Download or read book The GSE Implicit Subsidy and the Value of Government Ambiguity written by Wayne Passmore and published by . This book was released on 2005 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The GSE Implicit Subsidy and Value of Government Ambiguity written by Wayne Passmore and published by . This book was released on 2003 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The GSE Implicit Subsidy and Value of Government Ambiguity written by Wayne Passmore and published by . This book was released on 2003 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The GSE Implicit Subsidy and the Value of Government Ambiguity written by Wayne Passmore and published by . This book was released on 2005 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Analysis of Government Guarantees and the Functioning of Asset Backed Securities Markets written by Diana Hancock and published by DIANE Publishing. This book was released on 2011-04 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focuses on a specific market failure that is associated with asset-backed securitization and proposes a tailored gov¿t. remedy. The additional liquidity provided by securitization may (or may not) lower primary loan rates. If guarantee-sensitive investors doubt the credit quality of asset-backed bonds, large risk premiums can develop. If a financial crisis ensues, securitization can disappear from the market entirely, leaving banks that originate the highest quality loans as the only source of credit. This abrupt increase in lending standards can tighten credit, exacerbate asset price declines, and impinge on econ. growth. An institutional structure for stemming ¿runs¿ could be deployed to insure pre-specified asset-backed instruments. Illus. This is a print on demand pub.
Download or read book Proposals for Improving the Regulation of the Housing Government Sponsored Enterprises written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2005 with total page 562 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fannie Mae and Freddie Mac written by Oonagh McDonald and published by A&C Black. This book was released on 2013-07-18 with total page 494 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book demonstrates how politicians and federal agencies dominated Fannie Mae and Freddie Mac and took just thirteen years to wreck the American dream of home ownership.
Download or read book The Dialectics of Liquidity Crisis written by Chris Jefferis and published by Taylor & Francis. This book was released on 2017-02-17 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses the logic of applying the American Post-Keynesian economist Hyman Minsky’s Financial Instability Hypothesis (FIH) to the financial crisis of 2007–08. Arguing that most theories of financial crisis, including Minsky’s own, only describe events, but do not actually explain them, the book surveys theories of financial crisis that have been developed to describe instability in the post-WW2 US financial system and analyses them in their historical context. The book argues that explanation of the financial crisis of 2007–08 should involve interpretation of the concept of 'risk', which guides the construction and pricing of contemporary financial products such as derivatives and asset backed securities, as a form of 'liquidity', the concept that Minsky sought to explain the financial crises of the 1970s and 1980s with. The book highlights the continuing relevance of Minsky’s theory of liquidity crisis as "immanent", in a historical sense, to the products and trading practices of modern finance, because these products were developed to obviate the crisis dynamics that Minsky described. Minsky's FIH can therefore inform historical understanding of the crisis of 2007–08 but is not directly explanatory itself. The book explores explanation of the financial crisis of 2007–08 interpreting 'liquidity', in practical historical terms, as involving a process of development out of prior crisis dynamics. Seeking to contribute to debates over the causes of the financial crisis of 2007–08 by blending a discussion of historicizing philosophy, economic theory and contemporary financial banking and trading practices this work will be of great interest to scholars of international political economy, heterodox economics and critical theory.
Download or read book Regulatory Politics in an Age of Polarization and Drift written by Marc Allen Eisner and published by Routledge. This book was released on 2017-02-24 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt: Regulatory change is typically understood as a response to significant crises like the Great Depression, or salient events that focus public attention, like Earth Day 1970. Without discounting the importance of these kinds of events, change often assumes more gradual and less visible forms. But how do we ‘see’ change, and what institutions and processes are behind it? In this book, author Marc Eisner brings these questions to bear on the analysis of regulatory change, walking the reader through a clear-eyed and careful examination of: the dynamics of regulatory change since the 1970s social regulation and institutional design forms of gradual change – including conversion, layering, and drift gridlock, polarization, and the privatization of regulation financial collapse and the anatomy of regulatory failure Demonstrating that transparency and accountability – the hallmarks of public regulation – are increasingly absent, and that deregulation was but one factor in our most recent significant financial collapse, the Great Recession, this book urges readers to look beyond deregulation and consider the broader political implications for our current system of voluntary participation in regulatory programs and the proliferation of public-private partnerships. This book provides an accessible introduction to the complex topic of regulatory politics, ideal for upper-level and graduate courses on regulation, government and business, bureaucratic politics, and public policy.
Download or read book Regulatory Restructuring written by United States. Congress. House. Committee on Financial Services. Subcommittee on Domestic Monetary Policy and Technology and published by . This book was released on 2009 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The End of Excess written by United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations and published by . This book was released on 2010 with total page 780 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Future of Housing Finance written by Martin Neil Baily and published by Rowman & Littlefield. This book was released on 2011-09-30 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fannie Mae and Freddie Mac, government-sponsored enterprises that played a prominent role in the financial crisis of 2008, and the federal government have come to a crossroads. The government must make key decisions about their structure, and indeed, their very existence. The government has played an important role in the American housing market since the early 1930s, when the Great Depression ushered in housing programs to promote a stable society. The government's role expanded further during the recent housing and financial crisis—Fannie Mae and Freddie Mac now dominate the American housing market, backing more than 62 percent of new mortgages and holding more than $5 trillion in accumulated mortgage risk. In The Future of Housing Finance Martin Baily and his associates discuss the issues and options that policymakers face as they reassess the government's role in the U.S. residential mortgage market. While presenting diverse analytical perspectives, including a contribution from former chairman of the Federal Reserve Alan Greenspan, all contributors agree that the government's support for mortgage financing in the recent past was too broad and deep but some role is necessary to maintain the stability of the housing finance market. The Obama administration has recommended reducing the role of Fannie and Freddie while replacing them with a private market approach, but continuing federal support for worthy borrowers. But what will Congress agree to? And how fast will it move on any initiative? Specific topics include: • Introduction of a new system to reduce incentives that encourage excessive risk taking. • Gradual withdrawal of Fannie and Freddie from the housing finance system. • New approaches to regulating mortgage securitization, with financial stability as a primary goal. • Use of government-backed guarantees through institutional structures designed to limit moral hazard.
Download or read book The Financial Crisis Inquiry Report Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States Revised Corrected Copy written by Phil Angelides and published by Government Printing Office. This book was released on 2011-04-18 with total page 1001 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the most significant financial crisis since the Great Depression, the President signed into law on May 20, 2009, the Fraud Enforcement and Recovery Act of 2009, creating the Financial Crisis Inquiry Commission. The Commission was established to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." The 10 members of the bi-partisan Commission, prominent private citizens with significant experience in banking, market regulation, taxation, finance, economics, housing, and consumer protection, were appointed by Congress on July 15, 2009. The Chair, Phil Angelides, and Vice Chair, Bill Thomas, were selected jointly by the House and Senate Majority and Minority Leadership.The FCIC is charged with conducting a comprehensive examination of 22 specific and substantive areas of inquiry related to the financial crisis. Some of these areas include: fraud and abuse in the financial sector, including fraud and abuse towards consumers in the mortgage sector; Federal and State financial regulators, including the extent to which they enforced, or failed to enforce statutory, regulatory, or supervisory requirements; the global imbalance of savings, international capital flows, and fiscal imbalances of various governments; monetary policy and the availability and terms of credit; accounting practices, including, mark-to-market and fair value rules, and treatment of off-balance sheet vehicles; tax treatment of financial products and investments; credit rating agencies in the financial system, including, reliance on credit ratings by financial institutions and Federal financial regulators, the use of credit ratings in financial regulation, and the use of credit ratings in the securitization markets; lending practices and securitization, including the originate-to-distribute model for extending credit and transferring risk; and more The Commission is called upon to examine the causes of major financial institutions which failed, or were likely to have failed, had they not received exceptional government assistance.In its work, the Commission is authorized to hold hearings; issue subpoenas either for witness testimony or documents; and refer to the Attorney General or the appropriate state Attorney General any person who may have violated U.S. law in relation to the financial crisis.
Download or read book The American Political Economy written by Marc Allen Eisner and published by Routledge. This book was released on 2013-12-17 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: Policy debates are often grounded within the conceptual confines of a state-market dichotomy, as though the two existed in complete isolation. In this innovative text, Marc Allen Eisner portrays the state and the market as inextricably linked, exploring the variety of institutions subsumed by the market and the role that the state plays in creating the institutional foundations of economic activity. Through a historical approach, Eisner situates the study of American political economy within a larger evolutionary-institutional framework that integrates perspectives in American political development and economic sociology. This volume provides a rich understanding of the complexity of U.S. economic policy, explaining how public policies become embedded in bureaucracy and reinforced by organized beneficiaries and public expectations. This path-dependent layering process helps students better understand the underlying historical dynamics, which provide a clearer sense of the constraints faced by policymakers now and in the future. The revisions to the second edition include: Complete rewrite of the chapter on the recent financial crisis, adding in commentary on the debt ceiling, the fiscal cliff, and other recent events. New material added and existing material updated in the chapter discussing the two welfare states. Extensive updates to the coverage of the global economy Expanded and updated discussion of Obama’s economic policies. Updates to figures and data throughout the text.
Download or read book Financial Market Regulation and Reforms in Emerging Markets written by Masahiro Kawai and published by Brookings Institution Press. This book was released on 2011-05-01 with total page 441 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press and Asian Development Bank Institute publication The rapid spread and far-reaching impact of the global financial crisis have highlighted the need for strengthening financial systems in advanced economies and emerging markets. Emerging markets face particular challenges in developing their nascent financial systems and making them resilient to domestic and external shocks. Financial reforms are critical to these economies as they pursue programs of high and sustainable growth. In this timely volume Masahiro Kawai, Eswar Prasad, and their contributors offer a systematic overview of recent developments in—and the latest thinking about—regulatory frameworks in both advanced countries and emerging markets. Their analyses and observations clearly point out the challenges to improving regulation, efficiency of markets, and access to the fi nancial system. Policymakers and financial managers in emerging markets are struggling to learn from the crisis and will need to grapple with some key questions as they restructure and reform their financial markets: • What lessons does the global financial crisis of 2007–09 offer for the establishment of efficient and flexible regulatory structures? • How can policymakers develop broader financial markets while managing the associated risks? • How—or should—they make the formal financial system more accessible to more people? • How might they best contend with multinational financial institutions? This book is an important step in getting a better grasp of these issues and making progress toward solutions that strike a balance between promoting financial market development and efficiency on the one hand, and ensuring financial stability on the other.
Download or read book A Century of Monetary Policy at the Fed written by David E. Lindsey and published by Springer. This book was released on 2016-04-20 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this narrative history, David E. Lindsey gives the reader a ringside seat to a century of policies at the US Federal Reserve. Alternating between broad historical strokes and deep dives into the significance of monetary issues and developments, Lindsey offers a fascinating look into monetary policymaking from the Fed's inception in 1913 to today. Lindsey's three decades of service on the Federal Reserve Board staff allow him to combine the heft of scholarship with an insider's perspective on how the recent chairmen's and current chairwoman's personalities and singular visions have shaped policy choices with far-reaching consequences. He critiques the performances of Chairman Ben Bernanke and Vice Chair Janet Yellen during the prelude, outbreak, and aftermath of the financial crisis of 2008, situating them in the context of the Fed's century-long history. He also quantitatively explores an alternative to the conventional New-Keynesian theory of inflation, replacing so-called "rational expectations" with the Fed's inflation objective. This unique volume is a piece of living history that has much to offer economists and monetary policy and finance professionals.
Download or read book Days of Slaughter written by Susan Wharton Gates and published by JHU Press. This book was released on 2017-03-14 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: A cautionary tale of failed policies and corporate mismanagement that compellingly addresses previously unexplored issues of political ideology, organizational dynamics, and ethics, Days of Slaughter will appeal to readers everywhere who want a fuller explanation of what went awry in the US housing market.
