Connectedness and contagion :: protecting the financial system from panics /
"The Dodd-Frank Act of 2010 was intended to reform financial policies in order to prevent another massive crisis such as the financial meltdown of 2008. Dodd-Frank is largely premised on the diagnosis that connectedness was the major problem in that crisis -- that is, that financial institution...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Massachusetts :
The MIT Press,
[2016]
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| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "The Dodd-Frank Act of 2010 was intended to reform financial policies in order to prevent another massive crisis such as the financial meltdown of 2008. Dodd-Frank is largely premised on the diagnosis that connectedness was the major problem in that crisis -- that is, that financial institutions were overexposed to one another, resulting in a possible chain reaction of failures. In this book, Hal Scott argues that it is not connectedness but contagion that is the most significant element of systemic risk facing the financial system. Contagion is an indiscriminate run by short-term creditors of financial institutions that can render otherwise solvent institutions insolvent. It poses a serious risk because, as Scott explains, our financial system still depends on approximately $7.4 to $8.2 trillion of runnable and uninsured short-term liabilities, 60 percent of which are held by nonbanks. Scott argues that efforts by the Federal Reserve, the FDIC, and the Treasury to stop the contagion that exploded after the bankruptcy of Lehman Brothers lessened the economic damage. And yet Congress, spurred by the public's aversion to bailouts, has dramatically weakened the power of the government to respond to contagion, including limitations on the Fed's powers as a lender of last resort. Offering uniquely detailed forensic analyses of the Lehman Brothers and AIG failures, and suggesting alternative regulatory approaches, Scott makes the case that we need to restore and strengthen our weapons for fighting contagion"--Provided by publisher |
| Beschreibung: | 1 online resource (xxi, 416 pages) |
| Bibliographie: | Includes bibliographical references and index. |
| ISBN: | 9780262332156 0262332159 9780262332149 0262332140 9780262332163 0262332167 |
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| 505 | 0 | |a Acknowledgments -- Introduction -- 1. The concept of connectedness -- 2. The concept and history of contagion -- 3. The concept of correlation -- 4. Asset connectedness : Lehman and AIG -- 5. Liability connectedness : money market funds and tri-party repo market -- 6. The Dodd-Frank Act policies to address connectedness -- 7. Contagion in the 2008 crisis : the run on the non-bank sector, "shadow banks" -- 8. History of lender of last resort in the United States -- 9. Dodd-Frank restrictions on the lender of last resort power -- 10. Comparison of LLR powers of fed with Bank of England, European Central Bank, and Bank of Japan -- 11. Strengthening the LLR powers of the fed -- 12. Liability insurance and guarantees -- 13. Insuring money market funds -- 14. Capital requirements : Basel III framework -- 15. Liquidity requirements -- 16. Bank resolution procedures, contingent capital (CoCos), and bail-ins -- 17. Dodd-Frank orderly liquidation for non-bank SIFIs (including bank holding companies) -- 18. Living wills -- 19. Money market mutual fund reform -- 20. Dependence of the financial system on short-term funding -- 21. Government crowding out of private issuance of short-term debt -- 22. Capital purchase program and other TARP support programs -- 23. Criticisms of bailouts generally -- 24. Specific criticism of TARP -- 25. Standing bailout programs -- 26. Conclusion -- Notes -- Index. | |
| 520 | |a "The Dodd-Frank Act of 2010 was intended to reform financial policies in order to prevent another massive crisis such as the financial meltdown of 2008. Dodd-Frank is largely premised on the diagnosis that connectedness was the major problem in that crisis -- that is, that financial institutions were overexposed to one another, resulting in a possible chain reaction of failures. In this book, Hal Scott argues that it is not connectedness but contagion that is the most significant element of systemic risk facing the financial system. Contagion is an indiscriminate run by short-term creditors of financial institutions that can render otherwise solvent institutions insolvent. It poses a serious risk because, as Scott explains, our financial system still depends on approximately $7.4 to $8.2 trillion of runnable and uninsured short-term liabilities, 60 percent of which are held by nonbanks. Scott argues that efforts by the Federal Reserve, the FDIC, and the Treasury to stop the contagion that exploded after the bankruptcy of Lehman Brothers lessened the economic damage. And yet Congress, spurred by the public's aversion to bailouts, has dramatically weakened the power of the government to respond to contagion, including limitations on the Fed's powers as a lender of last resort. Offering uniquely detailed forensic analyses of the Lehman Brothers and AIG failures, and suggesting alternative regulatory approaches, Scott makes the case that we need to restore and strengthen our weapons for fighting contagion"--Provided by publisher | ||
| 588 | 0 | |a Print version record. | |
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| 650 | 0 | |a Global Financial Crisis, 2008-2009. |0 http://id.loc.gov/authorities/subjects/sh2009003683 | |
| 650 | 6 | |a Crise financière mondiale, 2008-2009 |x Politique gouvernementale. | |
| 650 | 6 | |a Crise financière mondiale, 2008-2009. | |
| 650 | 7 | |a BUSINESS & ECONOMICS |x Economics |x Macroeconomics. |2 bisacsh | |
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| contents | Acknowledgments -- Introduction -- 1. The concept of connectedness -- 2. The concept and history of contagion -- 3. The concept of correlation -- 4. Asset connectedness : Lehman and AIG -- 5. Liability connectedness : money market funds and tri-party repo market -- 6. The Dodd-Frank Act policies to address connectedness -- 7. Contagion in the 2008 crisis : the run on the non-bank sector, "shadow banks" -- 8. History of lender of last resort in the United States -- 9. Dodd-Frank restrictions on the lender of last resort power -- 10. Comparison of LLR powers of fed with Bank of England, European Central Bank, and Bank of Japan -- 11. Strengthening the LLR powers of the fed -- 12. Liability insurance and guarantees -- 13. Insuring money market funds -- 14. Capital requirements : Basel III framework -- 15. Liquidity requirements -- 16. Bank resolution procedures, contingent capital (CoCos), and bail-ins -- 17. Dodd-Frank orderly liquidation for non-bank SIFIs (including bank holding companies) -- 18. Living wills -- 19. Money market mutual fund reform -- 20. Dependence of the financial system on short-term funding -- 21. Government crowding out of private issuance of short-term debt -- 22. Capital purchase program and other TARP support programs -- 23. Criticisms of bailouts generally -- 24. Specific criticism of TARP -- 25. Standing bailout programs -- 26. Conclusion -- Notes -- Index. |
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The concept of connectedness -- 2. The concept and history of contagion -- 3. The concept of correlation -- 4. Asset connectedness : Lehman and AIG -- 5. Liability connectedness : money market funds and tri-party repo market -- 6. The Dodd-Frank Act policies to address connectedness -- 7. Contagion in the 2008 crisis : the run on the non-bank sector, "shadow banks" -- 8. History of lender of last resort in the United States -- 9. Dodd-Frank restrictions on the lender of last resort power -- 10. Comparison of LLR powers of fed with Bank of England, European Central Bank, and Bank of Japan -- 11. Strengthening the LLR powers of the fed -- 12. Liability insurance and guarantees -- 13. Insuring money market funds -- 14. Capital requirements : Basel III framework -- 15. Liquidity requirements -- 16. Bank resolution procedures, contingent capital (CoCos), and bail-ins -- 17. Dodd-Frank orderly liquidation for non-bank SIFIs (including bank holding companies) -- 18. Living wills -- 19. 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| genre | History fast |
| genre_facet | History |
| id | ZDB-4-EBU-ocn949930490 |
| illustrated | Not Illustrated |
| indexdate | 2024-11-26T14:49:23Z |
| institution | BVB |
| isbn | 9780262332156 0262332159 9780262332149 0262332140 9780262332163 0262332167 |
| language | English |
| oclc_num | 949930490 |
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| physical | 1 online resource (xxi, 416 pages) |
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| publishDate | 2016 |
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| publisher | The MIT Press, |
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| spelling | Scott, Hal S., author. http://id.loc.gov/authorities/names/n85804292 Connectedness and contagion : protecting the financial system from panics / Hal S. Scott. Cambridge, Massachusetts : The MIT Press, [2016] ©2016 1 online resource (xxi, 416 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier Includes bibliographical references and index. Acknowledgments -- Introduction -- 1. The concept of connectedness -- 2. The concept and history of contagion -- 3. The concept of correlation -- 4. Asset connectedness : Lehman and AIG -- 5. Liability connectedness : money market funds and tri-party repo market -- 6. The Dodd-Frank Act policies to address connectedness -- 7. Contagion in the 2008 crisis : the run on the non-bank sector, "shadow banks" -- 8. History of lender of last resort in the United States -- 9. Dodd-Frank restrictions on the lender of last resort power -- 10. Comparison of LLR powers of fed with Bank of England, European Central Bank, and Bank of Japan -- 11. Strengthening the LLR powers of the fed -- 12. Liability insurance and guarantees -- 13. Insuring money market funds -- 14. Capital requirements : Basel III framework -- 15. Liquidity requirements -- 16. Bank resolution procedures, contingent capital (CoCos), and bail-ins -- 17. Dodd-Frank orderly liquidation for non-bank SIFIs (including bank holding companies) -- 18. Living wills -- 19. Money market mutual fund reform -- 20. Dependence of the financial system on short-term funding -- 21. Government crowding out of private issuance of short-term debt -- 22. Capital purchase program and other TARP support programs -- 23. Criticisms of bailouts generally -- 24. Specific criticism of TARP -- 25. Standing bailout programs -- 26. Conclusion -- Notes -- Index. "The Dodd-Frank Act of 2010 was intended to reform financial policies in order to prevent another massive crisis such as the financial meltdown of 2008. Dodd-Frank is largely premised on the diagnosis that connectedness was the major problem in that crisis -- that is, that financial institutions were overexposed to one another, resulting in a possible chain reaction of failures. In this book, Hal Scott argues that it is not connectedness but contagion that is the most significant element of systemic risk facing the financial system. Contagion is an indiscriminate run by short-term creditors of financial institutions that can render otherwise solvent institutions insolvent. It poses a serious risk because, as Scott explains, our financial system still depends on approximately $7.4 to $8.2 trillion of runnable and uninsured short-term liabilities, 60 percent of which are held by nonbanks. Scott argues that efforts by the Federal Reserve, the FDIC, and the Treasury to stop the contagion that exploded after the bankruptcy of Lehman Brothers lessened the economic damage. And yet Congress, spurred by the public's aversion to bailouts, has dramatically weakened the power of the government to respond to contagion, including limitations on the Fed's powers as a lender of last resort. Offering uniquely detailed forensic analyses of the Lehman Brothers and AIG failures, and suggesting alternative regulatory approaches, Scott makes the case that we need to restore and strengthen our weapons for fighting contagion"--Provided by publisher Print version record. Financial crises History 21st century. Global Financial Crisis, 2008-2009 Government policy. Global Financial Crisis, 2008-2009. http://id.loc.gov/authorities/subjects/sh2009003683 Crise financière mondiale, 2008-2009 Politique gouvernementale. Crise financière mondiale, 2008-2009. BUSINESS & ECONOMICS Economics Macroeconomics. bisacsh POLITICAL SCIENCE Economic Conditions. bisacsh BUSINESS & ECONOMICS Finance. bisacsh Financial crises fast Government policy fast 1.1 Finanzkrise. (DE-601)091359945 (DE-STW)19664-4 stw 1.2 Ansteckungseffekt. (DE-601)526048697 (DE-STW)29957-4 stw 1.3 Finanzmarktregulierung. (DE-601)091370078 (DE-STW)19321-6 stw 1.4 Bankrisiko. (DE-601)091404312 (DE-STW)27601-4 stw 1.5 Bankenliquidität. (DE-601)091349435 (DE-STW)13746-4 stw 1.6 Schuldenübernahme. (DE-601)622710060 (DE-STW)29637-1 stw 1.7 USA. (DE-601)091396867 (DE-STW)17829-1 stw 1.8 Welt. (DE-601)09140004x (DE-STW)16809-5 stw Global Financial Crisis (2008-2009) fast (OCoLC)fst01755654 https://id.oclc.org/worldcat/entity/E39Qhp4vBbr3T8xBMDbJhDhGmm 2000-2099 fast ECONOMICS/Finance History fast has work: Connectedness and contagion (Text) https://id.oclc.org/worldcat/entity/E39PCGY7QJHJBf8Pg6KJcymtDq https://id.oclc.org/worldcat/ontology/hasWork Print version: Scott, Hal S. Connectedness and contagion. Cambridge, Massachusetts : The MIT Press, [2016] 9780262034371 (DLC) 2015039900 (OCoLC)934100087 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1239110 Volltext |
| spellingShingle | Scott, Hal S. Connectedness and contagion : protecting the financial system from panics / Acknowledgments -- Introduction -- 1. The concept of connectedness -- 2. The concept and history of contagion -- 3. The concept of correlation -- 4. Asset connectedness : Lehman and AIG -- 5. Liability connectedness : money market funds and tri-party repo market -- 6. The Dodd-Frank Act policies to address connectedness -- 7. Contagion in the 2008 crisis : the run on the non-bank sector, "shadow banks" -- 8. History of lender of last resort in the United States -- 9. Dodd-Frank restrictions on the lender of last resort power -- 10. Comparison of LLR powers of fed with Bank of England, European Central Bank, and Bank of Japan -- 11. Strengthening the LLR powers of the fed -- 12. Liability insurance and guarantees -- 13. Insuring money market funds -- 14. Capital requirements : Basel III framework -- 15. Liquidity requirements -- 16. Bank resolution procedures, contingent capital (CoCos), and bail-ins -- 17. Dodd-Frank orderly liquidation for non-bank SIFIs (including bank holding companies) -- 18. Living wills -- 19. Money market mutual fund reform -- 20. Dependence of the financial system on short-term funding -- 21. Government crowding out of private issuance of short-term debt -- 22. Capital purchase program and other TARP support programs -- 23. Criticisms of bailouts generally -- 24. Specific criticism of TARP -- 25. Standing bailout programs -- 26. Conclusion -- Notes -- Index. Financial crises History 21st century. Global Financial Crisis, 2008-2009 Government policy. Global Financial Crisis, 2008-2009. http://id.loc.gov/authorities/subjects/sh2009003683 Crise financière mondiale, 2008-2009 Politique gouvernementale. Crise financière mondiale, 2008-2009. BUSINESS & ECONOMICS Economics Macroeconomics. bisacsh POLITICAL SCIENCE Economic Conditions. bisacsh BUSINESS & ECONOMICS Finance. bisacsh Financial crises fast Government policy fast 1.1 Finanzkrise. (DE-601)091359945 (DE-STW)19664-4 stw 1.2 Ansteckungseffekt. (DE-601)526048697 (DE-STW)29957-4 stw 1.3 Finanzmarktregulierung. (DE-601)091370078 (DE-STW)19321-6 stw 1.4 Bankrisiko. (DE-601)091404312 (DE-STW)27601-4 stw 1.5 Bankenliquidität. (DE-601)091349435 (DE-STW)13746-4 stw 1.6 Schuldenübernahme. (DE-601)622710060 (DE-STW)29637-1 stw 1.7 USA. (DE-601)091396867 (DE-STW)17829-1 stw 1.8 Welt. (DE-601)09140004x (DE-STW)16809-5 stw |
| subject_GND | http://id.loc.gov/authorities/subjects/sh2009003683 (DE-601)091359945 (DE-STW)19664-4 (DE-601)526048697 (DE-STW)29957-4 (DE-601)091370078 (DE-STW)19321-6 (DE-601)091404312 (DE-STW)27601-4 (DE-601)091349435 (DE-STW)13746-4 (DE-601)622710060 (DE-STW)29637-1 (DE-601)091396867 (DE-STW)17829-1 (DE-601)09140004x (DE-STW)16809-5 (OCoLC)fst01755654 |
| title | Connectedness and contagion : protecting the financial system from panics / |
| title_auth | Connectedness and contagion : protecting the financial system from panics / |
| title_exact_search | Connectedness and contagion : protecting the financial system from panics / |
| title_full | Connectedness and contagion : protecting the financial system from panics / Hal S. Scott. |
| title_fullStr | Connectedness and contagion : protecting the financial system from panics / Hal S. Scott. |
| title_full_unstemmed | Connectedness and contagion : protecting the financial system from panics / Hal S. Scott. |
| title_short | Connectedness and contagion : |
| title_sort | connectedness and contagion protecting the financial system from panics |
| title_sub | protecting the financial system from panics / |
| topic | Financial crises History 21st century. Global Financial Crisis, 2008-2009 Government policy. Global Financial Crisis, 2008-2009. http://id.loc.gov/authorities/subjects/sh2009003683 Crise financière mondiale, 2008-2009 Politique gouvernementale. Crise financière mondiale, 2008-2009. BUSINESS & ECONOMICS Economics Macroeconomics. bisacsh POLITICAL SCIENCE Economic Conditions. bisacsh BUSINESS & ECONOMICS Finance. bisacsh Financial crises fast Government policy fast 1.1 Finanzkrise. (DE-601)091359945 (DE-STW)19664-4 stw 1.2 Ansteckungseffekt. (DE-601)526048697 (DE-STW)29957-4 stw 1.3 Finanzmarktregulierung. (DE-601)091370078 (DE-STW)19321-6 stw 1.4 Bankrisiko. (DE-601)091404312 (DE-STW)27601-4 stw 1.5 Bankenliquidität. (DE-601)091349435 (DE-STW)13746-4 stw 1.6 Schuldenübernahme. (DE-601)622710060 (DE-STW)29637-1 stw 1.7 USA. (DE-601)091396867 (DE-STW)17829-1 stw 1.8 Welt. (DE-601)09140004x (DE-STW)16809-5 stw |
| topic_facet | Financial crises History 21st century. Global Financial Crisis, 2008-2009 Government policy. Global Financial Crisis, 2008-2009. Crise financière mondiale, 2008-2009 Politique gouvernementale. Crise financière mondiale, 2008-2009. BUSINESS & ECONOMICS Economics Macroeconomics. POLITICAL SCIENCE Economic Conditions. BUSINESS & ECONOMICS Finance. Financial crises Government policy Finanzkrise. Ansteckungseffekt. Finanzmarktregulierung. Bankrisiko. Bankenliquidität. Schuldenübernahme. USA. Welt. History |
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