The Dialectics Of Liquidity Crisis

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The Dialectics of Liquidity Crisis

Author : Chris Jefferis
Publisher : Taylor & Francis
ISBN 13 : 131753610X
Total Pages : 149 pages
Book Rating : 4.3/5 (175 download)

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Book Synopsis The Dialectics of Liquidity Crisis by : Chris Jefferis

Download or read book The Dialectics of Liquidity Crisis written by Chris Jefferis and published by Taylor & Francis. This book was released on 2017-02-17 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses the logic of applying the American Post-Keynesian economist Hyman Minsky’s Financial Instability Hypothesis (FIH) to the financial crisis of 2007–08. Arguing that most theories of financial crisis, including Minsky’s own, only describe events, but do not actually explain them, the book surveys theories of financial crisis that have been developed to describe instability in the post-WW2 US financial system and analyses them in their historical context. The book argues that explanation of the financial crisis of 2007–08 should involve interpretation of the concept of 'risk', which guides the construction and pricing of contemporary financial products such as derivatives and asset backed securities, as a form of 'liquidity', the concept that Minsky sought to explain the financial crises of the 1970s and 1980s with. The book highlights the continuing relevance of Minsky’s theory of liquidity crisis as "immanent", in a historical sense, to the products and trading practices of modern finance, because these products were developed to obviate the crisis dynamics that Minsky described. Minsky's FIH can therefore inform historical understanding of the crisis of 2007–08 but is not directly explanatory itself. The book explores explanation of the financial crisis of 2007–08 interpreting 'liquidity', in practical historical terms, as involving a process of development out of prior crisis dynamics. Seeking to contribute to debates over the causes of the financial crisis of 2007–08 by blending a discussion of historicizing philosophy, economic theory and contemporary financial banking and trading practices this work will be of great interest to scholars of international political economy, heterodox economics and critical theory.

The Dialectics of Liquidity Crisis

Author : Chris Jefferis
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (98 download)

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Book Synopsis The Dialectics of Liquidity Crisis by : Chris Jefferis

Download or read book The Dialectics of Liquidity Crisis written by Chris Jefferis and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Dialectics of Liquidity Crisis

Author : Chris Jefferis
Publisher : Routledge
ISBN 13 : 1317536096
Total Pages : 244 pages
Book Rating : 4.3/5 (175 download)

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Book Synopsis The Dialectics of Liquidity Crisis by : Chris Jefferis

Download or read book The Dialectics of Liquidity Crisis written by Chris Jefferis and published by Routledge. This book was released on 2017-02-17 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses the logic of applying the American Post-Keynesian economist Hyman Minsky’s Financial Instability Hypothesis (FIH) to the financial crisis of 2007–08. Arguing that most theories of financial crisis, including Minsky’s own, only describe events, but do not actually explain them, the book surveys theories of financial crisis that have been developed to describe instability in the post-WW2 US financial system and analyses them in their historical context. The book argues that explanation of the financial crisis of 2007–08 should involve interpretation of the concept of 'risk', which guides the construction and pricing of contemporary financial products such as derivatives and asset backed securities, as a form of 'liquidity', the concept that Minsky sought to explain the financial crises of the 1970s and 1980s with. The book highlights the continuing relevance of Minsky’s theory of liquidity crisis as "immanent", in a historical sense, to the products and trading practices of modern finance, because these products were developed to obviate the crisis dynamics that Minsky described. Minsky's FIH can therefore inform historical understanding of the crisis of 2007–08 but is not directly explanatory itself. The book explores explanation of the financial crisis of 2007–08 interpreting 'liquidity', in practical historical terms, as involving a process of development out of prior crisis dynamics. Seeking to contribute to debates over the causes of the financial crisis of 2007–08 by blending a discussion of historicizing philosophy, economic theory and contemporary financial banking and trading practices this work will be of great interest to scholars of international political economy, heterodox economics and critical theory.

Liquidity and Crises

Author : Franklin Allen
Publisher : OUP USA
ISBN 13 : 0195390709
Total Pages : 718 pages
Book Rating : 4.1/5 (953 download)

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Book Synopsis Liquidity and Crises by : Franklin Allen

Download or read book Liquidity and Crises written by Franklin Allen and published by OUP USA. This book was released on 2011-01-13 with total page 718 pages. Available in PDF, EPUB and Kindle. Book excerpt: One important cause of the 2007-2009 crisis was illiquidity combined with exposure of many financial institutions to liquidity needs. But what is liquidity and why is it so important for financial institutions to command enough liquidity? This book brings together classic articles and recent contributions to this important field.

Liquidity Lost

Author : Paul Langley
Publisher :
ISBN 13 : 0199683786
Total Pages : 235 pages
Book Rating : 4.1/5 (996 download)

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Book Synopsis Liquidity Lost by : Paul Langley

Download or read book Liquidity Lost written by Paul Langley and published by . This book was released on 2015 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: The interventions of crisis management during the 2007 to 2011 financial crisis were not simply responses to a set of given developments in markets, banking or neo-liberal capitalism. Nor can those interventions be adequately explained as the actions of sovereign state officials and institutions. Instead, Langley argues, processes of crisis governance are shown to have established six principal technical problems to be acted upon: liquidity, toxicity, solvency, risk, regulation, and debt and that the governance of these technical problems, is shown to have been strategically assembled in order to secure the continuation of a particular, financialized way of life that depends upon global financial circulations. Contributing to interdisciplinary debates in cultural economy and the social studies of finance, and grounded in extensive empirical research, this book offers an innovative analysis of how the contemporary global financial crisis was governed. Through an exploration of the interventions made by central banks, treasuries, and regulatory authorities in the Anglo-American heartland of the crisis between 2007 and 2011, experimental and strategic apparatuses of crisis governance are shown to have emerged. These discrete apparatuses established the six technical problems to be acted upon, but also shared certain proclivities and preferences. Crisis governance assembled discourses and devices of economy in relation with sovereign monetary, fiscal, and regulatory techniques, and elicited an affective atmosphere of confidence. It also sought to secure the financialized way of life which turns on the opportunities ostensibly afforded by uncertain financial circulations, and gave rise to post-crisis technical fixes designed to advance the resilience of banking and the macro-prudential regulation of financial stability. Thus, the consensus that prevails across economics, political economy, and beyond - wherein sovereign state institutions are cast as coming to the rescue of the markets, banking, or neo-liberal capitalism - conceals a great deal more than it reveals about the governance of the global financial crisis.

What is a Liquidity Crisis?.

Author : Roger E. A. Farmer
Publisher :
ISBN 13 :
Total Pages : 23 pages
Book Rating : 4.:/5 (483 download)

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Book Synopsis What is a Liquidity Crisis?. by : Roger E. A. Farmer

Download or read book What is a Liquidity Crisis?. written by Roger E. A. Farmer and published by . This book was released on 1986 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Financial Crises, Liquidity, and the International Monetary System

Author : Jean Tirole
Publisher : Princeton University Press
ISBN 13 : 140082852X
Total Pages : 166 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Financial Crises, Liquidity, and the International Monetary System by : Jean Tirole

Download or read book Financial Crises, Liquidity, and the International Monetary System written by Jean Tirole and published by Princeton University Press. This book was released on 2002-07-01 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: Once upon a time, economists saw capital account liberalization--the free and unrestricted flow of capital in and out of countries--as unambiguously good. Good for debtor states, good for the world economy. No longer. Spectacular banking and currency crises in recent decades have shattered the consensus. In this remarkably clear and pithy volume, one of Europe's leading economists examines these crises, the reforms being undertaken to prevent them, and how global financial institutions might be restructured to this end. Jean Tirole first analyzes the current views on the crises and on the reform of the international financial architecture. Reform proposals often treat the symptoms rather than the fundamentals, he argues, and sometimes fail to reconcile the objectives of setting effective financing conditions while ensuring that a country "owns" its reform program. A proper identification of market failures is essential to reformulating the mission of an institution such as the IMF, he emphasizes. Next he adapts the basic principles of corporate governance, liquidity provision, and risk management of corporations to the particulars of country borrowing. Building on a "dual- and common-agency perspective," he revisits commonly advocated policies and considers how multilateral organizations can help debtor countries reap enhanced benefits while liberalizing their capital accounts. Based on the Paolo Baffi Lecture the author delivered at the Bank of Italy, this refreshingly accessible book is teeming with rich insights that researchers, policymakers, and students at all levels will find indispensable.

The Global Economic System

Author : George Chacko
Publisher : Pearson Education
ISBN 13 : 9780134119717
Total Pages : 0 pages
Book Rating : 4.1/5 (197 download)

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Book Synopsis The Global Economic System by : George Chacko

Download or read book The Global Economic System written by George Chacko and published by Pearson Education. This book was released on 2011-06 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first professional-level authoritative guide to today's global financial system: how it works, how its elements fit together, and the vulnerabilities that can cause it to fail. Writing for working financial professionals and other sophisticated readers, the authors thoroughly explain the modern global credit system; the roles of banks, hedge funds, insurers, central banks, mortgage markets, and other participants; and the credit-related instruments they rely on. In particular, the authors illuminate the crucial importance of liquidity, and show why liquidity failures have been the key cause of all major market crashes for the past several decades. The Global Financial System thoroughly examines economic environments in which slow de-leveraging leads to prolonged sluggish growth, and compares today's environment to other periods of deleveraging, such as the Great Depression and the Japanese economic meltdown of the '90s and '00s. It predicts potential pathways for the current crisis, and offers essential guidance to both policymakers and investment decision-makers.

Manias, Panics, and Crashes

Author : Charles P. Kindleberger
Publisher : Wiley
ISBN 13 : 9780471389453
Total Pages : 304 pages
Book Rating : 4.3/5 (894 download)

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Book Synopsis Manias, Panics, and Crashes by : Charles P. Kindleberger

Download or read book Manias, Panics, and Crashes written by Charles P. Kindleberger and published by Wiley. This book was released on 2000-12-04 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: The best known and most highly regarded book on financial crises Financial crises and speculative excess can be traced back to the very beginning of trade and commerce. Since its introduction in 1978, this book has charted and followed this volatile world of financial markets. Charles Kindleberger's brilliant, panoramic history revealed how financial crises follow a nature-like rhythm: they peak and purge, swell and storm. Now this newly revised and expanded Fourth Edition probes the most recent "natural disasters" of the markets--from the difficulties in East Asia and the repercussions of the Mexican crisis to the 1992 Sterling crisis. His sharply drawn history confronts a host of key questions. Charles P. Kindleberger (Boston, MA) was the Ford Professor of Economics at MIT for thirty-three years. He is a financial historian and prolific writer who has published over twenty-four books.

Illiquidity and Financial Crisis

Author : Alessio M. Pacces
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.:/5 (131 download)

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Book Synopsis Illiquidity and Financial Crisis by : Alessio M. Pacces

Download or read book Illiquidity and Financial Crisis written by Alessio M. Pacces and published by . This book was released on 2013 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article analyzes the determinants of liquidity crises based on the dynamics of banking and finance under Knightian uncertainty. In this perspective, the facts of the global financial crisis seem to confirm Minsky's hypothesis of endogenous financial instability derived from Keynes's theory of liquidity and expectations. Conventional expectations allow overcoming uncertainty via the liquidity of secondary markets and, in turn, of banks' liabilities that are accepted as money. However, the failure of existing conventions precipitates the system into uncertainty-driven liquidity spirals, which are the more dangerous the more private money financial intermediaries have managed to create in the first place. Despite limited availability of data that can proxy for Knightian uncertainty, this approach to liquidity problems may explain better than others how a relatively small shock, such as the default of US subprime mortgages, could trigger a worldwide systemic crisis.The policy implications of this understanding of illiquidity are twofold. First, financial crises should be policed by tailoring the lender of last resort function of central banks to the creation of private money. By the same token, banking should be defined and regulated according to this monetary function performed by financial intermediaries, whether banks or non-banks. These institutions should face payout restrictions while being prevented from using retained earnings to increase the quantity of private money they can create through their balance sheet.Second, the corporate governance of banks should allow insulating managers and controlling shareholders from the short-termism of stock markets. Inasmuch as myopic stock markets influence the balance sheet choices of bankers, investor-friendly corporate governance is a major amplifier of liquidity crises. This article thus suggests combining long-term remuneration with the possibility for bank managers to claim a compensation for parting with control. Similar implications are derived for controlling shareholders.

Behind the Crisis

Author : Guglielmo Carchedi
Publisher : BRILL
ISBN 13 : 900418855X
Total Pages : 316 pages
Book Rating : 4.0/5 (41 download)

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Book Synopsis Behind the Crisis by : Guglielmo Carchedi

Download or read book Behind the Crisis written by Guglielmo Carchedi and published by BRILL. This book was released on 2010-12-17 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on modern philosophy of science, epistemology, economics and sociology, this work retraces Marx’s original multi-disciplinary project and develops its foundations into a modern Marxist paradigm capable of understanding the present crisis and of challenging contemporary capitalism.

Economy's Tension

Author : Stephen Gudeman
Publisher : Berghahn Books
ISBN 13 : 9781845455149
Total Pages : 204 pages
Book Rating : 4.4/5 (551 download)

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Book Synopsis Economy's Tension by : Stephen Gudeman

Download or read book Economy's Tension written by Stephen Gudeman and published by Berghahn Books. This book was released on 2008 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a cross-cultural model, the author explores mystifications of economic life, and explains how capital and derivatives can control an economy. The book offers a different conception of economic welfare, development, and freedom.

Less Than Nothing

Author : Slavoj Zizek
Publisher : Verso Books
ISBN 13 : 1844678970
Total Pages : 1049 pages
Book Rating : 4.8/5 (446 download)

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Book Synopsis Less Than Nothing by : Slavoj Zizek

Download or read book Less Than Nothing written by Slavoj Zizek and published by Verso Books. This book was released on 2012-05-22 with total page 1049 pages. Available in PDF, EPUB and Kindle. Book excerpt: A thousand-page resurrection of Hegel, from the bestselling philosopher and critic who has been hailed as “one of the world’s best-known public intellectuals” (New York Review of Books) For the last two centuries, Western philosophy has developed in the shadow of Hegel, an influence each new thinker struggles to escape. As a consequence, Hegel’s absolute idealism has become the bogeyman of philosophy, obscuring the fact that he is the defining philosopher of the historical transition to modernity, a period with which our own times share startling similarities. Today, as global capitalism comes apart at the seams, we are entering a new period of transition. In Less Than Nothing—the product of a career-long focus on the part of its author—Slavoj Žižek argues it is imperative we not simply return to Hegel but that we repeat and exceed his triumphs, overcoming his limitations by being even more Hegelian than the master himself. Such an approach not only enables Žižek to diagnose our present condition, but also to engage in a critical dialogue with key strands of contemporary thought—Heidegger, Badiou, speculative realism, quantum physics, and cognitive sciences. Modernity will begin and end with Hegel.

What Caused the Financial Crisis

Author : Jeffrey Friedman
Publisher : University of Pennsylvania Press
ISBN 13 : 081220493X
Total Pages : 372 pages
Book Rating : 4.8/5 (122 download)

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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.

Dialectics in Social Thought

Author : G. Skoll
Publisher : Springer
ISBN 13 : 1137387068
Total Pages : 193 pages
Book Rating : 4.1/5 (373 download)

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Book Synopsis Dialectics in Social Thought by : G. Skoll

Download or read book Dialectics in Social Thought written by G. Skoll and published by Springer. This book was released on 2014-06-12 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dialectics in Social Thought examines the work of thinkers who used dialectics in their attempts to understand the world. Among them are foundational thinkers such as Marx, Freud, and Nietzsche; seminal social critics of the last century such as Camus and Sartre; and current contributors like Badiou, Rancière, and Žižek.

Global Capitalism, Global War, Global Crisis

Author : Andreas Bieler
Publisher : Cambridge University Press
ISBN 13 : 1108479103
Total Pages : 339 pages
Book Rating : 4.1/5 (84 download)

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Book Synopsis Global Capitalism, Global War, Global Crisis by : Andreas Bieler

Download or read book Global Capitalism, Global War, Global Crisis written by Andreas Bieler and published by Cambridge University Press. This book was released on 2018-05-17 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addresses the internal relations of global capitalism, global war, global crisis, connecting uneven and combined development, social reproduction, and world-ecology to appeal to scholars and students alike.

Karel Kosík and the Dialectics of the Concrete

Author :
Publisher : BRILL
ISBN 13 : 9004503242
Total Pages : 394 pages
Book Rating : 4.0/5 (45 download)

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Book Synopsis Karel Kosík and the Dialectics of the Concrete by :

Download or read book Karel Kosík and the Dialectics of the Concrete written by and published by BRILL. This book was released on 2021-12-06 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: The eighteen articles in this book present fresh looks at the meaning of politics, praxis, labour, dialectics and modernity in the work of Czech philosopher Karel Kosík, best known for his book Dialectics of the Concrete.