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A Preliminary Report On The Sources Of Irelands Banking Crisis
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Book Synopsis A Preliminary Report on the Sources of Ireland's Banking Crisis by : Klaus Regling
Download or read book A Preliminary Report on the Sources of Ireland's Banking Crisis written by Klaus Regling and published by Government Publications Sale Office. This book was released on 2010-01-01 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission
Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Book Synopsis What Caused the Financial Crisis by : Jeffrey Friedman
Download or read book What Caused the Financial Crisis written by Jeffrey Friedman and published by University of Pennsylvania Press. This book was released on 2011-06-06 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: The deflation of the subprime mortgage bubble in 2006-7 is widely agreed to have been the immediate cause of the collapse of the financial sector in 2008. Consequently, one might think that uncovering the origins of subprime lending would make the root causes of the crisis obvious. That is essentially where public debate about the causes of the crisis began—and ended—in the month following the bankruptcy of Lehman Brothers and the 502-point fall in the Dow Jones Industrial Average in mid-September 2008. However, the subprime housing bubble is just one piece of the puzzle. Asset bubbles inflate and burst frequently, but severe worldwide recessions are rare. What was different this time? In What Caused the Financial Crisis leading economists and scholars delve into the major causes of the worst financial collapse since the Great Depression and, together, present a comprehensive picture of the factors that led to it. One essay examines the role of government regulation in expanding home ownership through mortgage subsidies for impoverished borrowers, encouraging the subprime housing bubble. Another explores how banks were able to securitize mortgages by manipulating criteria used for bond ratings. How this led to inaccurate risk assessments that could not be covered by sufficient capital reserves mandated under the Basel accords is made clear in a third essay. Other essays identify monetary policy in the United States and Europe, corporate pay structures, credit-default swaps, banks' leverage, and financial deregulation as possible causes of the crisis. With contributions from Richard A. Posner, Vernon L. Smith, Joseph E. Stiglitz, and John B. Taylor, among others, What Caused the Financial Crisis provides a cogent, comprehensive, and credible explanation of why the crisis happened. It will be an essential resource for scholars and students of finance, economics, history, law, political science, and sociology, as well as others interested in the financial crisis and the nature of modern capitalism and regulation.
Download or read book Plan B written by Cormac Lucey and published by Gill & Macmillan Ltd. This book was released on 2014-03-28 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: The political establishment would have you believe that Ireland's economic crisis is over. But leading Irish economist Cormac Lucey shows that it is premature to declare an end to the euro-crisis. He argues that joining the single currency was the pivotal cause of Ireland's economic bust and it is also the single biggest threat to its recovery. Plan Bproposes a concrete plan for exiting the euro and restructuring Ireland's debt mountains, showing that fears of what will happen if Ireland leaves the euro are overstated. It will set Ireland on a path to higher economic growth, lower emigration and a more sustainable future. If you are tired of hearing that Plan A is the only game in town – another difficult budget, meagre economic growth, high unemployment, mass emigration and staggeringly high debt – read Plan B and be reassured there is an alternative.
Book Synopsis Policy Failures and the Irish Economic Crisis by : Ciarán Michael Casey
Download or read book Policy Failures and the Irish Economic Crisis written by Ciarán Michael Casey and published by Springer. This book was released on 2018-06-16 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book seeks to understand why almost all commentators on the Irish economy were unprepared for the scale of the recent economic crisis. It analyses the public contributions from a broad range of observers, including domestic and international agencies, academics, the newspapers and politicians. This approach gives new insights into the analytical and institutional shortfalls that inhibited observers from recognising the degree of the risk. The book demonstrates that most commentators were either impeded in what they could say, or else lacked the expertise to challenge the prevailing view. The findings have significant implications for a broad range of institutions, particularly the media and the Oireachtas (the Irish Parliament).
Book Synopsis Systemic Banking Crises Database by : Mr.Luc Laeven
Download or read book Systemic Banking Crises Database written by Mr.Luc Laeven and published by International Monetary Fund. This book was released on 2012-06-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: We update the widely used banking crises database by Laeven and Valencia (2008, 2010) with new information on recent and ongoing crises, including updated information on policy responses and outcomes (i.e. fiscal costs, output losses, and increases in public debt). We also update our dating of sovereign debt and currency crises. The database includes all systemic banking, currency, and sovereign debt crises during the period 1970-2011. The data show some striking differences in policy responses between advanced and emerging economies as well as many similarities between past and ongoing crises.
Book Synopsis Ireland by : International Monetary Fund. Finance Dept.
Download or read book Ireland written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2015-01-29 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an Ex Post Evaluation of the 2010 Extended Fund Facility (EFF) arrangement with Ireland. The Fund approved in December 2010 an exceptional access EFF arrangement for SDR 19.466 billion (2,321.8 percent of quota) in support of Ireland’s home-grown program and as part of a broader financing package of Ireland and its European partners. The program focused on addressing the Irish banking crisis to break the adverse feedback loop between banks, the sovereign, and the real sector. It aimed to restore the banking system to health, including by establishing a smaller banking sector with high capital buffers and more stable funding sources; and to secure fiscal sustainability while limiting the near-term demand drag from fiscal consolidation. Large external financing was a key element of the crisis response. Program implementation was very strong. The program succeeded in stabilizing the banking sector and reducing its size, and fiscal developments were also broadly as anticipated. Domestic demand was, however, weaker than programmed and unemployment remained high, amid a very challenging external environment. Program success, including regaining market access at low interest rates, benefitted also from actions at the wider euro area level. The Ex Post Evaluation draws several lessons from Ireland’s experience under the EFF: ? The main lessons emerge from what worked well: Strong country ownership, setting (and meeting) realistic and tailored targets were key for success, combined with effective communication and pro-active engagement. Addressing a banking crisis requires strong and credible actions upfront. ? Some areas offer lessons for future program design: While the main pillars of the financial sector program were sound, more proactive and stronger supervisory interventions and other supportive steps could have strengthened banks’ balance sheets and bank profitability and helped resolve problem loans; bank recapitalization should be limited to those with viable medium-term business strategies; unsecured and non-guaranteed creditors of failed banks should be bailed in, provided a strategy to ring fence potential systemic risks can be put in place; macro-financial linkages require careful attention and timely steps to limit sovereignbanking sector feedback loops; fiscal policy has to be mindful of debt sustainability but also of domestic demand conditions, and it needs a clear anchor. ? There are also lessons related to Fund policies: Ireland’s EFF underscores the importance of addressing shortcomings of the systemic exemption clause in Criterion 2 of the exceptional access criteria; and it suggests the need to explore ways to secure stronger upfront commitments from monetary union authorities, when those are critical for program success.
Book Synopsis Banking Systems in the Crisis by : Suzanne J. Konzelmann
Download or read book Banking Systems in the Crisis written by Suzanne J. Konzelmann and published by Routledge. This book was released on 2013 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on detailed comparative case studies, this new volume from a leading international group of authors reveals fundamental differences in the economic and political ideology underlying the the six Anglo-Saxon 'liberal market economies' (LMEs), and how this determined their relative resilience in the face of the global financial crisis.
Book Synopsis The Japanese Banking Crisis of the 1990's by : Mr.Akihiro Kanaya
Download or read book The Japanese Banking Crisis of the 1990's written by Mr.Akihiro Kanaya and published by International Monetary Fund. This book was released on 2000-01-01 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: For a large part of the past decade, Japan has witnessed a steady deterioration in the health of its banking system. This paper examines what went wrong and why it has taken so long for the system to recover. While the paper traces the roots of the crisis to accelerated deregulation and deepening of capital markets without an appropriate adjustment in the regulatory framework, it identifies weak corporate governance and regulatory forbearance as the two factors behind what might have been an unnecessary prolongation of the distress of the financial system.
Book Synopsis Reading Paul Howard by : Eugene O'Brien
Download or read book Reading Paul Howard written by Eugene O'Brien and published by Taylor & Francis. This book was released on 2023-12-22 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reading Paul Howard: The Art of Ross O’Carroll Kelly offers a thorough examination of narrative devices, satirical modes, cultural context and humour, in Howard’s texts. The volume argues that his academic critical neglect is due to a classic bifurcation in Irish Studies between high and popular culture, and will use the thought of Pierre Bourdieu, Sigmund Freud, Mikhail Bakhtin and Jacques Derrida to critique this division, building a theoretical platform from which to examine the significance of Howard’s work as an Irish comic and satirical writer. Addressing both the style and the substance of his work, this text locates him in a tradition of Irish satirical writing that dates back to the Gaelic bards, and includes writers like Swift, Wilde, Flann O’Brien and Joyce. Through textual and contextual analysis, this book makes the case for Howard as a significant and original voice in Irish writing, whose fusion of the three traditional types of satire (Horatian, Juvenalian and Menippean), has created a parallel Ireland that shines a satirical light on its real counterpart. As Freud suggests, humour is a way of accessing aspects of the psyche that normative discourses cannot enunciate, and Howard, through the confessional voice of Ross, offers a fictive truth on twenty years of Irish society, a truth that is not accessed by discourse in the public sphere or by what could be termed literary or high cultural fiction.
Book Synopsis Public Sector Reform in Ireland by : Muiris MacCarthaigh
Download or read book Public Sector Reform in Ireland written by Muiris MacCarthaigh and published by Springer. This book was released on 2017-07-04 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a thematic case-study analysis of the wide-ranging public sector reforms introduced in one of the states most deeply affected by the global financial crisis: the Republic of Ireland. It presents a timely and apposite examination of how a crisis can be used to overcome barriers and facilitate new reform agendas. The study draws upon unique insider access to the centre of Irish government, as well as interviews with over 60 key figures, to examine the implementation of those reforms over the 2011-16 period. The book opens with a contextual analysis of the creation of the Department of Public Expenditure and Reform. Subsequent chapters explore the process of shrinking the Irish state, renegotiating the political-administrative bargain, expenditure reforms, administrative culture reforms, and political reforms. This rich ‘in action’ study of a reform agenda undertaken during a period of crisis will appeal not only to students of executive politics, cutback management and public sector reform, but also to practitioners seeking to implement administrative reforms.
Book Synopsis Rule-breakers – Why 'Being There' Trumps 'Being Fair' in Ireland by : Niamh Hourigan
Download or read book Rule-breakers – Why 'Being There' Trumps 'Being Fair' in Ireland written by Niamh Hourigan and published by Gill & Macmillan Ltd. This book was released on 2015-03-20 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ireland is a nation on a value system that equates 'being good' with 'being there for each other'. As a society we favour 'minding our own' over 'doing what we're told'. So far, so Irish.It's become a commonplace to refer to the excesses of the Celtic Tiger years as an aberration, the product of a short-lived and inexplicable mania for cheap credit and unregulated consumption. But what if the roots of Ireland's economic crisis ran far deeper than the property boom or the hubris of the establishment elites who enabled it?In this, a ground-breaking survey of the Irish national character from its colonial history to its current day dramas, acclaimed sociologist Niamh Hourigan draws on a wealth of new and compelling research to reveal the fundamental conflict at the heart of the Irish society: that between our traditional faith in the politics of intimacy, all handshakes and favours, and the ruling systems in which we've invested power.The Ireland that emerges from her research is a country where outcomes are decided by who rather than what you know, and where – for good or for bad – rules are very much made to be broken.'Probing, perceptive and highly readable exploration of the Irish value system'J. J. Lee, New York University'Compulsively readable'Kathy Sheridan, The Irish Times'Lucid, engaging and persuasive ... every politician should read this – and so should every voter'Colin Murphy, The Guarantee
Book Synopsis New Accountability in Financial Services by : Joe McGrath
Download or read book New Accountability in Financial Services written by Joe McGrath and published by Springer Nature. This book was released on 2022-01-01 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a critical examination of recently introduced individual accountability regimes that apply to the financial services industry in the UK (SMCR) and Australia (BEAR and the forthcoming FAR), together with a forthcoming new individual accountability regime ( in particular, SEAR) in Ireland. It provides a framework for analysing whether these regimes will achieve behavioural change in the financial services industry. This book argues that, whilst sanctioning individuals to deter future misconduct is an important part of any successful regulatory strategy, the focus should be on ensuring that individuals in the financial services industry internalise the norms of behaviour expected under the new regimes. In this regard, the analysis in this book is informed by criminological theory, regulatory theory and behavioural science. The work also argues for a “trajectory towards professionalisation” of financial services, and banking in particular, as an important means of positively influencing industry-wide norms of behaviour, which have a key influence on firms’ and individuals’ behaviours.
Book Synopsis Tangled Governance by : C. Randall Henning
Download or read book Tangled Governance written by C. Randall Henning and published by Oxford University Press. This book was released on 2017-03-31 with total page 415 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tangled Governance addresses the institutions that were deployed to fight the euro crisis, reestablish financial stability in Europe, and prevent contagion to the rest of the world. Henning explains why European leaders chose to include the International Monetary Fund (IMF) in the crisis response and provides a detailed account of the decisions of the institutions that make up the troika (the European Commission, European Central Bank, and IMF). He examines the institutions negotiating strategies, the outcomes of their interaction, and the effectiveness of their cooperation. The institutional strategies of key member states, including Germany and the United States, are also explored in this study. The book locates its analysis within the framework of regime complexity, involving clusters of overlapping and intersecting regional and multilateral institutions. It tests conjectures in the regime-complexity literature against the seven cases of financial rescues of euro area countries that were stricken by crises between 2010 and 2015. Tangled Governance concludes that states use some institutions to control others, that complexity is the consequence of a strategy to control agency drift. States mediate conflicts among institutions and thereby limit fragmentation of the regime complex and underpin substantive efficacy. In reaching these conclusions, the book also answers several key puzzles, including why Germany and other northern European countries supported IMF inclusion despite its adopting positions opposed to their preferences; why crisis fighting arrangements endured intense conflicts among the institutions; and, finally, why the United States and the IMF promoted further steps to complete the monetary union.
Book Synopsis Resolving the European Debt Crisis by : William R. Cline
Download or read book Resolving the European Debt Crisis written by William R. Cline and published by Peterson Institute. This book was released on 2012-03-15 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: What began as a relatively localized crisis in Greece in early 2010 soon escalated to envelop Ireland and Portugal. By the second half of 2011, the contagion had spread to the far larger economies of Italy and Spain. In mid-September the Peterson Institute and Bruegel hosted a conference designed to contribute to the formulation of policies that could help resolve the euro area debt crisis. This volume presents the conference papers; several are updated through end-2011. European experts examine the political context in Greece (Loukas Tsoukalis), Ireland (Alan Ahearne), Portugal (Pedro Lourtie), Spain (Guillermo de la Dehesa), Italy (Riccardo Perissich), Germany (Daniela Schwarzer), and France (Zaki La�di). Lessons from past debt restructurings are then examined by Jeromin Zettelmeyer (economic) and Lee Buchheit (legal). The two editors separately consider the main current policy issues: debt sustainability by country, private sector involvement and contagion, alternative restructuring approaches, how to assemble a large emergency financing capacity, whether the European Central Bank (ECB) should be a lender of last resort, whether joint-liability "eurobonds" would be feasible and desirable, and the implications of a possible break-up of the euro area. The luncheon address by George Soros and a description (by Steven R. Weisman with Silvia B. Merler) of the policy simulation game played on the second day of the conference complete the volume. Involving market participants and experts representing the roles of euro area governments, the ECB, IMF, G-7, and credit rating agencies, the game led to a proposal for leveraging the capacity of the European Financial Stability Facility through arrangements with the ECB.
Book Synopsis Contemporary Housing Issues in a Globalized World by : Padraic Kenna
Download or read book Contemporary Housing Issues in a Globalized World written by Padraic Kenna and published by Routledge. This book was released on 2016-05-13 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: The globalization of housing finance led to the global financial crisis, which has created new barriers to adequate and affordable housing. It presents major challenges for current housing law and policy, as well as for the development of housing rights. This book examines and discusses key contemporary housing issues in the context of today’s globalized housing systems. The book takes up the challenge of developing a new paradigm, working towards the possibility of an alternative future. Revolving around three constellations of writing by diverse contributors, each chapter sets out a clear and developed approach to contemporary housing issues. The first major theme considers the crisis in mortgage market regulation, the development of mortgage securitization and comparisons between Spain and Ireland, two countries at the epicentre of the global housing market crisis. The second thematic consideration focuses on housing rights within the European human rights architecture, within national constitutions, and those arising from new international instruments, with their particular relevance for persons with disabilities and developing economies. The third theme incorporates an examination of responses to the decline and regeneration of inner cities, legal issues around squatting in developed economies, and changes in tenure patterns away from home-ownership. This topical book will be valuable to those who are interested in law, housing rights and human rights, policy-making and globalization.
Book Synopsis International Perspectives on the Regulation of Lawyers and Legal Services by : Bloomsbury Publishing
Download or read book International Perspectives on the Regulation of Lawyers and Legal Services written by Bloomsbury Publishing and published by Bloomsbury Publishing. This book was released on 2017-11-30 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection explores developments in the regulation of legal services by examining the control of the markets in several key countries and in jurisdictions within countries. The contributions consider emerging adjustments in regulatory structures and methods; examine the continuing role, if any, of professionals and how this may be changing; and speculate on the future of legal services regulation in each jurisdiction. The introductory and concluding chapters draw together similarities, differences and conclusions regarding directions of change in the regulation of legal services. They consider the emergence of alternatives to professionalism as a means of regulating legal services and some implications for the rule of law.
