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No Slack
The financial crisis exposed unsavory results of interactions between low- and moderate-income households and alternative and mainstream financial institutions: overleveraged incomes, high cost for financial services, and lack of access to useful financial products that can cushion against economic instability. It revealed a financial services system that is not well designed to serve these households, leaving them without financial slack. Pivotal analysis, focusing on metropolitan Detroit's low- and moderate-income neighborhoods, examines household decision making processes, behaviors, and attitudes toward a full range of financial transactions during the subprime lending boom. The author advocates helping families seek financial stability in three primary ways: enhancing individuals' financial capability, using technology to promote access to financial products and services that meet their needs, and establishing strong protections for consumers.
And Banking for All?
Presents data from a survey of low- and moderate-income households in Detroit to examine bank account usage and alternative financial service products. For the majority of households, annual outlays on financial services for transactional and credit products are small, around 1% of annual income. Households with bank accounts are more economically active and have access to more forms of credit than un-banked households, resulting in greater use of financial services and higher total outlays. Policies designed to expand bank account access alone are unlikely to improve financial outcomes among LMI households unless accompanied by changes in the functionality of mainstream banking products. Charts and tables.
The Federal Reserve and the Financial Crisis
In 2012, Ben Bernanke, chairman of the U.S. Federal Reserve, gave a series of lectures about the Federal Reserve and the 2008 financial crisis, as part of a course at George Washington University on the role of the Federal Reserve in the economy. He revealed important background and insights into the central bank's crucial actions during the worst financial crisis since the Great Depression, and offers insight into the guiding principles behind the Fed's activities and the lessons to be learned from its handling of recent economic challenges.
Housing and the Financial Crisis
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.
Economic Report of the President Transmitted to the Congress
Reports for 2002- include: The Annual report of the Council of Economic Advisers.
Intelligent Credit Scoring
A better development and implementation framework for credit risk scorecards Intelligent Credit Scoring presents a business-oriented process for the development and implementation of risk prediction scorecards. The credit scorecard is a powerful tool for measuring the risk of individual borrowers, gauging overall risk exposure and developing analytically driven, risk-adjusted strategies for existing customers. In the past 10 years, hundreds of banks worldwide have brought the process of developing credit scoring models in-house, while ‘credit scores' have become a frequent topic of conversation in many countries where bureau scores are used broadly. In the United States, the ‘FICO' and â...
Elizabeth Warren
Extreme candidates are nothing new in American politics, but very rarely do candidates as extreme as Elizabeth Warren have such a talent for presenting radically dangerous policy ideas as if they are compatible with the American experiment. An increasing number of far-left progressives have worked their way into the upper echelons of Democratic Party leadership, but none have generated the college campus enthusiasm and media coddling that Massachusetts Senator Elizabeth Warren has created. Yet what belies this Harvard professor’s quirky but compelling presentation style are ideas that, as recently as the Obama presidency, were considered far too radical for American life. Worse, the essence of Warren’s platform undermines the economic groups she most claims to want to aid—the frustrated middle class often on the outside of American prosperity looking in. Far from offering the middle class a life line, an Elizabeth Warren presidency represents the greatest threat to the American dream our nation has ever faced.
Canada
Canada has experienced drastic changes in its economy during the global financial crisis. This Selected Issues paper discusses the evolution of equilibrium real home prices in key Canadian provinces in the post-crisis period, Canadian dollar movement during and after the global financial turmoil in line with other world currencies, assessment of impacts on Canada’s potential growth, development of Canadian automotive sector—namely, NAFTA partners during the crisis, and the role of Canada Mortgage and Housing Corporation (CMHC) in Canada’s housing market.
30-Second Money
Stock-market crashes show how the world of high finance can negatively impact our daily life, but smart money reveals a two-way street where those savvy to the science of finance can take their personal wealth up a gear. What is a hedge fund? How best to understand private equity? What are the principles of investment? 30 Second Money balances key features of personal finance with those of the financial markets and economic concepts, explaining how mass monetary systems relate to one’s own money management choices. From basic concepts like risk and return to types of borrowing, investment, and risk management, everything is explained without jargon or complexity. This is the handbook that gives the reader an edge in any business conversation.
