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Systemic Risk and Financial Market Structure

E. Philip Davis

in Debt, Financial Fragility, and Systemic Risk

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198233312
eISBN:
9780191596124
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198233310.003.0008
Subject:
Economics and Finance, Financial Economics

Chapters 5 and 6 identified a number of features common to most periods of financial instability in recent decades; these observations were felt to validate to some extent the various theories of ... More


Debt, Financial Fragility, and Systemic Risk

E. Philip Davis

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198233312
eISBN:
9780191596124
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0198233310.001.0001
Subject:
Economics and Finance, Financial Economics

A remarkable feature of the period since 1970 has been the patterns of rapid and turbulent change in financing behaviour and financial structure in many advanced countries. These patterns have, in ... More


Conclusion: Themes and Prospects

E. Philip Davis

in Debt, Financial Fragility, and Systemic Risk

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198233312
eISBN:
9780191596124
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198233310.003.0012
Subject:
Economics and Finance, Financial Economics

We seek in the conclusion to draw together the analysis of the book under four main headings, issues of finance (including equity finance, agency costs, and monetary policy issues), regulatory issues ... More


Financial Instability 1966–1990

E. Philip Davis

in Debt, Financial Fragility, and Systemic Risk

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198233312
eISBN:
9780191596124
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198233310.003.0007
Subject:
Economics and Finance, Financial Economics

In this chapter, we test the theories of financial instability outlined in Ch. 5 against evidence from six periods of financial instability since 1973, namely the UK secondary banking crisis of ... More


The Economic Theory of Systemic Risk

E. Philip Davis

in Debt, Financial Fragility, and Systemic Risk

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198233312
eISBN:
9780191596124
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198233310.003.0006
Subject:
Economics and Finance, Financial Economics

Turning from financial fragility to systemic risk, the next two chapters seek to make an initial assessment of the causes, nature, and consequences of financial instability in contemporary financial ... More


Capital Flows to Developing Countries and the Reform of the International Financial System

Yilmaz Akyüz and Andrew Cornford

in Governing Globalization: Issues and Institutions

Published in print:
2002
Published Online:
October 2011
ISBN:
9780199254033
eISBN:
9780191698187
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199254033.003.0005
Subject:
Economics and Finance, Development, Growth, and Environmental

A great many features of the current international financial system have a significant bearing on international capital flows. Thus, proposed reforms of this system can generally be expected to ... More


Analytical Issues Arising

E. Philip Davis

in Debt, Financial Fragility, and Systemic Risk

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198233312
eISBN:
9780191596124
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198233310.003.0011
Subject:
Economics and Finance, Financial Economics

This chapter provides a selective summary of recent work in a number of areas relating to debt, fragility, and instability. First, four issues relating to bank debt are probed, namely real estate ... More


Introduction

Barry Eichengreen

in Golden Fetters: The Gold Standard and the Great Depression, 1919-1939

Published in print:
1996
Published Online:
November 2003
ISBN:
9780195101133
eISBN:
9780199869626
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195101138.003.0001
Subject:
Economics and Finance, Economic History

The gold standard is conventionally portrayed as synonymous with financial stability, and its downfall, starting in 1929, is implicated in the global financial crisis and the worldwide depression. A ... More


Economic Effects of Financial Fragility

E. Philip Davis

in Debt, Financial Fragility, and Systemic Risk

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198233312
eISBN:
9780191596124
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198233310.003.0005
Subject:
Economics and Finance, Financial Economics

Chapters 2 and 3 focused largely on the direct costs of financial fragility, namely increased business failures, household bankruptcies, and mortgage foreclosures. It was noted (Ch. 2, Sect. 3) that ... More


Introduction:: Reluctant Regulators

Leo F. Goodstadt

in Reluctant Regulators: How the West Created and How China Survived the Global Financial Crisis

Published in print:
2011
Published Online:
September 2011
ISBN:
9789888083251
eISBN:
9789882207349
Item type:
chapter
Publisher:
Hong Kong University Press
DOI:
10.5790/hongkong/9789888083251.003.0001
Subject:
Economics and Finance, South and East Asia

During the 2007 economic crisis, the various defenses against global recession and worldwide financial instability appeared to be very strong. As such, developing and developed economies agreed that ... More


Deep Integration and Trade Agreements: Good for Developing Countries?

Nancy Birdsall and Robert Z. Lawrence

in Global Public Goods: International Cooperation in the 21st Century

Published in print:
1999
Published Online:
November 2003
ISBN:
9780195130522
eISBN:
9780199867363
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195130529.003.0008
Subject:
Economics and Finance, Public and Welfare

This chapter looks at financial crises as a challenge to the international financial system and investigates the “public bad” nature of the phenomenon. The conclusion: excessive financial volatility ... More


Electronic Money and the Optimal Size of Monetary Unions

Claudia Costa Storti and Paul De Grauwe

in Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199271405
eISBN:
9780191601200
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199271402.003.0015
Subject:
Economics and Finance, Economic Systems

The question is how the advent of electronic money affects the size of optimal currency areas. In particular, we study whether currencies of small countries will tend to disappear as a result of ... More


Asset Price Bubbles and Central Bank Policies: The Crash of the “Jackson Hole Consensus”

A. G. Malliaris

in New Perspectives on Asset Price Bubbles

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199844333
eISBN:
9780190258504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199844333.003.0016
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter examines whether or not monetary policy should respond to asset price bubbles. More specifically, it asks how central banks respond while an asset bubble is growing and how they respond ... More


Golden Fetters: The Gold Standard and the Great Depression, 1919-1939

Barry Eichengreen

Published in print:
1996
Published Online:
November 2003
ISBN:
9780195101133
eISBN:
9780199869626
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0195101138.001.0001
Subject:
Economics and Finance, Economic History

The gold standard and the Great Depression might appear to be two very different topics requiring two entirely separate books, and the attempt to combine them here reflects Barry Eichengreen's ... More


The Money Problem: Rethinking Financial Regulation

Morgan Ricks

Published in print:
2016
Published Online:
September 2016
ISBN:
9780226330327
eISBN:
9780226330464
Item type:
book
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226330464.001.0001
Subject:
Law, Company and Commercial Law

This book brings a missing and critical dimension to the ongoing debates over financial stability policy. Its core argument is that the problem of financial instability is mostly a problem of ... More


Towards a Macroprudential Framework for Financial Supervision and Regulation?

Claudio Borio

in New Perspectives on Asset Price Bubbles

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199844333
eISBN:
9780190258504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199844333.003.0008
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter focuses on the financial instability that results from the bursting of asset price bubbles. It first defines the micro- and macroprudential perspectives before suggesting that the ... More


Realism in Financial Markets

William K. Tabb

in The Restructuring of Capitalism in Our Time

Published in print:
2012
Published Online:
November 2015
ISBN:
9780231158428
eISBN:
9780231528030
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231158428.003.0003
Subject:
Political Science, Political Theory

This chapter explains the nature of endogenous financial crises by drawing on an alternative approach offered by Hyman Minsky, with particular emphasis on his understanding of the incentives of ... More


The Global Financial Crisis and Its Aftermath

A.G. Malliaris, Leslie Shaw, and Hersh Shefrin

in The Global Financial Crisis and Its Aftermath: Hidden Factors in the Meltdown

Published in print:
2016
Published Online:
January 2017
ISBN:
9780199386222
eISBN:
9780199386253
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199386222.003.0001
Subject:
Economics and Finance, Financial Economics

It is the goal of this chapter to articulate the purpose of this book and describe its contribution to the current literature on financial crises. The chapter argues that the complexity of the global ... More


Prolonged Dislocation and Financial Crises

Frank Browne and Robert Kelly

in The Great Recession: Lessons for Central Bankers

Published in print:
2013
Published Online:
January 2015
ISBN:
9780262018340
eISBN:
9780262305921
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262018340.003.0013
Subject:
Economics and Finance, Financial Economics

The optimal level of the capital stock occurs when the real interest rate equals the steady-state growth rate of the economy. Any factor that drives a wedge in this equality can cause prolonged ... More


Uncertainty, Expectations, and Financial Instability: Reviving Allais's Lost Theory of Psychological Time

Eric Barthalon

Published in print:
2014
Published Online:
November 2015
ISBN:
9780231166287
eISBN:
9780231538305
Item type:
book
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231166287.001.0001
Subject:
Economics and Finance, Behavioural Economics

This book applies the neglected theory of psychological time and memory decay of Nobel Prize–winning economist Maurice Allais (1911–2010) to model investors' psychology in the present context of ... More


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