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Understanding Financial Crises

Understanding Financial Crises PDF Author: Franklin Allen
Publisher: OUP Oxford
ISBN:
Category : Business & Economics
Languages : en
Pages : 303

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Book Description
What causes a financial crisis? Can crises be anticipated or even avoided? Should governments and international institutions intervene? Based on ten years of research, the authors develop a theoretical approach to analyzing financial crises and use the latest economic theories to begin to understand the causes and consequences of financial crises. - ;What causes a financial crisis? Can financial crises be anticipated or even avoided? What can be done to lessen their impact? Should governments and international institutions intervene? Or should financial crises be left to run their course? In the aftermath of the recent Asian financial crisis, many blamed international institutions, corruption, governments, and flawed macro and microeconomic policies not only for causing the crisis but also unnecessarily lengthening and deepening it. Based on ten years of research, the authors develop a theoretical approach to analyzing financial crises. Beginning with a review of the history of financial crises and providing readers with the basic economic tools needed to understand the literature, the authors construct a series of increasingly sophisticated models. Throughout, the authors guide the reader through the existing theoretical and empirical literature while also building on their own theoretical approach. The text presents the modern theory of intermediation, introduces asset markets and the causes of asset price volatility, and discusses the interaction of banks and markets. The book also deals with more specialized topics, including optimal financial regulation, bubbles, and financial contagion. -

Understanding Financial Crises

Understanding Financial Crises PDF Author: Franklin Allen
Publisher: OUP Oxford
ISBN:
Category : Business & Economics
Languages : en
Pages : 303

View

Book Description
What causes a financial crisis? Can crises be anticipated or even avoided? Should governments and international institutions intervene? Based on ten years of research, the authors develop a theoretical approach to analyzing financial crises and use the latest economic theories to begin to understand the causes and consequences of financial crises. - ;What causes a financial crisis? Can financial crises be anticipated or even avoided? What can be done to lessen their impact? Should governments and international institutions intervene? Or should financial crises be left to run their course? In the aftermath of the recent Asian financial crisis, many blamed international institutions, corruption, governments, and flawed macro and microeconomic policies not only for causing the crisis but also unnecessarily lengthening and deepening it. Based on ten years of research, the authors develop a theoretical approach to analyzing financial crises. Beginning with a review of the history of financial crises and providing readers with the basic economic tools needed to understand the literature, the authors construct a series of increasingly sophisticated models. Throughout, the authors guide the reader through the existing theoretical and empirical literature while also building on their own theoretical approach. The text presents the modern theory of intermediation, introduces asset markets and the causes of asset price volatility, and discusses the interaction of banks and markets. The book also deals with more specialized topics, including optimal financial regulation, bubbles, and financial contagion. -

Free Currency Markets, Financial Crises and the Growth Debacle

Free Currency Markets, Financial Crises and the Growth Debacle PDF Author: Pan A. Yotopoulos
Publisher:
ISBN:
Category : Currency substitution
Languages : en
Pages : 39

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Financial Crises in Emerging Markets

Financial Crises in Emerging Markets PDF Author: Roberto Chang
Publisher:
ISBN:
Category : Asia
Languages : en
Pages : 45

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Are Financial Crises Becoming Increasingly More Contagious?

Are Financial Crises Becoming Increasingly More Contagious? PDF Author: Michael D. Bordo
Publisher:
ISBN:
Category : Contagion (Social psychology)
Languages : en
Pages : 70

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Book Description
We examine the evidence of contagion during the pre World War I era and the interwar and contrast our findings with the evidence of contagion from the recent crises in Asia and Latin America. Using weekly data on bond prices and interest rates, we investigate the extent to which bilateral cross-market correlations rise following the onset of a crisis. After correcting for heteroscedasticity, ala Forbes and Rigobon (1998, 1999), we find little evidence of significant increases in cross-market correlations in either the earlier regimes or in the more recent period. We use principle components analysis to assess the extent of comovement across all markets as well as within various groups of markets, prior to, and after the onset of a crisis. Countries are grouped into regions, as well as along the lines of advanced and emerging. There is little evidence to suggest that cross-country linkages are tighter in the aftermath of a financial crisis for the recent period. There is, however, some evidence of stronger comovement during periods of instability in earlier regimes.

Currency Substitution, Speculation, and Financial Crises

Currency Substitution, Speculation, and Financial Crises PDF Author: Yasuyuki Sawada
Publisher:
ISBN:
Category : Currency substitution
Languages : en
Pages : 43

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Asian Banking Crises in the '90s

Asian Banking Crises in the '90s PDF Author: N. Rajshekar
Publisher:
ISBN:
Category : Banks and banking, Central
Languages : en
Pages : 179

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Book Description
For students, researchers, and aspiring and practicing bankers, this book gives an understanding of the Asian banking crisis of the 1990s, described as a boiling point in a given situation. The interconnected and related factors reach a height of imbalanc

Economic and Financial Crises

Economic and Financial Crises PDF Author: A. Cencini
Publisher: Springer
ISBN: 113746190X
Category : Business & Economics
Languages : en
Pages : 281

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Book Description
This book deals with the structural origins of economic and financial crises. It explains that both economic theories and policies need to be grounded on a monetary macroeconomic analysis of the working of domestic and international economies. The volume outlines reform proposals to make sure that banking activities respect the nature of money.

Resolving Systemic Financial Crises

Resolving Systemic Financial Crises PDF Author: Stijn Claessens
Publisher: World Bank Publications
ISBN: 2004090715
Category : Banks and banking
Languages : en
Pages : 38

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Book Description
"Claessens, Klingebiel, and Laeven analyze the role of institutions in resolving systemic banking crises for a broad sample of countries. Banking crises are fiscally costly, especially when policies like substantial liquidity support, explicit government guarantees on financial institutions' liabilities, and forbearance from prudential regulations are used. Higher fiscal outlays do not, however, accelerate the recovery from a crisis. Better institutions-- less corruption, improved law and order, legal system, and bureaucracy-- do. The authors find these results to be relatively robust to estimation techniques, including controlling for the effects of a poor institutional environment on the likelihood of financial crisis and the size of fiscal costs. Their results suggest that countries should use strict policies to resolve a crisis and use the crisis as an opportunity to implement medium-term structural reforms, which will also help avoid future systemic crises. This paper-- a product of the Financial Sector Operations and Policy Department-- is part of a larger effort in the department to study financial crisis resolution"-- World Bank web site.

Banking, Financial Integration, and International Crises

Banking, Financial Integration, and International Crises PDF Author: Leonardo Hernández
Publisher:
ISBN:
Category : Financial crises
Languages : en
Pages : 486

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Causes of the Korean Financial Crisis

Causes of the Korean Financial Crisis PDF Author: Joon-Ho Hahm
Publisher:
ISBN:
Category : Financial crises
Languages : en
Pages : 77

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Book Description
This paper uses an asymmetric information framework to understand the causes of the recent financial crisis in Korea. It shows that the Korean data is consistent with this explanation of the crisis. It then draws on this analysis to discuss several lessons that can help guide Korean policymakers in the future.