Gary B Gorton

Slapped by the Invisible Hand

The Panic of 2007

• Gebundenes Buch

Produktbeschreibung

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. The securitized banking system is, in fact, a real banking system, allowing institutional investors and firms to make large, short-term deposits. But, as any banking system, it was vulnerable to a panic. Indeed the events starting in August 2007 can best be understood as a panic-a wholesale panic, rather than a retail panic-involving financial firms "running" on other financial firms, resulting in the system becoming insolvent. As the financial crisis unfolded, Gorton was working inside an institution that played a central role in the collapse; thus this book presents the unparalleled perspective of a top scholar who was also a central insider.

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At the heart of the current panic is the "shadow banking system," the nexus of financial markets and instruments unknown to most people. It is a real banking system, providing a way for institutional investors and firms to deposit money. But it was vulnerable to a banking panic. This system, which insider Gary Gorton attempts to unfurl in Slapped by the Invisible Hand, lies at the heart of today's financial crisis. Building upon his highly-acclaimed paper for the theFederal Reserve Bank of Kansas City's August 2008 Jackson Hole Conference, Gorton presents new research and the information relevant to understanding the complexity of exactly what went wrong in the financial sphere.

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Produktdetails

• Verlag: Hurst & Co.
• Seitenzahl: 232
• Erscheinungstermin: 8. März 2010
• Englisch
• Abmessung: 245mm x 167mm x 22mm
• Gewicht: 538g
• ISBN-13: 9780199734153
• ISBN-10: 0199734151
• Artikelnr.: 27984972

Autorenporträt

Gary B. Gorton is Professor of Finance for the Yale School of Management, previously taught at Wharton for 24 years, and worked in the Federal Reserve System. He is also a former consultant to AIG Financial Products.

Inhaltsangabe

1.: Introduction
2.: Slapped in the Face by the Invisible Hand: Banking and the Panic of 2007 (the Jekyll Island paper)
3.: The Panic of 2007: Part 1 (Part 1 of the Jackson Hole paper)
4.: The Panic of 2007: Part 2 (Part 2 of the Jackson Hole paper)
Appendix A: A Brief Chronology of the Events of the Panic of 2007
Appendix B: Main Structured Investment Vehicle Outcomes
5.: Bank Regulation When "Banks" and "Banking" are Not the Same
6.: A Note to Those Reading this in 2107
7.: Bibliography
8.: Notes
9.: Index