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Engineering the Financial Crisis Systemic Risk and the Failure of Regulation

Name: Engineering the Financial Crisis
Author: Jeffrey Friedman

Auteur: Jeffrey Friedman

Taal: Engels

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Auteur: Jeffrey Friedman Wladimir Kraus

Co-auteur: Wladimir Kraus

Engels
Hardcover
9780812243574
24 oktober 2011
224 pagina's

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Samenvatting

This study examines the role of the Basel Accords-a set of international standards regulating bank capital-in the global financial crisis. It argues that because the accords were so widely adopted, they effectively homogenized the banking industry, increasing the systemic risk they were intended to prevent.

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.

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Taal: en
Bindwijze: Hardcover
Oorspronkelijke releasedatum: 24 oktober 2011
Aantal pagina's: 224
Illustraties: Nee

Betrokkenen

Hoofdauteur: Jeffrey Friedman
Tweede Auteur: Wladimir Kraus
Co Auteur: Wladimir Kraus
Hoofduitgeverij: University Of Pennsylvania Press

Overige kenmerken

Extra groot lettertype: Nee
Product breedte: 152 mm
Product hoogte: 25 mm
Product lengte: 241 mm
Studieboek: Nee
Verpakking breedte: 152 mm
Verpakking hoogte: 229 mm
Verpakking lengte: 229 mm
Verpakkingsgewicht: 499 g

EAN

EAN: 9780812243574

Je vindt dit artikel in

Categorieën: Mens & Maatschappij

Economie & Financiën

Managementboeken

Economie

Politiek

Politieke economie

Centrale & Federale overheden

Boeken
Taal: Engels
Boek, ebook of luisterboek?: Boek
Beschikbaarheid: Leverbaar
Studieboek of algemeen: Algemene boeken

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