Financial crisis: causes, context and consequences
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Harlow [u.a.]
Financial Times Prentice Hall
2011
|
| Ausgabe: | 1. publ. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis Klappentext |
| Beschreibung: | XIV, 342 S. graph. Darst. |
| ISBN: | 9780273735113 |
Internformat
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Datensatz im Suchindex
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|---|---|
| adam_text | Contents
Preface
xi
Acknowledgements
x¡¡¡
Chapter
1
An overview of the financial crisis
2007/8 1
Introduction
1
The good times
1
New models of lending
2
The time bomb ticks
4
The time bomb explodes
5
Why, oh why did no-one see it coming?
6
Escape
7
Timeline of the financial crisis
2007/8 8
Chapter
2
Governments and the financial crisis
16
Introduction
16
Externalities
17
Government regulation
19
Economic intervention
19
Government deficits
20
Demand management
22
Monetary policy
23
Fiscal policy
26
Lobbying
27
Summing up
30
Chapter
3
Personal finance, housing and the financial crisis
32
Introduction
32
Housing
33
Mortgage borrowing
38
Credit card and other personal debt
42
Pensions
42
The housing market strikes back
43
Chapter
4
The business of banking
44
Introduction
44
Banks in general
44
Commercial banks
46
v¡
Contents
Investment
banks
46
Bank
holding companies
49
Glass-Steagall act
49
Central banks
50
Asset-liability mismatch
51
The bank bonus culture
52
The bank bonus culture and declining standards
54
Risk/return implications of the bank bonus culture
56
Bank balance sheets
56
Moral hazard
58
Lender of last resort
59
The shadow banking system and non-bank financial institutions
59
Chapter
5
Subprime
lenders and borrowers
61
Introduction
61
Community Reinvestment Act
63
The business of
subprime
lending
64
The dubious economics of
subprime
lending
65
Structured Instrument Vehicles
(SIV)
and conduits
67
Repackaging mortgages
67
Rating agencies
70
Chapter
6
Credit Default Swaps And Toxic Assets
74
Introduction
74
How do credit default swaps work?
76
Drivers of the CDS market
79
Correlations and credit ratings
81
The unwinding
84
Chapter
7
Bank Lending And Control Systems
89
Introduction
89
Normal commercial bank lending criteria
89
Lending control systems
93
Value at Risk and risk management
95
Bank capital adequacy
99
Chapter
8
Regulation
101
Introduction
101
The need to regulate financial services
102
Capital adequacy and liquidity
102
Lender of last resort 1
03
Deposit insurance
104
Tight versus loose regulation
104
Contents
vii
The US system of financial regulation
105
The UK system of financial regulation
107
Eurozone
regulation
113
International regulation
114
Too big to fail
114
Mark-to-market accounting
115
Chapter
9
The business cycle, booms, busts, bubbles and frauds
118
Introduction
118
Booms, busts and bubbles
121
Frauds and swindles
125
Charles
Ponzi
126
Bernard Madoff
128
What makes
Ponzi
schemes crash?
132
Chapter
10
Finance theories
133
Introduction
133
Earnings versus cash flow
134
Market efficiency
134
The efficient markets hypothesis
136
The capital asset pricing model
137
Risk and uncertainty
139
Risk management models and the normal distribution
140
Options
142
Behavioural finance
146
Conclusion
149
Chapter
11
Other academic theories
152
Introduction
152
Culture and conformity
152
Self-interest
158
Bonuses
161
Mathematical economics
164
Creative destruction
165
The insights of Hyman
Minsky
167
The Austrian School of Economics
169
An eclectic view
169
Final words on self-interest
170
Chapter
12
Bank failures in the USA
172
Introduction
172
Case
12.1
Bear Stearns
172
Introduction
172
viii Contents
Recent
history
173
Into the abyss
174
J. R
Morgan to the rescue
176
Case
12.2
Lehman Brothers
177
Introduction
177
Bankruptcy 178
Repo
105 181
Property
184
The CEO
185
Case
12.3
American International Group (AIG)
186
Introduction
186
AIG Financial Products Corporation
187
The end is nigh
189
Case
12.4
Fannie Mae and Freddie Mac
191
Introduction
191
Mortgage securitisation
192
Political pressure
193
The financial crisis
194
Chapter
13
Bank failures in the UK
196
Introduction
196
Case
13.1
Northern Rock
196
Introduction
196
Risky business model
197
Crunch time
198
Britain s first bank run since
1866 200
Why did things go so wrong?
201
Case
13.2
HBOS
204
Introduction
204
A changed business model
205
Days of reckoning
206
The takeover and the bailout
207
Risk management
208
What went wrong?
209
Case
13.3
Royal Bank of Scotland (RBS)
210
Introduction
210
The
NatWest
takeover
210
Investment banking
210
The
ABN
Amro acquisition
211
2008
financial crisis
213
What went wrong?
214
Contents ix
Chapter
14 Bank
failures in Europe
216
Introduction
216
Case
14.1
Fortis
216
Introduction
216
The
ABN Amro
takeover
217
Fortis Problems in the wake of
ABN Amro
takeover
219
Case
14.2
UBS
221
Introduction
221
Dubious practices
221
The financial crisis hits UBS
223
Case
14.3
Icelandic banks
224
Introduction
224
The root of the problem
226
Accident
227
Cronyism
229
Kaupthing
leaked documents
230
The unravelling
231
Case
14.4
Irish banks
232
Introduction
232
Banking background
232
Anglo Irish Bank
234
Irish Nationwide
237
The bailout
238
Chapter
15
The Great Depression
241
Introduction
241
The Roaring Twenties
243
The Wall Street Crash
246
The Great Depression unfolds
248
The gold standard
251
Franklin D. Roosevelt
253
Summing up
254
Chapter
16
Government responses to the crisis
258
Introduction
258
US responses
258
British responses
260
Eurozone
responses
263
The extent of total bailouts
269
χ
Contents
Chapter
17
Lessons and major issues
274
Introduction
274
Financial crises
274
Lessons for governments
278
Lessons for banks
280
Lessons for regulators
280
Lessons for household borrowers
281
Lessons for academics
281
Major issues
282
Afterword
295
Introduction
295
The Dodd-Frank Act
295
European bank stress tests
297
Basel III capital requirements
298
Ireland s banks updated
299
Eurozone
crisis
299
Final words
301
Notes
303
Glossary
311
Index
330
Supporting resources
Visit www.pearsoned.co.uk/buckley
For instructors
■
Complete, downloadable Instructor s Manual
■
Testbank
of questions with guidelines for solutions useful for class discussion, and
practice essays or examination assessments
■
Additional FT articles
■
Overview of the key issues in press cuttings
■
Model teaching structure for financial crisis course
For more information please contact your local Pearson Education sales representative
or visit www.pearsoned.co.uk/buckley
FINANCIAL
CRISIS
Causes, Context and Consequences
KLEY
A fascinating close-up analysis of the causes of the
2007/8
financial crisis and its consequences,
Financial Crisis places the world of finance under the microscope, bringing together evidence of
the involvement of banks, governments and regulators. It questions some of its most
dangerous and dubious practices, witnessed while searching for the answer to the question:
What really caused the financial crisis?
Financial Crisis
•
offers a timeline of events, giving an accessible overview of the crisis
-
its prelude, its unfolding and its aftermath
•
focuses upon how the seeds of the crisis were sown and how they grew
•
highlights government responses to the crisis, and banking practices and failures
from around the world
•
includes exhibits and original press cuttings, providing a relevant context to the
story and an aid to understanding
•
examines the major context of the crisis, for example, securitisation, regulation,
the decline in house prices, bankruptcies, and the consequent unemployment
•
investigates frauds, swindles and the world s largest
Ponzi
scheme
•
provides parallels between the
2007/8
financial crisis and the Wall Street Crash
of
1929,
together with the Great Depression
•
looks at lessons for the future, and suggests a roadmap to recovery
Essential reading for students of economics, finance, politics, contemporary history, public
policy and ethics, and it is accessible to all interested in deepening their understanding of the
financial crisis.
Adrian Buckley is Emeritus Professor of International Finance at Cranfield School of Management,
Cranfield University, and Visiting Professor of Finance at the Free University, Amsterdam. Prior
to entering academic life, he worked in banking, management consulting and as a group treasurer
to a FTSE-100 company.
|
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| title | Financial crisis causes, context and consequences |
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| title_short | Financial crisis |
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