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Engineering the financial crisis : systemic risk and the failure of regulation / Jeffrey Friedman and Wladimir Kraus.

By: Friedman, Jeffrey, 1959-.
Contributor(s): Kraus, Wladimir.
Material type: TextTextSeries: JSTOR eBooks.Publisher: Philadelphia : University of Pennsylvania Press, c2011Edition: 1st ed.Description: 1 online resource (224 p.).ISBN: 9780812205077 (electronic bk.); 0812205073 (electronic bk.).Subject(s): Basel II (2004 June 26) | Basle Accord (1988) | Economics -- Political aspects | Banks and banking -- Risk management | Bank capital -- Law and legislation | Global Financial Crisis, 2008-2009 | Financial crises -- United States -- History -- 21st centuryDDC classification: 330.9/0511 Online resources: Click here to view this ebook.
Contents:
Bonuses, irrationality, and too bigness : the conventional wisdom about the financial crisis and its theoretical implications -- Capital adequacy regulations and the financial crisis : bankers' and regulators' errors -- The interaction of regulations and the great recession : fetishizing market prices -- Capitalism and regulation : ignorance, heterogeneity, and systemic risk.
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Item type Current location Call number URL Status Date due Barcode
Electronic Book UT Tyler Online
Online
HB3717 2008 .F75 2011 (Browse shelf) https://ezproxy.uttyler.edu/login?url=http://www.jstor.org/stable/10.2307/j.ctt3fj5sv Available ocn793012545

Includes bibliographical references and index.

Bonuses, irrationality, and too bigness : the conventional wisdom about the financial crisis and its theoretical implications -- Capital adequacy regulations and the financial crisis : bankers' and regulators' errors -- The interaction of regulations and the great recession : fetishizing market prices -- Capitalism and regulation : ignorance, heterogeneity, and systemic risk.

Description based on print version record.

Reviews provided by Syndetics

CHOICE Review

The latest financial crisis has generated a flood of books purporting to give the inside story of exactly why the crisis took place. This book is not just one more in the series. For anyone wanting to read only a single book about the crisis and its origins, this is the book to read. Friedman and Kraus state, "The informed public's impressions of the crisis are based in part on journalists' and scholars' hasty pronouncements. These impressions have now hardened into convictions." With that statement as a precursor, they proceed to examine many theories of how the crisis came about, discarding most. But they are particularly critical of regulators (not simply US regulators) who incentivized banks to become overly property focused ("everyone should own a home"). This led to some very shoddy decision making that is far too detailed in the book to be summarized here. While the book is quite derogatory toward economists, it should be noted that the dust jacket features a complimentary quote from Nobel laureate economist Vernon Smith, who clearly predicted that a bubble seemed to have formed in the housing market and that bubbles always burst. Not every economist was asleep at the switch. Summing Up: Essential. Academic, public, and professional economics collections. B. P. Keating University of Notre Dame

Author notes provided by Syndetics

Jeffrey Friedman is a visiting scholar in the Department of Government at the University of Texas, Austin. He is the editor of What Caused the Financial Crisis, also available from the University of Pennsylvania Press, and editor of the journal Critical Review. Wladimir Kraus is a doctoral candidate in economics at Universite Paul Cezanne Aix-Marseille and associate editor of Critical Review. Together, Friedman and Kraus maintain Causes of the Crisis, a blog that publishes updated information about the financial crisis.

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