Political Bubbles : Financial Crises and the Failure of American Democracy /

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"Behind every financial crisis lurks a "political bubble"--Policy biases that foster market behaviors leading to financial instability. Rather than tilting against risky behavior, political bubbles--arising from a potent combination of beliefs, institutions, and interests--aid, abet,...

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Detalles Bibliográficos
Autor principal: McCarty, Nolan M.
Otros Autores: Rosenthal, Howard, 1939-, Poole, Keith T.
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Princeton : Princeton University Press, 2013.
Colección:Book collections on Project MUSE.
Temas:
Financial crises.
POLITICAL SCIENCE > Political Economy.
POLITICAL SCIENCE > Economic Conditions.
BUSINESS & ECONOMICS > Economics > Comparative.
BUSINESS & ECONOMICS > Economic History.
BUSINESS & ECONOMICS > Economic Conditions.
Crise financiere mondiale, 2008-2009 > Aspect politique.
Financial crises > United States > History > 21st century.
Global Financial Crisis, 2008-2009 > Political aspects.
United States.
History.
Electronic books.
Acceso en línea:Texto completo
Descripción
Sumario:"Behind every financial crisis lurks a "political bubble"--Policy biases that foster market behaviors leading to financial instability. Rather than tilting against risky behavior, political bubbles--arising from a potent combination of beliefs, institutions, and interests--aid, abet, and amplify risk. Demonstrating how political bubbles helped create the real estate-generated financial bubble and the 2008 financial crisis, this book argues that similar government oversights in the aftermath of the crisis undermined Washington's response to the "popped" financial bubble, and shows how such patterns have occurred repeatedly throughout US history. The authors show that just as financial bubbles are an unfortunate mix of mistaken beliefs, market imperfections, and greed, political bubbles are the product of rigid ideologies, unresponsive and ineffective government institutions, and special interests. Financial market innovations--including adjustable-rate mortgages, mortgage-backed securities, and credit default swaps--become subject to legislated leniency and regulatory failure, increasing hazardous practices. The authors shed important light on the politics that blinds regulators to the economic weaknesses that create the conditions for economic bubbles and recommend simple, focused rules that should help avoid such crises in the future."--Publisher's website
Descripción Física:1 online resource (368 pages): illustrations
ISBN:9781400846399

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