Financial Markets and Financial Crises

Financial Markets and Financial Crises

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Warnings of the threat of an impending financial crisis are not new, but do we really know what constitutes an actual episode of crisis and how, once begun, it can be prevented from escalating into a full-blown economic collapse? Using both historical and contemporary episodes of breakdowns in financial trade, contributors to this volume draw insights from theory and empirical data, from the experience of closed and open economies worldwide, and from detailed case studies. They explore the susceptibility of American corporations to economic downturns; the origins of banking panics; and the behavior of financial markets during periods of crisis. Sever papers specifically address the current thrift crisisa€”including a detailed analysis of the over 500 FSLIC-insured thrifts in the southeasta€”and seriously challenge the value of recent measures aimed at preventing future collapse in that industry. Government economists and policy makers, scholars of industry and banking, and many in the business community will find these timely papers an invaluable reference.The data for the period surrounding the October stock market crash are found in figure 3.12. Panels A and B have the same format ... The data in figure 3.12 again display patterns seen in other financial crises. The commercial paper rate hadanbsp;...

Title:Financial Markets and Financial Crises
Author:R. Glenn Hubbard
Publisher:University of Chicago Press - 1991-08-13


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