">EBA_SSHALL</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">EBA_STMALL</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV-deGruyter-alles</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">PDA11SSHE</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">PDA12STME</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">PDA13ENGE</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">PDA17SSHEE</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">PDA18STMEE</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">PDA5EBK</subfield></datafield></record></collection> |