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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To facilitate a smooth return process, a Return Authorization (RA) Number is required for all returns. Returns without a valid RA number will be declined and may incur additional fees. You can request an RA number within 15 days of the original delivery date. For more details, please refer to our Return & Refund Policy page.
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Warranty
We provide a 2-year limited warranty, from the date of purchase for all our products.
If you believe you have received a defective product, or are experiencing any problems with your product, please contact us.
This warranty strictly does not cover damages that arose from negligence, misuse, wear and tear, or not in accordance with product instructions (dropping the product, etc.).
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Frequently Asked Questions
- Q: What is the main topic of 'Misunderstanding Financial Crises'? A: The book explores the misconceptions surrounding financial crises, arguing that they are inherent to the financial system rather than rare occurrences.
- Q: Who is the author of this book? A: The author is Gary B. Gorton, a noted expert on financial crises.
- Q: What is the publication date of this book? A: The book was published on November 2, 2012.
- Q: How many pages does 'Misunderstanding Financial Crises' have? A: The book contains 296 pages.
- Q: What type of binding does this book have? A: This book is available in hardcover binding.
- Q: What category does this book fall under? A: The book is categorized under Economic History.
- Q: Is 'Misunderstanding Financial Crises' a new book? A: Yes, the item condition is listed as new.
- Q: What edition of the book is available? A: This is the first edition of the book.
- Q: What key issues does the author address in the book? A: Gorton discusses issues like bank debt, liquidity, credit booms, moral hazard, and the implications of 'too-big-to-fail'.
- Q: Does the book provide any solutions for future financial crises? A: Yes, Gorton offers insights on how economists can better understand markets and suggests regulatory improvements to mitigate future risks.