Financial Crises: Understanding the Postwar U.S. Experience
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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activity addition annual appeared assets attempt began beginning billion bonds borrowing business cycle business-cycle capital chapter commercial banks commercial paper commitments companies Continental continued contracts crash crisis debt decline demand deposits developments difficulties dollar early economic effect expansion failure fall federal funds rate Federal Reserve Board Figure financial crises financial system firms funds further futures growth Hunts important included income increased industry institutions interest interest rates investment involved June lending liquidity loans losses major March meet Minsky monetary policy nonfinancial corporations Note occurred October operating payment peak Penn percent percentage period possible postwar pressure problems profits PT PT purchased quarter ratio real estate recession Regulation relatively Report requirements restricted result rise sector securities sell sharply significant silver Source speculation stock market theory thrifts turn United York