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Author :
Publisher : Routledge
ISBN 13 : 1134358938
Total Pages : 527 pages
Book Rating : 4.1/5 (343 download)
Download or read book The Lender of Last Resort written by and published by Routledge. This book was released on with total page 527 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Hal S. Scott
Publisher : MIT Press
ISBN 13 : 0262034379
Total Pages : 439 pages
Book Rating : 4.2/5 (62 download)
Download or read book Connectedness and Contagion written by Hal S. Scott and published by MIT Press. This book was released on 2016-05-13 with total page 439 pages. Available in PDF, EPUB and Kindle. Book excerpt: An argument that contagion is the most significant risk facing the financial system and that Dodd¬Frank has reduced the government's ability to respond effectively. The Dodd–Frank Act of 2010 was intended to reform financial policies in order to prevent another massive crisis such as the financial meltdown of 2008. Dodd–Frank is largely premised on the diagnosis that connectedness was the major problem in that crisis—that is, that financial institutions were overexposed to one another, resulting in a possible chain reaction of failures. In this book, Hal Scott argues that it is not connectedness but contagion that is the most significant element of systemic risk facing the financial system. Contagion is an indiscriminate run by short-term creditors of financial institutions that can render otherwise solvent institutions insolvent. It poses a serious risk because, as Scott explains, our financial system still depends on approximately $7.4 to $8.2 trillion of runnable and uninsured short-term liabilities, 60 percent of which are held by nonbanks. Scott argues that efforts by the Federal Reserve, the FDIC, and the Treasury to stop the contagion that exploded after the bankruptcy of Lehman Brothers lessened the economic damage. And yet Congress, spurred by the public's aversion to bailouts, has dramatically weakened the power of the government to respond to contagion, including limitations on the Fed's powers as a lender of last resort. Offering uniquely detailed forensic analyses of the Lehman Brothers and AIG failures, and suggesting alternative regulatory approaches, Scott makes the case that we need to restore and strengthen our weapons for fighting contagion.
Author : Perry Mehrling
Publisher : Princeton University Press
ISBN 13 : 0691242208
Total Pages : 192 pages
Book Rating : 4.6/5 (912 download)
Download or read book The New Lombard Street written by Perry Mehrling and published by Princeton University Press. This book was released on 2022-11-29 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: Walter Bagehot's Lombard Street, published in 1873 in the wake of a devastating London bank collapse, explained in clear and straightforward terms why central banks must serve as the lender of last resort to ensure liquidity in a faltering credit system. Bagehot's book set down the principles that helped define the role of modern central banks, particularly in times of crisis—but the recent global financial meltdown has posed unforeseen challenges. The New Lombard Street lays out the innovative principles needed to address the instability of today's markets and to rebuild our financial system. Revealing how we arrived at the current crisis, Perry Mehrling traces the evolution of ideas and institutions in the American banking system since the establishment of the Federal Reserve in 1913. He explains how the Fed took classic central banking wisdom from Britain and Europe and adapted it to America's unique and considerably more volatile financial conditions. Mehrling demonstrates how the Fed increasingly found itself serving as the dealer of last resort to ensure the liquidity of securities markets—most dramatically amid the recent financial crisis. Now, as fallout from the crisis forces the Fed to adapt in unprecedented ways, new principles are needed to guide it. In The New Lombard Street, Mehrling persuasively argues for a return to the classic central bankers' "money view," which looks to the money market to assess risk and restore faith in our financial system.
Author : Marc Dobler
Publisher : International Monetary Fund
ISBN 13 : 1513567780
Total Pages : 63 pages
Book Rating : 4.5/5 (135 download)
Download or read book The Lender of Last Resort Function after the Global Financial Crisis written by Marc Dobler and published by International Monetary Fund. This book was released on 2016-01-22 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis (GFC) has renewed interest in emergency liquidity support (sometimes referred to as “Lender of Last Resort”) provided by central banks to financial institutions and challenged the traditional way of conducting these operations. Despite a vast literature on the topic, central bank approaches and practices vary considerably. In this paper we focus on, for the most part, the provision of idiosyncratic support, approaching it from an operational perspective; highlighting different approaches adopted by central banks; and also identifying some of the issues that arose during the GFC.
Author : Ulrich Bindseil
Publisher : Springer Nature
ISBN 13 : 3030708845
Total Pages : 128 pages
Book Rating : 4.0/5 (37 download)
Download or read book Introduction to Central Banking written by Ulrich Bindseil and published by Springer Nature. This book was released on 2021-05-18 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book gives a concise introduction to the practical implementation of monetary policy by modern central banks. It describes the conventional instruments used in advanced economies and the unconventional instruments that have been widely adopted since the financial crisis of 2007–2008. Illuminating the role of central banks in ensuring financial stability and as last resort lenders, it also offers an overview of the international monetary framework. A flow-of-funds framework is used throughout to capture this essential dimension in a consistent and unifying manner, providing a unique and accessible resource on central banking and monetary policy, and its integration with financial stability. Addressed to professionals as well as bachelors and masters students of economics, this book is suitable for a course on economic policy. Useful prerequisites include at least a general idea of the economic institutions of an economy, and knowledge of macroeconomics and monetary economics, but readers need not be familiar with any specific macroeconomic models.
Author : Henry Thornton
Publisher :
ISBN 13 :
Total Pages : 332 pages
Book Rating : 4.3/5 (91 download)
Download or read book An Enquiry Into the Nature and Effects of the Paper Credit of Great Britain written by Henry Thornton and published by . This book was released on 1802 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Charles Goodhart
Publisher : OUP Oxford
ISBN 13 : 0191588601
Total Pages : 570 pages
Book Rating : 4.1/5 (915 download)
Download or read book Financial Crises, Contagion, and the Lender of Last Resort : A Reader written by Charles Goodhart and published by OUP Oxford. This book was released on 2002-01-17 with total page 570 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ben Bernanke
Publisher : Princeton University Press
ISBN 13 : 0691158738
Total Pages : 144 pages
Book Rating : 4.6/5 (911 download)
Download or read book The Federal Reserve and the Financial Crisis written by Ben Bernanke and published by Princeton University Press. This book was released on 2013-02-24 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: Collects a series of lectures the chairman of the U.S. Federal Reserve gave in 2012 about the Federal Reserve and the 2008 financial crisis.
Author : Adam Ashcraft
Publisher : DIANE Publishing
ISBN 13 : 1437929869
Total Pages : 48 pages
Book Rating : 4.4/5 (379 download)
Download or read book Federal Home Loan Bank System written by Adam Ashcraft and published by DIANE Publishing. This book was released on 2010-06 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Federal Home Loan Bank (FHLB) System is a large, complex, and understudied gov¿t.-sponsored liquidity facility that currently has more than $1 trillion in secured loans outstanding, mostly to commercial banks and thrifts. Documents the significant role played by the FHLB System at the outset of the ongoing financial crisis and then provides evidence about the uses of these funds by their bank and thrift members. Identifies the trade-offs faced by FHLB member-borrowers when choosing between accessing the FHLB System or the Fed. Reserve¿s discount window during the crisis. Describes the fragmented U.S. lender-of-last-resort framework and finds that additional clarity about the respective roles of the various liquidity facilities would be helpful.
Author : Daniel McDowell
Publisher : Oxford University Press
ISBN 13 : 0190605766
Total Pages : 249 pages
Book Rating : 4.1/5 (96 download)
Download or read book Brother, Can You Spare a Billion? written by Daniel McDowell and published by Oxford University Press. This book was released on 2017 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book explores how and why the U.S. has regularly acted, often alongside the IMF, as an international lender of last resort by selectively bailing out foreign economies in crisis. It highlights the unique role that the U.S. has played in stabilizing the world economy from the 1960s through 2008"--Provided by publisher.
Author : Walter Bagehot
Publisher :
ISBN 13 :
Total Pages : 382 pages
Book Rating : 4.A/5 ( download)
Download or read book Lombard Street written by Walter Bagehot and published by . This book was released on 1906 with total page 382 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Frank Heinemann
Publisher : Springer
ISBN 13 : 3319562614
Total Pages : 351 pages
Book Rating : 4.3/5 (195 download)
Download or read book Monetary Policy, Financial Crises, and the Macroeconomy written by Frank Heinemann and published by Springer. This book was released on 2017-09-29 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume investigates different aspects of monetary policy and prevention of financial crises. It discusses some recently suggested measures for central banks' responses to liquidity shortages and to the liquidity trap, methods for assessing the potential of crisis contagion via the interbank network, and the interaction between micro- and macro-prudential regulation. It compares different approaches for solving the Eurozone sovereign-debt problem and provides a new and intriguing explanation for rising income inequality. The authors are experts on monetary policy, financial crises, and contract theory from different European universities and central banks.
Author : Paul Tucker
Publisher : Princeton University Press
ISBN 13 : 0691196303
Total Pages : 662 pages
Book Rating : 4.6/5 (911 download)
Download or read book Unelected Power written by Paul Tucker and published by Princeton University Press. This book was released on 2019-09-10 with total page 662 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tucker presents guiding principles for ensuring that central bankers and other unelected policymakers remain stewards of the common good.
Author : Jack Rasmus
Publisher : SCB Distributors
ISBN 13 : 0997287039
Total Pages : 361 pages
Book Rating : 4.9/5 (972 download)
Download or read book Central Bankers at the End of Their Rope? written by Jack Rasmus and published by SCB Distributors. This book was released on 2017-08-17 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: An historically unprecedented state subsidization of the US financial system has been implemented since 2010 via the Federal Reserve, the US central bank. Oiginally designed to serve as lender of last resort during banking crises, central banking globally has been transformed into the subsidization of the private banking system. Today that system is addicted to, and increasingly dependent on, continuing central bank infusions of significant amounts of liquidity. Rescinding this artificial subsidization would almost certainly lead to a financial and real collapse of the global economy. Central banks will not be able any time soon to retreat from their massive liquidity injections. Nor will they find it possible to raise their interest rates much beyond brief token adjustments. Truly, central bankers are at the end of their rope. This book provides a comprehensive analysis of this urgent dilemma and proposes how to revolutionize central banking in the public interest.
Author : Laurence M. Ball
Publisher : Cambridge University Press
ISBN 13 : 1108420966
Total Pages : 297 pages
Book Rating : 4.1/5 (84 download)
Download or read book The Fed and Lehman Brothers written by Laurence M. Ball and published by Cambridge University Press. This book was released on 2018-06-07 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book sets the record straight on why the Federal Reserve failed to rescue Lehman Brothers during the financial crisis.
Author : Eric A. Posner
Publisher : University of Chicago Press
ISBN 13 : 022642023X
Total Pages : 226 pages
Book Rating : 4.2/5 (264 download)
Download or read book Last Resort written by Eric A. Posner and published by University of Chicago Press. This book was released on 2018-04-02 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: The bailouts during the recent financial crisis enraged the public. They felt unfair—and counterproductive: people who take risks must be allowed to fail. If we reward firms that make irresponsible investments, costing taxpayers billions of dollars, aren’t we encouraging them to continue to act irresponsibly, setting the stage for future crises? And beyond the ethics of it was the question of whether the government even had the authority to bail out failing firms like Bear Stearns and AIG. The answer, according to Eric A. Posner, is no. The federal government freely and frequently violated the law with the bailouts—but it did so in the public interest. An understandable lack of sympathy toward Wall Street has obscured the fact that bailouts have happened throughout economic history and are unavoidable in any modern, market-based economy. And they’re actually good. Contrary to popular belief, the financial system cannot operate properly unless the government stands ready to bail out banks and other firms. During the recent crisis, Posner agues, the law didn’t give federal agencies sufficient power to rescue the financial system. The legal constraints were damaging, but harm was limited because the agencies—with a few exceptions—violated or improvised elaborate evasions of the law. Yet the agencies also abused their power. If illegal actions were what it took to advance the public interest, Posner argues, we ought to change the law, but we need to do so in a way that also prevents agencies from misusing their authority. In the aftermath of the crisis, confusion about what agencies did do, should have done, and were allowed to do, has prevented a clear and realistic assessment and may hamper our response to future crises. Taking up the common objections raised by both right and left, Posner argues that future bailouts will occur. Acknowledging that inevitability, we can and must look ahead and carefully assess our policy options before we need them.
Author : Owen F. Humpage
Publisher : Cambridge University Press
ISBN 13 : 1107099099
Total Pages : 411 pages
Book Rating : 4.1/5 (7 download)
Download or read book Current Federal Reserve Policy Under the Lens of Economic History written by Owen F. Humpage and published by Cambridge University Press. This book was released on 2015-03-05 with total page 411 pages. Available in PDF, EPUB and Kindle. Book excerpt: A retrospective on the Federal Reserve, these essays by leading historians and economists investigate how financial infrastructure shapes economic outcomes.
