"Over the last few years, the financial sector has experienced its worst crisis since the 1930s. The collapse of major firms, the decline in asset values, the interruption of credit flows, the loss of confidence in firms and credit market instruments, the intervention by governm…
The authors describe a new approach to balancing flexibility and commitment in management strategy through the amalgamation of real options and game theory.
"In this volume, based on a week-long symposium at the University of Munich's Center for Economic Studies, two leading scholars of governmental economics debate their divergent perspectives on the role of government and its fiscal functions."--Jacket
"The Dodd-Frank Act of 2010 was intended to reform financial policies in order to prevent another massive crisis such as the financial meltdown of 2008. Dodd-Frank is largely premised on the diagnosis that connectedness was the major problem in that crisis -- that is, that finan…
About 2.5 billion adults, just over half the world's adult population, lack bank accounts. If we are to realize the goal of extending banking and other financial services to this vast "unbanked" population, we need to consider not only such product innovations as microfinance an…
A new edition of a book presenting a unified framework for studying the role of money and liquid assets in the economy, revised and updated. In Money, Payments, and Liquidity, Guillaume Rocheteau and Ed Nosal provide a comprehensive investigation into the economics of money, liq…
Offering a framework for understanding the reasons for the regulatory shift from a microprudential to a macroprudential approach to financial regulation, this book provides a list of challenges in the implementation of macroprudential policy and a discussion on its limitations. …
Leading scholars, along with regulators and practitioners, discuss Dodd-Frank and financial regulation. The origins of the Dodd-Frank Act in the financial crisis and the legislative process that produced it are described. Systemic risk and the problem of too-big-to-fail institut…
by Cottarelli, Carlo, Gerson, Philip R., Senhadji, Abdelhak S.
Fiscal policy makers have faced an extraordinarily challenging environment over the last few years. At the outset of the global financial crisis, the International Monetary Fund (IMF) for the first time advocated a fiscal expansion across all countries able to afford it, a seemi…
Blame for the recent financial crisis and subsequent recession has commonly been assigned to everyone from Wall Street firms to individual homeowners. It has been widely argued that the crisis and recession were caused by "greed" and the failure of mainstream economics. In this …
"With the advent of the 2007-2008 financial crisis, the economics profession itself entered into a crisis of legitimacy from which it has yet to emerge. Despite the obviousness of their failures, however, economists continue to rely on the same methods and to proceed from the sa…
Issues in debates about foreign currency exposure -- the denomination of liabilities or assets in foreign currency.
Leading academics and policymakers address the theory of market discipline and consider evidence across different industries and countries. The effectiveness of market discipline--the strong built-in incentives that encourage banks and financial systems to operate soundly and ef…
The market for U.S. Treasury securities is a marvel of modern finance. In 2009 the Treasury auctioned #8.2 trillion of new securities, ranging from 4-day bills to 30-year bonds, in 283 offerings on 171 different days. By contrast, in the decade before World War I, there was only…
