Credit Crises - Stevenson, Bruce G.
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Credit crises are catastrophic events in which banks and lenders suffer extreme losses when loans and other credit instruments default on a large scale and cause banks to fail in extraordinary numbers. Massive loss of economic value ensues, threatening the viability of national economies and the global financial system. The most recent credit crises, the 2007 Subprime Mortgage Crisis and 2007-2009 Great Recession, have striking parallels to the Roaring Twenties and the Great Depression. In both periods, rapid increases in the value of residential real estate fueled speculation in the housing…mehr

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Produktbeschreibung
Credit crises are catastrophic events in which banks and lenders suffer extreme losses when loans and other credit instruments default on a large scale and cause banks to fail in extraordinary numbers. Massive loss of economic value ensues, threatening the viability of national economies and the global financial system. The most recent credit crises, the 2007 Subprime Mortgage Crisis and 2007-2009 Great Recession, have striking parallels to the Roaring Twenties and the Great Depression. In both periods, rapid increases in the value of residential real estate fueled speculation in the housing and equity markets, and when the real estate bubbles burst, massive recessions and unemployment followed. In the eighty years between these catastrophes, several other credit crises occurred including a real estate investment trust crisis in the mid-1970s and a commercial real estate crisis in the late 1980s and early 1990s. Credit Crises: The Role of Excess Capital provides the first definitive explanation for these repetitive catastrophes: the Excess Capital Hypothesis (ECH). Written for bankers, bank regulators, finance professionals, and policymakers, Credit Crises provides a detailed explanation of how excess capital has been the driver of past credit crises. The ECH is the definitive roadmap for mitigating credit crises, and Credit Crises offers recommendations to bankers, bank regulators, and policymakers on how to prevent and lessen future crises.
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Autorenporträt
Dr. Bruce G. Stevenson is president and executive consultant of the Bruce G. Stevenson Company, LLC, a risk management consulting firm. He advises financial institutions in quantitative risk management, including model risk management, stress testing and capital management, advanced approaches to operational risk, and models of credit risk. He is especially adept at advising management of financial firms on quantitative risk management and its implications for their businesses, including senior risk management roles at global commercial banks.Dr. Stevenson's expertise stems from a thirty-year career in commercial banking and consulting for financial institutions, specializing in creating businesses for the management of risk, capital, and commercial loan portfolios at commercial banks and major financial institutions such as HSBC, BNP Paribas, Citibank, and Fleet Financial. In his most recent position, he led the quantitative advisory practice of the international consulting firm Alvarez & Marsal. In this role, he led the development of stress testing and model risk management programs for five U.S. banks. He is the winner of the 2009 Chief Risk Officer award at HSBC.Dr. Stevenson is a thought leader in the industry with nearly twenty papers published on risk management, portfolio management, and quantitative analytics in lending and risk management journals. He has also served as an adjunct professor of finance at Fairfield University (Fairfield, Connecticut), Pace University (New York, New York), and Cleveland State University (Cleveland, Ohio). Dr. Stevenson received his PhD from the State University of New York in 1984, his Master of Science from SUNY in 1980, and his Bachelor of Arts, magna cum laude, from Williams College in 1978. He lives in Plano, Texas.