dunnettreader + 21stc + fraud   3

Reading About the Financial Crisis: A 21-Book Review by Andrew W. Lo :: SSRN
Massachusetts Institute of Technology (MIT) - Sloan School of Management; Massachusetts Institute of Technology (MIT) - Computer Science and Artificial Intelligence Laboratory (CSAIL); National Bureau of Economic Research (NBER) -- The recent financial crisis has generated many distinct perspectives from various quarters. In this article, I review a diverse set of 21 books on the crisis, 11 written by academics, and 10 written by journalists and one former Treasury Secretary. No single narrative emerges from this broad and often contradictory collection of interpretations, but the sheer variety of conclusions is informative, and underscores the desperate need for the economics profession to establish a single set of facts from which more accurate inferences and narratives can be constructed. -- Pages in PDF File: 41 -- Keywords: Financial Crisis, Systemic Risk, Book Review -- downloaded pdf to Note
paper  SSRN  reviews  books  economic_history  21stC  Great_Recession  financial_crisis  financial_system  financial_regulation  financialization  capital_markets  banking  NBFI  shadow_banking  regulation-enforcement  rent-seeking  fraud  debt  debtors  housing  securitization  derivatives  bank_runs  banking-universal  Glass-Steagal  risk_management  risk-systemic  financial_economics  global_system  global_imbalance  capital_flows  institutional_investors  institutional_economics  bubbles  Minsky  downloaded 
april 2015 by dunnettreader
Nick Bunker - Mortgage fraud, income growth, and credit supply | Feb 11, 2015 - Washington Center for Equitable Growth
Earlier this year, a new working paper cast doubt on one of the dominant explanations of the reasons for the 2002-2006 housing bubble in the United States—that growth in mortgage credit and income growth uncoupled as credit flowed to areas to with declining income growth. Instead, economists Manuel Adelino of Duke University, Antoinette Schoar of the Massachusetts Institute of Technology, and Felipe Severino of Dartmouth College, argue that the cause of the increase on household debt was a classic speculative mania. But a new paper by economists Atif Mian of Princeton University and Amir Sufi of the University of Chicago questions this view of the debt build-up. The seeming flaws in the dominant narrative that an increase in the supply of credit caused the bubble, they say, can be explained by one thing: mortgage fraud. -- Bunker links to both papers - didn't download but will follow debate via "House of Debt" blog
paper  21stC  US_economy  Great_Recession  financial_crisis  housing  securitization  capital_markets  mortgages  distribution-income  distribution-wealth  asset_prices  bubbles  fraud  GSEs  bankruptcy  debt  investors  yield  risk  credit  rating_agencies  credit_ratings  speculative_finance  EF-add  from instapaper
february 2015 by dunnettreader
Cassandra Does Tokyo: Sympathy For The Devil -July 2014
Brilliantly horrifying mock CV of a senior executive moving through all the financial ibdustry's greatest "hits" of the past quarter century, starting with Citibank generating loan deals in the NICs to recycle pétrodollars, through Drexel stuffing LBO junk bonds in related fiduciaries, Long Term Capital, dot com bubble, commodity "swaps" as low risk uncorrelated asset class, of course mortgage securitization, HFT "liquidity provision" via order sniffing, front running, dark pools, selective "market making", and designing equity portfolio insurance for post crash terrified institutional investors (who would lose the entire upside of past 5 years stock prices, plus a few ywists, especially from the '90s involving derivatives, the Nikkei, etc that were off my radar screen. Only thing I think he left out were the various municipal finance scams.
20thC  post-Cold_War  21stC  economic_history  financialization  Great_Recession  financial_innovation  bubbles  busisness-ethics  institutional_investors  derivatives  securitization  HFT  emerging_markets  fraud  fiduciaries  financial_regulation  finance_capital 
september 2014 by dunnettreader

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