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Author: Raghuram Govind Rajan
Publisher:
ISBN:
Category : Bank failures
Languages : en
Pages : 60
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Book Description
Does credit availability exacerbate asset price inflation? What channels could it work through? What are the long run consequences? In this paper we address these questions by examining the farm land price boom (and bust) in the United States that preceded the Great Depression. We find that credit availability likely had a direct effect on inflating land prices. Credit availability may have also amplified the relationship between the perceived improvement in fundamentals and land prices. When the perceived fundamentals soured, however, areas with higher ex ante credit availability suffered a greater fall in land prices, and experienced higher bank failure rates. Land prices stayed low for a number of decades after the bust in areas that had higher credit availability, suggesting that the effects of booms and busts induced by credit availability might be persistent. We draw lessons for regulatory policy.
Author: Raghuram Govind Rajan
Publisher:
ISBN:
Category : Bank failures
Languages : en
Pages : 60
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Book Description
Does credit availability exacerbate asset price inflation? What channels could it work through? What are the long run consequences? In this paper we address these questions by examining the farm land price boom (and bust) in the United States that preceded the Great Depression. We find that credit availability likely had a direct effect on inflating land prices. Credit availability may have also amplified the relationship between the perceived improvement in fundamentals and land prices. When the perceived fundamentals soured, however, areas with higher ex ante credit availability suffered a greater fall in land prices, and experienced higher bank failure rates. Land prices stayed low for a number of decades after the bust in areas that had higher credit availability, suggesting that the effects of booms and busts induced by credit availability might be persistent. We draw lessons for regulatory policy.
Author: Raghuram G. Rajan
Publisher:
ISBN:
Category :
Languages : en
Pages : 60
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Book Description
Does credit availability exacerbate asset price inflation? What channels could it work through? What are the long run consequences? In this paper we address these questions by examining the farm land price boom (and bust) in the United States that preceded the Great Depression. We find that credit availability likely had a direct effect on inflating land prices. Credit availability may have also amplified the relationship between the perceived improvement in fundamentals and land prices. When the perceived fundamentals soured, however, areas with higher ex ante credit availability suffered a greater fall in land prices, and experienced higher bank failure rates. Land prices stayed low for a number of decades after the bust in areas that had higher credit availability, suggesting that the effects of booms and busts induced by credit availability might be persistent. We draw lessons for regulatory policy.
Author: David I. Macleod
Publisher: Springer Nature
ISBN: 3031553934
Category : Inflation (Finance)
Languages : en
Pages : 342
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Book Description
Zusammenfassung: This book shows how inflation can disrupt politics and society. With no recent precedent, mild inflation spurred mass protests, myriad remedial schemes, and partisan political reversals between 1910 and 1914. Then wartime demand and inflationary fiscal policy doubled consumer prices from 1915 to 1920, triggering waves of strikes, food riots by immigrant housewives, class conflict, and elite fears of revolution. Middle-class households resented falling real incomes. Even more than today, food prices dominated consumer concerns. Yet farmers wanted high commodity prices. Accordingly, both sides blamed and attacked meatpackers, wholesalers, and retailers. Then as now, inflation hurt whichever party held the White House. Fumbling responses by Wilson's administration and the Federal Reserve led to hesitant price controls, punitive raids and prosecutions, and a now-familiar fallback--high interest rates in 1920 and subsequent recession. An epilogue traces continuing popular and political responses to changes in the consumer price index down to 2020. David I. Macleod is Professor Emeritus of History at Central Michigan University, where he taught American social and political history. His publications include Building Character in the American Boy: The Boy Scouts, YMCA, and Their Forerunners, 1870-1920 and The Age of the Child: Children in America, 1890-1920.
Author: Gary Gorton
Publisher: Oxford University Press
ISBN: 019992290X
Category : Business & Economics
Languages : en
Pages : 293
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Book Description
An explanation and history of financial crises.
Author: Alberto Bisin
Publisher: Academic Press
ISBN: 0128162686
Category : Business & Economics
Languages : en
Pages : 1002
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Book Description
The Handbook of Historical Economics guides students and researchers through a quantitative economic history that uses fully up-to-date econometric methods. The book's coverage of statistics applied to the social sciences makes it invaluable to a broad readership. As new sources and applications of data in every economic field are enabling economists to ask and answer new fundamental questions, this book presents an up-to-date reference on the topics at hand. Provides an historical outline of the two cliometric revolutions, highlighting the similarities and the differences between the two Surveys the issues and principal results of the "second cliometric revolution" Explores innovations in formulating hypotheses and statistical testing, relating them to wider trends in data-driven, empirical economics
Author: Edward L. Glaeser
Publisher: University of Chicago Press
ISBN: 022603061X
Category : Business & Economics
Languages : en
Pages : 443
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Book Description
Conventional wisdom held that housing prices couldn’t fall. But the spectacular boom and bust of the housing market during the first decade of the twenty-first century and millions of foreclosed homeowners have made it clear that housing is no different from any other asset in its ability to climb and crash. Housing and the Financial Crisis looks at what happened to prices and construction both during and after the housing boom in different parts of the American housing market, accounting for why certain areas experienced less volatility than others. It then examines the causes of the boom and bust, including the availability of credit, the perceived risk reduction due to the securitization of mortgages, and the increase in lending from foreign sources. Finally, it examines a range of policies that might address some of the sources of recent instability.
Author: Moritz Schularick
Publisher: University of Chicago Press
ISBN: 0226816931
Category : Business & Economics
Languages : en
Pages : 318
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Book Description
Introduction : the new economics of debt and financial fragility /Moritz Schularik --Part 1. Finance unbound : the rise of finance and the economy.How to think about finance /Atif Mian ; comment by Karen Dynan --Reconsidering the costs and benefits of debt booms for the economy /Emil Verner ; comment by Holger Mueller --Part 2. Risk-taking : incentives, investors, institutions.Are bank CEO's to blame? /Rüdiger Fahlenbrach ; comment by Sameul G. Hanson --A new narrative of investors, subprime lending, and the 2008 crisis /Stefania Albanesi ; comment by Fernando Ferreira --Bank capital before and after financial crises /Òscar Jordà, Björn Richter, Moritz Schularick, and Alan M. Taylor ; comment by Anna Kovner --Part 3. Mispricing risks : credit booms and risk premia.Beliefs and risk-taking /Alessia de Stefani and Kaspar Zimmermann ; comment by Yueran Ma --A new approach to measuring banks' risk exposure /Juliane Begenau ; comment by Nina Boyarchenko --Is risk mispriced in credit booms? /Tyler Muir --Part 4. Financial crises : reconsidering the origins and consequences.Historical banking crises : a new database and a reassessment of their incidence and severity /Matthew Baron and Daniel Dieckelmann ; comment by Mark Carlson --Was the U.S. Great Depression a credit boom gone wrong? /Natascha Postel-Vinah ; comment by Eugene N. White --Sectoral credit booms and financial stability /Kärsten Muller ; comment by Orsola Costantini.
Author: Sara Hsu
Publisher: Edward Elgar Publishing
ISBN: 1800377363
Category : Business & Economics
Languages : en
Pages : 509
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Book Description
Beginning with the 2008 global crisis in the United States, and particularly after the COVID-19 pandemic shook economies around the world, academics, practitioners, and other experts have become increasingly sensitised to the potential for financial and economic fragility to result in a systemic breakdown. Presenting a synopsis of lessons learnt from financial crises arising out of the 19th, 20th and 21st centuries, each entry examines a unique past issue to help to develop future outcomes, operating as a touchstone for further research.
Author: Owen F. Humpage
Publisher: Cambridge University Press
ISBN: 1107099099
Category : Business & Economics
Languages : en
Pages : 411
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Book Description
A retrospective on the Federal Reserve, these essays by leading historians and economists investigate how financial infrastructure shapes economic outcomes.
Author: Raghuram Rajan
Publisher: MIT Press
ISBN: 026254704X
Category : Business & Economics
Languages : en
Pages : 143
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Book Description
A call for an end to aggressive monetary policy and a return to smart growth from an eminent researcher and former central banker. Central banks took extraordinary measures to stabilize markets and enhance growth after the financial crisis of 2008, but without giving much thought to the long-term consequences. It was a response, Raghuram Rajan argues, that set a dangerous precedent: the more centrals bank did, the more they were expected to do, and the more they ended up doing. Monetary Policy and Its Unintended Consequences looks back at what this meant for where we are now. A former central banker who foresaw the 2008 crisis and wrote a bestselling book about the risks of excessively accommodative monetary policy, Rajan takes a hard look at central bank behavior and its embrace of increasingly aggressive strategies to keep economies afloat. Despite efforts to strengthen markets, the 2020 pandemic showed economies remain as vulnerable as ever to adverse shocks, prompting large-scale interventions that, in the case of Covid, led to persistent inflation and market volatility. By examining these undertheorized outcomes, Rajan hopes central banks will recognize the unintended consequences of using all of the instruments available to them, which will encourage them to return to their core mandates of low inflation and financial stability. Monetary Policy and Its Unintended Consequences is the most thorough account yet of the choices central banks have made to meet the economic challenges of our century and why they must rethink these choices.
