Author : Sophie Knowles
Publisher : Peter Lang Incorporated, International Academic Publishers
Page : 186 pages
File Size : 44,43 MB
Release : 2020
Category : Financial crises
ISBN : 9781433152306
This book assesses the degree to which financial and economics journalists have played a watchdog role for society and provides evidence that journalists, like bankers and regulators, need to be held accountable or the Global Financial Crisis of 2007-8.
Author : Gerald Nels Olson
Publisher : Kluwer Law International B.V.
Page : 1052 pages
File Size : 39,22 MB
Release : 2019-07-16
Category : Law
ISBN : 9403509805
Standing apart from the swollen stream of writing dealing with financial crises, this much-needed book makes a legal case for enforcement of legal accountability for financial crises and for providing justice for the inestimable and untold human suffering caused by Washington and Wall Street. The extraordinarily detailed analysis comes with the authority of a widely experienced and internationally respected banking and finance lawyer. The book’s driving forces may be summarized as follows: it establishes that persistent and progressive money debasement is at the heart of all serious systemic financial crises; it establishes that the crisis in 2008 was not only simply immoral or wrong but also illegal, the result of intentional violation of the foundational legal requirements of honest, safe, and sound money and banking; it establishes that Washington and Wall Street have intentionally manipulated asset values and liquidity characteristics through proliferation of ineffective banking law and regulation magnified by the rise of structured finance and shadow banking. Basing its analysis on numerous case studies and illustrations, this book enables readers to untangle the web of false narratives wrought by Washington and Wall Street to obscure and misdirect any clear understanding of how fundamental civil, legal and constitutional rights are undermined. Designed to empower readers to effect meaningful legal action against money manipulation and debasement for the benefit of financial elites, this book is essential reading for banking lawyers, bankers, securities firms, lobbyists, government regulators and supervisory institutions. It is also sure to be welcomed by academics in finance and securities law.
Author : Francisco Panizza
Publisher : Routledge
Page : 229 pages
File Size : 48,42 MB
Release : 2013-11-07
Category : Political Science
ISBN : 1135050805
The current financial and sovereign debt crisis of the European Union and the United States can be regarded as the most recent of a wave of financial and sovereign debt crises that have affected different regions of the world over the past quarter century. While there is a large and growing body of literature on the economic aspects of financial crises, its political elements remain surprisingly under-studied. Moments of Truth: The Politics of Financial Crises in Comparative Perspective fills this gap in the literature by looking at the political repercussions and policy implications of financial crises in comparative perspective, using case studies in Latin America, Korea, and Russia, as well as the contemporary crises in the US and in key European countries. Contributors to this volume look at the crises as critical junctures that generate high levels of uncertainty while calling for decisive action. The chapters emphasize structural or agency based explanations and give relevance to the role of ideas, interests, and institutions in explaining different outcomes. The questions addressed by the case studies include: how the crises were defined by key actors, the range of political and policy options available to deal with their impact, the role of ideas in policy shifts, how political and economic actors redefine their interests in contexts of uncertainty, how political institutions mediate reactions to the crises, what explains the choice of a certain option over other alternatives, and whether the crisis has (so far) resulted in significant political and policy changes or in incremental adjustments to the status quo. The first book to comparatively analyze the political dimensions of financial crises across different global regions, Moments of Truth will be highly significant for any scholars interested in the contemporary debate on financial crises.
Author : Steve Schifferes
Publisher : Routledge
Page : 339 pages
File Size : 29,31 MB
Release : 2014-08-27
Category : Social Science
ISBN : 1317624513
The Media and Financial Crises provides unique insights into the debate on the role of the media in the global financial crisis. Coverage is inter-disciplinary, with contributions from media studies, political economy and journalists themselves. It features a wide range of countries, including the USA, UK, Ireland, Greece, Spain and Australia, and a completely new history of financial crises in the British press over 150 years. Editors Steve Schifferes and Richard Roberts have assembled an expert set of contributors, including Joseph E Stiglitz and Lionel Barber, editor of the Financial Times. The role of the media has been central in shaping our response to the financial crisis. Examining its performance in comparative and historical perspectives is crucial to ensuring that the media does a better job next time. The book has five distinct parts: The Banking Crisis and the Media The Euro-Crisis and the Media Challenges for the Media The Lessons of History Media Messengers Under Interrogation The Media and Financial Crises offers broad and coherent coverage, making it ideal for both students and scholars of financial journalism, journalism studies, media studies, and media and economic history.
Author : Andreas Walter Mattig
Publisher :
Page : 30 pages
File Size : 10,33 MB
Release : 2013
Category :
ISBN :
This paper focuses on the nature and intensity of regulatory responses to crises. It highlights the role of mediation played by capital markets and banks in transmitting the action to economic and the time effect this intermediation activity as on the final outcome. In this context, we argue that actions undertaken both by regulatory authorities in order to encounter a financial crisis are subject to lag-structures which in turn are (negatively) correlated with the intensity level of undertaken actions. Intensity of regulatory activity in turn is a function of actions undertaken by regulatory authorities in order to encounter a crisis. We show that a higher degree of intensity with regard to regulatory responses is not always positively correlated with better economic conditions. On the basis of 38 different crises (1990-2003) we find empirical prove that different intensity levels of crisis-response strategies indeed lead to different economic scenarios also impacting lag structures of economic variables in the wave of a crisis. However, response strategies seem additionally to display some learning effects within a country that has already suffered a crisis recently, leading to the then applied measures being the minimum from which response strategies are gradually escalated. Our main contribution stresses that the response in times of crisis is not only more intense, but interestingly (and somewhat contra dictionary to the increased intensity) requires longer lime lags to become effective. Liquidity arguments and velocity of the monetary transmission system thereby do not seem to be the crucial elements that mitigate these effects. Second round effects and disruptions in the financial intermediation system rather than at central bank level might thus need to be given additional attention in future research.
Author : Arvind Krishnamurthy
Publisher :
Page : 73 pages
File Size : 26,94 MB
Release : 2020
Category : Financial crises
ISBN :
We develop a model of financial crises with both a financial amplification mechanism, via frictional intermediation, and a role for sentiment, via time-varying beliefs about an illiquidity state. We confront the model with data on credit spreads, equity prices, credit, and output across the financial crisis cycle. In particular, we ask the model to match data on the frothy pre-crisis behavior of asset markets and credit, the sharp transition to a crisis where asset values fall, disintermediation occurs and output falls, and the post-crisis period characterized by a slow recovery in output. We find that a pure amplification mechanism quantitatively matches the crisis and aftermath period but fails to match the pre-crisis evidence. Mixing sentiment and amplification allows the model to additionally match the pre-crisis evidence. We consider two versions of sentiment, a Bayesian belief updating process and one that overweighs recent observations. We find that both models match the crisis patterns qualitatively, generating froth pre-crisis, non-linear behavior in the crisis, and slow recovery. The non-Bayesian model improves quantitatively on the Bayesian model in matching the extent of the pre-crisis froth.
Author : Charles P. Kindleberger
Publisher : Wiley
Page : 355 pages
File Size : 31,55 MB
Release : 2005-10-04
Category : Business & Economics
ISBN : 9780471467144
Manias, Panics, and Crashes, Fifth Edition is an engaging and entertaining account of the way that mismanagement of money and credit has led to financial explosions over the centuries. Covering such topics as the history and anatomy of crises, speculative manias, and the lender of last resort, this book puts the turbulence of the financial world in perspective. The updated fifth edition expands upon each chapter, and includes two new chapters focusing on significant financial crises of the last fifteen years.
Author : Ioannis Glinavos
Publisher : Routledge
Page : 198 pages
File Size : 21,58 MB
Release : 2013-10-01
Category : Business & Economics
ISBN : 1136014721
This book offers an interdisciplinary overview of the role of law in modern capitalism in the context of financial crisis. In this work, the reader will find a discussion of key issues relevant to the crisis that have occupied the pages of the financial press since 2007 including an assessment of the meltdown of the sub-prime mortgage market, the credit crunch, the European debt crisis and the turmoil in Greece, plus a series of theoretical contributions that are aimed to challenge perceptions of the market-state relationship and the place of law within it. The book includes a methodological defence of the state-market dichotomy, a critique of the tenets of neoclassical economics, and an evaluation of what the financial crisis heralds for the future of the political economy of western democracies. Ioannis Glinavos argues that it is a mistake to associate markets with freedom and states with oppression, and suggests that more choice for consumers can -and does- mean less choice for citizens. The book suggests that a new social contract is needed to ensure the survival of both capitalism and democracy. In contributing a unique, legal perspective to the underlying dynamics of the financial crisis, this book will be valuable to scholars and students of regulation, financial markets and economic development.
Author : Friedl Weiss
Publisher : BRILL
Page : 446 pages
File Size : 35,30 MB
Release : 2015-05-26
Category : Business & Economics
ISBN : 9004280324
The Changing Landscape of Global Financial Governance and the Role of Soft Law provides interdisciplinary perspectives on the changing landscape of global financial governance by exploring the impact and role of soft law, directly or as a precursor of hard law, pertaining to financial governance. Since the shaping of financial governance impacts national, regional and global levels of regulation, different views and arguments contribute to the ongoing discussions about financial regulation. Against this background, this book brings together perspectives of economists and lawyers who have not rallied to one or the other popular call for more regulation as a panacea for the prevention of future global financial crises, calls which have all but drowned out more nuanced scientific debates. Instead, their analysis of aspects of remedial regulatory policy prescriptions already made or proposed demonstrates that carefully designed soft law can be deployed as a valuable method or tool of mediation between the unrestrained autonomy of dysfunctional markets and overzealously crafted hard law.
Author : Guy Samuel Charles Lipert
Publisher : Open Dissertation Press
Page : 206 pages
File Size : 33,65 MB
Release : 2017-01-26
Category : Law
ISBN : 9781361043653
This dissertation, "Consumers and Banks in Dispute: From Litigation to Mediation: How Outlier Consumers and Banks in Hong Kong Engaged in Dispute Resolution in the Wake of GFC" by Guy Samuel Charles, Lipert, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: This paper presents a study of consumers and banks in dispute and undergoing dispute resolution, in particular, mediation in the years 2008 to 2013 following the Global Financial Crisis (GFC). The central question of this study was whether mediation provided a level playing field for consumers to engage with financial institutions in the resolution of their disputes? The study, though based on the results of a small qualitative study conducted in Hong Kong, shows that during this period, when consumers and banks were in dispute, the path to mediation was anything but straight forward and anomalies were at play. Despite the creation of scheme mediation, for these consumers, at least, it was not an option open to them and they had to litigate to get to mediation. For both consumers and banks, mediation represented a new milestone in the resolution of their dispute, a substitute for litigation - a kind of mini-trial, towards which the consumers and banks engaged in a war of attrition to pressure each other into giving in or settling on their terms. On the one hand, the consumers who took on the banks appeared to be a minority - outliers, who were determined, resourceful and adversarial but prepared to game the system to pursue the resolution of their dispute. The banks, on the other hand, when defending against or pursuing consumers, simply invested sufficient resources into dispute resolution in an attempt to overwhelm their adversary. These disputes seem to reveal the emergence of a more competent and combative consumer whose engagement in mediation in its own way resembles that of the better resourced corporate repeat player, albeit without the same resource advantages and bargaining endowments. In short, David resembled Goliath in an asymmetric disputing landscape. The playing field might not be even, in light of the resources required to remain in the disputing game, but occasionally the consumer will come out on top, though not with ease, as the outlier consumers did in this research. Subjects: Dispute resolution (Law) Consumer protection - Law and legislation - China - Hong Kong Banking law - China - Hong Kong
