Financial Markets and Financial Crises
404 pages
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78 tables, 39 figures
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6 x 9
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© 1991
Warnings of the threat of an impending financial crisis are not new, but do we really know what constitutes an actual episode of crisis and how, once begun, it can be prevented from escalating into a full-blown economic collapse?
Using both historical and contemporary episodes of breakdowns in financial trade, contributors to this volume draw insights from theory and empirical data, from the experience of closed and open economies worldwide, and from detailed case studies. They explore the susceptibility of American corporations to economic downturns; the origins of banking panics; and the behavior of financial markets during periods of crisis. Sever papers specifically address the current thrift crisis—including a detailed analysis of the over 500 FSLIC-insured thrifts in the southeast—and seriously challenge the value of recent measures aimed at preventing future collapse in that industry. Government economists and policy makers, scholars of industry and banking, and many in the business community will find these timely papers an invaluable reference.
Using both historical and contemporary episodes of breakdowns in financial trade, contributors to this volume draw insights from theory and empirical data, from the experience of closed and open economies worldwide, and from detailed case studies. They explore the susceptibility of American corporations to economic downturns; the origins of banking panics; and the behavior of financial markets during periods of crisis. Sever papers specifically address the current thrift crisis—including a detailed analysis of the over 500 FSLIC-insured thrifts in the southeast—and seriously challenge the value of recent measures aimed at preventing future collapse in that industry. Government economists and policy makers, scholars of industry and banking, and many in the business community will find these timely papers an invaluable reference.
Contents
Acknowledgments
Introduction
R. Glenn Hubbard
1. Interest Rate Spreads, Credit Constraints, and Investment Fluctuations: An Empirical Investigation
Mark Gertler, R. Glenn Hubbard, and Anil Kashyap
2. The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison
Ben Bernanke and Harold James
3. Asymmetric Information and Financial Crises: A Historical Perspective
Frederic S. Mishkin
4. The Origins of Banking Panics: Models, Facts, and Bank Regulation
Charles W. Calomiris and Gary Gorton
5. Before the Accord: U.S. Monetary-Financial Policy, 1945-51
Barry Eichengreen and Peter M. Garber
6. Is There a Corporate Debt Crisis? Another Look
Mark J. Warshawsky
7. Sustainability, Premia, and the Dollar
Bankim Chadha and Steven Symansky
8. The Continued Interest-Rate Vulnerability of Thrifts
Patric H. Hendershott and James D. Shilling
9. Caps on Adjustable Rate Mortgages: Valuation, Insurance, and Hedging
Eduardo S. Schwartz and Walter N. Torous
10. The Failure and Survival of Thrifts: Evidence from the Southeast
George J. Benston, Mike Carhill, and Brian Olasov
Contributors
Author Index
Subject Index
Introduction
R. Glenn Hubbard
1. Interest Rate Spreads, Credit Constraints, and Investment Fluctuations: An Empirical Investigation
Mark Gertler, R. Glenn Hubbard, and Anil Kashyap
2. The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison
Ben Bernanke and Harold James
3. Asymmetric Information and Financial Crises: A Historical Perspective
Frederic S. Mishkin
4. The Origins of Banking Panics: Models, Facts, and Bank Regulation
Charles W. Calomiris and Gary Gorton
5. Before the Accord: U.S. Monetary-Financial Policy, 1945-51
Barry Eichengreen and Peter M. Garber
6. Is There a Corporate Debt Crisis? Another Look
Mark J. Warshawsky
7. Sustainability, Premia, and the Dollar
Bankim Chadha and Steven Symansky
8. The Continued Interest-Rate Vulnerability of Thrifts
Patric H. Hendershott and James D. Shilling
9. Caps on Adjustable Rate Mortgages: Valuation, Insurance, and Hedging
Eduardo S. Schwartz and Walter N. Torous
10. The Failure and Survival of Thrifts: Evidence from the Southeast
George J. Benston, Mike Carhill, and Brian Olasov
Contributors
Author Index
Subject Index
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