Global Financial Systems

Stability and Risk

Häftad, Engelska, 2013

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Global Financial Systems is an innovative, interdisciplinary text that explores the ‘why’ behind global financial stability. Danielsson draws on economic theory, finance, mathematical modelling, risk theory, and policy to posit a coherent and current analysis of the global financial system.

"Nicely and clearly written for an undergraduate audience…the book has a fresh perspective that will differentiate it from pre-crisis texts"

Professor Goodhart, Professor Emeritus, London School of Economics

"Global Financial Systems: Stability and Risk, looks to be an important book… it will appeal to those interested in regulation as well as those more on the regulatory side."

Professor Caprio, William Brough Professor of Economics at Williams College and Chair, Center for Development Economics

Jon Danielsson is Director of the Systemic Risk Centre, London School of Economics, and Reader in Finance

Visit the author's personal website at http://www.globalfinancialsystems.org/ to read two online chapters covering the latest developments.

Produktinformation

Utgivningsdatum2013-08-07
Mått190 x 244 x 22 mm
Vikt840 g
FormatHäftad
SpråkEngelska
Antal sidor440
Upplaga1
FörlagPearson Education
ISBN9780273774662

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Author’s acknowledgementsPublishers’ acknowledgments Introduction 1 Systemic risk 1.1 Case study: the 1914 crisis 1.2 The concept of systemic risk 1.3 Who creates systemic risk? 1.4 Fundamental origins of systemic risk1.5 Summary References 2 The Great Depression 1929–1933 2.1 Build-up to a depression 2.2 The Great Depression 2.3 Causes of the Great Depression 2.4 Implications for future policy 2.5 Summary 3 Endogenous risk 3.1 Millennium Bridge3.2 Dual role of prices3.3 Risk 3.4 Dynamic trading strategies 3.5 Actual and perceived risk and bubbles 3.6 The LTCM crisis of 1998 3.7 Conclusion 4 Liquidity 4.1 The liquidity crisis of 19984.2 What is liquidity? 4.3 Liquidity models 4.4 Policy implications 4.5 Summary References 5 The central bank 5.1 The origins of central banks 5.2 Banking supervision 5.3 Monetary policy 5.4 Financial stability 5.5 Bailing out governments5.6 Challenges for central banking 5.7 Summary Appendix: central bank interest rate References 6 The Asian Crisis of 1997 and the IMF6.1 Building up to a crisis 6.2 The crisis in individual countries 6.2.3 South Korea 6.3 Reasons for the crisis 6.4 Policy options for the crisis countries6.5 Role of the IMF 6.6 Wider lessons 6.7 Summary References 7 Banking crises 7.1 Money and early banking 7.2 Moral hazard 7.3 Costs of banking crises 7.4 Causes of banking crises 7.5 Bank and banking system failures7.6 Summary References 8 Bank runs and deposit insurance 8.1 Bank runs and crises8.2 Modelling deposit insurance8.3 Pros and cons of deposit insurance8.4 Summary References 9 Trading and Speculation 9.1 Trading scandals and abuse 9.2 Trading and risk 9.3 Trading activities9.4 Policy issues 9.5 Summary References Appendix: basic terminology of trading 10 Credit markets 10.1 Market for credit 10.2 Credit rating agencies 10.3 Credit models 10.4 Margins, haircuts and mark–to–market10.5 Securitisation 10.6 Summary 11 Currency markets 11.1 Fixed or floating 11.2 Foreign exchange interventions 11.2.1 Sterilisation 11.3 Capital controls 11.4 Exchange rate regimes 11.5 Perils of overvaluation 11.6 Undervaluation and ‘currency wars’11.7 Reserve currency 11.8 Summary Appendix: exchange rate regimes References 12 Currency crisis models 12.1 First-generation models 12.2 The Argentinean crisis 12.3 Second-generation models 12.4 European crisis 1992–1993 12.5 Global games currency crisis model 12.6 Summary References 13 Financial regulations 13.1 Banking regulations 13.2 Bank capital 13.3 International financial regulations: Basel 13.4 Summary Appendix: Value-at-Risk References 14 Bailouts 14.1 Successful and unsuccessful bailouts 14.2 The historical origins of lending of last resort (LOLR)14.3 What