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Principles for Navigating Big Debt Crises
Ray Dalio, the legendary investor and #1 New York Times bestselling author of Principles—whose books have sold more than five million copies worldwide—shares his unique template for how debt crises work and principles for dealing with them well. This template allowed his firm, Bridgewater Associates, to anticipate 2008’s events and navigate them well while others struggled badly. As he explained in his #1 New York Times bestseller Principles, Ray Dalio believes that most everything happens over and over again through time so that by studying patterns one can understand the cause-effect relationships behind events and develop principles for dealing with them well. In this three-part...
Across the Great Divide
The financial crisis of 2008 devastated the American economy and caused U.S. policymakers to rethink their approaches to major financial crises. More than five years have passed since the collapse of Lehman Brothers, but questions still persist about the best ways to avoid and respond to future financial crises. In Across the Great Divide, a co-publication with Brookings Institution, contributing economic and legal scholars from academia, industry, and government analyze the financial crisis of 2008, from its causes and effects on the U.S. economy to the way ahead. The expert contributors consider post-crisis regulatory policy reforms and emerging financial and economic trends, including the...
Hedge Funds
Since the 1998 near collapse of Long-Term Capital Mgmt. (LTCM), a large hedge fund -- a pooled invest. vehicle that is privately managed and engages in active trading of various types of securities and commodity futures and options -- the number of hedge funds has grown, and they have attracted invest. from institutional investors. This report: (1) describes how fed. financial regulators oversee hedge fund-related activities under their existing authorities; (2) examines what measures investors, creditors, and counter-parties have taken to impose market discipline on hedge funds; and (3) explores the potential for systemic risk from hedge fund-related activities and describes actions regulators have taken to address this risk. Illustrations.
The End of Theory
An in-depth look at how to account for the human complexities at the heart of today’s financial system Our economy may have recovered from the Great Recession—but not our economics. The End of Theory discusses why the human condition and the radical uncertainty of our world renders the standard economic model—and the theory behind it—useless for dealing with financial crises. What model should replace it? None. At least not any version we’ve been using for the past two hundred years. Richard Bookstaber argues for a new approach called agent-based economics, one that takes as a starting point the fact that we are humans, not the optimizing automatons that standard economics assumes we are. Sweeping aside the historic failure of twentieth-century economics, The End of Theory offers a novel perspective and more realistic framework to help prevent today's financial system from blowing up again.
Stress Tests and Policy
Ten years after the Federal Reserve's crisis-era bank stress test, it is time to recalibrate the stress tests for “peacetime.” Outside of a crisis, supervisors should tailor stress tests to focus on their comparative advantages by taking a macroprudential focus, with severe scenarios that enable them to learn about emerging risks in both traditional and shadow banking sectors. In peacetime, also, supervisors should emphasize risk management practices and be wary of forcing rapid changes in capital levels for individual banks, while linking stress-test results with countercyclical capital buffers across the system.
Why Some Firms Thrive While Others Fail
Why did some firms weather the financial crisis and others not? This book investigates inner workings of over a dozen major financial and nonfinancial companies, reveals what went wrong and proposes a remedy. Regulators too must learn from past mistakes and require "constructive dialogue" for companies they supervise.
The Financial and Economic Crises
The 2007 financial and economic crisis that began in the United States and quickly spread around the world differed from earlier crises in a number of significant ways. This book examines the causes of these events in the US, and their impacts on North America, Europe, Asia and Australia. As with previous crises, real estate booms and busts and excessive financial leverage played key roles; however, the most recent crisis had many unique aspects to it, all of which are explored here in depth. This includes the role played by large international banks, shadow banks, increased global liquidity, population growth and other factors. Collectively, these factors contributed to interconnected econo...
The Role of ABS CDOs in the Financial Crisis
We examine the role of asset-backed security collateralized debt obligations (ABS CDOs) as a primary catalyst for the financial crisis. We show how ABS CDOs became the main investment vehicle for the riskiest investment-grade securities in the private-label mortgage market. We estimate a final tally of writedowns on ABS CDOs, $410 billion in total, with $325 billion assumed by AAA and “super-senior” securities, which had minimal capital, margin, or liquidity requirements. Pre-crisis regulations allowed excessive leverage at some firms investing in these securities, imperiling their solvency and placing them at the center of the financial crisis.
The Financial Crisis Inquiry Report
and the use of credit ratings in the securitization markets; lending practices and securitization, including the originate-to-distribute model for extending credit and transferring risk; affiliations between insured depository institutions and securities, insurance, and other types of nonbanking companies; the concept that certain institutions are 'too-big-to-fail' and its impact on market expectations; corporate governance, including the impact of company conversions from partnerships to corporations; compensation structures; changes in compensation for employees of financial companies, as compared to compensation for others with similar skill sets in the labor market; the legal and regulatory structure of the United States housing market; derivatives and unregulated financial products and practices, including credit default swaps; short-selling; financial institution reliance on numerical models,
