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An incisive overview of the macroeconomics of financial crises—essential reading for students and policy experts alike
With alarming frequency, modern economies go through macro-financial crashes that arise from the financial sector and spread to the broader economy, inflicting deep and prolonged recessions. A Crash Course on Crises brings together the latest cutting-edge economic research to identify the seeds of these crashes, reveal their triggers and consequences, and explain what policymakers can do about them.
Each of the book’s ten self-contained chapters introduces readers to a key economic force and provides case studies that illustrate how that force was dominant. Markus Brunnermeier and Ricardo Reis show how the run-up phase of a crisis often occurs in ways that are preventable but that may go unnoticed and discuss how debt contracts, banks, and a search for safety can act as triggers and amplifiers that drive the economy to crash. Brunnermeier and Reis then explain how monetary, fiscal, and exchange-rate policies can respond to crises and prevent them from becoming persistent.
With case studies ranging from Chile in the 1970s to the COVID-19 pandemic, A Crash Course on Crises synthesizes a vast literature into ten simple, accessible ideas and illuminates these concepts using novel diagrams and a clear analytical framework.
An incisive overview of the macroeconomics of financial crises—essential reading for students and policy experts alike
With alarming frequency, modern economies go through macro-financial crashes that arise from the financial sector and spread to the broader economy, inflicting deep and prolonged recessions. A Crash Course on Crises brings together the latest cutting-edge economic research to identify the seeds of these crashes, reveal their triggers and consequences, and explain what policymakers can do about them.
Each of the book’s ten self-contained chapters introduces readers to a key economic force and provides case studies that illustrate how that force was dominant. Markus Brunnermeier and Ricardo Reis show how the run-up phase of a crisis often occurs in ways that are preventable but that may go unnoticed and discuss how debt contracts, banks, and a search for safety can act as triggers and amplifiers that drive the economy to crash. Brunnermeier and Reis then explain how monetary, fiscal, and exchange-rate policies can respond to crises and prevent them from becoming persistent.
With case studies ranging from Chile in the 1970s to the COVID-19 pandemic, A Crash Course on Crises synthesizes a vast literature into ten simple, accessible ideas and illuminates these concepts using novel diagrams and a clear analytical framework.
- 1 Introduction
- 1.1 Crashes
- 1.2 Organization of the Book
- 1.3 Uses of the Book
- 1.4 Acknowledgments
- PART I. GROWING FRAGILITIES: THE RUN-UP TO CRISES
- 2 Bubbles and Beliefs
- 2.1 A Model of Bubbles with a Keynesian Beauty Contest
- 2.2 The Japanese Bubble of the Mid-1980s
- 2.3 The Internet Bubble of 1998–2000
- 3 Capital Inflows and Their (Mis)allocation
- 3.1 A Model of Misallocation
- 3.2 The Seeds of the Euro Crisis: Portugal’s Twenty-First Century Slump
- 3.3 Chile’s 1970s Liberalization and 1982 Crash
- 4 Banks and Their Cousins
- 4.1 Modern and Shadow Banks
- 4.2 U.S. Subprime Mortgages and Securitization
- 4.3 The Spanish Credit Boom of the 2000s
- PART II. CRASHES: TRIGGERS AND AMPLIFIERS
- 5 Systemic Risk, Amplification, and Contagion
- 5.1 Strategic Complementarities, Amplification, Multiplicity
- 5.2 Systemic Risk in the Irish Banking Sector in the 2000s
- 5.3 The Emerging Markets’ Storm of 1997–98
- 6 Solvency and Liquidity
- 6.1 Debt and the Challenging Illiquidity-Insolvency Distinction
- 6.2 The Run on the German Banking System in 1931
- 6.3 The Greek Sovereign Debt Crisis of 2010–12 and the IMF
- 7 The Nexus between the Private and Public Sectors
- 7.1 The Diabolic/Doom Loop
- [...]opean Banks and Their Sovereigns in 2007–10
- 7.3 Argentina’s 2001–02 Crisis
- 8 The Flight to Safety
- 8.1 Safe Assets
- 8.2 Borrowing Costs in the Euro Area: The 2010–12 Crisis
- 8.3 The Pandemic Flight to Safety of 2020
- PART III. POLICIES AND RECOVERIES
- 9 Exchange Rate Policies and the Speed of Recoveries
- 9.1 A Model of Exchange Rates and Recovery
- 9.2 The Mexican Tequila Crisis of 1994–95
- 9.3 The Lasting Stagnation from the 2008 Global Financial Crisis
- 10 The New Conventional Monetary Policy
- 10.1 Reserve Satiation and Quantitative Easing
- 10.2 The Bank of Japan’s Innovations since 1998
- 10.3 The Euro Area Yield Curve during Crisis
- 11 Fiscal Policy and the Real Interest Rates
- 11.1 Savings and Investment, Revisited
- 11.2 The Rise of Savings during the 2020 Pandemic
- 11.3 The End of the U.S. Great Depression
- PART IV. PARTING WORDS
- 12 Conclusion
- Bibliography
- Index
- 9 Exchange Rate Policies and the Speed of Recoveries
- 5 Systemic Risk, Amplification, and Contagion
- 2 Bubbles and Beliefs
| Erscheinungsjahr: | 2023 |
|---|---|
| Fachbereich: | Allgemeines |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Inhalt: | Einband - fest (Hardcover) |
| ISBN-13: | 9780691221106 |
| ISBN-10: | 0691221103 |
| Sprache: | Englisch |
| Einband: | Gebunden |
| Autor: |
Brunnermeier, Markus K.
Reis, Ricardo |
| Hersteller: | Princeton Univers. Press |
| Verantwortliche Person für die EU: | Libri GmbH, Europaallee 1, D-36244 Bad Hersfeld, gpsr@libri.de |
| Abbildungen: | 32 b/w illus. |
| Maße: | 238 x 161 x 18 mm |
| Von/Mit: | Markus K. Brunnermeier (u. a.) |
| Erscheinungsdatum: | 01.08.2023 |
| Gewicht: | 0,408 kg |
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