What Caused the Financial Crisis

What Caused the Financial Crisis

Edited by: Jeffrey Friedman
Afterword by: Richard A. Posner

University of Pennsylvania Press | 2011

DOI: https://doi.org/10.9783/9780812204933

Overview
Contents

About this book

Featuring essays by Nobel laureate economists and an afterword by Richard Posner, this volume provides a comprehensive overview of the collapse of the global financial sector in 2008. It will be essential reading for anyone interested in the nature of modern capitalism and regulation.

Author information

Jeffrey Friedman is a visiting scholar in the Department of Government at the University of Texas, Austin and Max Weber Senior Fellow at the Institute for Advancement of the Social Sciences, Boston University. He is the editor of Critical Review.

Reviews

"You will find in this collection some of the best efforts so far to understand the financial crisis."—Edmund Phelps, Columbia University

Frontmatter Free access PDF PDF	i
Contents Free access PDF PDF	v
Illustrations Access restricted Content is available PDF PDF	vii
Chapter 1. Capitalism and the Crisis: Bankers, Bonuses, Ideology, and Ignorance Jeffrey Friedman Access restricted Content is available PDF PDF	1
PART I. The Crisis in Historical Perspective
Chapter 2. An Accident Waiting to Happen: Securities Regulation and Financial Deregulation Amar Bhidé Access restricted Content is available PDF PDF	69
Chapter 3. Monetary Policy, Credit Extension, and Housing Bubbles, 2008 and 1929 Steven Gjerstad and Vernon L. Smith Access restricted Content is available PDF PDF	107
PART II. What Went Wrong (and What Didn’t)?
Chapter 4. The Anatomy of a Murder: Who Killed America’s Economy? Joseph E. Stiglitz Access restricted Content is available PDF PDF	139
Chapter 5. Monetary Policy, Economic Policy and the Financial Crisis: An Empirical Analysis of What Went Wrong John B. Taylor Access restricted Content is available PDF PDF	150
Chapter 6. Housing Initiatives and Other Policy Factors Peter J. Wallison Access restricted Content is available PDF PDF	172
Chapter 7. How Securitization Concentrated Risk in the Financial Sector Viral V. Acharya and Matthew Richardson Access restricted Content is available PDF PDF	183
Chapter 8. A Regulated Meltdown: The Basel Rules and Banks’ Leverage Juliusz Jabłecki and Mateusz Machaj Access restricted Content is available PDF PDF	200
Chapter 9. The Credit-Rating Agencies and the Subprime Debacle Lawrence J. White Access restricted Content is available PDF PDF	228
Chapter 10. Credit-Default Swaps and the Crisis Peter J. Wallison Access restricted Content is available PDF PDF	238
PART III. Economists, Economics, and the Financial Crisis
Chapter 11. The Crisis of 2008: Lessons for and from Economics Daron Acemoglu Access restricted Content is available PDF PDF	251
Chapter 12. The Financial Crisis and the Systemic Failure of the Economics Profession David Colander, Michael Goldberg, Armin Haas, Katarina Juselius, Alan Kirman, Thomas Lux and Brigitte Sloth Access restricted Content is available PDF PDF	262
Afterword. The Causes of the Financial Crisis Richard A. Posner Access restricted Content is available PDF PDF	279
Abbreviations and Acronyms Access restricted Content is available PDF PDF	295
Notes Access restricted Content is available PDF PDF	297
References Access restricted Content is available PDF PDF	319
Contributors Access restricted Content is available PDF PDF	337
Index Access restricted Content is available PDF PDF	343
Acknowledgments Access restricted Content is available PDF PDF	359

What Caused the Financial Crisis

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