This book is a path-breaking survey and critique of the major theories of financial crises. The first edition built a model from an analysis of postwar financial crises in the United States through the mid-1980s. The second edition continues the story from 1985 and covers the stock market crash of 1987, the collapse of the SaL industry, the severe problems of U.S. commercial banks, and the increased risks posed by junk bonds. A new chapter analyzes the causes of increased financial instability in the 1980s. The book's extensive charts and tables are fully revised and updated to present the latest evidence. The first edition was widely used as a supplemental text. Comments on the first addition: A splendid job of reconstructing the economic and psychological scenery of the crisis being analyzed. -- Business Economics First rate explanation of financial crises during the past two decades. Anyone who can understand the financial articles in The Wall Street Journal can easily follow his argument. -- Choice39 Indeed, he finds that the data for the 1987 stock market crash aquot;again display patterns seen in other financial crises.aquot;40 The commercial paper rate rose for a year before the crash, and stock prices began to decline over a month before the anbsp;...
|Author||:||Martin H. Wolfson|
|Publisher||:||M.E. Sharpe - 1994-09-23|