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The Resource Misunderstanding financial crises : why we don't see them coming, Gary B. Gorton

Misunderstanding financial crises : why we don't see them coming, Gary B. Gorton

Label
Misunderstanding financial crises : why we don't see them coming
Title
Misunderstanding financial crises
Title remainder
why we don't see them coming
Statement of responsibility
Gary B. Gorton
Creator
Subject
Language
eng
Summary
Before 2007, economists thought that financial crises would never happen again in the United States, that such upheavals were a thing of the past. In this book the author argues that economists fundamentally misunderstand what they are, why they occur, and why there were none in the U.S. from 1934 to 2007. The book offers a back-to-basics overview of financial crises, and shows that they are not rare, idiosyncratic events caused by a perfect storm of unconnected factors. Instead, he shows how financial crises are, indeed, inherent to our financial system. Economists, he writes, looked from a certain point of view and missed everything that was important: the evolution of capital markets and the banking system, the existence of new financial instruments, and the size of certain money markets like the sale and repurchase market. Comparing the so-called "Quiet Period" of 1934 to 2007, when there were no systemic crises, to the "Panic of 2007-2008," he ties together key issues like bank debt and liquidity, credit booms and manias, moral hazard, and too-big-to-fail, all to illustrate the true causes of financial collapse. He argues that the successful regulation that prevented crises since 1934 did not adequately keep pace with innovation in the financial sector, due in part to the misunderstandings of economists, who assured regulators that all was well. He also looks forward to offer both a better way for economists to think about markets and a description of the regulation necessary to address the future threat of financial disaster
Cataloging source
DLC
http://library.link/vocab/creatorName
Gorton, Gary
Dewey number
338.5/42
Illustrations
  • illustrations
  • maps
Index
index present
LC call number
HB3722
LC item number
.G674 2012
Literary form
non fiction
Nature of contents
bibliography
http://library.link/vocab/subjectName
  • Financial crises
  • United States
  • Monetary policy
Label
Misunderstanding financial crises : why we don't see them coming, Gary B. Gorton
Instantiates
Publication
Bibliography note
Includes bibliographical references and index
Contents
Introduction -- Creating the quiet period -- Financial crises -- Liquidity and secrets -- Credit booms and manias -- The timing of crises -- Economic theory without history -- Debt during crises -- The quiet period and its end -- Moral hazard and too-big-to-fail -- Bank capital -- Fat cats, crisis costs, and the paradox of financial crises -- The panic of 2007-2008 -- The theory and practice of seeing
Control code
ocn780288789
Dimensions
25 cm.
Extent
xiv, 278 p.
Isbn
9780199922901
Isbn Type
(cloth : alk. paper)
Lccn
2012008750
Other control number
40021508744
Other physical details
ill., map
System control number
  • (Sirsi) i9780199922901
  • (OCoLC)780288789
Label
Misunderstanding financial crises : why we don't see them coming, Gary B. Gorton
Publication
Bibliography note
Includes bibliographical references and index
Contents
Introduction -- Creating the quiet period -- Financial crises -- Liquidity and secrets -- Credit booms and manias -- The timing of crises -- Economic theory without history -- Debt during crises -- The quiet period and its end -- Moral hazard and too-big-to-fail -- Bank capital -- Fat cats, crisis costs, and the paradox of financial crises -- The panic of 2007-2008 -- The theory and practice of seeing
Control code
ocn780288789
Dimensions
25 cm.
Extent
xiv, 278 p.
Isbn
9780199922901
Isbn Type
(cloth : alk. paper)
Lccn
2012008750
Other control number
40021508744
Other physical details
ill., map
System control number
  • (Sirsi) i9780199922901
  • (OCoLC)780288789

Library Locations

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      41.7587304 -88.3172925
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