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Please follow the detailed Help center instructions to transfer the files to supported eReaders. More related to the financial crisis. See more. Gary B. After the financial crisis of , analysts continue to question the security of banking sectors in nations in Europe, Latin America, Asia, and Africa. Why do such crises recur? What is it about the accumulation of bank debt that potentially jeopardizes national and global banking systems?

There is no one better-equipped to answer such questions than Gary Gorton, who has been studying financial crises since his PhD thesis in The Maze of Banking contains a collection of his academic papers on the subjects of banks, banking, and financial crises. The papers in this volume span almost years of U. Civil War private bank notes issued during the U. Free Banking Era , followed by the U. National Banking Era before there was a central bank, through loan sales, securitization, and the financial crisis of Banking changed profoundly during these years, yet it did not change in fundamental ways.

The Rise and Fall of the Icelandic Economy - Munich Personal RePEc Archive

The forms of money changed, resulting in associated changes in the information structure of the economy. Bank debt evolved as an instrument for storing value, smoothing consumption, and transactions, but its fundamental nature did not change. In all its forms, it is vulnerable to bank runs without government intervention. Comprehensive and informative, the collection is the definitive volume on the history of the U. These papers provide the framework for understanding how the financial crisis of developed and steps to promote a stable banking industry, thereby preventing future economic crises.

The Maze of Banking is essential reading material for students and academics with an interest in economics, finance, and the history of banking. Ari Aisen. This paper empirically estimates the main determinants of bank credit growth during the financial crisis.

Deep Freeze: Iceland's Economic Collapse

Using a sample covering over 80 countries, this paper finds that larger bank credit booms prior to the crisis and lower GDP growth of trading partners are among the most important determinants of the post-crisis bank credit slowdown. Structural variables such as financial depth and integration were also relevant.

Finally, countercyclical monetary policy and liquidity played a critical role in alleviating bank credit contraction after the financial crisis, suggesting that countries should pursue appropriate institutional and macroeconomic frameworks conducive to countercyclical monetary policies.

Sebastian Sosa. This paper examines the role played by regional factors in Uruguay, identifies the sources and transmission mechanisms of shocks stemming from the region, and assesses how vulnerable Uruguay is to a potential crisis in the region. Using a VAR model with block exogeneity restrictions, it finds that shocks from Argentina-which account for about 20 percent of Uruguayan output fluctuations-have large and rapid effects.

This is mainly due to the existence of idiosyncratic real and financial linkages between Uruguay and Argentina, which also explain the very high correlation between their business cycles. The analysis of previous crises in the region suggests that despite the importance of these strong linkages, and despite the fact the two deepest crises in recent Uruguayan history followed crises in Argentina, Uruguay is now clearly less vulnerable to financial contagion from the region.

2008–2011 Icelandic financial crisis

Leif Lybecker Eskesen. The Korean authorities having taken decisive and proactive fiscal measures to help stem the fallout from the current global economic and financial crisis, with the size of the fiscal stimulus well-above the average response of other G20 economies. In this context, a key question is how effective fiscal policy is as a stabilization tool, especially considering the high openness of Korea''s economy.

Results based on a macroeconomic model calibrated for Korea provide a strong case for using counter-cyclical fiscal policy, especially if measures appropriately focus on spending with a direct demand impact such as investment and targeted transfers. It also demonstrates the importance a complementary monetary response and the benefits to an open economy such as Korea''s of global coordination of fiscal stimulus. Larry Neal. This book tells the story of these two financial schemes from the letters and accounts of two leading personalities.

Larry Neal, a distinguished economic historian, highlights the rationality of each person and also finds that the primitive exchanges of the day, though informal and completely unregulated, actually performed reasonably well. Similar ebooks. What they find is another instance of the Austrian Theory of the Business Cycle, working itself out in a way that is customized for a time and place.

Toby Baxendale writes the introducton to this story that reads like a great novel. It serves as a reminder that central banking policies aren't just about monetary arcana.


They affect our lives in profound and sometimes catastrophic ways. Let it always serve as a reminder of what happens when the laws of the market are papered over by politicians and central bankers. View the discussion thread. Skip to main content. Free Downloads:. Buy Now from Mises Store. This account is likely to remain the definitive one for many years. Browse Books. Browse Library.

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