Don't be fooled again : lessons in the good, bad and unpredictable behaviour of global finance /

The decade which began in July 1997 saw a global financial system that generated more wealth for more people for a much longer period of time than any other in financial history. But ten years later, in a seemingly sudden move, there was a flight of capital and a collapse of the global banking syste...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Chapman, Meyrick
Formato: Electrónico eBook
Idioma:Inglés
Publicado: London ; New York : Financial Times Prentice Hall, 2013.
Temas:
2008-2009
Global Financial Crisis, 2008-2009.
Financial crises > Prevention.
Finance > Management.
Crise financière mondiale, 2008-2009.
Finances > Gestion.
Finance > Management
Financial crises > Prevention
Acceso en línea:Texto completo (Requiere registro previo con correo institucional)
Tabla de Contenidos:
  • Cover
  • Don't be fooled again
  • Contents
  • Acknowledgements
  • Introduction
  • Crises
  • not all bad
  • We must have missed something
  • The never-ending crisis
  • Common features of financial crises, and why we don't see them coming
  • The broad background
  • Financial deregulation: doors to opportunity and distress
  • The magic trick of money
  • Confusion at the heart of money
  • The special privileges of banks
  • Litany of attempts to solve a perennial problem
  • Asset prices and credit
  • What were we thinking?
  • Confused investment and channel capacity
  • Keep it down!
  • The basis of market economics: an ability to agree terms
  • From auction to liquid marketplace
  • Highly liquid markets create their own money
  • Technology and the emergence of new value
  • 'Logistics and statistics': twins from the same parent
  • More potential participants increase the market price of an asset
  • Time and investment
  • Conservative investors: the perfect bubble-blowers
  • Not exactly classical
  • The propagation of market crises, even with no prospect of default
  • Why we do not see financial crises coming?
  • Did the Asian crisis teach us nothing?
  • Asia's crisis: first of the globalised era
  • Wounded Tiger: Thailand and the crisis of 1997-98
  • Hedge funds strike it rich
  • A profound effect on Chinese policy
  • Aftermath in property: ruin, folly and delusion
  • Lessons for China
  • The International Monetary Fund responds
  • Initial response: support at a price
  • Sell high, buy other countries low
  • The aftermath, and what we should have learned
  • America benefits, but does it learn?
  • Loving the dollar: lessons from a great flood of capital
  • The shock appearance of money
  • A trillion-dollar proof against the capitalists
  • Foreign civil servants oust private investment
  • The poor lend money to the wealthiest
  • The unbalanced globe.
  • Crowding out the usual crowd
  • The slow flow from Japan
  • 'Housewives of Tokyo' disrupt international finance
  • The 'search for yield' drives Japanese banks abroad
  • An early global tremor
  • Japan's capital exports: still more to come
  • Echoes of Japan in the West
  • The euro: an exercise in imbalance
  • Convergence creates its own challenges
  • Opportunity for second-rate banks
  • The global meaning of money
  • How central banks lost their grip
  • Japan's lost decade: prelude to international disorder
  • The origins of the Japanese banking crisis
  • Influence of 'globalisation' on Japan's economy
  • The Asian crisis, bail-out and a regional disaster
  • Belated regulation: worse than nothing
  • Quantitative easing, its wider impact and the flow of money
  • The Fed and the bail-out of Long Term Capital Management
  • LTCM: birth and growth
  • 'Convergence': politics and profit
  • Beginning of the end
  • The Fed saves the world
  • The Greenspan put
  • Greenspan and dot-com
  • Greenspan confuses progress with irrationality
  • A law for financial expansion
  • Greenspan jumps on the Exuberance Express
  • Y2K: the crash of optimism version 1.0
  • Downturn in the new century
  • ILoveYou: a new disease
  • The focus switches
  • September 2001
  • Japan's dark presence
  • The liquidity generator unleashed
  • Long-term faith in an American future
  • In Europe: equal rates for unequal countries
  • Follow the Fed
  • Local imbalances
  • Collusion in liquidity
  • Going fishing: lessons of financial innovation
  • Why innovation is needed
  • The dangers of uncritical acceptance of orthodoxy
  • The risk revolution: innovation for all
  • Efficiency or avoidance?
  • Why derivatives are so important
  • Merton and 'convergence
  • Swapping efficiency
  • Bringing liquidity to the illiquid
  • What can go wrong?
  • Lower cost, higher competition.
  • The star innovation of avoidance was securitisation
  • The downside to securitisation
  • Staggering growth rates
  • Working ever faster
  • The shadow banking system, distorted money and SIVs
  • Computers change everything
  • What's the future of financial innovation?
  • In God We Trust: banks and their errors
  • The bill so far
  • Tensions arise
  • Originate and distribute becomes 'originate and hoard'
  • An era of free money
  • Why mortgages?
  • The Great Moderation
  • We're losing money, buy more bonds!
  • Originate and distribute, the case of UBS
  • Subprime securities as 'central bank money'
  • How to place 'value at risk'
  • High pay policies
  • Banks writedowns are a loss of Western wealth
  • De-rated: how ratings agencies and regulations failed
  • Rating agencies: uncontrolled private regulation
  • Basel I and II: regulatory innovation
  • The problem with regulations
  • The politics of housing
  • An unproductive asset
  • A unique housing model, with familiar results
  • The politics of home ownership
  • Clinton's third way
  • social inclusion and market economics
  • The overlap of politics and bankers
  • Beyond domestic politics
  • A change of politics
  • a change of subprime
  • European political distortions in lending
  • Eurocrats and euro-lending
  • The politics of tax
  • Is it the same everywhere? Why some countries boom
  • But why housing?
  • Blinded by ratings
  • The conspiracy of housing finance
  • It's not all bad: the costs and benefits of financial crises
  • The unsustainable has run its course
  • Dear old Stockholm
  • and Helsinki
  • They run, chanting revolution
  • Not so relaxed: recovery in Thailand
  • Japan: what recovery?
  • Where's the good in bubbles and busts?
  • A complex of crises: 1970 to 2009
  • The internet: too early to tell
  • What lessons for the future?
  • Whose reserves are they anyway?
  • The future of America.
  • A long-term faith in the new
  • A never-ending crisis
  • Challenges to central banks and exporters
  • A new role for hedge funds
  • What kind of regulatory change?
  • Too many crises and yet not enough
  • Index.

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