Crash and Beyond: Causes and Consequences of the Global Financial Crisis

ISBN-13: 9780199578016 / Angielski / Twarda / 2013 / 448 str.

Andrew Farlow

Opis

In 2008 the world was plunged into financial and economic crisis. This book explores the multiple roots of the crisis, including the build-up of global economic imbalances, the explosion in the use of novel financial instruments, the mismanagement of risk, and the specific roles played by housing and debt. It reviews the evidence that, on the eve of the crisis, all was not well and that many policy makers and finance industry leaders ignored the dangers. The book examines in depth the measures taken to rescue the financial system and to stabilize the global economy. It strives to be fair in judgment, bearing in mind what policy makers knew at the time and the fast-changing nature of the problems they faced. It pays particular attention to the short-term impacts and longer-term consequences of the measures taken, and investigates why some approaches were favored over others, who will ultimately bear the costs, what political constraints shaped outcomes, and to what degree new risks were created and problems only delayed. The book describes the many difficulties that lie ahead when rescue measures--such as quantitative easing, large government deficits, and bank rescue schemes--are unwound. It explores the continuing challenges of achieving a more balanced global economy, the often painful balance-sheet adjustments that will need to be made in both the private and the public sectors, the options for financial reform, and the hazards that financial bubbles will continue to pose. The book's arguments take on added authority given that the author had identified, and called attention to, key features of the crisis before it unfolded. It is a very timely analysis of how policy makers arrived where they are now and of the many hurdles that still lie ahead. It provides a lively and accessible account that will appeal to a wide audience and contribute to an informed public debate about the lessons to be learnt and about future policy options.

Recenzje

Instead of a blow-by-blow account of the numerous bank rescue programmes, [Farlow's] book uses an economics lens to dissect the logic of each category of rescue measure to make them more digestible for the lay read...Half the book is devoted to the numerous policy struggles after the crash. Written before, during and in the years immediately after the crash, the book is a lively chronicle and engaging analysis of the events and thinking of these years and of the economic and political constraints that shaped response...a timely analysisa scholarly, yet highly accessible, account that will appeal to a wide audience and contribute to the public debate about the lessons to be learnt and future policy options.

O autorze

Andrew Farlow is Research Fellow in Economics at Oriel College, University of Oxford. Educated in economics at the University of Cambridge and the University of Oxford, he currently works in a range of areas of financial economics, including financial bubbles and instability, and global health financing. He has provided advice to a wide variety of public and private sector organizations including: Credit Suisse First Boston; the World Health Organisation; UK Department for International Development; Bill and Melinda Gates Foundation; George Institute for International Health; Office of Health Economics, London; TB Alliance; Aeras Global TB Foundation; Médecins Sans Frontières; Wellcome Trust; and a range of governments.