Financial Markets and Financial Crises
R. Glenn Hubbard, National Bureau of Economic Research, Professor R Glenn Hubbard
University of Chicago Press, Aug 13, 1991 - Business & Economics - 394 pages
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.
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adjustable rate mortgages adverse selection aggregate ARM's asymmetric information average bank failures banking panics banking system billion bonds book value borrowers brokered deposits Calomiris cap option capital cash flow central bank coefficients commercial compustat corporate costs countries coupon rate crisis currency debt debt-asset ratios decline deflation delinquencies deposit insurance depositors Depression discount economic effects equation exchange rate Federal Reserve Federal Reserve System financial crises firms FRMs funds GAAP Glenn Hubbard gold standard Gorton growth Hubbard increase industry insolvent insolvent thrifts institutions interest rate risk interest rate spread interest-rate investment liabilities lifetime cap insurance loans long-term losses market value market-value net worth measure monetary money supply mortgages negative nominal nominal interest rates nontraditional assets October output panel paper percent percentage periodic cap portfolios price level problems recession rise sample shocks significantly stock prices target zone tion total assets Treasury year-end