Financial Crises: Understanding the Postwar U.S. Experience

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M.E. Sharpe, Dec 31, 1993 - Business & Economics - 269 pages
This book is a survey and critique of the major theories of financial crises. The first edition built a model of crisis from an analysis of postwar financial crises in the US through the mid-1980s. The second edition continues the story from 1985 and covers the stock market crash of 1987, the collapse of the Savings and Loan industry, the severe problems of US commercial banks, and the increasing risks posed by junk bonds. A new chapter analyses the causes of increasing financial instability in the 1980s. The book's extensive charts and tables are fully revised and updated to present the latest evidence. The first edition has gained wide interest as a supplemental text.
 

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Contents

Cyclical Theories of Financial Crises
9
Comparison of Cyclical Theories
24
The Collapse of Speculative Lending and Investment
108
UNDERSTANDING THE POSTWAR EXPERIENCE
141
Evaluating the BusinessCycle Model
151
Noncyclical Theories of Financial Crises
192
The Changing Financial System
212
Notes
233
Selected Bibliography
253
Index
259
About the Author
269
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