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Author: Guillermo Rosas
Publisher: University of Michigan Press
ISBN: 0472022369
Category : Business & Economics
Languages : en
Pages : 223
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Book Description
"Rosas's compelling theory and wide-ranging empirical evidence yield a persuasive but surprising conclusion in light of the financial meltdown of 2008–9. In the event of banking crises, not only do elected governments treat taxpayers better and force bankers and their creditors to pay more for their mistakes, but bankers in democracies are more prudent as a consequence . . . essential reading for all interested in the political economy of crisis and in the future of banking regulation." ---Philip Keefer, Lead Economist, Development Research Group, The World Bank "Rosas convincingly demonstrates how democratic accountability affects the incidence and resolution of banking crises. Combining formal models, case studies, and cutting-edge quantitative methods, Rosas's book represents a model for political economy research." ---William Bernhard, Professor, Department of Political Science, University of Illinois "When the financial crises of the 1990s hit Asia, Russia, and Latin America, the U.S. scolded them about the moral hazard problems of bailing out the banks. Now, the shoe is on the other foot, with the U.S. struggling to manage an imploding financial sector. Rosas's study of bank bailouts could not be more timely, providing us with both a framework for thinking about the issue and some sobering history of how things go both right and badly wrong. Democratic accountability proves the crucial factor in making sure bailouts are fair, a point that is as relevant for U.S. policy as for an understanding of the emerging markets." ---Stephan Haggard, Krause Professor, Graduate School of International Relations and Pacific Studies, University of California, San Diego Banking crises threaten the stability and growth of economies around the world. In response, politicians restore banks to solvency by redistributing losses from bank shareholders and depositors to taxpayers, and the burden the citizenry must bear varies from case to case. Whereas some governments stay close to the prescriptions espoused by Sir Walter Bagehot in the nineteenth century that limit the costs shouldered by taxpayers, others engage in generous bank bailouts at great cost to society. What factors determine a government's response? In this comparative analysis of late-twentieth-century banking crises, Guillermo Rosas identifies political regime type as the determining factor. During a crisis, powerful financial players demand protection of their assets. Rosas maintains that in authoritarian regimes, government officials have little to shield them from such demands and little incentive for rebuffing them, while in democratic regimes, elected officials must weigh these demands against the interests of the voters---that is, the taxpayers. As a result, compared with authoritarian regimes, democratic regimes show a lower propensity toward dramatic, costly bailouts. Guillermo Rosas is Assistant Professor in the Department of Political Science and Fellow at the Center in Political Economy at Washington University in St. Louis.
Author: Guillermo Rosas
Publisher: University of Michigan Press
ISBN: 0472022369
Category : Business & Economics
Languages : en
Pages : 223
Get Book Here
Book Description
"Rosas's compelling theory and wide-ranging empirical evidence yield a persuasive but surprising conclusion in light of the financial meltdown of 2008–9. In the event of banking crises, not only do elected governments treat taxpayers better and force bankers and their creditors to pay more for their mistakes, but bankers in democracies are more prudent as a consequence . . . essential reading for all interested in the political economy of crisis and in the future of banking regulation." ---Philip Keefer, Lead Economist, Development Research Group, The World Bank "Rosas convincingly demonstrates how democratic accountability affects the incidence and resolution of banking crises. Combining formal models, case studies, and cutting-edge quantitative methods, Rosas's book represents a model for political economy research." ---William Bernhard, Professor, Department of Political Science, University of Illinois "When the financial crises of the 1990s hit Asia, Russia, and Latin America, the U.S. scolded them about the moral hazard problems of bailing out the banks. Now, the shoe is on the other foot, with the U.S. struggling to manage an imploding financial sector. Rosas's study of bank bailouts could not be more timely, providing us with both a framework for thinking about the issue and some sobering history of how things go both right and badly wrong. Democratic accountability proves the crucial factor in making sure bailouts are fair, a point that is as relevant for U.S. policy as for an understanding of the emerging markets." ---Stephan Haggard, Krause Professor, Graduate School of International Relations and Pacific Studies, University of California, San Diego Banking crises threaten the stability and growth of economies around the world. In response, politicians restore banks to solvency by redistributing losses from bank shareholders and depositors to taxpayers, and the burden the citizenry must bear varies from case to case. Whereas some governments stay close to the prescriptions espoused by Sir Walter Bagehot in the nineteenth century that limit the costs shouldered by taxpayers, others engage in generous bank bailouts at great cost to society. What factors determine a government's response? In this comparative analysis of late-twentieth-century banking crises, Guillermo Rosas identifies political regime type as the determining factor. During a crisis, powerful financial players demand protection of their assets. Rosas maintains that in authoritarian regimes, government officials have little to shield them from such demands and little incentive for rebuffing them, while in democratic regimes, elected officials must weigh these demands against the interests of the voters---that is, the taxpayers. As a result, compared with authoritarian regimes, democratic regimes show a lower propensity toward dramatic, costly bailouts. Guillermo Rosas is Assistant Professor in the Department of Political Science and Fellow at the Center in Political Economy at Washington University in St. Louis.
Author: Kathleen Day
Publisher: Yale University Press
ISBN: 0300223323
Category : Business & Economics
Languages : en
Pages : 441
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Book Description
A history of major financial crises--and how taxpayers have been left with the bill In the 1930s, battered and humbled by the Great Depression, the U.S. financial sector struck a grand bargain with the federal government. Bankers gained a safety net in exchange for certain curbs on their freedom: transparency rules, record-keeping and antifraud measures, and fiduciary responsibilities. Despite subsequent periodic changes in these regulations, the underlying bargain played a major role in preserving the stability of the financial markets as well as the larger economy. By the free-market era of the 1980s and 90s, however, Wall Street argued that rules embodied in New Deal-era regulations to protect consumers and ultimately taxpayers were no longer needed--and government agreed. This engaging history documents the country's financial crises, focusing on those of the 1920s, the 1980s, and the 2000s, and reveals how the two more recent crises arose from the neglect of this fundamental bargain, and how taxpayers have been left with the bill.
Author: Robert Eric Wright
Publisher: Columbia University Press
ISBN: 0231150555
Category : Business & Economics
Languages : en
Pages : 161
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Book Description
Today's financial crisis is the result of dismal failures on the part of regulators, market analysts, and corporate executives. Yet the response of the American government has been to bail out the very institutions and individuals that have wrought such havoc upon the nation. Are such massive bailouts really called for? Can they succeed? Robert E. Wright and his colleagues provide an unbiased history of government bailouts and a frank assessment of their effectiveness. Their book recounts colonial America's struggle to rectify the first dangerous real estate bubble and the British government's counterproductive response. It explains how Alexander Hamilton allowed central banks and other lenders to bail out distressed but sound businesses without rewarding or encouraging the risky ones. And it shows how, in the second half of the twentieth century, governments began to bail out distressed companies, industries, and even entire economies in ways that subsidized risk takers while failing to reinvigorate the economy. By peering into the historical uses of public money to save private profit, this volume suggests better ways to control risk in the future. Additional Columbia / SSRC books on the privatization of risk and its implications for Americans: Health at Risk: America's Ailing Health System--and How to Heal ItEdited by Jacob S. Hacker Laid Off, Laid Low: Political and Economic Consequences of Employment InsecurityEdited by Katherine S. Newman Pensions, Social Security, and the Privatization of RiskEdited by Mitchell A. Orenstein
Author: Alexander Lee
Publisher: University of Michigan Press
ISBN: 0472131257
Category : Political Science
Languages : en
Pages : 305
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Book Description
Why do some states provide infrastructure and social services to their citizens, and others do not? In Development in Multiple Dimensions, Alexander Lee examines the origins of success and failure in the public services of developing countries. Comparing states within India, this study examines how elites either control, or are shut out of, policy decisions and how the interests of these elites influence public policy. He shows that social inequalities are not single but multiple, creating groups of competing elites with divergent policy interests. Since the power of these elites varies, states do not necessarily focus on the same priorities: some focus on infrastructure, others on social services, and still others on both or neither. The author develops his ideas through quantitative comparisons and case studies focusing on four northern Indian states: Gujarat, West Bengal, Bihar, and Himachal Pradesh, each of which represents different types of political economy and has a different set of powerful caste groups. The evidence indicates that regional variation in India is a consequence of social differences, and the impact of these differences on carefully considered distributional strategies, rather than differences in ideology, geography, or institutions.
Author: Michael Brecher
Publisher: University of Michigan Press
ISBN: 0472903128
Category : Business & Economics
Languages : en
Pages : 1094
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Book Description
As the twentieth century draws to a close, it is time to look back on an epoch of widespread turmoil, including two world wars, the end of the colonial era in world history, and a large number of international crises and conflicts. This book is designed to shed light on the causes and consequences of military-security crises since the end of World War I, in every region, across diverse economic and political regimes, and cultures. The primary aim of this volume is to uncover patterns of crises, conflicts and wars and thereby to contribute to the advancement of international peace and world order. The culmination of more than twenty years of research by Michael Brecher and Jonathan Wilkenfeld, the book analyzes crucial themes about crisis, conflict, and war and presents systematic knowledge about more than 400 crises, thirty-one protracted conflicts and almost 900 state participants. The authors explore many aspects of conflict, including the ethnic dimension, the effect of different kinds of political regimes--notably the question whether democracies are more peaceful than authoritarian regimes, and the role of violence in crisis management. They employ both case studies and aggregate data analysis in a Unified Model of Crisis to focus on two levels of analysis--hostile interactions among states, and the behavior of decision-makers who must cope with the challenge posed by a threat to values, time pressure, and the increased likelihood that military hostilities will engulf them. This book will appeal to scholars in history, political science, sociology, and economics as well as policy makers interested in the causes and effects of crises in international relations. The rich data sets will serve researchers for years to come as they probe additional aspects of crisis, conflict and war in international relations. Michael Brecher is R. B. Angus Professor of Political Science, McGill University. Jonathan Wilkenfeld is Professor and Chair of the Department of Government and Politics, University of Maryland. They are the coauthors of Crises in the Twentieth Century: A Handbook of International Crisis, among other books and articles.
Author: Daniel Scroop
Publisher:
ISBN:
Category : Biography & Autobiography
Languages : en
Pages : 304
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Book Description
The story of the 20th-century's most successful national party boss and one of the driving forces behind the New Deal
Author: Financial Crisis Inquiry Commission
Publisher: Cosimo, Inc.
ISBN: 1616405414
Category : Political Science
Languages : en
Pages : 692
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Book Description
The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Author: Nathan F. Batto
Publisher: University of Michigan Press
ISBN: 0472900625
Category : Political Science
Languages : en
Pages : 337
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Book Description
Reformers have promoted mixed-member electoral systems as the “best of both worlds.” In this volume, internationally recognized political scientists evaluate the ways in which the introduction of a mixed-member electoral system affects the configuration of political parties. The contributors examine several political phenomena, including cabinet post allocation, nominations, preelectoral coalitions, split-ticket voting, and the size of party systems and faction systems. Significantly, they also consider various ways in which the constitutional system—especially whether the head of government is elected directly or indirectly—can modify the incentives created by the electoral system. The findings presented here demonstrate that the success of electoral reform depends not only on the specification of new electoral rules per se but also on the political context—and especially the constitutional framework—within which such rules are embedded.
Author: Lena Rethel
Publisher: Bloomsbury Publishing
ISBN: 1848139403
Category : Business & Economics
Languages : en
Pages : 160
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Book Description
Banks of all sorts are troubled institutions. The cost of public bail-outs associated with the subprime crisis in the United States alone may be as high as US$5 trillion. What is the problem with banks? Why do they seem to be at the centre of economic and financial turmoil down through the ages? In this provocative and timely book, Rethel and Sinclair seek answers to these questions, arguing that banks suffer from perennial problems, and that developments in the financial markets and government in recent decades have simply exacerbated these issues. The book examines banking activity in America, Asia and Europe, and how specific historical circumstances have transformed banks' behaviour and attitude to risk. While many see government as a constraint on banks, Sinclair and Rethel argue that what governments do in terms of regulation shapes banks and their motivations, as can be seen in the shortcomings of current reform proposals. Instead, more far-reaching, alternative ways of regulating and shaping banks are needed. A concise, essential overview of a pressing global issue.
Author: Brian F. Crisp
Publisher: Cambridge University Press
ISBN: 1108805949
Category : Political Science
Languages : en
Pages : 279
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Book Description
How do formal institutions affect the extent to which democracies adopt policies that reflect the preferences of their citizens? Based on a chain of representation model in which electoral rules and policy-making powers link citizens, politicians, and policies, this book reveals the conditions under which citizen preferences and implemented policies diverge. Comparative quantitative analyses encompassing eighteen Latin American countries show that presidential democracies vary greatly in the degree to which they demonstrate responsiveness to their electorates. Often, individual presidents with strong legislative powers have prompted policy changes that are unrepresentative of voter preferences. Other times, their interactions with legislatures result in more representative policies. Grounded in clear theory and thorough empirics, this study shows how rules can introduce dissonance between voters and politicians, but also how they can potentially reduce it. This is an excellent resource for scholars and graduate students interested in comparative politics, institutional design, economic policy, and Latin American studies.
