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Slapped by the invisible hand the panic of 2007

Gary Gorton

Oxford Oxford University Press New York 2010

Localização: FEA - Fac. Econ. Adm. Contab. e Atuária  ACERVO DELFIM NETTO  (B25.3.3 )(Acessar)

  • Título:
    Slapped by the invisible hand the panic of 2007
  • Autor: Gary Gorton
  • Assuntos: Banks and banking -- United States -- History -- 21st century; Financial crises -- United States -- History -- 21st century; BANCOS (HISTÓRIA) -- SÉCULO 21 -- ESTADOS UNIDOS; CRISE FINANCEIRA -- SÉCULO 21 -- ESTADOS UNIDOS; 2000 - 2099
  • Notas: Includes bibliographical references (pages 201-215) and index.
  • Descrição: Introduction -- Slapped in the face by the invisible hand : banking and the panic of 2007 -- The panic of 2007, part I -- The panic of 2007, part II -- Bank regulation when "banks" and "banking" are not the same -- A note to those reading this in 2107.
    "Originally written for a conference of the Federal Reserve, Gary Gorton's "The Panic of 2007" garnered enormous attention and is considered by many to be the most convincing take on the recent economic meltdown. Now, in Slapped by the Invisible Hand, Gorton builds upon this seminal work, explaining how the securitized banking system, the nexus of financial markets and instruments unknown to most people, stands at the heart of the financial crisis. Gorton shows that the Panic of 2007 was not so different from the Panic of 1907 or 1893, except that, in 2007, most people had never heard of the markets that were involved and didn't know how they worked or what their purposes were. Terms such as "subprime mortgage," "asset-backed commercial paper conduit," "structured investment vehicle," "credit derivative," "securitization," and "repo market" were meaningless. In this volume, Gorton makes these complicated features and their impact crystal clear. He shows that the securitized banking system is, in fact, a real banking system, allowing institutional investors and firms to make enormous short-term deposits. But as with any banking system, it was vulnerable to a panic. Indeed, the events starting in August 2007 can best be understood not as a retail panic involving individuals but as a wholesale panic involving institutions, where large financial firms "ran" on other financial firms, making the system insolvent."--Jacket.
  • Títulos relacionados: Série:Financial Management Association survey and synthesis series.
  • Editor: Oxford Oxford University Press New York
  • Data de criação/publicação: 2010
  • Formato: 223 pages illustrations 25 cm.
  • Idioma: Inglês
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