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The first credit market turmoil of the 21st century
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ISBN: 981428047X 9786612761171 128276117X 9814280488 9789814280488 9789814280471 Year: 2009 Publisher: Singapore ; Hackensack, N.J. : World Scientific,

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Abstract

Since the summer of 2007, credit markets in almost all industrial countries have been in substantial turmoil and this has become the focus of intense policy debates. The papers in this volume are contributed by the world's leading financial experts and constitute a thorough examination of the first credit market turmoil of the 21st Century. They provide an overview of the main causes, transmission mechanisms and economic implications of what by now has become a major systemic financial crisis. They assess the most important policy considerations and conclude about how to stabilize financial s


Book
Financial Assets, Debt and Liquidity Crises
Authors: --- --- ---
ISBN: 9781107004931 9780511792540 9781139101004 1139101005 9781139101660 1139101668 0511792549 9781139103466 1139103466 9781139099660 1139099663 9786613341884 6613341886 1107004934 1139097628 9781139097628 1139887300 9781139887304 1283341883 9781283341882 1139098977 9781139098977 1107546664 Year: 2011 Publisher: Cambridge Cambridge University Press

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The macroeconomic development of most major industrial economies is characterised by boom-bust cycles. Normally such boom-bust cycles are driven by specific sectors of the economy. In the financial meltdown of the years 2007-9 it was the credit sector and the real-estate sector that were the main driving forces. This book takes on the challenge of interpreting and modelling this meltdown. In doing so it revives the traditional Keynesian approach to the financial-real economy interaction and the business cycle, extending it in several important ways. In particular, it adopts the Keynesian view of a hierarchy of markets and introduces a detailed financial sector into the traditional Keynesian framework. The approach of the book goes beyond the currently dominant paradigm based on the representative agent, market clearing and rational economic agents. Instead it proposes an economy populated with heterogeneous, rationally bounded agents attempting to cope with disequilibria in various markets.


Book
Financial market bubbles and crashes
Author:
ISBN: 9780521199674 0521199670 9780511806650 9781316103722 1316103722 0511806655 9781316100806 1316100804 1316097331 1316101444 1316098370 1316102211 1316099903 9783319715285 3319715283 3319715275 1316098516 Year: 2010 Publisher: Cambridge : Cambridge University Press,

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Despite the thousands of articles and the millions of times that the word 'bubble' has been used in the business press, there still does not appear to be a cohesive theory or persuasive empirical approach with which to study 'bubble' and 'crash' conditions. This book presents a plausible and accessible descriptive theory and empirical approach to the analysis of such financial market conditions. It advances such a framework through application of standard econometric methods to its central idea, which is that financial bubbles reflect urgent short side rationed demand. From this basic idea, an elasticity of variance concept is developed. It is further shown that a behavioral risk premium can probably be measured and related to the standard equity risk premium models in a way that is consistent with conventional theory.


Book
La liquidité incontrôlable : qui va maîtriser la monnaie mondiale?
Authors: ---
ISBN: 9782744073601 2744073601 Year: 2010 Publisher: Paris Pearson Education

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Book
The great deformation : the corruption of capitalism in America.
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ISBN: 9781586489120 1586489127 9781586489137 1586489135 Year: 2013 Publisher: New York PublicAffairs

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In this revisionist history of the American state, former Reagan budget director and bestselling author David Stockman shows where capitalism went wrong, how it was corrupted, and how it might be restored. He argues that Washington -- and especially the Federal Reserve -- have fallen prey to the politics of crony capitalism and the ideologies of fiscal stimulus, monetary central planning, and financial bailouts. These policies have converged to bloat the welfare state, perpetuate the military-industrial complex, deplete the revenue base, fuel new financial bubbles, favor Wall Street with cheap money, rig stock and bond markets, crush Main Street savers, and punish family budgets with soaring food and energy costs.

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