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Connectedness And Contagion

Author: Hal S. Scott
Publisher: MIT Press
ISBN: 0262034379
Size: 11.50 MB
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An argument that contagion is the most significant risk facing the financial system and that Dodd¬Frank has reduced the government's ability to respond effectively.

Central Banking In Turbulent Times

Author: Tuomas Välimäki
Publisher: Oxford University Press
ISBN: 0198806191
Size: 12.21 MB
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An examination of the post-recession responsibilities of central banks, this book proposes adaptations to the central banking model that preserve the advantages in terms of inflation control brought by their independence, while taking into account the long-term consequences of the Great Recession.

The Fed And Lehman Brothers

Author: Laurence M. Ball
Publisher: Cambridge University Press
ISBN: 1108369081
Size: 50.30 MB
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The bankruptcy of the investment bank Lehman Brothers was the pivotal event of the 2008 financial crisis and the Great Recession that followed. Ever since the bankruptcy, there has been heated debate about why the Federal Reserve did not rescue Lehman in the same way it rescued other financial institutions, such as Bear Stearns and AIG. The Fed's leaders from that time, especially former Chairman Ben Bernanke, have strongly asserted that they lacked the legal authority to save Lehman because it did not have adequate collateral for the loan it needed to survive. Based on a meticulous four-year study of the Lehman case, The Fed and Lehman Brothers debunks the official narrative of the crisis. It shows that in reality, the Fed could have rescued Lehman but officials chose not to because of political pressures and because they underestimated the damage that the bankruptcy would do to the economy. The compelling story of the Lehman collapse will interest anyone who cares about what caused the financial crisis, whether the leaders of the Federal Reserve have given accurate accounts of their actions, and how the Fed can prevent future financial disasters.