Financial Markets and Financial Crises

Financial Markets and Financial Crises

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Warnings of the threat of an impending financial crisis are not new, but do we really know what constitutes an actual episode of crisis and how, once begun, it can be prevented from escalating into a full-blown economic collapse? Using both historical and contemporary episodes of breakdowns in financial trade, contributors to this volume draw insights from theory and empirical data, from the experience of closed and open economies worldwide, and from detailed case studies. They explore the susceptibility of American corporations to economic downturns; the origins of banking panics; and the behavior of financial markets during periods of crisis. Sever papers specifically address the current thrift crisisa€”including a detailed analysis of the over 500 FSLIC-insured thrifts in the southeasta€”and seriously challenge the value of recent measures aimed at preventing future collapse in that industry. Government economists and policy makers, scholars of industry and banking, and many in the business community will find these timely papers an invaluable reference.Increasing defaults on junk bonds and the stock market crash of October 1987 have raised the specter of major financial ... In order to start providing intelligent answers to these questions, we must first understand the nature of financial crises and how they ... of a series of financial crises in the United States, beginning with the panic of 1857 and ending with the stock market crash of 19 October 1987.

Title:Financial Markets and Financial Crises
Author: R. Glenn Hubbard
Publisher:University of Chicago Press - 1991-08-13

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