A survey and critique of the major theories of financial crises. This second edition covers the period from 1985 and the stock market crash of 1987, the collapse of the S&L industry, the severe problems of US commercial banks, and the increasing risks posed by junk bonds.
A survey and critique of the major theories of financial crises. This second edition covers the period from 1985 and the stock market crash of 1987, the collapse of the S&L industry, the severe problems of US commercial banks, and the increasing risks posed by junk bonds.
Martin H. Wolfson teaches economics at the University of Notre Dame in South Bend, Indiana. He was formerly an economist at the Federal Reserve Board in Washington, D.C. He received the B.A. degree from Swarthmore Col-lege, and did graduate study in economics at Harvard University and The Ameri-can University, where he earned his Ph.D. He is engaged in ongoing research on developments in the financial system.
Inhaltsangabe
List of Tables List of Figures Preface to the Second Edition 1. Introduction PART I. THE BUSINESS CYCLE AND FINANCIAL CRISES 2. Cyclical Theories of Financial Crises 3. Comparison of Cyclical Theories PART II. FINANCIAL CRISES IN THE POSTWAR U.S. ECONOMY 4. The Credit Crunch of 1966 5. 1970: Penn Central 6. 1974: Franklin National 7. The Silver Crisis of 1980 8. The 1982 Crisis 9. The Legacy of 1982 10. The Collapse of Speculative Lending and Investment PART III. UNDERSTANDING THE POSTWAR EXPERIENCE 11. A Business-Cycle Model of Financial Crises 12. Evaluating the Business-Cycle Model 13. Noncyclical Theories ofFinancial Crises 14. The Changing Financial System Notes Selected Bibliography Index About the Author
List of Tables List of Figures Preface to the Second Edition 1. Introduction PART I. THE BUSINESS CYCLE AND FINANCIAL CRISES 2. Cyclical Theories of Financial Crises 3. Comparison of Cyclical Theories PART II. FINANCIAL CRISES IN THE POSTWAR U.S. ECONOMY 4. The Credit Crunch of 1966 5. 1970: Penn Central 6. 1974: Franklin National 7. The Silver Crisis of 1980 8. The 1982 Crisis 9. The Legacy of 1982 10. The Collapse of Speculative Lending and Investment PART III. UNDERSTANDING THE POSTWAR EXPERIENCE 11. A Business-Cycle Model of Financial Crises 12. Evaluating the Business-Cycle Model 13. Noncyclical Theories ofFinancial Crises 14. The Changing Financial System Notes Selected Bibliography Index About the Author
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