Title
Misunderstanding Financial Crises: Why We Don't See Them Coming,New
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Before 2007, economists thought that financial crises would never happen again in the United States, that such upheavals were a thing of the past. Gary B. Gorton, a prominent expert on financial crises, argues that economists fundamentally misunderstand what they are, why they occur, and why there were none in the U.S. from 1934 to 2007.Misunderstanding Financial Crises offers a backtobasics overview of financial crises, and shows that they are not rare, idiosyncratic events caused by a perfect storm of unconnected factors. Instead, Gorton shows how financial crises are, indeed, inherent to our financial system. Economists, Gorton writes, looked from a certain point of view and missed everything that was important: the evolution of capital markets and the banking system, the existence of new financial instruments, and the size of certain money markets like the sale and repurchase market. Comparing the socalled 'Quiet Period' of 1934 to 2007, when there were no systemic crises, to the 'Panic of 20072008,' Gorton ties together key issues like bank debt and liquidity, credit booms and manias, moral hazard, and toobigtoofailall to illustrate the true causes of financial collapse. He argues that the successful regulation that prevented crises since 1934 did not adequately keep pace with innovation in the financial sector, due in part to the misunderstandings of economists, who assured regulators that all was well. Gorton also looks forward to offer both a better way for economists to think about markets and a description of the regulation necessary to address the future threat of financial disaster.
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- Q: What is the page count of this book? A: This book has two hundred ninety-six pages. It's a comprehensive overview of financial crises written by Gary B. Gorton.
- Q: What is the binding type of 'Misunderstanding Financial Crises'? A: This book is hardcover. The durable binding makes it suitable for frequent handling and long-term use.
- Q: What are the dimensions of this book? A: The book measures six point two inches in length, nine point three inches in height, and zero point nine one inches in width.
- Q: Who is the author of this book? A: The author is Gary B. Gorton, a prominent expert on financial crises and their implications.
- Q: What is the main genre of this book? A: The book falls under the genre of Economic History. It explores the historical context of financial crises.
- Q: How do I read this book? A: You can read this book at your own pace. It is designed for anyone interested in understanding financial crises and economic principles.
- Q: Is this book suitable for beginners in economics? A: Yes, this book is suitable for beginners. It provides a back-to-basics overview of financial crises that is accessible to general readers.
- Q: What age group is this book appropriate for? A: This book is appropriate for adults and older teenagers interested in economics. It covers complex themes that may not be suitable for younger audiences.
- Q: How do I care for this hardcover book? A: To keep the book in good condition, store it upright in a cool, dry place. Avoid exposing it to direct sunlight or moisture.
- Q: Can I clean the book's cover? A: Yes, you can gently wipe the cover with a soft, dry cloth. Avoid using water or cleaning chemicals to prevent damage.
- Q: What should I do if the book arrives damaged? A: If the book arrives damaged, contact the seller for a return or replacement. Most sellers have a customer support policy for such issues.
- Q: Is there a warranty for this book? A: No, books typically do not come with a warranty. However, check with the retailer for their return policy.
- Q: How do I find more books like this? A: You can find more books like this under the Economic History category at your local bookstore or online. Look for works by Gary B. Gorton.
- Q: What makes this book different from others on financial crises? A: This book provides a unique perspective by focusing on the inherent nature of financial crises in the banking system and capital markets.
- Q: Is this book part of a series? A: No, 'Misunderstanding Financial Crises' is a standalone title. It does not belong to a series.
- Q: Does this book include references or a bibliography? A: Yes, the book includes references and a bibliography for further reading on the topics discussed.