Description
Taylor & Francis Ltd Unravelling The Credit Crunch 2009 Edition by David Murphy
Fascinating Insight into How the Financial System Works and How the Credit Crisis AroseClearly supplies details vital to understanding the crisis Unravelling the Credit Crunch provides a clearly written, comprehensive account of the current credit crisis that is easily understandable to non-specialists. It explains how the financial system was drawn into the crunch and the issues that need to be addressed to prevent further disasters.To enable an understanding of the credit crunch, the author first examines the rules that constrain how financial institutions operate. He discusses how these institutions do business, what products were central to the development of the crunch, and how they behave. He thoroughly describes how financial institutions raise money and the legal and regulatory frameworks under which they operate. After exploring how the system works, the book illustrates how to change the rules to make financial disasters less likely.Focusing on the rules involved in the game of finance is essential if we want to figure out what happened that led to this financial debacle. This book shows us how the actions of many financial institutions, regulatory bodies, central banks, and investment managers adversely affected the entire financial system. IntroductionWhat Happened?U.S. Residential Property: The Crunch Begins Old- and New-Style Banking What Happened in the Markets: The Second Stage Apres Lehman le Deluge: The Third StageUnderstanding the Slime: U.S. Residential MortgagesMortgage Structures and Borrowers How Mortgages Were Made Mortgage Lending during the Greenspan BoomA Story of the ODM: Countrywide FinancialFinancial Assets and Their PricesSecurities Markets and Prices The Liquidity of Financial Assets What's in It for Me?Liquidity and Central BanksThe Basis of Old-Style Banking Liability Liquidity Central Banks Central Bank Policy in a Crunch A Tale of Two Central Banks A Twenty-First Century Run: Northern RockThe Crash of 1929 and Its Legacy The Crash of 1929 and the Great Depression Political Reactions The New Deal The RFC and Other Rescuers The Evolution of Freddie and FannieSecuritization, Tranching, and Financial Modeling Securitization The Securitization of Subprime Mortgages Models and Hedging Model Risk Where Did It All Go Wrong? The Write-downs The Legacy Fails: Fannie, Freddie, and the Broker/Dealers in 2008 The Growth, Distress, and Rescue of Fannie Mae and Freddie Mac Financial Services Modernization in the 1990s The End of the Broker/Dealer Lessons from the Failure of the Broker/Dealer Model Compensating Controls Structured Finance Credit Derivatives ABS in Structured Finance Structured Finance in the Boom Years Insurance in Form and Name The Rescue of AIG Off Balance Sheet Funding Municipal Finance and the MonolinesMunicipal Finance The Monolines Do Structured Finance Insurers and Finance: A Toxic Mix? Auction Rate SecuritiesThe Rules of the Game: Accounting and Regulation Accounting and Why It Matters Regulation and Regulatory Capital The Consequences of Basel 2 Regulation away from Basel Understanding Earnings Japan's Lost Decade A Comparative Anatomy of Financial Crises Changes and ConsequencesTransmission The Provision of Credit to the Broad Economy What Worked and What Didn't Central Banks, Regulators, and Accountants Experimental Finance The Financial System from 2009Index