Carta PAYBACK di Mondadori
Su Mondadori Store, con la tua carta PAYBACK ti premi ad ogni acquisto.
Howard Rosenthal
-
Keith T. Poole
-
Nolan McCarty
pubblicato da
Princeton University Press
How governmental failure led to the 2008 financial crisisand what needs to be done to avoid another similar event
Behind every financial crisis lurks a "political bubble"policy biases that foster market behaviors leading to financial instability. Rather than tilting against risky behavior, political bubblesarising from a potent combination of beliefs, institutions, and interestsaid, abet, and amplify risk. Demonstrating how political bubbles helped create the real estate-generated financial bubble and the 2008 financial crisis, this book argues that similar government oversights in the aftermath of the crisis undermined Washington's response to the "popped" financial bubble, and shows how such patterns have occurred repeatedly throughout US history.
The authors show that just as financial bubbles are an unfortunate mix of mistaken beliefs, market imperfections, and greed, political bubbles are the product of rigid ideologies, unresponsive and ineffective government institutions, and special interests. Financial market innovationsincluding adjustable-rate mortgages, mortgage-backed securities, and credit default swapsbecome subject to legislated leniency and regulatory failure, increasing hazardous practices. The authors shed important light on the politics that blinds regulators to the economic weaknesses that create the conditions for economic bubbles and recommend simple, focused rules that should help avoid such crises in the future.
The first full accounting of how politics produces financial ruptures, Political Bubbles offers timely lessons that all sectors would do well to heed.
Scrivi una recensione per "Political Bubbles"
Torna in cima
Leggi un estratto
dai un voto
