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Author: John Authers
Publisher:
ISBN:
Category :
Languages : en
Pages : 11
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Book Description
This Element is an excerpt from The Fearful Rise of Markets: Global Bubbles, Synchronized Meltdowns, and How To Prevent Them in the Future (9780137072996) by John Authers. Available in print and digital formats. Why markets are more synchronized than ever before-and why that's so terrifying. World markets are synchronized, and far more prone to bubbles and meltdowns than ever. Why? In March 2007 I realized the world's markets held each other in a tight, deadly embrace. One Bloomberg screen showed minute-by-minute action in the S & P 500. Then I called up a minute-by-minute chart of the yen's.
Author: John Authers
Publisher:
ISBN:
Category :
Languages : en
Pages : 11
Get Book Here
Book Description
This Element is an excerpt from The Fearful Rise of Markets: Global Bubbles, Synchronized Meltdowns, and How To Prevent Them in the Future (9780137072996) by John Authers. Available in print and digital formats. Why markets are more synchronized than ever before-and why that's so terrifying. World markets are synchronized, and far more prone to bubbles and meltdowns than ever. Why? In March 2007 I realized the world's markets held each other in a tight, deadly embrace. One Bloomberg screen showed minute-by-minute action in the S & P 500. Then I called up a minute-by-minute chart of the yen's.
Author: John Authers
Publisher: Pearson Education
ISBN: 0131388142
Category : Business & Economics
Languages : en
Pages : 312
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Book Description
Are we barreling toward another massive global financial catastrophe? How can so many bubbles form all at once? Why are so many “disconnected” markets now capable of collapsing in unison? In this remarkably readable book, award-winning Financial Times columnist John Authers takes on these critical questions and offers deeply sobering answers. Authers reveals how the first truly global super bubble was inflated—and might now be inflating again. He illuminates the multiple roots of repeated financial crises: a massive shift in investing power from individuals to big institutions; the migration of key decisions from banks to capital markets; the wholesale financialization of many asset classes; and fundamental failures of both theory and policy. The Fearful Rise of Markets presents a truly global view, avoiding oversimplifications and ideology as it outlines how we got here and where we stand. Even more valuable, it offers realistic solutions—for decision-makers who want to prevent disaster and investors who want to survive it. The herd grows ever larger—and more dangerous How institutional investing, indexing, and efficient markets theory promote herding Cheap money and irrational exuberance Super fuel for super bubbles Too big to fail: the whole story of moral hazard Banks, hedge funds, and beyond Danger signs of the next bubble Forex, equity, credit, and commodity markets move once more in alignment
Author: John Authers
Publisher: Pearson UK
ISBN: 0273746693
Category : Business & Economics
Languages : en
Pages : 229
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Book Description
“Concise, relevant, and perceptive…this book should be read by all those interested in the way markets operate, be they investors, analysts, or policy makers." -From the Foreword by Mohamed A. El-Erian, CEO and co-CIO of PIMCO, and author of When Markets Collide “A must-read for anyone concerned about how we can avoid recurring debt-induced busts in the years ahead, or anyone who wonders how to invest if (when!) the crisis returns. Authers' insights on the global financial crisis are profound." -Robert D. Arnott, Chairman, Research Affiliates, LLC ”In a crowded field of works on the financial crisis, Authers' work is unique in both its insight and style." -Robert R. Johnson, Ph.D., CFA, Senior Managing Director of the CFA Institute "John Authers has combined his journalistically honed FT skills with great insights. Serious investors and policy makers should read this book.” -David R. Kotok, Chairman and Chief Investment Officer of Cumberland Advisors "John masterfully drives a stake through the myth of global economic decoupling one chapter and example at a time. A must-read in today's economy." -Vitaliy Katsenelson, Director of Research at Investment Management Associates, Inc, author of Active Value Investing: Making Money in Range-Bound Markets Award-winning Financial Times journalist John Authers explains the multiple roots of repeated financial crises. He explains why it is that investment bubbles now form all at once, all across the world and why so many markets that were once considered disconnected are now able to collapse all at the same time. He offers a strategy for preventing future financial disasters. Market bubbles are growing ever bigger, ever more terrifying. As soon as one ends, the next one seems already to be inflating. Multiple markets, once disconnected, are aligning in ways that are increasingly unpredictable and uncontrollable. Something has changed. What can we do about it? The Fearful Rise of Markets explains how the world’s markets became synchronised, how they formed a bubble, how they all managed to crash together and then rebound together, and what can be done to prevent another synchronised bust in future. From post-Depression regulation and the 1954 recovery from the Great Crash, through the innovations and mis-steps that led to the collapse of Lehman Brothers in 2008, to the markets rally of 2009, The Fearful Rise of Markets details massive shifts in the way our money is invested, and in the global balance of economic power.
Author: John Authers
Publisher: FT Press
ISBN: 0132485451
Category : Business & Economics
Languages : en
Pages : 13
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Book Description
This download is a chapter from The Fearful Rise of Markets: Global Bubbles, Synchronized Meltdowns, and How To Prevent Them in the Future (ISBN: 0137072996) by John Authers. Available in print and digital formats. Read the following excerpt from the Foreword: I suspect that most of us have a daily routine when it comes to reading the news and looking for insightful commentary and analysis. I know that I do; and my routine includes seeing what John Authers has to say. John’s daily column in the Financial Times is a “must read” for many of us who are not just interested in markets, but also involved in their inner workings, daily fluctuations, and volatile emotions. His writings provide us with timely insights into market developments and the outlook; and they fuel interesting, and at times, lively debates in the marketplace. You will understand, therefore, how delighted and honored I was when John asked me to write a foreword for this wonderful book. I also felt intimidated at the thought of appearing in print together with one of the best writers in the financial media. Thankfully, this foreword is of a length that would limit any meaningful comparison of my approach to writing with John’s engaging and insightful style. This enjoyable and fast-moving book is written in the style of John’s daily columns–concise, relevant, and containing perceptive examples. Think of the book as your vehicle for a journey of discovery. Each stop will precisely inform you of the forces that have come together to determine market valuations and correlations–or, in the words of John, the drivers of the rise in markets, their collapse, and their ongoing re-emergence (albeit one still vulnerable to failures and weak regulatory and private infrastructure). To continue reading, download this Foreword & Chapter 1. The full book is also available for sale in print and digital formats.
Author: Harold L. Vogel
Publisher: Springer
ISBN: 3319715283
Category : Business & Economics
Languages : en
Pages : 508
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Book Description
Economists broadly define financial asset price bubbles as episodes in which prices rise with notable rapidity and depart from historically established asset valuation multiples and relationships. Financial economists have for decades attempted to study and interpret bubbles through the prisms of rational expectations, efficient markets, and equilibrium, arbitrage, and capital asset pricing models, but they have not made much if any progress toward a consistent and reliable theory that explains how and why bubbles (and crashes) evolve and can also be defined, measured, and compared. This book develops a new and different approach that is based on the central notion that bubbles and crashes reflect urgent short-side rationing, which means that, as such extreme conditions unfold, considerations of quantities owned or not owned begin to displace considerations of price.
Author: Mark Zandi
Publisher: FT Press
ISBN: 0133087522
Category : Political Science
Languages : en
Pages : 1480
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Book Description
How the financial crisis really happened, and what it really meant: 3 books packed with lessons for investors and policymakers! These three books offer unsurpassed insight into the causes and implications of the global financial crisis: information every investor and policy-maker needs to prepare for an extraordinarily uncertain future. In Financial Shock, Updated Edition, renowned economist Mark Zandi provides the most concise, lucid account of the economic, political, and regulatory causes of the collapse, plus new insights into the continuing impact of the Obama administration’s policies. Zandi doesn’t just illuminate the roles of mortgage lenders, investment bankers, speculators, regulators, and the Fed: he offers sensible recommendations for preventing the next collapse. In Extreme Money, best-selling author and global finance expert Satyajit Das reveals the spectacular, dangerous money games that are generating increasingly massive bubbles of fake growth, prosperity, and wealth, while endangering the jobs, possessions, and futures of everyone outside finance. Das explains how everything from home mortgages to climate change have become fully financialized… how “voodoo banking” keeps generating massive phony profits even now… and how a new generation of “Masters of the Universe” has come to own the world. Finally, in The Fearful Rise of Markets, top Financial Times global finance journalist John Authers reveals how the first truly global super bubble was inflated, and may now be inflating again. He illuminates the multiple roots of repeated financial crises, presenting a truly global view that avoids both oversimplification and ideology. Most valuable of all, Authers offers realistic solutions: for decision-makers who want to prevent disaster, and investors who want to survive it. From world-renowned leaders and experts, including Dr. Mark Zandi, Satyajit Das, and John Authers
Author: Harold L. Vogel
Publisher: Springer Nature
ISBN: 3030791823
Category : Business & Economics
Languages : en
Pages : 619
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Book Description
Economists broadly define financial asset price bubbles as episodes in which prices rise with notable rapidity and depart from historically established asset valuation multiples and relationships. Financial economists have for decades attempted to study and interpret bubbles through the prisms of rational expectations, efficient markets, equilibrium, arbitrage, and capital asset pricing models, but they have not made much if any progress toward a consistent and reliable theory that explains how and why bubbles (and crashes) evolve and are defined, measured, and compared. This book develops a new and different approach that is based on the central notion that bubbles and crashes reflect urgent short-side rationing, which means that, as such extreme conditions unfold, considerations of quantities owned or not owned begin to displace considerations of price.
Author: Bertrand Renaud
Publisher: John Wiley & Sons
ISBN: 1119090717
Category : Business & Economics
Languages : en
Pages : 352
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Book Description
This book is the first to evaluate the organisation, behaviour and performance of six major East Asian real estate markets. It offers a unique analysis of the growth and transformation of the real estate sector across East Asia. The authors examine the interactions between volatility in the sector and the overall stability of the economy, in particular during the Asia financial crisis of 1997-98, and the global financial crisis of 2008-09. draws on the best available theoretical and empirical literature applies analytic tools in the context of East Asian institutions and policies helps understand factors affecting resilience and stability in East Asian real estate markets.
Author: Gordon Brown
Publisher: Simon and Schuster
ISBN: 1451624077
Category : Business & Economics
Languages : en
Pages : 215
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Book Description
The international financial crisis that has held our global economy in its grip for too long still seems to be in full stride. Former British Prime Minister and Chancellor of the Exchequer Gordon Brown believes the crisis can be reversed, but that the world’s leaders must work together if we are to avoid a decade of lost jobs and low growth. Brown speaks both as someone who was in the room driving discussions that led to some crucial decisions and as an expert renowned for his remarkable financial acumen. No one who had Brown’s access has written about the crisis yet, and no one has written so convincingly about what the global community must do next in order to climb out of this abyss. Brown outlines the shocking recklessness and irresponsibility of the banks that he believes contributed to the depth and breadth of the crisis. As he sees it, the crisis was brought on not simply by technical failings, but by ethical failings too. Brown argues that markets need morals and suggests that the only way to truly ensure that the world economy does not flounder so badly again is to institute a banking constitution and a global growth plan for jobs and justice. Beyond the Crash puts forth not just an explanation for what happened, but a directive for how to prevent future financial disasters. Long admired for his grasp of economic issues, Brown describes the individual events that he believes led to the crisis unfolding as it did. He synthesizes the many historical precedents leading to the current status, from the 1933 London conference of world leaders that failed to resolve the Great Depression to the more recent crash in the Asian housing market. Brown’s analysis is of paramount importance during these uncertain financial times. As Brown himself said of his ideas for the future, “We now live in a world of global trade, global financial flows, global movements of people, and instant global communications. Our economies are connected as never before, and I believe that global economic problems require global solutions and global institutions. In writing my analysis of the financial crisis, I wanted to help explain how we got here, but more important, to offer some recommendations as to how the next stage of globalization can be managed so that the economy works for people and not the other way around.”## *** The crisis exposed the contradiction of globalization itself: as economies have become more interconnected, regulators and governments have failed to keep pace and increase coordination. It is a failure intrinsic to unregulated global markets, an instability that resulted from the manner in which increasing flows of capital around the world happened and impacted the economy. And it is a failure of collective action at an international level to respond quickly enough to the structural imbalances and inequities that arose. At its simplest, then, this is the first true crisis of globalization. For the first time everybody, from the richest person in the richest city to the poorest person in the poorest slum, was affected by the same crisis. Although its roots are global, its impact is local, directly felt on nearly every main street, on nearly every shop floor, around nearly every kitchen table. Billions of people around the world are in need of and are demanding a better globalization. It is the nature of power that you always leave tasks unfinished when you leave office. It is the nature of politics that the argument must continue. This book is my warning of a decade of lost growth and my answer to that fear with a call for a better globalization. It is an explanation of a pattern in the numbers that points to an enormous opportunity to alleviate poverty, create jobs, and grow. A future of low growth, high unemployment, decline, and decay is not inevitable; it’s about the change we choose. -- From Beyond the Crash
Author: Richard Westra
Publisher: SCB Distributors
ISBN: 0985271094
Category : Political Science
Languages : en
Pages : 276
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Book Description
Why, despite the existence of raft of potential international investment outlets, is a major share of global wealth and savings mpelled toward a United States (US) Wall Street centered casino ? Why has an increasingly gapping chasm crystallized between ever bloating global financial activities and the �real” world economy of production and trade? How is it that wealthy governments�injecting trillions of dollars into stumbling financial sectors across the globe is failing to create new decent jobs? The present volume clearly answers these questions and more as it connects the dots linking the 2008 meltdown and over a decade of dress rehearsals for it to a rigged global financial game that cemented US international dominance under conditions where the US simultaneously attained the status of world�s principal debtor economy. It traces out the complicity of Japan in the game beholden as it was to US anti-communist largesse for its meteoric post-war rise. It examines how China, the former communist Cold War nemesis, paradoxically became the next major underwriter of US debt and exporter of global deflation as is sets low wage rates for the world. The present volume clearly answers these questions and more as it connects the dots linking the 2008 meltdown and over a decade of dress rehearsals for it to a rigged global financial game that cemented US international dominance under conditions where the US simultaneously attained the status of world�s principal debtor economy. It traces out the complicity of Japan in the game beholden as it was to US anti-communist largesse for its meteoric post-war rise. It examines how China, the former communist Cold War nemesis, paradoxically became the next major underwriter of US debt and exporter of global deflation as is sets low wage rates for the world.
