E-Book, Englisch, 330 Seiten
Murphy Unravelling the Credit Crunch
1. Auflage 2009
ISBN: 978-1-4398-0259-5
Verlag: Taylor & Francis
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)
E-Book, Englisch, 330 Seiten
Reihe: Chapman & Hall/CRC Financial Mathematics Series
ISBN: 978-1-4398-0259-5
Verlag: Taylor & Francis
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)
Fascinating Insight into How the Financial System Works and How the Credit Crisis Arose
Clearly supplies details vital to understanding the crisis
Unravelling the Credit Crunch provides a clearly written, comprehensive account of the current credit crisis that is easily understandable to non-specialists. It explains how the financial system was drawn into the crunch and the issues that need to be addressed to prevent further disasters.
To enable an understanding of the credit crunch, the author first examines the rules that constrain how financial institutions operate. He discusses how these institutions do business, what products were central to the development of the crunch, and how they behave. He thoroughly describes how financial institutions raise money and the legal and regulatory frameworks under which they operate. After exploring how the system works, the book illustrates how to change the rules to make financial disasters less likely.
Focusing on the rules involved in the game of finance is essential if we want to figure out what happened that led to this financial debacle. This book shows us how the actions of many financial institutions, regulatory bodies, central banks, and investment managers adversely affected the entire financial system.
Zielgruppe
Students, practitioners, and researchers in finance, business, economics, and financial engineering.
Autoren/Hrsg.
Fachgebiete
Weitere Infos & Material
Introduction
What Happened?
U.S. Residential Property: The Crunch Begins
Old- and New-Style Banking
What Happened in the Markets: The Second Stage
Après Lehman le Déluge: The Third Stage
Understanding the Slime: U.S. Residential Mortgages
Mortgage Structures and Borrowers
How Mortgages Were Made
Mortgage Lending during the Greenspan Boom
A Story of the ODM: Countrywide Financial
Financial Assets and Their Prices
Securities
Markets and Prices
The Liquidity of Financial Assets
What’s in It for Me?
Liquidity and Central Banks
The Basis of Old-Style Banking
Liability Liquidity
Central Banks
Central Bank Policy in a Crunch
A Tale of Two Central Banks
A Twenty-First Century Run: Northern Rock
The Crash of 1929 and Its Legacy
The Crash of 1929 and the Great Depression
Political Reactions
The New Deal
The RFC and Other Rescuers
The Evolution of Freddie and Fannie
Securitization, Tranching, and Financial Modeling
Securitization
The Securitization of Subprime Mortgages
Models and Hedging
Model Risk
Where Did It All Go Wrong?
The Write-downs
The Legacy Fails: Fannie, Freddie, and the Broker/Dealers in 2008
The Growth, Distress, and Rescue of Fannie Mae and Freddie Mac
Financial Services Modernization in the 1990s
The End of the Broker/Dealer
Lessons from the Failure of the Broker/Dealer Model
Compensating Controls
Structured Finance
Credit Derivatives
ABS in Structured Finance
Structured Finance in the Boom Years
Insurance in Form and Name
The Rescue of AIG
Off Balance Sheet Funding
Municipal Finance and the Monolines
Municipal Finance
The Monolines Do Structured Finance
Insurers and Finance: A Toxic Mix?
Auction Rate Securities
The Rules of the Game: Accounting and Regulation
Accounting and Why It Matters
Regulation and Regulatory Capital
The Consequences of Basel 2
Regulation away from Basel
Understanding Earnings
Japan’s Lost Decade
A Comparative Anatomy of Financial Crises
Changes and Consequences
Transmission
The Provision of Credit to the Broad Economy
What Worked and What Didn’t
Central Banks, Regulators, and Accountants
Experimental Finance
The Financial System from 2009
Index
