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Questions and Answers
What classical economic ideas are presented in Chapter 2 of 'Manias, Panics, and Crashes'?
What classical economic ideas are presented in Chapter 2 of 'Manias, Panics, and Crashes'?
- Over-trading, revulsion, and discredit (correct)
- Keynesian economics and the multiplier effect
- Under-consumption, over-production, and market equilibrium
- Monetary policy and interest rates
According to 'Manias, Panics, and Crashes', what is Hyman Minsky's model of an unstable financial system prone to crisis?
According to 'Manias, Panics, and Crashes', what is Hyman Minsky's model of an unstable financial system prone to crisis?
- A model of rational expectations and efficient markets
- A model of steady growth and stability in financial markets
- A model of government intervention to prevent market failures
- A model of boom and bust cycles that are inevitable in capitalist economies (correct)
What does Chapter 3 of 'Manias, Panics, and Crashes' explore?
What does Chapter 3 of 'Manias, Panics, and Crashes' explore?
- The rationality of markets in securities and real estate
- The role of central banks in regulating financial markets
- The irrationality of markets in securities and real estate (correct)
- The impact of government intervention on financial markets
What has led to domestic monetary expansion and increased borrowing for speculative investment in some countries, according to 'Manias, Panics, and Crashes'?
What has led to domestic monetary expansion and increased borrowing for speculative investment in some countries, according to 'Manias, Panics, and Crashes'?
What innovation in finance contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland, according to 'Manias, Panics, and Crashes'?
What innovation in finance contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland, according to 'Manias, Panics, and Crashes'?
What does Chapter 5 of 'Manias, Panics, and Crashes' question?
What does Chapter 5 of 'Manias, Panics, and Crashes' question?
What does Chapter 7 of 'Manias, Panics, and Crashes' explore?
What does Chapter 7 of 'Manias, Panics, and Crashes' explore?
What does Chapter 8 of 'Manias, Panics, and Crashes' cover?
What does Chapter 8 of 'Manias, Panics, and Crashes' cover?
What does Chapter 9 of 'Manias, Panics, and Crashes' highlight?
What does Chapter 9 of 'Manias, Panics, and Crashes' highlight?
What was the impact of the collapse of Enron, according to 'Manias, Panics, and Crashes'?
What was the impact of the collapse of Enron, according to 'Manias, Panics, and Crashes'?
What was the impact of MCIWorldCom's actions, according to 'Manias, Panics, and Crashes'?
What was the impact of MCIWorldCom's actions, according to 'Manias, Panics, and Crashes'?
What did Merrill Lynch pay $100 million for, according to 'Manias, Panics, and Crashes'?
What did Merrill Lynch pay $100 million for, according to 'Manias, Panics, and Crashes'?
What classical economic ideas are presented in Chapter 2 of 'Manias, Panics, and Crashes'?
What classical economic ideas are presented in Chapter 2 of 'Manias, Panics, and Crashes'?
According to 'Manias, Panics, and Crashes', what is Hyman Minsky's model of an unstable financial system prone to crisis?
According to 'Manias, Panics, and Crashes', what is Hyman Minsky's model of an unstable financial system prone to crisis?
What does Chapter 3 of 'Manias, Panics, and Crashes' explore?
What does Chapter 3 of 'Manias, Panics, and Crashes' explore?
What has led to domestic monetary expansion and increased borrowing for speculative investment in some countries, according to 'Manias, Panics, and Crashes'?
What has led to domestic monetary expansion and increased borrowing for speculative investment in some countries, according to 'Manias, Panics, and Crashes'?
What innovation in finance contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland, according to 'Manias, Panics, and Crashes'?
What innovation in finance contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland, according to 'Manias, Panics, and Crashes'?
What does Chapter 5 of 'Manias, Panics, and Crashes' question?
What does Chapter 5 of 'Manias, Panics, and Crashes' question?
What does Chapter 7 of 'Manias, Panics, and Crashes' explore?
What does Chapter 7 of 'Manias, Panics, and Crashes' explore?
What does Chapter 8 of 'Manias, Panics, and Crashes' cover?
What does Chapter 8 of 'Manias, Panics, and Crashes' cover?
What does Chapter 9 of 'Manias, Panics, and Crashes' highlight?
What does Chapter 9 of 'Manias, Panics, and Crashes' highlight?
What was the impact of the collapse of Enron, according to 'Manias, Panics, and Crashes'?
What was the impact of the collapse of Enron, according to 'Manias, Panics, and Crashes'?
What was the impact of MCIWorldCom's actions, according to 'Manias, Panics, and Crashes'?
What was the impact of MCIWorldCom's actions, according to 'Manias, Panics, and Crashes'?
What did Merrill Lynch pay $100 million for, according to 'Manias, Panics, and Crashes'?
What did Merrill Lynch pay $100 million for, according to 'Manias, Panics, and Crashes'?
What is the main focus of Chapter 2 in 'Manias, Panics, and Crashes'?
What is the main focus of Chapter 2 in 'Manias, Panics, and Crashes'?
Which country's financial liberalization or deregulation led to domestic monetary expansion and increased borrowing for speculative investment?
Which country's financial liberalization or deregulation led to domestic monetary expansion and increased borrowing for speculative investment?
What is the focus of Chapter 4 in 'Manias, Panics, and Crashes'?
What is the focus of Chapter 4 in 'Manias, Panics, and Crashes'?
What is the focus of Chapter 7 in 'Manias, Panics, and Crashes'?
What is the focus of Chapter 7 in 'Manias, Panics, and Crashes'?
Which country had negative economic growth for five consecutive years, a fiscal deficit of over 10% of its GDP, and a government debt to GDP ratio of 140%?
Which country had negative economic growth for five consecutive years, a fiscal deficit of over 10% of its GDP, and a government debt to GDP ratio of 140%?
What is the focus of Chapter 10 in 'Manias, Panics, and Crashes'?
What is the focus of Chapter 10 in 'Manias, Panics, and Crashes'?
What was the innovation that contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland?
What was the innovation that contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland?
Which individual was charged and imprisoned for obstruction of justice related to a share deal?
Which individual was charged and imprisoned for obstruction of justice related to a share deal?
Which global accounting firm failed after the collapse of Enron?
Which global accounting firm failed after the collapse of Enron?
Which investment banking firm paid $100 million to move the story about Henry Blodgett, a security analyst writing scathing emails about promoted firms, off the front pages?
Which investment banking firm paid $100 million to move the story about Henry Blodgett, a security analyst writing scathing emails about promoted firms, off the front pages?
Which country experienced a surge in property prices that led to a follow-on crisis in the debt of governments of Greece and other Mediterranean countries?
Which country experienced a surge in property prices that led to a follow-on crisis in the debt of governments of Greece and other Mediterranean countries?
What is the focus of Chapter 6 in 'Manias, Panics, and Crashes'?
What is the focus of Chapter 6 in 'Manias, Panics, and Crashes'?
What classical economic ideas are presented in Chapter 2?
What classical economic ideas are presented in Chapter 2?
What is Hyman Minsky's model of an unstable financial system?
What is Hyman Minsky's model of an unstable financial system?
What does Chapter 3 explore?
What does Chapter 3 explore?
What is the impact of financial liberalization or deregulation in some countries according to the text?
What is the impact of financial liberalization or deregulation in some countries according to the text?
What innovation in finance contributed to the rapid expansion of the financial sector during real estate booms in some countries?
What innovation in finance contributed to the rapid expansion of the financial sector during real estate booms in some countries?
What does Chapter 5 question?
What does Chapter 5 question?
What does Chapter 7 explore?
What does Chapter 7 explore?
What is the focus of Chapter 8?
What is the focus of Chapter 8?
What is highlighted in Chapter 9?
What is highlighted in Chapter 9?
What was the impact of the collapse of Enron?
What was the impact of the collapse of Enron?
What did MCIWorldCom do to inflate profits?
What did MCIWorldCom do to inflate profits?
What did large US mutual funds allow firms to do?
What did large US mutual funds allow firms to do?
What classical economic ideas does Chapter 2 follow?
What classical economic ideas does Chapter 2 follow?
What is Hyman Minsky's model of an unstable financial system prone to crisis?
What is Hyman Minsky's model of an unstable financial system prone to crisis?
What does Chapter 3 explore?
What does Chapter 3 explore?
What has financial liberalization or deregulation led to in certain countries?
What has financial liberalization or deregulation led to in certain countries?
What contributed to the rapid expansion of the financial sector during real estate booms in certain countries?
What contributed to the rapid expansion of the financial sector during real estate booms in certain countries?
What does Chapter 5 question?
What does Chapter 5 question?
What does Chapter 7 explore?
What does Chapter 7 explore?
What does Chapter 9 highlight?
What does Chapter 9 highlight?
What was the result of Enron and MCIWorldCom using off-balance sheet financing and inflated prices to show increased profits?
What was the result of Enron and MCIWorldCom using off-balance sheet financing and inflated prices to show increased profits?
What happened to Martha Stewart related to a share deal?
What happened to Martha Stewart related to a share deal?
What did Merrill Lynch pay $100 million for?
What did Merrill Lynch pay $100 million for?
What did large US mutual funds allow firms to do?
What did large US mutual funds allow firms to do?
What is the classical economic idea that Chapter 2 presents?
What is the classical economic idea that Chapter 2 presents?
What is Hyman Minsky's model of an unstable financial system prone to crisis?
What is Hyman Minsky's model of an unstable financial system prone to crisis?
What does Chapter 3 explore?
What does Chapter 3 explore?
What is the result of financial liberalization or deregulation in several countries?
What is the result of financial liberalization or deregulation in several countries?
What contributed to the rapid expansion of the financial sector during real estate booms in several countries?
What contributed to the rapid expansion of the financial sector during real estate booms in several countries?
What does Chapter 5 question?
What does Chapter 5 question?
What does Chapter 7 explore?
What does Chapter 7 explore?
What does Chapter 8 cover?
What does Chapter 8 cover?
What does Chapter 9 highlight?
What does Chapter 9 highlight?
What happened to Greece during its sovereign debt crisis?
What happened to Greece during its sovereign debt crisis?
What was the result of the collapse of Enron?
What was the result of the collapse of Enron?
What did MCIWorldCom do to inflate profits?
What did MCIWorldCom do to inflate profits?
What classical economic ideas does Chapter 2 of 'Manias, Panics, and Crashes' follow?
What classical economic ideas does Chapter 2 of 'Manias, Panics, and Crashes' follow?
What is Hyman Minsky's model of an unstable financial system?
What is Hyman Minsky's model of an unstable financial system?
What does Chapter 3 of 'Manias, Panics, and Crashes' explore?
What does Chapter 3 of 'Manias, Panics, and Crashes' explore?
What has financial liberalization or deregulation led to in certain countries?
What has financial liberalization or deregulation led to in certain countries?
What contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland?
What contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland?
What does Chapter 5 of 'Manias, Panics, and Crashes' question?
What does Chapter 5 of 'Manias, Panics, and Crashes' question?
What does Chapter 7 of 'Manias, Panics, and Crashes' explore?
What does Chapter 7 of 'Manias, Panics, and Crashes' explore?
What does Chapter 8 of 'Manias, Panics, and Crashes' cover?
What does Chapter 8 of 'Manias, Panics, and Crashes' cover?
What does Chapter 9 of 'Manias, Panics, and Crashes' highlight?
What does Chapter 9 of 'Manias, Panics, and Crashes' highlight?
What was the result of Enron and MCIWorldCom using off-balance sheet financing and inflated prices to show increased profits?
What was the result of Enron and MCIWorldCom using off-balance sheet financing and inflated prices to show increased profits?
What was the result of Merrill Lynch paying $100 million to move the story about Henry Blodgett, a security analyst writing scathing emails about promoted firms, off the front pages?
What was the result of Merrill Lynch paying $100 million to move the story about Henry Blodgett, a security analyst writing scathing emails about promoted firms, off the front pages?
What was the result of large US mutual funds allowing firms to trade on stale news?
What was the result of large US mutual funds allowing firms to trade on stale news?
Chapter 2 presents a model of speculation based on classical economic ideas of over-trading, revulsion, and discredit.
Chapter 2 presents a model of speculation based on classical economic ideas of over-trading, revulsion, and discredit.
Hyman Minsky's financial system model has no explanatory power for real estate and securities surges in Japan and other countries.
Hyman Minsky's financial system model has no explanatory power for real estate and securities surges in Japan and other countries.
Chapter 3 explores whether speculation in securities and real estate can be destabilizing.
Chapter 3 explores whether speculation in securities and real estate can be destabilizing.
Financial liberalization has not led to increased borrowing for speculative investment in various countries.
Financial liberalization has not led to increased borrowing for speculative investment in various countries.
Chapter 4 analyzes the monetary dimensions of manias and panics, noting occasions when a boom or panic was triggered by a monetary event.
Chapter 4 analyzes the monetary dimensions of manias and panics, noting occasions when a boom or panic was triggered by a monetary event.
The innovation of securitization and mortgage-backed securities did not contribute to the rapid expansion of the financial sector during real estate booms in various countries.
The innovation of securitization and mortgage-backed securities did not contribute to the rapid expansion of the financial sector during real estate booms in various countries.
Chapter 5 questions whether official warnings can halt manias and discusses the turning point that ultimately produces a crisis.
Chapter 5 questions whether official warnings can halt manias and discusses the turning point that ultimately produces a crisis.
Chapter 7 explores the discovery of frauds and swindles that developed in the froth of a mania.
Chapter 7 explores the discovery of frauds and swindles that developed in the froth of a mania.
Chapter 8 covers the international contagion of manias and crises from the seventeenth to the first half of the twentieth century.
Chapter 8 covers the international contagion of manias and crises from the seventeenth to the first half of the twentieth century.
There is no connection between the developing country debt crisis and the surge in property prices in Japan and a follow-on crisis in the debt of governments of Greece and other Mediterranean countries.
There is no connection between the developing country debt crisis and the surge in property prices in Japan and a follow-on crisis in the debt of governments of Greece and other Mediterranean countries.
Chapter 10 focuses on the real estate and banking crises in Ireland and Spain, as well as the sovereign debt crises in Greece and Portugal.
Chapter 10 focuses on the real estate and banking crises in Ireland and Spain, as well as the sovereign debt crises in Greece and Portugal.
The collapse of Enron did not lead to the failure of Arthur Andersen, previously the most highly regarded global accounting firm.
The collapse of Enron did not lead to the failure of Arthur Andersen, previously the most highly regarded global accounting firm.
What is the focus of Chapter 2 in 'Manias, Panics, and Crashes'?
What is the focus of Chapter 2 in 'Manias, Panics, and Crashes'?
What is the main idea of Hyman Minsky's model of an unstable financial system?
What is the main idea of Hyman Minsky's model of an unstable financial system?
What does Chapter 3 of 'Manias, Panics, and Crashes' explore?
What does Chapter 3 of 'Manias, Panics, and Crashes' explore?
What is the main idea of Chapter 4 in 'Manias, Panics, and Crashes'?
What is the main idea of Chapter 4 in 'Manias, Panics, and Crashes'?
What contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland?
What contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland?
What is the focus of Chapter 5 in 'Manias, Panics, and Crashes'?
What is the focus of Chapter 5 in 'Manias, Panics, and Crashes'?
What does Chapter 6 of 'Manias, Panics, and Crashes' discuss?
What does Chapter 6 of 'Manias, Panics, and Crashes' discuss?
What does Chapter 7 of 'Manias, Panics, and Crashes' explore?
What does Chapter 7 of 'Manias, Panics, and Crashes' explore?
What is the focus of Chapter 8 in 'Manias, Panics, and Crashes'?
What is the focus of Chapter 8 in 'Manias, Panics, and Crashes'?
What is the focus of Chapter 9 in 'Manias, Panics, and Crashes'?
What is the focus of Chapter 9 in 'Manias, Panics, and Crashes'?
What was the result of the collapse of Enron?
What was the result of the collapse of Enron?
What happened to Martha Stewart in relation to the financial scandals discussed in 'Manias, Panics, and Crashes'?
What happened to Martha Stewart in relation to the financial scandals discussed in 'Manias, Panics, and Crashes'?
What was the main issue faced by Greece during the sovereign debt crisis discussed in 'Manias, Panics, and Crashes'?
What was the main issue faced by Greece during the sovereign debt crisis discussed in 'Manias, Panics, and Crashes'?
Chapter 2 presents a model of speculation that follows classical economic ideas of over-trading, revulsion, and discredit.
Chapter 2 presents a model of speculation that follows classical economic ideas of over-trading, revulsion, and discredit.
Hyman Minsky's model of an unstable financial system has no explanatory power for earlier crises in the US and Western Europe.
Hyman Minsky's model of an unstable financial system has no explanatory power for earlier crises in the US and Western Europe.
Chapter 3 explores whether markets in securities and real estate are always rational.
Chapter 3 explores whether markets in securities and real estate are always rational.
Financial liberalization or deregulation has not led to increased borrowing for speculative investment in some countries.
Financial liberalization or deregulation has not led to increased borrowing for speculative investment in some countries.
Innovation in finance can shock the system.
Innovation in finance can shock the system.
Chapter 5 questions whether official warnings can halt manias.
Chapter 5 questions whether official warnings can halt manias.
Chapter 6 discusses the impacts of a mania on domestic spending, but not on international spending.
Chapter 6 discusses the impacts of a mania on domestic spending, but not on international spending.
Frauds and swindles never develop in the froth of a mania.
Frauds and swindles never develop in the froth of a mania.
Chapter 8 covers the international contagion of manias and crises from the seventeenth century to the first half of the twentieth century.
Chapter 8 covers the international contagion of manias and crises from the seventeenth century to the first half of the twentieth century.
There is no systematic relationship between surges in credit and real estate prices in multiple countries.
There is no systematic relationship between surges in credit and real estate prices in multiple countries.
Investment banking firms paid $1.4 billion to forestall trials related to Enron and MCIWorldCom.
Investment banking firms paid $1.4 billion to forestall trials related to Enron and MCIWorldCom.
Several individuals, including six Enron senior managers, went to jail.
Several individuals, including six Enron senior managers, went to jail.
What classical economic ideas does Chapter 2 follow?
What classical economic ideas does Chapter 2 follow?
What does Hyman Minsky's model of an unstable financial system explain?
What does Hyman Minsky's model of an unstable financial system explain?
What does Chapter 3 explore?
What does Chapter 3 explore?
What has financial liberalization or deregulation led to in some countries?
What has financial liberalization or deregulation led to in some countries?
What contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland?
What contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland?
What does Chapter 5 question?
What does Chapter 5 question?
What does Chapter 7 explore?
What does Chapter 7 explore?
What does Chapter 8 cover?
What does Chapter 8 cover?
What does Chapter 9 highlight?
What does Chapter 9 highlight?
What happened to Greece during its sovereign debt crisis?
What happened to Greece during its sovereign debt crisis?
What did the EU oppose during Greece's sovereign debt crisis?
What did the EU oppose during Greece's sovereign debt crisis?
What did the collapse of Enron lead to?
What did the collapse of Enron lead to?
Chapter 2 presents a model of speculation that follows classical economic ideas of over-trading, revulsion, and discredit?
Chapter 2 presents a model of speculation that follows classical economic ideas of over-trading, revulsion, and discredit?
Hyman Minsky's model of an unstable financial system prone to crisis only has explanatory power for earlier crises in the US and Western Europe?
Hyman Minsky's model of an unstable financial system prone to crisis only has explanatory power for earlier crises in the US and Western Europe?
Chapter 3 explores whether markets in securities and real estate are always rational or whether speculation can be destabilizing?
Chapter 3 explores whether markets in securities and real estate are always rational or whether speculation can be destabilizing?
Financial liberalization or deregulation in Japan, Nordic countries, some Asian countries, Mexico, Russia, and Iceland led to domestic monetary expansion and increased borrowing for speculative investment?
Financial liberalization or deregulation in Japan, Nordic countries, some Asian countries, Mexico, Russia, and Iceland led to domestic monetary expansion and increased borrowing for speculative investment?
Chapter 4 analyzes the monetary dimensions of manias and panics, noting occasions when a boom or panic was triggered by a monetary event?
Chapter 4 analyzes the monetary dimensions of manias and panics, noting occasions when a boom or panic was triggered by a monetary event?
Rapid increases in credit available to homeowners and real estate developers following the innovation of securitization and mortgage-backed securities only contributed to the rapid expansion of the financial sector during real estate booms in the US?
Rapid increases in credit available to homeowners and real estate developers following the innovation of securitization and mortgage-backed securities only contributed to the rapid expansion of the financial sector during real estate booms in the US?
Chapter 5 reviews the domestic aspects of a banking crisis, questioning whether official warnings can halt manias and discussing the turning point that ultimately produces a crisis?
Chapter 5 reviews the domestic aspects of a banking crisis, questioning whether official warnings can halt manias and discussing the turning point that ultimately produces a crisis?
Chapter 7 explores the discovery of frauds and swindles that developed in the froth of a mania, including personal and corporate frauds such as Bernie Madoff's Ponzi scheme and Enron's fraudulent practices?
Chapter 7 explores the discovery of frauds and swindles that developed in the froth of a mania, including personal and corporate frauds such as Bernie Madoff's Ponzi scheme and Enron's fraudulent practices?
Chapter 8 covers the international contagion of manias and crises from the seventeenth to the first half of the twentieth century?
Chapter 8 covers the international contagion of manias and crises from the seventeenth to the first half of the twentieth century?
Chapter 9 highlights the four waves of banking crises since the early 1980s and the systematic relationship between surges in credit and real estate prices in Mexico, Japan, Southeast Asia, and the US, Britain, Ireland, Iceland, and Spain?
Chapter 9 highlights the four waves of banking crises since the early 1980s and the systematic relationship between surges in credit and real estate prices in Mexico, Japan, Southeast Asia, and the US, Britain, Ireland, Iceland, and Spain?
The EU supported Greece leaving the euro during its sovereign debt crisis?
The EU supported Greece leaving the euro during its sovereign debt crisis?
The collapse of Enron led to the failure of Arthur Andersen, previously the most highly regarded global accounting firm?
The collapse of Enron led to the failure of Arthur Andersen, previously the most highly regarded global accounting firm?
What classical economic ideas are presented in Chapter 2 of 'Manias, Panics, and Crashes'?
What classical economic ideas are presented in Chapter 2 of 'Manias, Panics, and Crashes'?
Which countries experienced real estate and securities surges and subsequent crises that are explained by Hyman Minsky's model?
Which countries experienced real estate and securities surges and subsequent crises that are explained by Hyman Minsky's model?
What does Chapter 3 of 'Manias, Panics, and Crashes' explore?
What does Chapter 3 of 'Manias, Panics, and Crashes' explore?
Which countries experienced domestic monetary expansion and increased borrowing for speculative investment due to financial liberalization or deregulation, according to the text?
Which countries experienced domestic monetary expansion and increased borrowing for speculative investment due to financial liberalization or deregulation, according to the text?
According to Chapter 4 of 'Manias, Panics, and Crashes', what contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland?
According to Chapter 4 of 'Manias, Panics, and Crashes', what contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland?
What does Chapter 5 of 'Manias, Panics, and Crashes' question?
What does Chapter 5 of 'Manias, Panics, and Crashes' question?
What does Chapter 7 of 'Manias, Panics, and Crashes' explore?
What does Chapter 7 of 'Manias, Panics, and Crashes' explore?
What does Chapter 8 of 'Manias, Panics, and Crashes' cover?
What does Chapter 8 of 'Manias, Panics, and Crashes' cover?
What is highlighted in Chapter 9 of 'Manias, Panics, and Crashes'?
What is highlighted in Chapter 9 of 'Manias, Panics, and Crashes'?
What was the result of Greece's negative economic growth for five consecutive years, a fiscal deficit of over 10% of its GDP, and a government debt to GDP ratio of 140%?
What was the result of Greece's negative economic growth for five consecutive years, a fiscal deficit of over 10% of its GDP, and a government debt to GDP ratio of 140%?
What was the result of the collapse of Enron?
What was the result of the collapse of Enron?
What did MCIWorldCom do to inflate profits, according to the text?
What did MCIWorldCom do to inflate profits, according to the text?
What classical economic ideas does Chapter 2 of 'Manias, Panics, and Crashes' follow?
What classical economic ideas does Chapter 2 of 'Manias, Panics, and Crashes' follow?
What is Hyman Minsky's model of an unstable financial system prone to crisis?
What is Hyman Minsky's model of an unstable financial system prone to crisis?
What does Chapter 3 of 'Manias, Panics, and Crashes' explore?
What does Chapter 3 of 'Manias, Panics, and Crashes' explore?
What has financial liberalization or deregulation led to in some countries according to the text?
What has financial liberalization or deregulation led to in some countries according to the text?
What is the innovation in finance that contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland?
What is the innovation in finance that contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland?
What does Chapter 5 of 'Manias, Panics, and Crashes' question?
What does Chapter 5 of 'Manias, Panics, and Crashes' question?
What does Chapter 7 of 'Manias, Panics, and Crashes' explore?
What does Chapter 7 of 'Manias, Panics, and Crashes' explore?
What does Chapter 8 of 'Manias, Panics, and Crashes' cover?
What does Chapter 8 of 'Manias, Panics, and Crashes' cover?
What does Chapter 9 of 'Manias, Panics, and Crashes' highlight?
What does Chapter 9 of 'Manias, Panics, and Crashes' highlight?
What was the result of Greece's negative economic growth for five consecutive years, a fiscal deficit of over 10% of its GDP, and a government debt to GDP ratio of 140%?
What was the result of Greece's negative economic growth for five consecutive years, a fiscal deficit of over 10% of its GDP, and a government debt to GDP ratio of 140%?
What did Enron and MCIWorldCom do to show increased profits?
What did Enron and MCIWorldCom do to show increased profits?
What did Merrill Lynch pay $100 million to do according to the text?
What did Merrill Lynch pay $100 million to do according to the text?
What classical economic ideas does Chapter 2 of 'Manias, Panics, and Crashes' follow?
What classical economic ideas does Chapter 2 of 'Manias, Panics, and Crashes' follow?
What does Hyman Minsky's model of an unstable financial system explain?
What does Hyman Minsky's model of an unstable financial system explain?
What does Chapter 3 of 'Manias, Panics, and Crashes' explore?
What does Chapter 3 of 'Manias, Panics, and Crashes' explore?
What countries have experienced domestic monetary expansion and increased borrowing for speculative investment due to financial liberalization or deregulation?
What countries have experienced domestic monetary expansion and increased borrowing for speculative investment due to financial liberalization or deregulation?
What innovation in finance contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland?
What innovation in finance contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland?
What does Chapter 5 of 'Manias, Panics, and Crashes' question?
What does Chapter 5 of 'Manias, Panics, and Crashes' question?
What does Chapter 7 of 'Manias, Panics, and Crashes' explore?
What does Chapter 7 of 'Manias, Panics, and Crashes' explore?
What does Chapter 8 of 'Manias, Panics, and Crashes' cover?
What does Chapter 8 of 'Manias, Panics, and Crashes' cover?
What does Chapter 9 of 'Manias, Panics, and Crashes' highlight?
What does Chapter 9 of 'Manias, Panics, and Crashes' highlight?
What was the result of Greece's negative economic growth, fiscal deficit, and high government debt to GDP ratio?
What was the result of Greece's negative economic growth, fiscal deficit, and high government debt to GDP ratio?
What was the result of the collapse of Enron?
What was the result of the collapse of Enron?
What did Merrill Lynch pay $100 million for in relation to Henry Blodgett?
What did Merrill Lynch pay $100 million for in relation to Henry Blodgett?
Chapter 2 presents a model of speculation based on classical economic ideas of over-trading, revulsion, and discredit.
Chapter 2 presents a model of speculation based on classical economic ideas of over-trading, revulsion, and discredit.
Hyman Minsky's model of an unstable financial system has no explanatory power for earlier crises in the US and Western Europe.
Hyman Minsky's model of an unstable financial system has no explanatory power for earlier crises in the US and Western Europe.
Chapter 3 questions whether markets in securities and real estate are always rational or whether speculation can be destabilizing.
Chapter 3 questions whether markets in securities and real estate are always rational or whether speculation can be destabilizing.
Financial liberalization or deregulation has not led to increased borrowing for speculative investment in some Asian countries.
Financial liberalization or deregulation has not led to increased borrowing for speculative investment in some Asian countries.
Chapter 4 analyzes the monetary dimensions of manias and panics, noting occasions when a boom or panic was triggered by a monetary event.
Chapter 4 analyzes the monetary dimensions of manias and panics, noting occasions when a boom or panic was triggered by a monetary event.
The expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland was not contributed to by rapid increases in credit available to homeowners and real estate developers.
The expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland was not contributed to by rapid increases in credit available to homeowners and real estate developers.
Chapter 5 discusses the impacts of a mania on domestic spending and resulting euphoria, including extravagant expenditures by individuals and countries building the tallest buildings in the world.
Chapter 5 discusses the impacts of a mania on domestic spending and resulting euphoria, including extravagant expenditures by individuals and countries building the tallest buildings in the world.
Chapter 7 explores the discovery of frauds and swindles that developed in the froth of a mania, including personal and corporate frauds.
Chapter 7 explores the discovery of frauds and swindles that developed in the froth of a mania, including personal and corporate frauds.
Chapter 8 examines the international contagion of manias and crises from the seventeenth to the first half of the twentieth century.
Chapter 8 examines the international contagion of manias and crises from the seventeenth to the first half of the twentieth century.
The four waves of banking crises since the early 1980s are independent and unrelated.
The four waves of banking crises since the early 1980s are independent and unrelated.
Enron and MCIWorldCom used off-balance sheet financing and inflated prices to show increased profits, resulting in their collapse and the failure of Arthur Andersen.
Enron and MCIWorldCom used off-balance sheet financing and inflated prices to show increased profits, resulting in their collapse and the failure of Arthur Andersen.
Greece leaving the euro was supported by the EU, resulting in domestic deflation and serial write-offs of government debt.
Greece leaving the euro was supported by the EU, resulting in domestic deflation and serial write-offs of government debt.
What is one reason for slower economic growth in the Eurozone compared to the US and UK?
What is one reason for slower economic growth in the Eurozone compared to the US and UK?
What is one option for domestic crisis management?
What is one option for domestic crisis management?
What is the focus of a domestic lender of last resort?
What is the focus of a domestic lender of last resort?
What was the original purpose of the IMF?
What was the original purpose of the IMF?
What could have prevented the US banking crisis of 2008?
What could have prevented the US banking crisis of 2008?
What is the focus of Hyman Minsky's model of banking crises?
What is the focus of Hyman Minsky's model of banking crises?
What is a key factor that contributes to fragility in financial arrangements and increased likelihood of banking crises?
What is a key factor that contributes to fragility in financial arrangements and increased likelihood of banking crises?
What is the first event that leads to a crisis according to Minsky's model?
What is the first event that leads to a crisis according to Minsky's model?
What do investors do during expansions according to Minsky's model?
What do investors do during expansions according to Minsky's model?
What is one reason for the severity of the credit crisis that began in September 2008?
What is one reason for the severity of the credit crisis that began in September 2008?
What is the focus of economists when studying financial crises?
What is the focus of economists when studying financial crises?
What is one factor that contributes to crises according to Minsky's model?
What is one factor that contributes to crises according to Minsky's model?
What is the main reason for slower economic growth in the Eurozone compared to the US and UK?
What is the main reason for slower economic growth in the Eurozone compared to the US and UK?
What is the focus of the policy choices of a domestic lender of last resort?
What is the focus of the policy choices of a domestic lender of last resort?
What was the original purpose of the IMF?
What was the original purpose of the IMF?
What could have prevented the US banking crisis of 2008?
What could have prevented the US banking crisis of 2008?
What is the main difference between how historians and economists view events?
What is the main difference between how historians and economists view events?
What is the focus of Hyman Minsky's model of banking crises?
What is the focus of Hyman Minsky's model of banking crises?
What is the result of the increase and subsequent decline in the supply of credit according to Minsky's model?
What is the result of the increase and subsequent decline in the supply of credit according to Minsky's model?
What is the first event that leads to a crisis according to Minsky's model?
What is the first event that leads to a crisis according to Minsky's model?
What is the main reason for crises occurring regularly at ten-year intervals in the 19th century?
What is the main reason for crises occurring regularly at ten-year intervals in the 19th century?
What is the result of lenders becoming less risk-averse during expansions according to Minsky's model?
What is the result of lenders becoming less risk-averse during expansions according to Minsky's model?
What is the focus of domestic crisis management options?
What is the focus of domestic crisis management options?
What is the focus of the economic model of a banking crisis?
What is the focus of the economic model of a banking crisis?
What led to the Eurozone giving up the right to manage monetary policy?
What led to the Eurozone giving up the right to manage monetary policy?
What is the focus of a domestic lender of last resort when making policy choices?
What is the focus of a domestic lender of last resort when making policy choices?
What is the role of the IMF according to the text?
What is the role of the IMF according to the text?
What is the impact of the US government's decision not to provide financial assistance to Lehman Brothers?
What is the impact of the US government's decision not to provide financial assistance to Lehman Brothers?
What is the focus of the economic model of a banking crisis?
What is the focus of the economic model of a banking crisis?
What is Minsky's model of banking crises?
What is Minsky's model of banking crises?
What happens to the supply of credit during economic expansions?
What happens to the supply of credit during economic expansions?
What do investors become during economic expansions according to the text?
What do investors become during economic expansions according to the text?
What leads to a crisis according to Minsky's model?
What leads to a crisis according to Minsky's model?
What is the impact of a decline in security prices according to the text?
What is the impact of a decline in security prices according to the text?
What do historians and economists focus on when studying financial crises according to the text?
What do historians and economists focus on when studying financial crises according to the text?
What range of domestic crisis management options are available according to the text?
What range of domestic crisis management options are available according to the text?
What did Eurozone countries give up when they adopted the euro?
What did Eurozone countries give up when they adopted the euro?
What is the reason for slower economic growth in the Eurozone compared to the US and UK?
What is the reason for slower economic growth in the Eurozone compared to the US and UK?
What is the current state of unemployment in Greece?
What is the current state of unemployment in Greece?
What are the options for domestic crisis management?
What are the options for domestic crisis management?
What is the focus of policy choices for a domestic lender of last resort?
What is the focus of policy choices for a domestic lender of last resort?
What was the original purpose of the IMF?
What was the original purpose of the IMF?
What could have prevented the US banking crisis of 2008?
What could have prevented the US banking crisis of 2008?
What was the reason for the severity of the credit crisis that began in September 2008?
What was the reason for the severity of the credit crisis that began in September 2008?
What is the question posed by the presence of the IMF during the last forty years of financial crises?
What is the question posed by the presence of the IMF during the last forty years of financial crises?
Who has written books about their experiences during the 2008 banking crisis?
Who has written books about their experiences during the 2008 banking crisis?
What is the focus of the economic model of a banking crisis?
What is the focus of the economic model of a banking crisis?
What is the reason for the fragility in financial arrangements and increased likelihood of banking crises according to Minsky's model?
What is the reason for the fragility in financial arrangements and increased likelihood of banking crises according to Minsky's model?
The Eurozone countries still have control over their monetary policy despite adopting the euro.
The Eurozone countries still have control over their monetary policy despite adopting the euro.
Despite having less severe banking crises, the economic growth in the Eurozone has been faster than in the US and UK.
Despite having less severe banking crises, the economic growth in the Eurozone has been faster than in the US and UK.
Despite being expansive, the European Central Bank has failed to improve the employment situation in Greece.
Despite being expansive, the European Central Bank has failed to improve the employment situation in Greece.
Domestic crisis management options do not include legal holidays and deposit insurance.
Domestic crisis management options do not include legal holidays and deposit insurance.
The policy choices of a domestic lender of last resort do not take into account moral hazard.
The policy choices of a domestic lender of last resort do not take into account moral hazard.
The IMF was initially established to reduce currency price manipulation.
The IMF was initially established to reduce currency price manipulation.
The US banking crisis of 2008 could have been avoided even if Lehman Brothers had not been acquired by another firm or government ownership taken over.
The US banking crisis of 2008 could have been avoided even if Lehman Brothers had not been acquired by another firm or government ownership taken over.
The severity of the credit crisis that began in September 2008 was due to the US government's decision to provide financial assistance to Lehman Brothers.
The severity of the credit crisis that began in September 2008 was due to the US government's decision to provide financial assistance to Lehman Brothers.
The presence of the IMF has encouraged profligate national financial policies, leading to more financial crises.
The presence of the IMF has encouraged profligate national financial policies, leading to more financial crises.
Alan Greenspan, Ben Bernanke, Henry Paulson, Timothy Geithner, and Sheila Barr have not written books about their experiences during the 2008 banking crisis.
Alan Greenspan, Ben Bernanke, Henry Paulson, Timothy Geithner, and Sheila Barr have not written books about their experiences during the 2008 banking crisis.
Economists view financial crisis events as unique while historians search for patterns in the data.
Economists view financial crisis events as unique while historians search for patterns in the data.
In Minsky's model, crises occur when investors become distressed buyers as the prices of the securities they bought decline.
In Minsky's model, crises occur when investors become distressed buyers as the prices of the securities they bought decline.
What is the primary reason for slower economic growth in the Eurozone compared to the US and UK?
What is the primary reason for slower economic growth in the Eurozone compared to the US and UK?
What are the range of domestic crisis management options available to countries?
What are the range of domestic crisis management options available to countries?
What is the focus of policy choices for a domestic lender of last resort?
What is the focus of policy choices for a domestic lender of last resort?
What was the original purpose of the IMF when it was established in the 1940s?
What was the original purpose of the IMF when it was established in the 1940s?
What could have prevented the US banking crisis of 2008?
What could have prevented the US banking crisis of 2008?
What is the focus of historians when viewing financial crises?
What is the focus of historians when viewing financial crises?
What is the primary cause of fragility in financial arrangements and increased likelihood of banking crises according to Minsky's model?
What is the primary cause of fragility in financial arrangements and increased likelihood of banking crises according to Minsky's model?
What is the definition of a 'displacement' in Minsky's model of a banking crisis?
What is the definition of a 'displacement' in Minsky's model of a banking crisis?
What is the primary reason for investors becoming more willing to borrow during expansions according to Minsky's model?
What is the primary reason for investors becoming more willing to borrow during expansions according to Minsky's model?
What is the focus of Minsky's model of a banking crisis?
What is the focus of Minsky's model of a banking crisis?
What is the primary reason for crises occurring less regularly in the 20th century compared to the 19th century?
What is the primary reason for crises occurring less regularly in the 20th century compared to the 19th century?
What is the definition of a pro-cyclical supply of credit according to Minsky's model?
What is the definition of a pro-cyclical supply of credit according to Minsky's model?
What is the primary difference between the economic growth in the Eurozone and that of the US and UK?
What is the primary difference between the economic growth in the Eurozone and that of the US and UK?
What is the range of domestic crisis management options available to countries during a financial crisis?
What is the range of domestic crisis management options available to countries during a financial crisis?
What are the policy choices of a domestic lender of last resort focused on during a financial crisis?
What are the policy choices of a domestic lender of last resort focused on during a financial crisis?
What was the original purpose of the IMF when it was established in the 1940s?
What was the original purpose of the IMF when it was established in the 1940s?
What could have prevented the US banking crisis of 2008 according to the text?
What could have prevented the US banking crisis of 2008 according to the text?
What is the primary focus of the economic model of a banking crisis?
What is the primary focus of the economic model of a banking crisis?
What is the main reason for the fragility in financial arrangements and increased likelihood of banking crises according to Minsky's model?
What is the main reason for the fragility in financial arrangements and increased likelihood of banking crises according to Minsky's model?
What is the 'displacement' that leads to a crisis according to Minsky's model?
What is the 'displacement' that leads to a crisis according to Minsky's model?
What is the role of investors during expansions according to Minsky's model?
What is the role of investors during expansions according to Minsky's model?
What is the main difference between historians and economists when it comes to financial crises?
What is the main difference between historians and economists when it comes to financial crises?
What is the primary reason for the slower economic growth in the Eurozone compared to the US and UK according to the text?
What is the primary reason for the slower economic growth in the Eurozone compared to the US and UK according to the text?
What does Minsky's model emphasize heavily indebted borrowers doing during a financial crisis?
What does Minsky's model emphasize heavily indebted borrowers doing during a financial crisis?
What is the main reason for slower economic growth in the Eurozone compared to the US and UK?
What is the main reason for slower economic growth in the Eurozone compared to the US and UK?
What is the focus of policy choices for a domestic lender of last resort during a financial crisis?
What is the focus of policy choices for a domestic lender of last resort during a financial crisis?
What was the original purpose of the IMF when it was established in the 1940s?
What was the original purpose of the IMF when it was established in the 1940s?
What could have prevented the US banking crisis of 2008 according to the text?
What could have prevented the US banking crisis of 2008 according to the text?
What is the main cause of fragility in financial arrangements and increased likelihood of banking crises according to Minsky's model?
What is the main cause of fragility in financial arrangements and increased likelihood of banking crises according to Minsky's model?
What is the focus of the economic model of a banking crisis according to the text?
What is the focus of the economic model of a banking crisis according to the text?
What is the main reason for the IMF becoming an agent of large countries delaying currency declines according to the text?
What is the main reason for the IMF becoming an agent of large countries delaying currency declines according to the text?
What is the main focus of Hyman Minsky's model that explains banking crises in the US, UK, and other market economies?
What is the main focus of Hyman Minsky's model that explains banking crises in the US, UK, and other market economies?
What is the starting point for events that lead to a crisis according to Minsky's model?
What is the starting point for events that lead to a crisis according to Minsky's model?
What is the main reason for investors becoming distress sellers during a crisis according to the text?
What is the main reason for investors becoming distress sellers during a crisis according to the text?
What is the main difference between the frequency of banking crises in the 19th century and thereafter according to the text?
What is the main difference between the frequency of banking crises in the 19th century and thereafter according to the text?
What is the main reason for lenders becoming less risk-averse during expansions according to the text?
What is the main reason for lenders becoming less risk-averse during expansions according to the text?
What did Eurozone countries give up when they adopted the euro?
What did Eurozone countries give up when they adopted the euro?
Despite less severe banking crises, what has been the economic growth rate in the Eurozone compared to the US and UK?
Despite less severe banking crises, what has been the economic growth rate in the Eurozone compared to the US and UK?
What is the current state of unemployment in Greece?
What is the current state of unemployment in Greece?
What options are available for domestic crisis management?
What options are available for domestic crisis management?
What is the focus of policy choices for a domestic lender of last resort?
What is the focus of policy choices for a domestic lender of last resort?
What was the original purpose of the IMF when it was established in the 1940s?
What was the original purpose of the IMF when it was established in the 1940s?
What could have avoided the US banking crisis of 2008?
What could have avoided the US banking crisis of 2008?
What was the reason for the severity of the credit crisis that began in September 2008?
What was the reason for the severity of the credit crisis that began in September 2008?
What is the question that arises due to the large number of financial crises in the last forty years?
What is the question that arises due to the large number of financial crises in the last forty years?
Which economists have written books about their experiences during the 2008 banking crisis?
Which economists have written books about their experiences during the 2008 banking crisis?
What is the focus of the economic model of a banking crisis?
What is the focus of the economic model of a banking crisis?
What is the Minsky's model for banking crises?
What is the Minsky's model for banking crises?
Why has economic growth in the Eurozone been slower than in the US and UK?
Why has economic growth in the Eurozone been slower than in the US and UK?
What is the focus of a domestic lender of last resort's policy choices?
What is the focus of a domestic lender of last resort's policy choices?
What is the IMF's original purpose according to the text?
What is the IMF's original purpose according to the text?
What is the main focus of Hyman Minsky's model?
What is the main focus of Hyman Minsky's model?
What is pro-cyclical according to the text?
What is pro-cyclical according to the text?
What is the main cause of fragility in financial arrangements according to Hyman Minsky's model?
What is the main cause of fragility in financial arrangements according to Hyman Minsky's model?
What is the first event that leads to a crisis according to Minsky's model?
What is the first event that leads to a crisis according to Minsky's model?
What is the focus of domestic crisis management options according to the text?
What is the focus of domestic crisis management options according to the text?
What is the main factor that leads to crises according to Minsky's model?
What is the main factor that leads to crises according to Minsky's model?
What is the focus of policy choices of a domestic lender of last resort according to the text?
What is the focus of policy choices of a domestic lender of last resort according to the text?
What is the main reason for the severity of the credit crisis that began in September 2008 according to the text?
What is the main reason for the severity of the credit crisis that began in September 2008 according to the text?
What is the focus of the economic model of a banking crisis according to the text?
What is the focus of the economic model of a banking crisis according to the text?
Eurozone countries still have control over their monetary policy and currency prices
Eurozone countries still have control over their monetary policy and currency prices
Despite less severe banking crises, economic growth in the Eurozone has been faster than in the US and UK
Despite less severe banking crises, economic growth in the Eurozone has been faster than in the US and UK
The European Central Bank has been expansive, but growth has been slow and unemployment in Greece remains high
The European Central Bank has been expansive, but growth has been slow and unemployment in Greece remains high
Domestic crisis management options range from a hands-off approach to various measures like legal holidays and deposit insurance
Domestic crisis management options range from a hands-off approach to various measures like legal holidays and deposit insurance
The policy choices of a domestic lender of last resort focus on moral hazard and whether to extend credit to insolvent institutions
The policy choices of a domestic lender of last resort focus on moral hazard and whether to extend credit to insolvent institutions
The IMF was established in the 1940s to reduce currency price manipulation but has become an agent of large countries delaying currency declines
The IMF was established in the 1940s to reduce currency price manipulation but has become an agent of large countries delaying currency declines
The US banking crisis of 2008 could have been avoided if Lehman Brothers had been acquired by another firm or government ownership taken over
The US banking crisis of 2008 could have been avoided if Lehman Brothers had been acquired by another firm or government ownership taken over
The severity of the credit crisis that began in September 2008 was due to the US government's decision not to provide financial assistance to Lehman Brothers
The severity of the credit crisis that began in September 2008 was due to the US government's decision not to provide financial assistance to Lehman Brothers
The presence of the IMF encouraged profligate national financial policies, leading to a large number of financial crises in the last forty years
The presence of the IMF encouraged profligate national financial policies, leading to a large number of financial crises in the last forty years
Alan Greenspan, Ben Bernanke, Henry Paulson, Timothy Geithner, and Sheila Barr have not written books about their experiences during the 2008 banking crisis
Alan Greenspan, Ben Bernanke, Henry Paulson, Timothy Geithner, and Sheila Barr have not written books about their experiences during the 2008 banking crisis
Historians view events as unique, while economists search for patterns in the data and systematic relationships between events and their antecedents
Historians view events as unique, while economists search for patterns in the data and systematic relationships between events and their antecedents
Minsky's model explains banking crises in the US, UK, and other market economies by emphasizing heavily indebted borrowers who increased their indebtedness to buy real estate, stocks, or commodities in search of short-term profits
Minsky's model explains banking crises in the US, UK, and other market economies by emphasizing heavily indebted borrowers who increased their indebtedness to buy real estate, stocks, or commodities in search of short-term profits
What is the main difference between the economic growth in the Eurozone and the US and UK?
What is the main difference between the economic growth in the Eurozone and the US and UK?
What is the range of domestic crisis management options available?
What is the range of domestic crisis management options available?
What is the focus of the policy choices of a domestic lender of last resort?
What is the focus of the policy choices of a domestic lender of last resort?
What was the original purpose of the IMF?
What was the original purpose of the IMF?
What was the effect of the presence of the IMF on national financial policies?
What was the effect of the presence of the IMF on national financial policies?
What is the economic model of a banking crisis?
What is the economic model of a banking crisis?
What is the supply of credit like during economic booms and slowdowns?
What is the supply of credit like during economic booms and slowdowns?
What happens to investors during economic expansions?
What happens to investors during economic expansions?
What happens to lenders during economic expansions?
What happens to lenders during economic expansions?
What is the main cause of fragility in financial arrangements?
What is the main cause of fragility in financial arrangements?
What is the first event that leads to a crisis in Minsky's model?
What is the first event that leads to a crisis in Minsky's model?
What happens to investors during a banking crisis?
What happens to investors during a banking crisis?
What did Eurozone countries give up when they adopted the euro?
What did Eurozone countries give up when they adopted the euro?
What has been the economic growth in the Eurozone compared to the US and UK?
What has been the economic growth in the Eurozone compared to the US and UK?
What has been the impact of the European Central Bank's expansiveness on the Eurozone?
What has been the impact of the European Central Bank's expansiveness on the Eurozone?
What are the range of domestic crisis management options available?
What are the range of domestic crisis management options available?
What do policy choices of a domestic lender of last resort focus on?
What do policy choices of a domestic lender of last resort focus on?
What was the original purpose of the IMF when it was established in the 1940s?
What was the original purpose of the IMF when it was established in the 1940s?
What could have avoided the US banking crisis of 2008 according to the text?
What could have avoided the US banking crisis of 2008 according to the text?
What was the reason for the severity of the credit crisis that began in September 2008 according to the text?
What was the reason for the severity of the credit crisis that began in September 2008 according to the text?
What is the question raised by the last forty years of financial crises according to the text?
What is the question raised by the last forty years of financial crises according to the text?
Who has written books about their experiences during the 2008 banking crisis?
Who has written books about their experiences during the 2008 banking crisis?
What is the difference between how historians and economists view events according to the text?
What is the difference between how historians and economists view events according to the text?
What does Minsky's model of a banking crisis cover?
What does Minsky's model of a banking crisis cover?
What is the main reason for slower economic growth in the Eurozone compared to the US and UK?
What is the main reason for slower economic growth in the Eurozone compared to the US and UK?
What is the range of domestic crisis management options available?
What is the range of domestic crisis management options available?
What is the focus of policy choices for a domestic lender of last resort?
What is the focus of policy choices for a domestic lender of last resort?
What was the original purpose of the IMF?
What was the original purpose of the IMF?
What could have avoided the US banking crisis of 2008?
What could have avoided the US banking crisis of 2008?
What is the main focus of the economic model of a banking crisis?
What is the main focus of the economic model of a banking crisis?
What is the main reason for fragility in financial arrangements and increased likelihood of banking crises according to Minsky's model?
What is the main reason for fragility in financial arrangements and increased likelihood of banking crises according to Minsky's model?
What is the main focus of Minsky's model of banking crises?
What is the main focus of Minsky's model of banking crises?
What is the first event that leads to a crisis according to Minsky's model?
What is the first event that leads to a crisis according to Minsky's model?
What happens to investors during expansions according to Minsky's model?
What happens to investors during expansions according to Minsky's model?
What is the main reason for crises occurring regularly at ten-year intervals in the 19th century according to the text?
What is the main reason for crises occurring regularly at ten-year intervals in the 19th century according to the text?
What is the main focus of classical economists who focused on variability in the supply of credit?
What is the main focus of classical economists who focused on variability in the supply of credit?
What did Eurozone countries give up when they adopted the euro?
What did Eurozone countries give up when they adopted the euro?
What has been the trend of economic growth in the Eurozone compared to the US and UK?
What has been the trend of economic growth in the Eurozone compared to the US and UK?
What has been the impact of expansive policies by the European Central Bank?
What has been the impact of expansive policies by the European Central Bank?
What are the domestic crisis management options?
What are the domestic crisis management options?
What is the focus of policy choices of a domestic lender of last resort?
What is the focus of policy choices of a domestic lender of last resort?
What was the original purpose of the IMF when it was established in the 1940s?
What was the original purpose of the IMF when it was established in the 1940s?
What could have avoided the US banking crisis of 2008?
What could have avoided the US banking crisis of 2008?
What was the reason for the severity of the credit crisis that began in September 2008?
What was the reason for the severity of the credit crisis that began in September 2008?
What is the question raised by the presence of the IMF in the last forty years?
What is the question raised by the presence of the IMF in the last forty years?
Who has written books about their experiences during the 2008 banking crisis?
Who has written books about their experiences during the 2008 banking crisis?
How do historians view events compared to economists?
How do historians view events compared to economists?
What does Minsky's model of a banking crisis cover?
What does Minsky's model of a banking crisis cover?
What did Eurozone countries give up when they adopted the euro?
What did Eurozone countries give up when they adopted the euro?
What has been the economic growth rate in the Eurozone compared to the US and UK?
What has been the economic growth rate in the Eurozone compared to the US and UK?
What has been the impact of the European Central Bank's expansive policy?
What has been the impact of the European Central Bank's expansive policy?
What are the range of domestic crisis management options?
What are the range of domestic crisis management options?
What is the focus of a domestic lender of last resort's policy choices?
What is the focus of a domestic lender of last resort's policy choices?
What was the original purpose of the IMF when it was established in the 1940s?
What was the original purpose of the IMF when it was established in the 1940s?
What could have avoided the US banking crisis of 2008?
What could have avoided the US banking crisis of 2008?
What was the reason for the severity of the credit crisis that began in September 2008?
What was the reason for the severity of the credit crisis that began in September 2008?
What is the question regarding the presence of the IMF and financial crises?
What is the question regarding the presence of the IMF and financial crises?
Who are some of the individuals who have written books about their experiences during the 2008 banking crisis?
Who are some of the individuals who have written books about their experiences during the 2008 banking crisis?
How do historians and economists view financial crises?
How do historians and economists view financial crises?
What does Minsky's model of a banking crisis cover?
What does Minsky's model of a banking crisis cover?
Why has economic growth in the Eurozone been slower than in the US and UK?
Why has economic growth in the Eurozone been slower than in the US and UK?
What is the focus of a domestic lender of last resort's policy choices?
What is the focus of a domestic lender of last resort's policy choices?
What is the IMF's original purpose?
What is the IMF's original purpose?
What is the main cause of fragility in financial arrangements according to Minsky's model?
What is the main cause of fragility in financial arrangements according to Minsky's model?
What is the role of investors during economic expansions according to Minsky's model?
What is the role of investors during economic expansions according to Minsky's model?
What is the main factor that leads to crises according to Minsky's model?
What is the main factor that leads to crises according to Minsky's model?
What is the main difference between the 19th century and later periods in terms of banking crises?
What is the main difference between the 19th century and later periods in terms of banking crises?
What is the supply of credit like during economic booms according to Minsky's model?
What is the supply of credit like during economic booms according to Minsky's model?
What is the main focus of domestic crisis management options?
What is the main focus of domestic crisis management options?
What could have prevented the US banking crisis of 2008?
What could have prevented the US banking crisis of 2008?
What is the focus of policy choices of a domestic lender of last resort?
What is the focus of policy choices of a domestic lender of last resort?
What is the main focus of Minsky's model of a banking crisis?
What is the main focus of Minsky's model of a banking crisis?
What did Eurozone countries give up when they adopted the euro?
What did Eurozone countries give up when they adopted the euro?
What is the current state of economic growth in the Eurozone compared to the US and UK?
What is the current state of economic growth in the Eurozone compared to the US and UK?
Despite the expansive actions of the European Central Bank, what remains high in Greece?
Despite the expansive actions of the European Central Bank, what remains high in Greece?
What are some domestic crisis management options?
What are some domestic crisis management options?
What is the focus of a domestic lender of last resort's policy choices?
What is the focus of a domestic lender of last resort's policy choices?
What was the original purpose of the IMF?
What was the original purpose of the IMF?
What could have avoided the US banking crisis of 2008?
What could have avoided the US banking crisis of 2008?
What was the reason for the severity of the credit crisis that began in September 2008?
What was the reason for the severity of the credit crisis that began in September 2008?
What question arises from the large number of financial crises in the last forty years?
What question arises from the large number of financial crises in the last forty years?
Who wrote books about their experiences during the 2008 banking crisis?
Who wrote books about their experiences during the 2008 banking crisis?
What does Hyman Minsky's model explain?
What does Hyman Minsky's model explain?
What is the focus of Minsky's model of a banking crisis?
What is the focus of Minsky's model of a banking crisis?
What did Eurozone countries give up when they adopted the euro?
What did Eurozone countries give up when they adopted the euro?
What is the state of economic growth in the Eurozone compared to the US and UK?
What is the state of economic growth in the Eurozone compared to the US and UK?
What is the state of unemployment in Greece?
What is the state of unemployment in Greece?
What are the range of domestic crisis management options?
What are the range of domestic crisis management options?
What is the focus of policy choices for a domestic lender of last resort?
What is the focus of policy choices for a domestic lender of last resort?
What was the original purpose of the IMF when it was established in the 1940s?
What was the original purpose of the IMF when it was established in the 1940s?
What could have prevented the US banking crisis of 2008?
What could have prevented the US banking crisis of 2008?
What was the reason for the severity of the credit crisis that began in September 2008?
What was the reason for the severity of the credit crisis that began in September 2008?
What is the question raised by the large number of financial crises in the last forty years?
What is the question raised by the large number of financial crises in the last forty years?
Who has written books about their experiences during the 2008 banking crisis?
Who has written books about their experiences during the 2008 banking crisis?
What is the economic model of a banking crisis focused on?
What is the economic model of a banking crisis focused on?
What is the focus of Hyman Minsky's model that explains banking crises in the US, UK, and other market economies?
What is the focus of Hyman Minsky's model that explains banking crises in the US, UK, and other market economies?
Why has economic growth been slower in the Eurozone compared to the US and UK?
Why has economic growth been slower in the Eurozone compared to the US and UK?
What is the focus of a domestic lender of last resort's policy choices?
What is the focus of a domestic lender of last resort's policy choices?
What was the original purpose of the IMF when it was established in the 1940s?
What was the original purpose of the IMF when it was established in the 1940s?
Could the US banking crisis of 2008 have been avoided?
Could the US banking crisis of 2008 have been avoided?
What is the focus of Hyman Minsky's model of banking crises?
What is the focus of Hyman Minsky's model of banking crises?
According to Minsky's model, what leads to a crisis?
According to Minsky's model, what leads to a crisis?
What happens to the supply of credit during booms and slowdowns according to Minsky's model?
What happens to the supply of credit during booms and slowdowns according to Minsky's model?
What do investors do during expansions according to Minsky's model?
What do investors do during expansions according to Minsky's model?
What do lenders do during expansions according to Minsky's model?
What do lenders do during expansions according to Minsky's model?
What is the result of the increase and subsequent decline in the supply of credit according to Minsky's model?
What is the result of the increase and subsequent decline in the supply of credit according to Minsky's model?
What do historians and economists differ in when it comes to financial crises?
What do historians and economists differ in when it comes to financial crises?
How often did banking crises occur in the 19th century?
How often did banking crises occur in the 19th century?
What is the main reason for slower economic growth in the Eurozone compared to the US and UK?
What is the main reason for slower economic growth in the Eurozone compared to the US and UK?
What are the policy choices of a domestic lender of last resort focused on?
What are the policy choices of a domestic lender of last resort focused on?
What was the original purpose of the IMF?
What was the original purpose of the IMF?
What is the main reason for the severity of the credit crisis that began in September 2008?
What is the main reason for the severity of the credit crisis that began in September 2008?
What is the focus of Hyman Minsky's model of banking crises?
What is the focus of Hyman Minsky's model of banking crises?
What is the main reason for the fragility in financial arrangements and increased likelihood of banking crises according to Minsky's model?
What is the main reason for the fragility in financial arrangements and increased likelihood of banking crises according to Minsky's model?
What is the first event that leads to a crisis according to Minsky's model?
What is the first event that leads to a crisis according to Minsky's model?
What do investors do during expansions according to Minsky's model?
What do investors do during expansions according to Minsky's model?
What is the focus of domestic crisis management options?
What is the focus of domestic crisis management options?
What is the role of the European Central Bank in the Eurozone?
What is the role of the European Central Bank in the Eurozone?
What are the consequences of investors becoming distress sellers according to Minsky's model?
What are the consequences of investors becoming distress sellers according to Minsky's model?
What is the main focus of historians and economists when it comes to financial crises?
What is the main focus of historians and economists when it comes to financial crises?
Eurozone countries can still manage their monetary policy after adopting the euro.
Eurozone countries can still manage their monetary policy after adopting the euro.
Economic growth in the Eurozone has been higher than in the US and UK despite severe banking crises.
Economic growth in the Eurozone has been higher than in the US and UK despite severe banking crises.
Despite being expansive, the European Central Bank has been unable to reduce unemployment in Greece.
Despite being expansive, the European Central Bank has been unable to reduce unemployment in Greece.
Domestic crisis management options for insolvent institutions range from a hands-off approach to measures like legal holidays and deposit insurance.
Domestic crisis management options for insolvent institutions range from a hands-off approach to measures like legal holidays and deposit insurance.
The policy choices of a domestic lender of last resort focus on moral hazard and whether to extend credit to insolvent institutions.
The policy choices of a domestic lender of last resort focus on moral hazard and whether to extend credit to insolvent institutions.
The IMF was established to encourage currency price manipulation.
The IMF was established to encourage currency price manipulation.
The US banking crisis of 2008 could have been avoided if Lehman Brothers had been acquired by another firm or government ownership taken over.
The US banking crisis of 2008 could have been avoided if Lehman Brothers had been acquired by another firm or government ownership taken over.
The severity of the credit crisis that began in September 2008 was due to the US government's decision not to provide financial assistance to Lehman Brothers.
The severity of the credit crisis that began in September 2008 was due to the US government's decision not to provide financial assistance to Lehman Brothers.
The presence of the IMF encouraged profligate national financial policies over the last forty years.
The presence of the IMF encouraged profligate national financial policies over the last forty years.
Alan Greenspan, Ben Bernanke, Henry Paulson, Timothy Geithner, and Sheila Barr have not written books about their experiences during the 2008 banking crisis.
Alan Greenspan, Ben Bernanke, Henry Paulson, Timothy Geithner, and Sheila Barr have not written books about their experiences during the 2008 banking crisis.
Historians view events as unique, while economists search for patterns in the data and systematic relationships between events and their antecedents.
Historians view events as unique, while economists search for patterns in the data and systematic relationships between events and their antecedents.
Minsky's model explains banking crises in the UK and other market economies.
Minsky's model explains banking crises in the UK and other market economies.
The Eurozone countries still have the right to manage monetary policy and reduce currency prices even after adopting the euro.
The Eurozone countries still have the right to manage monetary policy and reduce currency prices even after adopting the euro.
Despite less severe banking crises, economic growth in the Eurozone has been faster than in the US and UK.
Despite less severe banking crises, economic growth in the Eurozone has been faster than in the US and UK.
The European Central Bank has been expansive, and unemployment in Greece remains high.
The European Central Bank has been expansive, and unemployment in Greece remains high.
Domestic crisis management options range from a hands-off approach to various measures like legal holidays and deposit insurance.
Domestic crisis management options range from a hands-off approach to various measures like legal holidays and deposit insurance.
The policy choices of a domestic lender of last resort focus on moral hazard and whether to extend credit to insolvent institutions.
The policy choices of a domestic lender of last resort focus on moral hazard and whether to extend credit to insolvent institutions.
The IMF was established in the 1940s to reduce currency price manipulation and has remained true to its original mission.
The IMF was established in the 1940s to reduce currency price manipulation and has remained true to its original mission.
The US banking crisis of 2008 could have been avoided if Lehman Brothers had been acquired by another firm or government ownership taken over.
The US banking crisis of 2008 could have been avoided if Lehman Brothers had been acquired by another firm or government ownership taken over.
The severity of the credit crisis that began in September 2008 was due to the US government's decision not to provide financial assistance to Lehman Brothers.
The severity of the credit crisis that began in September 2008 was due to the US government's decision not to provide financial assistance to Lehman Brothers.
The presence of the IMF has not encouraged profligate national financial policies.
The presence of the IMF has not encouraged profligate national financial policies.
Alan Greenspan, Ben Bernanke, Henry Paulson, Timothy Geithner, and Sheila Barr have all written books about their experiences during the 2008 banking crisis.
Alan Greenspan, Ben Bernanke, Henry Paulson, Timothy Geithner, and Sheila Barr have all written books about their experiences during the 2008 banking crisis.
Historians and economists view financial crises differently.
Historians and economists view financial crises differently.
Minsky's model explains banking crises in the US, UK, and other market economies by focusing on the variability in the supply of credit.
Minsky's model explains banking crises in the US, UK, and other market economies by focusing on the variability in the supply of credit.
What is the main reason why economic growth in the Eurozone has been slower than in the US and UK?
What is the main reason why economic growth in the Eurozone has been slower than in the US and UK?
What are the policy choices of a domestic lender of last resort focused on?
What are the policy choices of a domestic lender of last resort focused on?
What was the original purpose of the IMF when it was established in the 1940s?
What was the original purpose of the IMF when it was established in the 1940s?
Which of the following is NOT a reason why the US banking crisis of 2008 occurred?
Which of the following is NOT a reason why the US banking crisis of 2008 occurred?
What is the main focus of Hyman Minsky's model of banking crises?
What is the main focus of Hyman Minsky's model of banking crises?
What is the main reason why fragility in financial arrangements and increased likelihood of banking crises occur according to Minsky's model?
What is the main reason why fragility in financial arrangements and increased likelihood of banking crises occur according to Minsky's model?
What is the first event that leads to a crisis according to Minsky's model?
What is the first event that leads to a crisis according to Minsky's model?
What is the main reason why investors become more willing to borrow during expansions according to Minsky's model?
What is the main reason why investors become more willing to borrow during expansions according to Minsky's model?
What is the main reason why crises occurred regularly at ten-year intervals in the 19th century according to the text?
What is the main reason why crises occurred regularly at ten-year intervals in the 19th century according to the text?
What is the main reason why domestic crisis management options range from hands-off approach to various measures like legal holidays and deposit insurance?
What is the main reason why domestic crisis management options range from hands-off approach to various measures like legal holidays and deposit insurance?
What is the main reason why the severity of the credit crisis that began in September 2008 was due to the US government's decision not to provide financial assistance to Lehman Brothers?
What is the main reason why the severity of the credit crisis that began in September 2008 was due to the US government's decision not to provide financial assistance to Lehman Brothers?
What is the main difference between how historians view events and how economists view events according to the text?
What is the main difference between how historians view events and how economists view events according to the text?
The eurozone countries still have the right to manage monetary policy and reduce currency prices after adopting the euro.
The eurozone countries still have the right to manage monetary policy and reduce currency prices after adopting the euro.
Despite less severe banking crises, economic growth in the Eurozone has been faster than in the US and UK.
Despite less severe banking crises, economic growth in the Eurozone has been faster than in the US and UK.
The European Central Bank has been expansive, but growth has been slow and unemployment in Greece remains high.
The European Central Bank has been expansive, but growth has been slow and unemployment in Greece remains high.
Domestic crisis management options range from hands-off approach to various measures like legal holidays and deposit insurance.
Domestic crisis management options range from hands-off approach to various measures like legal holidays and deposit insurance.
Policy choices of a domestic lender of last resort focus on moral hazard and whether to extend credit to insolvent institutions.
Policy choices of a domestic lender of last resort focus on moral hazard and whether to extend credit to insolvent institutions.
The IMF was established in the 1940s to reduce currency price manipulation but has become an agent of large countries delaying currency declines.
The IMF was established in the 1940s to reduce currency price manipulation but has become an agent of large countries delaying currency declines.
The US banking crisis of 2008 could have been avoided if Lehman Brothers had been acquired by another firm or government ownership taken over.
The US banking crisis of 2008 could have been avoided if Lehman Brothers had been acquired by another firm or government ownership taken over.
The severity of the credit crisis that began in September 2008 was due to the US government's decision not to provide financial assistance to Lehman Brothers.
The severity of the credit crisis that began in September 2008 was due to the US government's decision not to provide financial assistance to Lehman Brothers.
The presence of the IMF encouraged profligate national financial policies leading to a large number of financial crises in the last forty years.
The presence of the IMF encouraged profligate national financial policies leading to a large number of financial crises in the last forty years.
Alan Greenspan, Ben Bernanke, Henry Paulson, Timothy Geithner, and Sheila Barr did not write books about their experiences during the 2008 banking crisis.
Alan Greenspan, Ben Bernanke, Henry Paulson, Timothy Geithner, and Sheila Barr did not write books about their experiences during the 2008 banking crisis.
Historians and economists view events differently as historians view events as unique, while economists search for patterns in the data and systematic relationships between events and their antecedents.
Historians and economists view events differently as historians view events as unique, while economists search for patterns in the data and systematic relationships between events and their antecedents.
Minsky's model explains banking crises in the US, UK, and other market economies, and follows the tradition of classical economists who focused on variability in the supply of credit.
Minsky's model explains banking crises in the US, UK, and other market economies, and follows the tradition of classical economists who focused on variability in the supply of credit.
What is the main reason for slower economic growth in the Eurozone compared to the US and UK?
What is the main reason for slower economic growth in the Eurozone compared to the US and UK?
What range of options do domestic crisis management policies have?
What range of options do domestic crisis management policies have?
What is the focus of a domestic lender of last resort's policy choices?
What is the focus of a domestic lender of last resort's policy choices?
What was the original purpose of the IMF?
What was the original purpose of the IMF?
What is the role of the IMF in delaying currency declines according to the text?
What is the role of the IMF in delaying currency declines according to the text?
What could have prevented the US banking crisis of 2008 according to the text?
What could have prevented the US banking crisis of 2008 according to the text?
What is the reason for the severity of the credit crisis that began in September 2008 according to the text?
What is the reason for the severity of the credit crisis that began in September 2008 according to the text?
What is the main question raised by the presence of the IMF during financial crises according to the text?
What is the main question raised by the presence of the IMF during financial crises according to the text?
What is the focus of Hyman Minsky's model of banking crises?
What is the focus of Hyman Minsky's model of banking crises?
What is the main cause of fragility in financial arrangements according to Minsky's model?
What is the main cause of fragility in financial arrangements according to Minsky's model?
What is the sequence of events that lead to a banking crisis according to Minsky's model?
What is the sequence of events that lead to a banking crisis according to Minsky's model?
What is the focus of the economic model of a banking crisis according to the text?
What is the focus of the economic model of a banking crisis according to the text?
What did Eurozone countries give up when they adopted the euro?
What did Eurozone countries give up when they adopted the euro?
Which region has experienced slower economic growth despite less severe banking crises?
Which region has experienced slower economic growth despite less severe banking crises?
What has been the result of the European Central Bank's expansive policies?
What has been the result of the European Central Bank's expansive policies?
What range of domestic crisis management options are available?
What range of domestic crisis management options are available?
What is the focus of a domestic lender of last resort's policy choices?
What is the focus of a domestic lender of last resort's policy choices?
What was the original purpose of the International Monetary Fund?
What was the original purpose of the International Monetary Fund?
How could the US banking crisis of 2008 have been avoided?
How could the US banking crisis of 2008 have been avoided?
What was the reason for the severity of the credit crisis that began in September 2008?
What was the reason for the severity of the credit crisis that began in September 2008?
What question has arisen due to the large number of financial crises in the last forty years?
What question has arisen due to the large number of financial crises in the last forty years?
Which economists have written books about their experiences during the 2008 banking crisis?
Which economists have written books about their experiences during the 2008 banking crisis?
What is the focus of the economic model of a banking crisis?
What is the focus of the economic model of a banking crisis?
What is the result of the increase and subsequent decline in the supply of credit according to Minsky's model?
What is the result of the increase and subsequent decline in the supply of credit according to Minsky's model?
Study Notes
Manias, Panics, and Crashes: A Summary of Chapters 2-9
-
Chapter 2 presents a stylized model of speculation, credit expansion, financial distress, and crisis that follows classical economic ideas of over-trading, revulsion, and discredit.
-
Hyman Minsky's model of an unstable financial system prone to crisis has great explanatory power for earlier crises in the US and Western Europe, as well as real estate and securities surges in Japan and other countries.
-
Chapter 3 explores whether markets in securities and real estate are always rational or whether speculation can be destabilizing, examining historical events that triggered manias.
-
Financial liberalization or deregulation in Japan, Nordic countries, some Asian countries, Mexico, Russia, and Iceland has led to domestic monetary expansion and increased borrowing for speculative investment.
-
Chapter 4 analyzes the monetary dimensions of manias and panics, noting occasions when a boom or panic was triggered by a monetary event and how innovations in finance can shock the system.
-
Rapid increases in credit available to homeowners and real estate developers following the innovation of securitization and mortgage-backed securities contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland.
-
Chapter 5 reviews the domestic aspects of a banking crisis, questioning whether official warnings can halt manias and discussing the turning point that ultimately produces a crisis.
-
Chapter 6 discusses the impacts of a mania on domestic spending and resulting euphoria, including extravagant expenditures by individuals and countries building the tallest buildings in the world.
-
Chapter 7 explores the discovery of frauds and swindles that developed in the froth of a mania, including personal and corporate frauds such as Bernie Madoff's Ponzi scheme and Enron's fraudulent practices.
-
Chapter 8 covers the international contagion of manias and crises from the seventeenth to the first half of the twentieth century, examining competing narratives and possible linkages among countries.
-
Chapter 9 highlights the four waves of banking crises since the early 1980s and the relationships among the successive waves, noting the systematic relationship between surges in credit and real estate prices in Mexico, Japan, Southeast Asia, and the US, Britain, Ireland, Iceland, and Spain.
-
The likelihood that these four waves are independent and unrelated seems low, with a connection between the developing country debt crisis and the surge in property prices in Japan and a follow-on crisis in the debt of governments of Greece and other Mediterranean countries.Crises in the Financial World: Enron, MCIWorldCom, and the Euro
-
Enron and MCIWorldCom used off-balance sheet financing and inflated prices to show increased profits, resulting in their collapse and the failure of Arthur Andersen.
-
Investment banking firms paid $1.4 billion to forestall trials, and several individuals, including six Enron senior managers, went to jail.
-
Martha Stewart was charged and imprisoned for obstruction of justice related to a share deal.
-
Chapter 10 focuses on the real estate and banking crises in Ireland and Spain, as well as the sovereign debt crises in Greece and Portugal.
-
Greece had negative economic growth for five consecutive years, a fiscal deficit of over 10% of its GDP, and a government debt to GDP ratio of 140%.
-
The EU opposed Greece leaving the euro, resulting in domestic deflation and serial write-offs of government debt.
-
Several other countries have high ratios of debt to GDP, preventing them from adopting more expansive fiscal and expenditure policies.
-
The collapse of Enron led to the failure of Arthur Andersen, previously the most highly regarded global accounting firm.
-
MCIWorldCom inflated profits by claiming expenses as investments, and Jack Grubman promoted their stock.
-
Merrill Lynch paid $100 million to move the story about Henry Blodgett, a security analyst writing scathing emails about promoted firms, off the front pages.
-
The chairman and CEO of the NYSE resigned after it was revealed he had a compensation package of over $150 million, and some firms being regulated served as directors of the exchange.
-
Large US mutual funds allowed firms to trade on stale news.
Manias, Panics, and Crashes: A Summary of Chapters 2-9
-
Chapter 2 presents a stylized model of speculation, credit expansion, financial distress, and crisis that follows classical economic ideas of over-trading, revulsion, and discredit.
-
Hyman Minsky's model of an unstable financial system prone to crisis has great explanatory power for earlier crises in the US and Western Europe, as well as real estate and securities surges in Japan and other countries.
-
Chapter 3 explores whether markets in securities and real estate are always rational or whether speculation can be destabilizing, examining historical events that triggered manias.
-
Financial liberalization or deregulation in Japan, Nordic countries, some Asian countries, Mexico, Russia, and Iceland has led to domestic monetary expansion and increased borrowing for speculative investment.
-
Chapter 4 analyzes the monetary dimensions of manias and panics, noting occasions when a boom or panic was triggered by a monetary event and how innovations in finance can shock the system.
-
Rapid increases in credit available to homeowners and real estate developers following the innovation of securitization and mortgage-backed securities contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland.
-
Chapter 5 reviews the domestic aspects of a banking crisis, questioning whether official warnings can halt manias and discussing the turning point that ultimately produces a crisis.
-
Chapter 6 discusses the impacts of a mania on domestic spending and resulting euphoria, including extravagant expenditures by individuals and countries building the tallest buildings in the world.
-
Chapter 7 explores the discovery of frauds and swindles that developed in the froth of a mania, including personal and corporate frauds such as Bernie Madoff's Ponzi scheme and Enron's fraudulent practices.
-
Chapter 8 covers the international contagion of manias and crises from the seventeenth to the first half of the twentieth century, examining competing narratives and possible linkages among countries.
-
Chapter 9 highlights the four waves of banking crises since the early 1980s and the relationships among the successive waves, noting the systematic relationship between surges in credit and real estate prices in Mexico, Japan, Southeast Asia, and the US, Britain, Ireland, Iceland, and Spain.
-
The likelihood that these four waves are independent and unrelated seems low, with a connection between the developing country debt crisis and the surge in property prices in Japan and a follow-on crisis in the debt of governments of Greece and other Mediterranean countries.Crises in the Financial World: Enron, MCIWorldCom, and the Euro
-
Enron and MCIWorldCom used off-balance sheet financing and inflated prices to show increased profits, resulting in their collapse and the failure of Arthur Andersen.
-
Investment banking firms paid $1.4 billion to forestall trials, and several individuals, including six Enron senior managers, went to jail.
-
Martha Stewart was charged and imprisoned for obstruction of justice related to a share deal.
-
Chapter 10 focuses on the real estate and banking crises in Ireland and Spain, as well as the sovereign debt crises in Greece and Portugal.
-
Greece had negative economic growth for five consecutive years, a fiscal deficit of over 10% of its GDP, and a government debt to GDP ratio of 140%.
-
The EU opposed Greece leaving the euro, resulting in domestic deflation and serial write-offs of government debt.
-
Several other countries have high ratios of debt to GDP, preventing them from adopting more expansive fiscal and expenditure policies.
-
The collapse of Enron led to the failure of Arthur Andersen, previously the most highly regarded global accounting firm.
-
MCIWorldCom inflated profits by claiming expenses as investments, and Jack Grubman promoted their stock.
-
Merrill Lynch paid $100 million to move the story about Henry Blodgett, a security analyst writing scathing emails about promoted firms, off the front pages.
-
The chairman and CEO of the NYSE resigned after it was revealed he had a compensation package of over $150 million, and some firms being regulated served as directors of the exchange.
-
Large US mutual funds allowed firms to trade on stale news.
Manias, Panics, and Crashes: A Summary of Chapters 2-9
-
Chapter 2 presents a stylized model of speculation, credit expansion, financial distress, and crisis that follows classical economic ideas of over-trading, revulsion, and discredit.
-
Hyman Minsky's model of an unstable financial system prone to crisis has great explanatory power for earlier crises in the US and Western Europe, as well as real estate and securities surges in Japan and other countries.
-
Chapter 3 explores whether markets in securities and real estate are always rational or whether speculation can be destabilizing, examining historical events that triggered manias.
-
Financial liberalization or deregulation in Japan, Nordic countries, some Asian countries, Mexico, Russia, and Iceland has led to domestic monetary expansion and increased borrowing for speculative investment.
-
Chapter 4 analyzes the monetary dimensions of manias and panics, noting occasions when a boom or panic was triggered by a monetary event and how innovations in finance can shock the system.
-
Rapid increases in credit available to homeowners and real estate developers following the innovation of securitization and mortgage-backed securities contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland.
-
Chapter 5 reviews the domestic aspects of a banking crisis, questioning whether official warnings can halt manias and discussing the turning point that ultimately produces a crisis.
-
Chapter 6 discusses the impacts of a mania on domestic spending and resulting euphoria, including extravagant expenditures by individuals and countries building the tallest buildings in the world.
-
Chapter 7 explores the discovery of frauds and swindles that developed in the froth of a mania, including personal and corporate frauds such as Bernie Madoff's Ponzi scheme and Enron's fraudulent practices.
-
Chapter 8 covers the international contagion of manias and crises from the seventeenth to the first half of the twentieth century, examining competing narratives and possible linkages among countries.
-
Chapter 9 highlights the four waves of banking crises since the early 1980s and the relationships among the successive waves, noting the systematic relationship between surges in credit and real estate prices in Mexico, Japan, Southeast Asia, and the US, Britain, Ireland, Iceland, and Spain.
-
The likelihood that these four waves are independent and unrelated seems low, with a connection between the developing country debt crisis and the surge in property prices in Japan and a follow-on crisis in the debt of governments of Greece and other Mediterranean countries.Crises in the Financial World: Enron, MCIWorldCom, and the Euro
-
Enron and MCIWorldCom used off-balance sheet financing and inflated prices to show increased profits, resulting in their collapse and the failure of Arthur Andersen.
-
Investment banking firms paid $1.4 billion to forestall trials, and several individuals, including six Enron senior managers, went to jail.
-
Martha Stewart was charged and imprisoned for obstruction of justice related to a share deal.
-
Chapter 10 focuses on the real estate and banking crises in Ireland and Spain, as well as the sovereign debt crises in Greece and Portugal.
-
Greece had negative economic growth for five consecutive years, a fiscal deficit of over 10% of its GDP, and a government debt to GDP ratio of 140%.
-
The EU opposed Greece leaving the euro, resulting in domestic deflation and serial write-offs of government debt.
-
Several other countries have high ratios of debt to GDP, preventing them from adopting more expansive fiscal and expenditure policies.
-
The collapse of Enron led to the failure of Arthur Andersen, previously the most highly regarded global accounting firm.
-
MCIWorldCom inflated profits by claiming expenses as investments, and Jack Grubman promoted their stock.
-
Merrill Lynch paid $100 million to move the story about Henry Blodgett, a security analyst writing scathing emails about promoted firms, off the front pages.
-
The chairman and CEO of the NYSE resigned after it was revealed he had a compensation package of over $150 million, and some firms being regulated served as directors of the exchange.
-
Large US mutual funds allowed firms to trade on stale news.
Manias, Panics, and Crashes: A Summary of Chapters 2-9
-
Chapter 2 presents a stylized model of speculation, credit expansion, financial distress, and crisis that follows classical economic ideas of over-trading, revulsion, and discredit.
-
Hyman Minsky's model of an unstable financial system prone to crisis has great explanatory power for earlier crises in the US and Western Europe, as well as real estate and securities surges in Japan and other countries.
-
Chapter 3 explores whether markets in securities and real estate are always rational or whether speculation can be destabilizing, examining historical events that triggered manias.
-
Financial liberalization or deregulation in Japan, Nordic countries, some Asian countries, Mexico, Russia, and Iceland has led to domestic monetary expansion and increased borrowing for speculative investment.
-
Chapter 4 analyzes the monetary dimensions of manias and panics, noting occasions when a boom or panic was triggered by a monetary event and how innovations in finance can shock the system.
-
Rapid increases in credit available to homeowners and real estate developers following the innovation of securitization and mortgage-backed securities contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland.
-
Chapter 5 reviews the domestic aspects of a banking crisis, questioning whether official warnings can halt manias and discussing the turning point that ultimately produces a crisis.
-
Chapter 6 discusses the impacts of a mania on domestic spending and resulting euphoria, including extravagant expenditures by individuals and countries building the tallest buildings in the world.
-
Chapter 7 explores the discovery of frauds and swindles that developed in the froth of a mania, including personal and corporate frauds such as Bernie Madoff's Ponzi scheme and Enron's fraudulent practices.
-
Chapter 8 covers the international contagion of manias and crises from the seventeenth to the first half of the twentieth century, examining competing narratives and possible linkages among countries.
-
Chapter 9 highlights the four waves of banking crises since the early 1980s and the relationships among the successive waves, noting the systematic relationship between surges in credit and real estate prices in Mexico, Japan, Southeast Asia, and the US, Britain, Ireland, Iceland, and Spain.
-
The likelihood that these four waves are independent and unrelated seems low, with a connection between the developing country debt crisis and the surge in property prices in Japan and a follow-on crisis in the debt of governments of Greece and other Mediterranean countries.Crises in the Financial World: Enron, MCIWorldCom, and the Euro
-
Enron and MCIWorldCom used off-balance sheet financing and inflated prices to show increased profits, resulting in their collapse and the failure of Arthur Andersen.
-
Investment banking firms paid $1.4 billion to forestall trials, and several individuals, including six Enron senior managers, went to jail.
-
Martha Stewart was charged and imprisoned for obstruction of justice related to a share deal.
-
Chapter 10 focuses on the real estate and banking crises in Ireland and Spain, as well as the sovereign debt crises in Greece and Portugal.
-
Greece had negative economic growth for five consecutive years, a fiscal deficit of over 10% of its GDP, and a government debt to GDP ratio of 140%.
-
The EU opposed Greece leaving the euro, resulting in domestic deflation and serial write-offs of government debt.
-
Several other countries have high ratios of debt to GDP, preventing them from adopting more expansive fiscal and expenditure policies.
-
The collapse of Enron led to the failure of Arthur Andersen, previously the most highly regarded global accounting firm.
-
MCIWorldCom inflated profits by claiming expenses as investments, and Jack Grubman promoted their stock.
-
Merrill Lynch paid $100 million to move the story about Henry Blodgett, a security analyst writing scathing emails about promoted firms, off the front pages.
-
The chairman and CEO of the NYSE resigned after it was revealed he had a compensation package of over $150 million, and some firms being regulated served as directors of the exchange.
-
Large US mutual funds allowed firms to trade on stale news.
Manias, Panics, and Crashes: A Summary of Chapters 2-9
-
Chapter 2 presents a stylized model of speculation, credit expansion, financial distress, and crisis that follows classical economic ideas of over-trading, revulsion, and discredit.
-
Hyman Minsky's model of an unstable financial system prone to crisis has great explanatory power for earlier crises in the US and Western Europe, as well as real estate and securities surges in Japan and other countries.
-
Chapter 3 explores whether markets in securities and real estate are always rational or whether speculation can be destabilizing, examining historical events that triggered manias.
-
Financial liberalization or deregulation in Japan, Nordic countries, some Asian countries, Mexico, Russia, and Iceland has led to domestic monetary expansion and increased borrowing for speculative investment.
-
Chapter 4 analyzes the monetary dimensions of manias and panics, noting occasions when a boom or panic was triggered by a monetary event and how innovations in finance can shock the system.
-
Rapid increases in credit available to homeowners and real estate developers following the innovation of securitization and mortgage-backed securities contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland.
-
Chapter 5 reviews the domestic aspects of a banking crisis, questioning whether official warnings can halt manias and discussing the turning point that ultimately produces a crisis.
-
Chapter 6 discusses the impacts of a mania on domestic spending and resulting euphoria, including extravagant expenditures by individuals and countries building the tallest buildings in the world.
-
Chapter 7 explores the discovery of frauds and swindles that developed in the froth of a mania, including personal and corporate frauds such as Bernie Madoff's Ponzi scheme and Enron's fraudulent practices.
-
Chapter 8 covers the international contagion of manias and crises from the seventeenth to the first half of the twentieth century, examining competing narratives and possible linkages among countries.
-
Chapter 9 highlights the four waves of banking crises since the early 1980s and the relationships among the successive waves, noting the systematic relationship between surges in credit and real estate prices in Mexico, Japan, Southeast Asia, and the US, Britain, Ireland, Iceland, and Spain.
-
The likelihood that these four waves are independent and unrelated seems low, with a connection between the developing country debt crisis and the surge in property prices in Japan and a follow-on crisis in the debt of governments of Greece and other Mediterranean countries.Crises in the Financial World: Enron, MCIWorldCom, and the Euro
-
Enron and MCIWorldCom used off-balance sheet financing and inflated prices to show increased profits, resulting in their collapse and the failure of Arthur Andersen.
-
Investment banking firms paid $1.4 billion to forestall trials, and several individuals, including six Enron senior managers, went to jail.
-
Martha Stewart was charged and imprisoned for obstruction of justice related to a share deal.
-
Chapter 10 focuses on the real estate and banking crises in Ireland and Spain, as well as the sovereign debt crises in Greece and Portugal.
-
Greece had negative economic growth for five consecutive years, a fiscal deficit of over 10% of its GDP, and a government debt to GDP ratio of 140%.
-
The EU opposed Greece leaving the euro, resulting in domestic deflation and serial write-offs of government debt.
-
Several other countries have high ratios of debt to GDP, preventing them from adopting more expansive fiscal and expenditure policies.
-
The collapse of Enron led to the failure of Arthur Andersen, previously the most highly regarded global accounting firm.
-
MCIWorldCom inflated profits by claiming expenses as investments, and Jack Grubman promoted their stock.
-
Merrill Lynch paid $100 million to move the story about Henry Blodgett, a security analyst writing scathing emails about promoted firms, off the front pages.
-
The chairman and CEO of the NYSE resigned after it was revealed he had a compensation package of over $150 million, and some firms being regulated served as directors of the exchange.
-
Large US mutual funds allowed firms to trade on stale news.
Manias, Panics, and Crashes: A Summary of Chapters 2-9
-
Chapter 2 presents a stylized model of speculation, credit expansion, financial distress, and crisis that follows classical economic ideas of over-trading, revulsion, and discredit.
-
Hyman Minsky's model of an unstable financial system prone to crisis has great explanatory power for earlier crises in the US and Western Europe, as well as real estate and securities surges in Japan and other countries.
-
Chapter 3 explores whether markets in securities and real estate are always rational or whether speculation can be destabilizing, examining historical events that triggered manias.
-
Financial liberalization or deregulation in Japan, Nordic countries, some Asian countries, Mexico, Russia, and Iceland has led to domestic monetary expansion and increased borrowing for speculative investment.
-
Chapter 4 analyzes the monetary dimensions of manias and panics, noting occasions when a boom or panic was triggered by a monetary event and how innovations in finance can shock the system.
-
Rapid increases in credit available to homeowners and real estate developers following the innovation of securitization and mortgage-backed securities contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland.
-
Chapter 5 reviews the domestic aspects of a banking crisis, questioning whether official warnings can halt manias and discussing the turning point that ultimately produces a crisis.
-
Chapter 6 discusses the impacts of a mania on domestic spending and resulting euphoria, including extravagant expenditures by individuals and countries building the tallest buildings in the world.
-
Chapter 7 explores the discovery of frauds and swindles that developed in the froth of a mania, including personal and corporate frauds such as Bernie Madoff's Ponzi scheme and Enron's fraudulent practices.
-
Chapter 8 covers the international contagion of manias and crises from the seventeenth to the first half of the twentieth century, examining competing narratives and possible linkages among countries.
-
Chapter 9 highlights the four waves of banking crises since the early 1980s and the relationships among the successive waves, noting the systematic relationship between surges in credit and real estate prices in Mexico, Japan, Southeast Asia, and the US, Britain, Ireland, Iceland, and Spain.
-
The likelihood that these four waves are independent and unrelated seems low, with a connection between the developing country debt crisis and the surge in property prices in Japan and a follow-on crisis in the debt of governments of Greece and other Mediterranean countries.Crises in the Financial World: Enron, MCIWorldCom, and the Euro
-
Enron and MCIWorldCom used off-balance sheet financing and inflated prices to show increased profits, resulting in their collapse and the failure of Arthur Andersen.
-
Investment banking firms paid $1.4 billion to forestall trials, and several individuals, including six Enron senior managers, went to jail.
-
Martha Stewart was charged and imprisoned for obstruction of justice related to a share deal.
-
Chapter 10 focuses on the real estate and banking crises in Ireland and Spain, as well as the sovereign debt crises in Greece and Portugal.
-
Greece had negative economic growth for five consecutive years, a fiscal deficit of over 10% of its GDP, and a government debt to GDP ratio of 140%.
-
The EU opposed Greece leaving the euro, resulting in domestic deflation and serial write-offs of government debt.
-
Several other countries have high ratios of debt to GDP, preventing them from adopting more expansive fiscal and expenditure policies.
-
The collapse of Enron led to the failure of Arthur Andersen, previously the most highly regarded global accounting firm.
-
MCIWorldCom inflated profits by claiming expenses as investments, and Jack Grubman promoted their stock.
-
Merrill Lynch paid $100 million to move the story about Henry Blodgett, a security analyst writing scathing emails about promoted firms, off the front pages.
-
The chairman and CEO of the NYSE resigned after it was revealed he had a compensation package of over $150 million, and some firms being regulated served as directors of the exchange.
-
Large US mutual funds allowed firms to trade on stale news.
Manias, Panics, and Crashes: A Summary of Chapters 2-9
-
Chapter 2 presents a stylized model of speculation, credit expansion, financial distress, and crisis that follows classical economic ideas of over-trading, revulsion, and discredit.
-
Hyman Minsky's model of an unstable financial system prone to crisis has great explanatory power for earlier crises in the US and Western Europe, as well as real estate and securities surges in Japan and other countries.
-
Chapter 3 explores whether markets in securities and real estate are always rational or whether speculation can be destabilizing, examining historical events that triggered manias.
-
Financial liberalization or deregulation in Japan, Nordic countries, some Asian countries, Mexico, Russia, and Iceland has led to domestic monetary expansion and increased borrowing for speculative investment.
-
Chapter 4 analyzes the monetary dimensions of manias and panics, noting occasions when a boom or panic was triggered by a monetary event and how innovations in finance can shock the system.
-
Rapid increases in credit available to homeowners and real estate developers following the innovation of securitization and mortgage-backed securities contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland.
-
Chapter 5 reviews the domestic aspects of a banking crisis, questioning whether official warnings can halt manias and discussing the turning point that ultimately produces a crisis.
-
Chapter 6 discusses the impacts of a mania on domestic spending and resulting euphoria, including extravagant expenditures by individuals and countries building the tallest buildings in the world.
-
Chapter 7 explores the discovery of frauds and swindles that developed in the froth of a mania, including personal and corporate frauds such as Bernie Madoff's Ponzi scheme and Enron's fraudulent practices.
-
Chapter 8 covers the international contagion of manias and crises from the seventeenth to the first half of the twentieth century, examining competing narratives and possible linkages among countries.
-
Chapter 9 highlights the four waves of banking crises since the early 1980s and the relationships among the successive waves, noting the systematic relationship between surges in credit and real estate prices in Mexico, Japan, Southeast Asia, and the US, Britain, Ireland, Iceland, and Spain.
-
The likelihood that these four waves are independent and unrelated seems low, with a connection between the developing country debt crisis and the surge in property prices in Japan and a follow-on crisis in the debt of governments of Greece and other Mediterranean countries.Crises in the Financial World: Enron, MCIWorldCom, and the Euro
-
Enron and MCIWorldCom used off-balance sheet financing and inflated prices to show increased profits, resulting in their collapse and the failure of Arthur Andersen.
-
Investment banking firms paid $1.4 billion to forestall trials, and several individuals, including six Enron senior managers, went to jail.
-
Martha Stewart was charged and imprisoned for obstruction of justice related to a share deal.
-
Chapter 10 focuses on the real estate and banking crises in Ireland and Spain, as well as the sovereign debt crises in Greece and Portugal.
-
Greece had negative economic growth for five consecutive years, a fiscal deficit of over 10% of its GDP, and a government debt to GDP ratio of 140%.
-
The EU opposed Greece leaving the euro, resulting in domestic deflation and serial write-offs of government debt.
-
Several other countries have high ratios of debt to GDP, preventing them from adopting more expansive fiscal and expenditure policies.
-
The collapse of Enron led to the failure of Arthur Andersen, previously the most highly regarded global accounting firm.
-
MCIWorldCom inflated profits by claiming expenses as investments, and Jack Grubman promoted their stock.
-
Merrill Lynch paid $100 million to move the story about Henry Blodgett, a security analyst writing scathing emails about promoted firms, off the front pages.
-
The chairman and CEO of the NYSE resigned after it was revealed he had a compensation package of over $150 million, and some firms being regulated served as directors of the exchange.
-
Large US mutual funds allowed firms to trade on stale news.
Manias, Panics, and Crashes: A Summary of Chapters 2-9
-
Chapter 2 presents a stylized model of speculation, credit expansion, financial distress, and crisis that follows classical economic ideas of over-trading, revulsion, and discredit.
-
Hyman Minsky's model of an unstable financial system prone to crisis has great explanatory power for earlier crises in the US and Western Europe, as well as real estate and securities surges in Japan and other countries.
-
Chapter 3 explores whether markets in securities and real estate are always rational or whether speculation can be destabilizing, examining historical events that triggered manias.
-
Financial liberalization or deregulation in Japan, Nordic countries, some Asian countries, Mexico, Russia, and Iceland has led to domestic monetary expansion and increased borrowing for speculative investment.
-
Chapter 4 analyzes the monetary dimensions of manias and panics, noting occasions when a boom or panic was triggered by a monetary event and how innovations in finance can shock the system.
-
Rapid increases in credit available to homeowners and real estate developers following the innovation of securitization and mortgage-backed securities contributed to the rapid expansion of the financial sector during real estate booms in the US, Britain, Ireland, and Iceland.
-
Chapter 5 reviews the domestic aspects of a banking crisis, questioning whether official warnings can halt manias and discussing the turning point that ultimately produces a crisis.
-
Chapter 6 discusses the impacts of a mania on domestic spending and resulting euphoria, including extravagant expenditures by individuals and countries building the tallest buildings in the world.
-
Chapter 7 explores the discovery of frauds and swindles that developed in the froth of a mania, including personal and corporate frauds such as Bernie Madoff's Ponzi scheme and Enron's fraudulent practices.
-
Chapter 8 covers the international contagion of manias and crises from the seventeenth to the first half of the twentieth century, examining competing narratives and possible linkages among countries.
-
Chapter 9 highlights the four waves of banking crises since the early 1980s and the relationships among the successive waves, noting the systematic relationship between surges in credit and real estate prices in Mexico, Japan, Southeast Asia, and the US, Britain, Ireland, Iceland, and Spain.
-
The likelihood that these four waves are independent and unrelated seems low, with a connection between the developing country debt crisis and the surge in property prices in Japan and a follow-on crisis in the debt of governments of Greece and other Mediterranean countries.Crises in the Financial World: Enron, MCIWorldCom, and the Euro
-
Enron and MCIWorldCom used off-balance sheet financing and inflated prices to show increased profits, resulting in their collapse and the failure of Arthur Andersen.
-
Investment banking firms paid $1.4 billion to forestall trials, and several individuals, including six Enron senior managers, went to jail.
-
Martha Stewart was charged and imprisoned for obstruction of justice related to a share deal.
-
Chapter 10 focuses on the real estate and banking crises in Ireland and Spain, as well as the sovereign debt crises in Greece and Portugal.
-
Greece had negative economic growth for five consecutive years, a fiscal deficit of over 10% of its GDP, and a government debt to GDP ratio of 140%.
-
The EU opposed Greece leaving the euro, resulting in domestic deflation and serial write-offs of government debt.
-
Several other countries have high ratios of debt to GDP, preventing them from adopting more expansive fiscal and expenditure policies.
-
The collapse of Enron led to the failure of Arthur Andersen, previously the most highly regarded global accounting firm.
-
MCIWorldCom inflated profits by claiming expenses as investments, and Jack Grubman promoted their stock.
-
Merrill Lynch paid $100 million to move the story about Henry Blodgett, a security analyst writing scathing emails about promoted firms, off the front pages.
-
The chairman and CEO of the NYSE resigned after it was revealed he had a compensation package of over $150 million, and some firms being regulated served as directors of the exchange.
-
Large US mutual funds allowed firms to trade on stale news.
Financial Crises: An Overview
-
Eurozone countries gave up the right to manage monetary policy and reduce currency prices when they adopted the euro.
-
Economic growth in the Eurozone has been slower than in the US and UK, despite less severe banking crises.
-
European Central Bank has been expansive, but growth has been slow and unemployment in Greece remains high.
-
Domestic crisis management options range from hands-off approach to various measures like legal holidays and deposit insurance.
-
Policy choices of a domestic lender of last resort focus on moral hazard and whether to extend credit to insolvent institutions.
-
IMF was established in the 1940s to reduce currency price manipulation but has become an agent of large countries delaying currency declines.
-
The US banking crisis of 2008 could have been avoided if Lehman Brothers had been acquired by another firm or government ownership taken over.
-
The severity of the credit crisis that began in September 2008 was due to the US government's decision not to provide financial assistance to Lehman Brothers.
-
The last forty years have seen a large number of financial crises, leading to the question of whether the presence of the IMF encouraged profligate national financial policies.
-
Alan Greenspan, Ben Bernanke, Henry Paulson, Timothy Geithner, and Sheila Barr have written books about their experiences during the 2008 banking crisis.
-
Historians view events as unique, while economists search for patterns in the data and systematic relationships between events and their antecedents.
-
The economic model of a banking crisis covers the boom and bust phases, focusing on the episodic nature of manias and subsequent events.Banking Crises and the Anatomy of a Typical Crisis
-
Crises occurred regularly at ten-year intervals in the 19th century, and less regularly thereafter.
-
Hyman Minsky's model explains banking crises in the US, UK, and other market economies.
-
The supply of credit is pro-cyclical, increasing during booms and decreasing during slowdowns.
-
Investors become more optimistic during expansions, revise profitability estimates, and become more willing to borrow.
-
Lenders become less risk-averse during expansions and more willing to make risky loans.
-
Fragility in financial arrangements and increased likelihood of banking crises result from the increase and subsequent decline in the supply of credit.
-
Minsky's model follows the tradition of classical economists who focused on variability in the supply of credit.
-
Minsky emphasized heavily indebted borrowers who increased their indebtedness to buy real estate, stocks, or commodities in search of short-term profits.
-
The events that lead to a crisis start with a "displacement" or innovation, an exogenous shock to the macroeconomic system.
-
Business firms and individuals borrow to take advantage of the anticipated profits in the sector affected by the shock.
-
Economic growth quickens, and there might be feedback to even greater optimism.
-
Crises occur when investors become distress sellers as the prices of the securities they bought decline.
Financial Crises: An Overview
-
Eurozone countries gave up the right to manage monetary policy and reduce currency prices when they adopted the euro.
-
Economic growth in the Eurozone has been slower than in the US and UK, despite less severe banking crises.
-
European Central Bank has been expansive, but growth has been slow and unemployment in Greece remains high.
-
Domestic crisis management options range from hands-off approach to various measures like legal holidays and deposit insurance.
-
Policy choices of a domestic lender of last resort focus on moral hazard and whether to extend credit to insolvent institutions.
-
IMF was established in the 1940s to reduce currency price manipulation but has become an agent of large countries delaying currency declines.
-
The US banking crisis of 2008 could have been avoided if Lehman Brothers had been acquired by another firm or government ownership taken over.
-
The severity of the credit crisis that began in September 2008 was due to the US government's decision not to provide financial assistance to Lehman Brothers.
-
The last forty years have seen a large number of financial crises, leading to the question of whether the presence of the IMF encouraged profligate national financial policies.
-
Alan Greenspan, Ben Bernanke, Henry Paulson, Timothy Geithner, and Sheila Barr have written books about their experiences during the 2008 banking crisis.
-
Historians view events as unique, while economists search for patterns in the data and systematic relationships between events and their antecedents.
-
The economic model of a banking crisis covers the boom and bust phases, focusing on the episodic nature of manias and subsequent events.Banking Crises and the Anatomy of a Typical Crisis
-
Crises occurred regularly at ten-year intervals in the 19th century, and less regularly thereafter.
-
Hyman Minsky's model explains banking crises in the US, UK, and other market economies.
-
The supply of credit is pro-cyclical, increasing during booms and decreasing during slowdowns.
-
Investors become more optimistic during expansions, revise profitability estimates, and become more willing to borrow.
-
Lenders become less risk-averse during expansions and more willing to make risky loans.
-
Fragility in financial arrangements and increased likelihood of banking crises result from the increase and subsequent decline in the supply of credit.
-
Minsky's model follows the tradition of classical economists who focused on variability in the supply of credit.
-
Minsky emphasized heavily indebted borrowers who increased their indebtedness to buy real estate, stocks, or commodities in search of short-term profits.
-
The events that lead to a crisis start with a "displacement" or innovation, an exogenous shock to the macroeconomic system.
-
Business firms and individuals borrow to take advantage of the anticipated profits in the sector affected by the shock.
-
Economic growth quickens, and there might be feedback to even greater optimism.
-
Crises occur when investors become distress sellers as the prices of the securities they bought decline.
Financial Crises: An Overview
-
Eurozone countries gave up the right to manage monetary policy and reduce currency prices when they adopted the euro.
-
Economic growth in the Eurozone has been slower than in the US and UK, despite less severe banking crises.
-
European Central Bank has been expansive, but growth has been slow and unemployment in Greece remains high.
-
Domestic crisis management options range from hands-off approach to various measures like legal holidays and deposit insurance.
-
Policy choices of a domestic lender of last resort focus on moral hazard and whether to extend credit to insolvent institutions.
-
IMF was established in the 1940s to reduce currency price manipulation but has become an agent of large countries delaying currency declines.
-
The US banking crisis of 2008 could have been avoided if Lehman Brothers had been acquired by another firm or government ownership taken over.
-
The severity of the credit crisis that began in September 2008 was due to the US government's decision not to provide financial assistance to Lehman Brothers.
-
The last forty years have seen a large number of financial crises, leading to the question of whether the presence of the IMF encouraged profligate national financial policies.
-
Alan Greenspan, Ben Bernanke, Henry Paulson, Timothy Geithner, and Sheila Barr have written books about their experiences during the 2008 banking crisis.
-
Historians view events as unique, while economists search for patterns in the data and systematic relationships between events and their antecedents.
-
The economic model of a banking crisis covers the boom and bust phases, focusing on the episodic nature of manias and subsequent events.Banking Crises and the Anatomy of a Typical Crisis
-
Crises occurred regularly at ten-year intervals in the 19th century, and less regularly thereafter.
-
Hyman Minsky's model explains banking crises in the US, UK, and other market economies.
-
The supply of credit is pro-cyclical, increasing during booms and decreasing during slowdowns.
-
Investors become more optimistic during expansions, revise profitability estimates, and become more willing to borrow.
-
Lenders become less risk-averse during expansions and more willing to make risky loans.
-
Fragility in financial arrangements and increased likelihood of banking crises result from the increase and subsequent decline in the supply of credit.
-
Minsky's model follows the tradition of classical economists who focused on variability in the supply of credit.
-
Minsky emphasized heavily indebted borrowers who increased their indebtedness to buy real estate, stocks, or commodities in search of short-term profits.
-
The events that lead to a crisis start with a "displacement" or innovation, an exogenous shock to the macroeconomic system.
-
Business firms and individuals borrow to take advantage of the anticipated profits in the sector affected by the shock.
-
Economic growth quickens, and there might be feedback to even greater optimism.
-
Crises occur when investors become distress sellers as the prices of the securities they bought decline.
Financial Crises: An Overview
-
Eurozone countries gave up the right to manage monetary policy and reduce currency prices when they adopted the euro.
-
Economic growth in the Eurozone has been slower than in the US and UK, despite less severe banking crises.
-
European Central Bank has been expansive, but growth has been slow and unemployment in Greece remains high.
-
Domestic crisis management options range from hands-off approach to various measures like legal holidays and deposit insurance.
-
Policy choices of a domestic lender of last resort focus on moral hazard and whether to extend credit to insolvent institutions.
-
IMF was established in the 1940s to reduce currency price manipulation but has become an agent of large countries delaying currency declines.
-
The US banking crisis of 2008 could have been avoided if Lehman Brothers had been acquired by another firm or government ownership taken over.
-
The severity of the credit crisis that began in September 2008 was due to the US government's decision not to provide financial assistance to Lehman Brothers.
-
The last forty years have seen a large number of financial crises, leading to the question of whether the presence of the IMF encouraged profligate national financial policies.
-
Alan Greenspan, Ben Bernanke, Henry Paulson, Timothy Geithner, and Sheila Barr have written books about their experiences during the 2008 banking crisis.
-
Historians view events as unique, while economists search for patterns in the data and systematic relationships between events and their antecedents.
-
The economic model of a banking crisis covers the boom and bust phases, focusing on the episodic nature of manias and subsequent events.Banking Crises and the Anatomy of a Typical Crisis
-
Crises occurred regularly at ten-year intervals in the 19th century, and less regularly thereafter.
-
Hyman Minsky's model explains banking crises in the US, UK, and other market economies.
-
The supply of credit is pro-cyclical, increasing during booms and decreasing during slowdowns.
-
Investors become more optimistic during expansions, revise profitability estimates, and become more willing to borrow.
-
Lenders become less risk-averse during expansions and more willing to make risky loans.
-
Fragility in financial arrangements and increased likelihood of banking crises result from the increase and subsequent decline in the supply of credit.
-
Minsky's model follows the tradition of classical economists who focused on variability in the supply of credit.
-
Minsky emphasized heavily indebted borrowers who increased their indebtedness to buy real estate, stocks, or commodities in search of short-term profits.
-
The events that lead to a crisis start with a "displacement" or innovation, an exogenous shock to the macroeconomic system.
-
Business firms and individuals borrow to take advantage of the anticipated profits in the sector affected by the shock.
-
Economic growth quickens, and there might be feedback to even greater optimism.
-
Crises occur when investors become distress sellers as the prices of the securities they bought decline.
Financial Crises: An Overview
-
Eurozone countries gave up the right to manage monetary policy and reduce currency prices when they adopted the euro.
-
Economic growth in the Eurozone has been slower than in the US and UK, despite less severe banking crises.
-
European Central Bank has been expansive, but growth has been slow and unemployment in Greece remains high.
-
Domestic crisis management options range from hands-off approach to various measures like legal holidays and deposit insurance.
-
Policy choices of a domestic lender of last resort focus on moral hazard and whether to extend credit to insolvent institutions.
-
IMF was established in the 1940s to reduce currency price manipulation but has become an agent of large countries delaying currency declines.
-
The US banking crisis of 2008 could have been avoided if Lehman Brothers had been acquired by another firm or government ownership taken over.
-
The severity of the credit crisis that began in September 2008 was due to the US government's decision not to provide financial assistance to Lehman Brothers.
-
The last forty years have seen a large number of financial crises, leading to the question of whether the presence of the IMF encouraged profligate national financial policies.
-
Alan Greenspan, Ben Bernanke, Henry Paulson, Timothy Geithner, and Sheila Barr have written books about their experiences during the 2008 banking crisis.
-
Historians view events as unique, while economists search for patterns in the data and systematic relationships between events and their antecedents.
-
The economic model of a banking crisis covers the boom and bust phases, focusing on the episodic nature of manias and subsequent events.Banking Crises and the Anatomy of a Typical Crisis
-
Crises occurred regularly at ten-year intervals in the 19th century, and less regularly thereafter.
-
Hyman Minsky's model explains banking crises in the US, UK, and other market economies.
-
The supply of credit is pro-cyclical, increasing during booms and decreasing during slowdowns.
-
Investors become more optimistic during expansions, revise profitability estimates, and become more willing to borrow.
-
Lenders become less risk-averse during expansions and more willing to make risky loans.
-
Fragility in financial arrangements and increased likelihood of banking crises result from the increase and subsequent decline in the supply of credit.
-
Minsky's model follows the tradition of classical economists who focused on variability in the supply of credit.
-
Minsky emphasized heavily indebted borrowers who increased their indebtedness to buy real estate, stocks, or commodities in search of short-term profits.
-
The events that lead to a crisis start with a "displacement" or innovation, an exogenous shock to the macroeconomic system.
-
Business firms and individuals borrow to take advantage of the anticipated profits in the sector affected by the shock.
-
Economic growth quickens, and there might be feedback to even greater optimism.
-
Crises occur when investors become distress sellers as the prices of the securities they bought decline.
Financial Crises: An Overview
-
Eurozone countries gave up the right to manage monetary policy and reduce currency prices when they adopted the euro.
-
Economic growth in the Eurozone has been slower than in the US and UK, despite less severe banking crises.
-
European Central Bank has been expansive, but growth has been slow and unemployment in Greece remains high.
-
Domestic crisis management options range from hands-off approach to various measures like legal holidays and deposit insurance.
-
Policy choices of a domestic lender of last resort focus on moral hazard and whether to extend credit to insolvent institutions.
-
IMF was established in the 1940s to reduce currency price manipulation but has become an agent of large countries delaying currency declines.
-
The US banking crisis of 2008 could have been avoided if Lehman Brothers had been acquired by another firm or government ownership taken over.
-
The severity of the credit crisis that began in September 2008 was due to the US government's decision not to provide financial assistance to Lehman Brothers.
-
The last forty years have seen a large number of financial crises, leading to the question of whether the presence of the IMF encouraged profligate national financial policies.
-
Alan Greenspan, Ben Bernanke, Henry Paulson, Timothy Geithner, and Sheila Barr have written books about their experiences during the 2008 banking crisis.
-
Historians view events as unique, while economists search for patterns in the data and systematic relationships between events and their antecedents.
-
The economic model of a banking crisis covers the boom and bust phases, focusing on the episodic nature of manias and subsequent events.Banking Crises and the Anatomy of a Typical Crisis
-
Crises occurred regularly at ten-year intervals in the 19th century, and less regularly thereafter.
-
Hyman Minsky's model explains banking crises in the US, UK, and other market economies.
-
The supply of credit is pro-cyclical, increasing during booms and decreasing during slowdowns.
-
Investors become more optimistic during expansions, revise profitability estimates, and become more willing to borrow.
-
Lenders become less risk-averse during expansions and more willing to make risky loans.
-
Fragility in financial arrangements and increased likelihood of banking crises result from the increase and subsequent decline in the supply of credit.
-
Minsky's model follows the tradition of classical economists who focused on variability in the supply of credit.
-
Minsky emphasized heavily indebted borrowers who increased their indebtedness to buy real estate, stocks, or commodities in search of short-term profits.
-
The events that lead to a crisis start with a "displacement" or innovation, an exogenous shock to the macroeconomic system.
-
Business firms and individuals borrow to take advantage of the anticipated profits in the sector affected by the shock.
-
Economic growth quickens, and there might be feedback to even greater optimism.
-
Crises occur when investors become distress sellers as the prices of the securities they bought decline.
Financial Crises: An Overview
-
Eurozone countries gave up the right to manage monetary policy and reduce currency prices when they adopted the euro.
-
Economic growth in the Eurozone has been slower than in the US and UK, despite less severe banking crises.
-
European Central Bank has been expansive, but growth has been slow and unemployment in Greece remains high.
-
Domestic crisis management options range from hands-off approach to various measures like legal holidays and deposit insurance.
-
Policy choices of a domestic lender of last resort focus on moral hazard and whether to extend credit to insolvent institutions.
-
IMF was established in the 1940s to reduce currency price manipulation but has become an agent of large countries delaying currency declines.
-
The US banking crisis of 2008 could have been avoided if Lehman Brothers had been acquired by another firm or government ownership taken over.
-
The severity of the credit crisis that began in September 2008 was due to the US government's decision not to provide financial assistance to Lehman Brothers.
-
The last forty years have seen a large number of financial crises, leading to the question of whether the presence of the IMF encouraged profligate national financial policies.
-
Alan Greenspan, Ben Bernanke, Henry Paulson, Timothy Geithner, and Sheila Barr have written books about their experiences during the 2008 banking crisis.
-
Historians view events as unique, while economists search for patterns in the data and systematic relationships between events and their antecedents.
-
The economic model of a banking crisis covers the boom and bust phases, focusing on the episodic nature of manias and subsequent events.Banking Crises and the Anatomy of a Typical Crisis
-
Crises occurred regularly at ten-year intervals in the 19th century, and less regularly thereafter.
-
Hyman Minsky's model explains banking crises in the US, UK, and other market economies.
-
The supply of credit is pro-cyclical, increasing during booms and decreasing during slowdowns.
-
Investors become more optimistic during expansions, revise profitability estimates, and become more willing to borrow.
-
Lenders become less risk-averse during expansions and more willing to make risky loans.
-
Fragility in financial arrangements and increased likelihood of banking crises result from the increase and subsequent decline in the supply of credit.
-
Minsky's model follows the tradition of classical economists who focused on variability in the supply of credit.
-
Minsky emphasized heavily indebted borrowers who increased their indebtedness to buy real estate, stocks, or commodities in search of short-term profits.
-
The events that lead to a crisis start with a "displacement" or innovation, an exogenous shock to the macroeconomic system.
-
Business firms and individuals borrow to take advantage of the anticipated profits in the sector affected by the shock.
-
Economic growth quickens, and there might be feedback to even greater optimism.
-
Crises occur when investors become distress sellers as the prices of the securities they bought decline.
Financial Crises: An Overview
-
Eurozone countries gave up the right to manage monetary policy and reduce currency prices when they adopted the euro.
-
Economic growth in the Eurozone has been slower than in the US and UK, despite less severe banking crises.
-
European Central Bank has been expansive, but growth has been slow and unemployment in Greece remains high.
-
Domestic crisis management options range from hands-off approach to various measures like legal holidays and deposit insurance.
-
Policy choices of a domestic lender of last resort focus on moral hazard and whether to extend credit to insolvent institutions.
-
IMF was established in the 1940s to reduce currency price manipulation but has become an agent of large countries delaying currency declines.
-
The US banking crisis of 2008 could have been avoided if Lehman Brothers had been acquired by another firm or government ownership taken over.
-
The severity of the credit crisis that began in September 2008 was due to the US government's decision not to provide financial assistance to Lehman Brothers.
-
The last forty years have seen a large number of financial crises, leading to the question of whether the presence of the IMF encouraged profligate national financial policies.
-
Alan Greenspan, Ben Bernanke, Henry Paulson, Timothy Geithner, and Sheila Barr have written books about their experiences during the 2008 banking crisis.
-
Historians view events as unique, while economists search for patterns in the data and systematic relationships between events and their antecedents.
-
The economic model of a banking crisis covers the boom and bust phases, focusing on the episodic nature of manias and subsequent events.Banking Crises and the Anatomy of a Typical Crisis
-
Crises occurred regularly at ten-year intervals in the 19th century, and less regularly thereafter.
-
Hyman Minsky's model explains banking crises in the US, UK, and other market economies.
-
The supply of credit is pro-cyclical, increasing during booms and decreasing during slowdowns.
-
Investors become more optimistic during expansions, revise profitability estimates, and become more willing to borrow.
-
Lenders become less risk-averse during expansions and more willing to make risky loans.
-
Fragility in financial arrangements and increased likelihood of banking crises result from the increase and subsequent decline in the supply of credit.
-
Minsky's model follows the tradition of classical economists who focused on variability in the supply of credit.
-
Minsky emphasized heavily indebted borrowers who increased their indebtedness to buy real estate, stocks, or commodities in search of short-term profits.
-
The events that lead to a crisis start with a "displacement" or innovation, an exogenous shock to the macroeconomic system.
-
Business firms and individuals borrow to take advantage of the anticipated profits in the sector affected by the shock.
-
Economic growth quickens, and there might be feedback to even greater optimism.
-
Crises occur when investors become distress sellers as the prices of the securities they bought decline.
Financial Crises: An Overview
-
Eurozone countries gave up the right to manage monetary policy and reduce currency prices when they adopted the euro.
-
Economic growth in the Eurozone has been slower than in the US and UK, despite less severe banking crises.
-
European Central Bank has been expansive, but growth has been slow and unemployment in Greece remains high.
-
Domestic crisis management options range from hands-off approach to various measures like legal holidays and deposit insurance.
-
Policy choices of a domestic lender of last resort focus on moral hazard and whether to extend credit to insolvent institutions.
-
IMF was established in the 1940s to reduce currency price manipulation but has become an agent of large countries delaying currency declines.
-
The US banking crisis of 2008 could have been avoided if Lehman Brothers had been acquired by another firm or government ownership taken over.
-
The severity of the credit crisis that began in September 2008 was due to the US government's decision not to provide financial assistance to Lehman Brothers.
-
The last forty years have seen a large number of financial crises, leading to the question of whether the presence of the IMF encouraged profligate national financial policies.
-
Alan Greenspan, Ben Bernanke, Henry Paulson, Timothy Geithner, and Sheila Barr have written books about their experiences during the 2008 banking crisis.
-
Historians view events as unique, while economists search for patterns in the data and systematic relationships between events and their antecedents.
-
The economic model of a banking crisis covers the boom and bust phases, focusing on the episodic nature of manias and subsequent events.Banking Crises and the Anatomy of a Typical Crisis
-
Crises occurred regularly at ten-year intervals in the 19th century, and less regularly thereafter.
-
Hyman Minsky's model explains banking crises in the US, UK, and other market economies.
-
The supply of credit is pro-cyclical, increasing during booms and decreasing during slowdowns.
-
Investors become more optimistic during expansions, revise profitability estimates, and become more willing to borrow.
-
Lenders become less risk-averse during expansions and more willing to make risky loans.
-
Fragility in financial arrangements and increased likelihood of banking crises result from the increase and subsequent decline in the supply of credit.
-
Minsky's model follows the tradition of classical economists who focused on variability in the supply of credit.
-
Minsky emphasized heavily indebted borrowers who increased their indebtedness to buy real estate, stocks, or commodities in search of short-term profits.
-
The events that lead to a crisis start with a "displacement" or innovation, an exogenous shock to the macroeconomic system.
-
Business firms and individuals borrow to take advantage of the anticipated profits in the sector affected by the shock.
-
Economic growth quickens, and there might be feedback to even greater optimism.
-
Crises occur when investors become distress sellers as the prices of the securities they bought decline.
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Description
Test your knowledge of financial crises with this quiz summary of "Manias, Panics, and Crashes" chapters 2-9 and "Crises in the Financial World". From Hyman Minsky's model of an unstable financial system to the impacts of manias on domestic spending and the international contagion of crises, this summary covers it all. You'll also learn about specific crises such as Enron, MCIWorldCom, and the Euro, and their effects on the global financial system
