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BUSINESS HISTORY - Financial Crises
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1763 - European Financial Crisis of 1763.

1772-1773 - European Crisis of 1772-3.

1789-1797 - Assignat Inflation during the French Revolution.

1818-1819 - Crisis of The Second Bank of the United States.

1825 - London Crisis of 1825.

1837 - Panic of 1837 in United States.

1840s - Railway Mania.

1857 - Ohio Life Crisis.

1867-1869 - Overend & Gurney.

1869 - Black Friday in New York.

1873 - Vienna Crash of 1873.

1907 - Crisis of 1907; spawned the Federal Reserve Bank.

1920s - German Hyperinflation.

1929 - New York Stock Exchange Crash.

1931 - European Collapse and World Depression.

1967 - Devaluation of Sterling.

August 1982 - Mexico's Finance Minister, Jesus Silva-Herzog, announced that Mexico could no longer service its debt; beginning of Latin America debt crisis; most Latin American countries relied on centrally planned economies, vs. markets, to drive national growth; adopted import substitution policies as growth strategy - protect, develop national industries through government intervention; resulted in high import tariffs, government subsidies, nationalization of major industries, other forms of protectionism, control of domestic prices, high devaluation-risk premium for currencies (equipment imports needed for industrialization very expensive); 1950-1980 - 'golden age': GDP per capita increased at average annual rate of 3%; debt piled up at same time.; 1980s - known as "the lost decade" - GDP per capita declined at average annual rate of 0.7, hyperinflation endemic; 1986 - three out of four Latin American countries had inflation rates above 30%; 1990s - financial and trade liberalization (not labor market legislation): market reforms (emphasis on market economy) replaced heavy-handed government intervention, import substitution policies eliminated, trade opened up, democracies replaced dictatorships as institutional/political reforms took hold (10 democracies out of 26 Latin America countries in 1980, 22/26 by 1990, only Cuba left by 2000); governments turned over government institutions, activities to private sector, deregulated domestic financial systems, eliminated controls on capital flows, foreign currency transactions - dramatic turnaround: GDP per capita growth rebounded, inflation declined; end of 1996 - one country with annual inflation rate over 30%.


1987 - US Stock Market Crash.

1990s - Japan's "Lost Decade": collapse of Japanese real estate, financial bubble, economic downturn, prolonged stagflation, errors of Japanese policy makers.


Tokyo Nikkei Average 1980-2010


1992 - Black Wednesday.

1994 - Mexican Peso Crisis.

July 1997 - East Asian currency crisis began; started in Thailand with of speculative attacks on Thai baht (devaluation); spread to Indonesia and Korea (world's eleventh largest economy), possibility of Korean default raised potential threat to international monetary system; stemmed from weaknesses in financial systems and, to lesser extent, governance' combination of inadequate financial sector supervision, poor assessment and management of financial risk, maintenance of relatively fixed exchange rates led banks, corporations to borrow large amounts of international capital, much of it short-term, denominated in foreign currency, unhedged; inflow of foreign capital tended to be used to finance poorer-quality investments; made worse government involvement in private sector, lack of transparency in corporate, fiscal accounting, provision of financial and economic data.

December 3, 1997 - South Korea struck deal with International Monetary Fund for record $55 billion bailout of its foundering economy.

August 17, 1998 - Russian government floated exchange rate, devalued ruble, defaulted on domestic debt, halted payment on ruble-denominated debt, declared a 90-day moratorium on payment by commercial banks to foreign creditors (after six years of economic reform, some limited success in privatization and macroeconomic stabilization, first year of positive economic growth since fall of the Soviet Union); November 1997 - ruble came under speculative attack (after onset of East Asian crisis); Central Bank of Russia (CBR) defended currency, lost nearly $6 billion (USD) in foreign-exchange reserves; February 1998 - Russian government submitted new tax code to Duma; March 23, 1998 - President Yeltsin fired entire government; replaced Prime Minister with 35-year-old former banking, oil company executive (in government less than a year); May 18, 1998 - government bond yields swelled to 47% (inflation at about 10%); May 27, 1998 - demand for bonds plummeted, yields more than 50%, government failed to sell enough bonds at weekly auction to refinance the debt coming due; oil prices dropped to $11 per barrel, less than half their level a year earlier; $2.5 to $3 billion in loans from foreign investors to Russian corporations and banks coming due by end of September; billions of dollars in ruble futures maturing in fall; May-August. 1998 - lost much liquidity, approximately $4 billion left Russia in capital flight, lost around $4 billion in revenue due to sagging oil prices; August 13, 1998 - Russian stock, bond, currency markets collapsed as result of investor fears that government would devalue ruble, default on domestic debt, or both (annual yields on ruble-denominated bonds more than 200%, stock market closed for 35 minutes as prices plummeted, down 65% on small volume). (source: Federal Reserve Bank of St. Louis, 2002).

April 21, 2008 - Final Subprime Tally? - $300 billion in losses; $160 billion raised?

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September 2008 - 75-Year Wall Street Round-Trip.

September 16, 2008 - Portrait of lost profitability - Falling interest rates, rising securitization, rising rate of risky loans as home prices rose, rising leverage followed by decline in home prices, rise in mortgage delinquencies, declining cash generating ability, declining credit availability, declining stock prices, bankruptcy.



October 1, 2008 - Financial crisis spread; Timeline of bailouts, buyouts and takeovers of financial services companies in US and Europe since July 2007 (when subprime mortgage crisis began) - July 2007 - IKN Deutsche Industriebank ($79 Billion), Sept. 2007 - Northern Rock ($216.8 B); Dec. 12, 2007 - Central banks in US, EU, Canada, Switzerland announced plan to provide at least $90 B in short-term financing to banks;  Dec. 18, 2007 - European Central Bank injected $500 B into financial system; Jan. 2008 - Countrywide Financial ($172.1 B); March 7, 2008 - Federal Reserve offered $200 B in 28-day loans to investment banks, big financial institutions; March 11, 2008 - Federal Reserve offered $200 B in Treasury securities to investment banks in exchange for mortgage-backed securities; March 17, 2008 - Bear Stearns ($399 B); March 21, 2008 - European Central bank offered $24 B in loans to help banks strengthen balance sheets; Bank of England offered $10 B in loans; April 2008 - Dusseldorfer Hypothekenbank ($42.5 B); July 2007 - IndyMac Bancorp failed ($32.3 B); Alliance & Leicester ($153.4 B); Aug. 2008 - Roskilde Bank ($7.9 B); Sept. 7, 2008 - Freddie Mac ($879 B), Fannie Mae ($885.9 B); Sept. 14, 2008 - Merrill Lynch ($966.2 B); Sept. 15, 2008 - Lehman Brothers ($639.4 B); Sept. 16, 2008 -AIG ($1,049.9 B); Sept. 18, 2008 - HBOS ($1,356.5 B); Federal Reserve, European Central Bank, Bank of England, Bank of Japan, central banks in Switzerland and Canada made $180 B available in currency swaps; Sept. 26, 2008 - Washington Mutual ($309.7 b); Sept. 29-30, 2008 - Fortis ($1,533.2 B), Wachovia ($812.4 B), Hypo Real Estate ($622.2 B), Bradford & Bingley ($104 B), Gilitnir ($48.9 B), Dexia ($913 B).



October 3, 2008 - President Bush signed Troubled Asset Relief Program, $700 billion program to buy illiquid debt, backed by home loans, on bank balance sheets, free flow of credit to companies and consumers.

History of U.S. Government Bailouts - Chronological Order, Cost in 2008 Dollars

(Source: ProPublica, independent, non-profit newsroom that  produces investigative journalism in the public interest;

Left-to-Right (in 2008 $): June 1970 - Penn Central Railroad ($3.2 billion); August 1971 - Lockheed (Emergency Loan Guarantee Act, $1.4 billion); 1974 - Franklin National Bank ($7.7 billion); 1975 - New York City (New York City Seasonal Financing Act, $9.4 billion); 1979 - Chrysler (Chrysler Loan Guarantee Act, $3.9 billion); 1984 - Continental Illinois Bank ($9.5 billion); 1989 - Savings & Loans (Financial Institutions Reform Recovery and Enforcement Act, $293.8 billion); 2001 - Airlines (Air Transportation Safety and Stabilization Act, $18.6 billion); March 2008 - Bear Stearns ($30 billion); September 2008 - Fannie Mae/Freddie Mac (U.S. government seized control, $200 billion); September 2008 - American International Group (AIG) - $85 billion; September 2008 - Autos (Congress approved more than $630 billion spending bill; $25 billion); October 2008 - Wall Street (Troubled Asset Relief Program, $700 billion).

October 2008 - Biggest bailouts in history (BusinessWeek): AIG, Sept. 17, 2008: $85 billion guaranteed by the Federal Reserve; Bear Stearns, Mar. 16, 2008: $29 billion guaranteed by the Federal Reserve; MBIA, Dec. 10, 2007: $1 billion from private equity fund Warburg Pincus; UBS, Dec. 10, 2007: $11.5 billion from Singapore’s sovereign wealth fund, along with an unnamed Middle Eastern investor; E*Trade Financial, Nov. 29, 2007: $2.55 billion from Citadel Investment Group; Citigroup, Nov. 26, 2007: $7.5 billion from Abu Dhabi’s sovereign wealth fund; Countrywide Financial, Aug. 22, 2007: $2 billion from Bank of America; Goldman Sachs Hedge Fund, Aug. 13, 2007: $3 billion from Goldman Sachs and investors including C.V. Starr & Co. and Eli Broad; U.S. Domestic Airlines, September 2001: $15 billion from the U.S. government; Russia, 1998: $17 billion in loans from the International Monetary Fund; Long Term Capital Management, 1998: $3.6 billion from various Wall Street firms; Apple, August 1997: $150 million from rival Microsoft; Mexico, 1995: $50 billion in loans ($20 billion from the U.S. and more than $30 billion from the International Monetary Fund, Europe, private banks, and other trading partners); Salomon Brothers, 1987: $700 million from Warren Buffet’s Berkshire Hathaway; Various U.S. Savings and Loans, 1986-1995: $124 billion from the FDIC; Continental Illinois, 1984: $1 billion in capital from the FDIC, which also guaranteed the bank’s $30 billion in uninsured deposits and assumed $3.5 billion of the company’s debt; Chrysler, January 1980: $1.5 billion in loans from the U.S. government; City of New York, 1975: $150 million from the New York City Teachers’ Union plus refinancing $3 billion of its debt; Lockheed Aircraft, 1971: $250 million in loan guarantees from Congress; New York City Trusts, 1907: $50 million ($30 million from John Pierpont Morgan, along with other bankers and $25 million from the U.S. Treasury).

2008 - Major Intervention by Federal Reserve, Treasury Department (

October 10, 2008 - Expansion of government's role in capital markets:


February 21, 2009 - Japan's second Lost Decade - Lost Consumption - 1990s-early 2000s -  economic malaise of Japan's 'Lost Decade' stunted wages, depressed stock prices, turning free-spending consumers into misers (per capita consumer spending rose 0.2% between 2001-2007); fourth quarter 2008 - Japan's economy shrunk at 12.7% annualized rate (worst since 1970s); 48% of Japanese workers 24 years old or younger are 'temps'; widespread distrust of Japanese pension system; rapidly aging society; Japanese government planning $21 billion in cash handouts to stimulate spending.


March 6, 2009 - 1) 20 years after Japan’s stock market peaked in 1989, share prices trade a less than 25% of their top values; 2002 - 1.5 quadrillion yen of wealth destroyed (stock market, falling land prices) - rough equivalent of three times country’s GDP (source: Nomura Research Institute); 2) Dow Jones industrial average - lost 50% of its value from October 2007 peak to February 2009 (10 months longer for Nikkei to lose half of its value in early 1990s); 3) after  1987 crash, global investors recouped losses in two years (source: Credit Suisse Global Investment Returns Yearbook); 4) after 1973-74 bear market, UK stocks regained previous highs in less than three years (had fallen 73% in real terms); 5) after Wall Street crash of 1929, longest bear market in major economy, stocks did not trade at reach their pre-Depression levels for 25 years (1954).


(Argentina), Jorge A. Rojas (2003). La Emergencia y el Proceso. (Buenos Aires, Argentina: Rubinzal-Culzoni, 289 p.). Revalorization of debts--Argentina; Currency question--Argentina; Financial crisis--Argentina.

(Argentina), Ernesto Tenembaum (2004). Enemigos: Argentina y el FMI: La Apasionante Discusión entre un Periodista y Uno de los Hombres Clave del Fondo en los Noventa. (Buenos Aires, AR: Grupo Editorial Norma, 334 p.). Journalist (Ventitres Magazine). Colección Biografías y documentos. Economic principles vs. ideology. 

(Argentina), Paul Blustein (2005). And the Money Kept Rolling In (and Out): Wall Street, the IMF, and the Bankrupting of Argentina. (New York, NY: PublicAffairs, 320 p.). Reporter (Washington Post). International Monetary Fund--Argentina; Financial crises--Argentina; Investments, Foreign--Argentina; Argentina--Economic conditions--1983-. 

(Argentina), Edited by Edward Epstein and David Pion-Berlin (2006). Broken Promises: The Argentine Crisis and Argentine Democracy. (Lanham, MD: Lexington Books, 306 p.). Professor of Political Science (University of Utah); Professor of Political Science (University of California, Riverside). Financial crises--Argentina; Argentina--Economic conditions--1983- ; Argentina--Economic policy; Argentina--Politics and government--1983-2002. Political, economic origins of the crisis, reactions of Argentina's security forces, responses of Argentine society, key relationships with Brazil and the U.S. 

(Asia), Christopher Wood (1992). The Bubble Economy: Japan’s Extraordinary Speculative Boom of the ’80s and the Dramatic Bust of the ’90s. (New York, NY: Atlantic Monthly Press, 210 p.). Stocks --Prices --Japan; Speculation; Stock exchanges --Japan; Financial crises --Japan; International finance; Japan --Economic conditions --1945-1989; Japan --Economic conditions --1989-. Greatest failure of Japanese economic management since 1945; second half of 1980s - Japan's financial madness, arrogance centered on booming stockmarket, rocketing land prices;' dragged solid manufacturing economy into whirlwind of outrageous speculation; boom went spectacularly bust, left withered stockmarket, crashing land prices, mountains of bad loans, economy in recession, slew of political and financial scandals; graphically exposed seedy underbelly of Japan's feudal finance systeml how Japan is spending first half of 1990s paying off excesses in process that threatens world's economies with dire consequences; myths surrounding Japanese management, levels of incompetence never before thought possible.

(Asia), Philippe Delhaise (1998). Asia in Crisis: The Implosion of the Banking and Finance Systems. (New York, NY: Wiley, 280 p.). Established Asia's first regional bank rating agency, Capital Information Services, the basis of the Asia division of Thomson BankWatch. Banks and banking--Asia--Case studies; Finance--Asia--Case studies; Business cycles--Asia--Case studies.

(Asia), Robert Garran (1998). Tigers Tamed: The End of the Asian Miracle. (Honolulu, HI: University of Hawaii Press, 228 p.). East Asia--Economic conditions; Asia, Southeastern--Economic conditions.

(Asia), Callum Henderson (1998). Asia Falling: Making Sense of the Asian Crisis and Its Aftermath. (New York, NY: McGraw-Hill, 330 p.). Foreign exchange rates--Asia. 

(Asia), Richard Katz (1998). Japan, The System That Soured: The Rise and Fall of the Japanese Economic Miracle. (Armonk, NY: M. E. Sharpe, 463 p.). Japan -- Commercial policy; Industrial policy -- Japan; Japan -- Economic conditions -- 1989-.

(Asia), Ed. Karl D. Jackson (1998). The Asian Contagion: The Causes and Consequences of a Financial Crisis. (Boulder, CO: Westview Press,     p.). Financial crises--Asia; Asia--Economic conditions; Asia--Politics and government.

(Asia), Adam S. Posen (1998). Restoring Japan’s Economic Growth. (Washington, DC: Institute for International Economics, 186 p.). Deputy Director of the Peterson Institute for International Economics. Fiscal policy --Japan; Japan --Economic policy --1989-; Japan --Economic conditions --1989-. Japanese economic stagnation in 1990s is result of mistaken policies of fiscal austerity, financial laissez-faire rather than any supposed structural failures of "Japan Model"; why shift in Japanese fiscal and monetary policies, financial reform, would be in Japan's own self-interest, put country back on path to solid economic growth (permanent tax cuts, monetary stabilization).

(Asia), Norman Flynn (1999). Miracle to Meltdown in Asia: Business, Government, and Society. (New York, NY: Oxford University Press, 170 p.). Financial crises--Asia; Asia--Economic conditions--1945-; Asia--Economic policy.

(Asia), Gerald Tan (1999). The End of the Asian Miracle?: Tracing Asia’s Economic Transformation. (Singapore: Times Academic Press, 434 p.). Asia--Economic conditions--1945- ; Asia--Economic policy; Asia--Social conditions.

(Asia), Stephen Vines (1999). The Years of Living Dangerously: Asia--from Financial Crisis to the New Millennium. (London, UK: Orion Business Books, 276 p.). Financial crises--Asia; Business enterprises--Asia--Finance; Asia--Economic policy; Asia--Economic conditions--1945-.

(Asia), Mark L. Clifford, Pete Engardio (2000). Meltdown: Asia's Boom, Bust, and Beyond. (Paramus, NJ: Prentice Hall Press, 322 p.). Asia--Economic conditions--1945-.

(Asia), Stephen Haggard (2000). The Political Economy of the Asian Financial Crisis. (Washington, DC: Institute for International Economics, 272 p.). Finance--Asia--Case studies; Financial crises--Asia--Case studies.

(Asia), Gerald Tan (2000). The Asian Currency Crisis. (Singapore: Times Academic Press, 283 p.). Head of Department, Asia Center (Flinders University, Adelaide). Financial crises--Southeast Asia; Financial crises--East Asia. Introduction to complexities of 1998 Asian financial crisis.

(Asia), Eds, Van Hoa Tran and Charles Harvie (2000). The Causes and Impact of the Asian Financial Crisis. (New York, NY: St. Martin's Press, 232 p.). Financial crises--Asia; Asia--Economic conditions--1945-.

(Asia), Eds. Wing Thye Woo, Jeffrey D. Sachs, and Klaus Schwab (2000). The Asian Financial Crisis: Lessons for a Resilient Asia. (Cambridge, MA: MIT Press, 280 p.). Financial crises--Asia--Case studies; Asia--Economic policy--Case studies.

(Asia), Paul Blustein (2001). The Chastening: Inside the Crisis That Rocked the Global Financial System and Humbled the IMF. (New York, NY: Public Affairs, 431 p.). Business Reporter (Washington Post). International Monetary Fund--Economic assistance--Asia; Financial crises--Asia; International finance.

(Asia), Edith Terry (2001). How Asia Got Rich: China, Japan and the Asian Miracle. (Armonk, NY: M. E. Sharpe`, p.). Wealth--Asia; Japan--Economic conditions--1989-; China--Economic conditions--1976-2000; China--Economic conditions--2000-.

(Asia), Richard Katz (2002). Japanese Phoenix: The Long Road to Economic Revival. (Armonk, NY: M. E. Sharpe, p.). Structural adjustment (Economic policy)--Japan; Economic stabilization--Japan; Globalization; Japan--Economic policy--1989-.

(Asia), David L. McKee, Don E. Garner, and Yosra AbuAmara McKee (2002). Crisis, Recovery, and the Role of Accounting Firms in the Pacific Basin. (Westport, CT: Quorum Books, 214 p.). Professor of Economics in the Graduate School of Management (Kent State University); Professor and former Chair of the Department of Accounting (California State University, Stanislaus); Adjunct Faculty Member in Economics (Kent State University). Accounting firms--Pacific Area; Financial crises--Pacific Area.

(Asia), Eds. Ryoichi Mikitani, Adam S. Posen (2000). Japan’s Financial Crisis and Its Parallels to U.S. Experience. (Washington, DC: Institute for International Economics, 228 p.). Professor in the Faculty of Economics (Kobe Gakuin University); Deputy Director of the Peterson Institute for International Economics. Monetary policy --Japan; Financial crises --Japan; Banks and banking --Japan; Monetary policy --United States; Financial crises --United States; Banks and banking --United States. Japanese government's financial and monetary policy response to banking crisis in 1990s was slow compared to that of U.S. monetary and financial policy to American Savings and Loan Crisis of late 1980s; mismanaged partial deregulation, regulatory forebearance gave rise to crisis, allowed it to deepen; closing some banks, injection of new capital into others began resolution; Bank of Japan's monetary policy from late 1980s onwards increasingly out of step with U.S., other developed country norms; limited response to deflation after being granted independence in 1998 as dangerous and unusual stance.

(Asia), Mihir Rakshit (2002). The East Asian Currency Crisis. (New York, NY: Oxford University Press, 288 p.). Currency question--East Asia; Financial crises--East Asia.

(Asia), Sea-Jin Chang (2003). Financial Crisis and Transformation of Korean Business Groups: The Rise and Fall of Chaebols. (New York, NY: Cambridge University Press, 364 p.). Corporations--Korea (South)--Finance; Conglomerate corporations--Korea (South); Financial crises--Korea (South); Corporate governance--Korea (South). 

(Asia), Shalendra D. Sharma (2003). The Asian Financial Crisis: Crisis, Reform and Recovery. (New York, NY: Manchester Uiversity Press, 400 p.). Financial crises Asia; Asia Economic conditions 1945-; Asia Economic policy.

(Asia), Jang-Sup Shin and Ha-Joon Chang (2003). Restructuring Korea Inc. (New York, NY: RoutledgeCurzon, 155 p.). Conglomerate corporations--Korea (South); Big business--Korea (South); Financial crises--Korea (South); Industrial policy--Korea (South). Strengths, weaknesses of 'Korea Inc.' in comparison with other East Asian countries; challenges faced by Korea in 1990s due to acceleration of globalization; transition attempted by Korea badly conceived, ill designed (huge 'transition costs').

(Asia), Ian Brown (2004). A Colonial Economy in Crisis: Burma’s Rice Delta and the World Depression of the 1930s. (New York, NY: RoutledgeCurzon. Rice trade--Burma--History; Rice trade--Government policy--Burma--History; Financial crises--Burma--History; Peasantry--Burma--Political activity--History; Burma--Economic conditions. Rural populations, which abandoned self-sufficiency to become single commodity producers, were supposedly very vulnerable to commodity price collapse of 1930s Depression, did not suffer as much as has been supposed.

(Asia), Wong Sook Ching, Jomo K.S., Chin Kok Fay (2005). Malaysian "Bail Outs"?: Capital Controls, Restructuring, and Recovery. (Singapore: University of Hawaii Press, 320 p.). Malaysia economic conditions 1997-98; Malaysia--economic policy; Malaysia--government policy. Economic policy issues in Malaysia and the region. Asian crisis and government policy responses; capital controls, corporate, bank, debt restructuring. 

(Asia), David B.H. Denoon (2007). The Economic and Strategic Rise of China and India: Asian Realignments After the 1997 Financial Crisis. (New York, NY: Palgrave Macmillan, 228 p.). Professor of Politics and Economics (New York University). Financial crises--Asia; China--Economic policy--1976-2000; China--Economic policy--2000-; India--Economic policy--1991-; Asia--Foreign economic relations--United States; United States--Foreign economic relations--Asia. Why 1997 financial crisis was such critical turning point, ended up stimulating trade and investment within Asia.

(Asia), John Greenwood (2008). Hong Kong’s Link to the US Dollar: Origins and Evolution. (Hong Kong: Hong Kong University Press, 303 p.). Chief Economist of INVESCO plc. Currency question -- China -- Hong Kong; Monetary policy -- China -- Hong Kong; Hong Kong (China) -- Economic conditions -- 20th century; Hong Kong (China) -- Economic conditions -- 21st century. City's 1983 currency crisis; creation of  currency board, subsequent problems leading to Asian financial crisis of 1997-98, later reforms; Hong Kong's monetary developments between 1990 and 2005.

(Asia), Richard C. Koo (2008). The Holy Grail of Macroeconomics: Lessons from Japan’s Great Recession. (Hoboken, NJ: Wiley, 296 p.). Chief Economist of Nomura Research Institute. Macroeconomics; Japan --Economic conditions --1989-; United States --Economic conditions --1981-2001; United States --Economic conditions --2001-. Japan's "Great Recession" (1992-2007);  massive fall in asset prices, companies jettisoned conventional goal of profit maximization, moved to minimize debt in order to restore their credit ratings; precise mechanism of prolonged depression, liquidity trap vs. conventional economics.

(Asia), Eds. Koichi Hamada, Anil K Kashyap, and David E. Weinstein (2010). Japan's Bubble, Deflation, and Long-term Stagnation. (Cambridge, MA: MIT Press, 420 p.). Tuntex Professor of Economics (Yale University); Edward Eagle Brown Professor of Economics and Finance and Richard N. Rossett Faculty Fellow (University of Chicago Booth School of Business); Carl S. Shoup Professor of the Japanese Economy (Columbia University). Japan -- Economic conditions -- 1989-; Monetary policy -- Japan; Banks and banking -- Japan; Labor market -- Japan. What happened, why it happened, effectiveness (or ineffectiveness) of Japan's policy choices; two phases: 1) typical recession, 2) breakdown in economy likely due to insufficient restructuring; Japan's experience, unconventional, sometimes unsuccessful, measures adopted by Japan's government and central bank, offer valuable lessons for post-boom world.

(Bank Indonesia), J. Soedradjad Djiwandono (2005). Bank Indonesia and the Crisis: An Insider's View. (Singapore: Institute of Southeast Asian Studies, 289 p.). Bank Indonesia; Banks and banking, Central--Indonesia; Financial crises--Indonesia; Structural adjustment (Economic policy)--Indonesia; Economic stabilization--Indonesia.

(Great Britain), Matthias Matthijs (2010). Ideas and Economic Crises in Britain from Attlee to Blair (1945-2005). (New York, NY: Routledge, 272 p.). Assistant Professor of International Political Economy (American University’s School of International Service). Financial crises --Great Britain --History; Great Britain --Economic policy --1945-1964; Great Britain --Economic policy --1964-1979; Great Britain --Economic policy --1979-1997; Great Britain --Economic policy --1997-. 1945 to 2005 - Britain underwent two deep-seated institutional transformations on how to govern economy; Attlee and Thatcher were able to effectively implement most of their political platforms amidst two opportunities to challenge existing institutional arrangements (Heath's 'U-turn' in 1972 signaled his failure to implement radical agenda promised upon election in 1970, Tony Blair’s New Labour failed to instigate major break with 'Thatcherite' settlement); institutional path dependence, economic constructivism, political economy to explain this puzzle.

(IMF - 1976), Douglas Wass (2008). Decline to Fall: The Making of British Macro-Economic Policy and the 1976 IMF Crisis. (New York, NY: Oxford University Press, 374 p.). Former Permanent Secretary to the UK Treasury. International Monetary Fund; Monetary policy --Great Britain; Financial crises --Great Britain; Great Britain --Economic policy --1964-1979; Great Britain --Politics and government --1964-1979. Events leading up to UK's seeking massive loan from IMF in 1976, almost precipitated financial crisis on par with those of 1930's, early post War period; blow-by-blow account of how Treasury reacted when faced with series of inter-locking crises.

(Mexico), Eds. Sebastian Edwards and Moisés Naím (1997). Mexico 1994: Anatomy of an Emerging-Market Crash. (Washington, DC: Carnegie Endowment for International Peace, 326 p.). Financial crises--Mexico; Monetary policy--Mexico; Devaluation of currency--Mexico; Mexico--Economic policy--1994-; Mexico--Economic conditions--1994-.

(Russia - 1998), Martin Gilman (2010). No Precedent, No Plan: Inside Russia's 1998 Default. (Cambridge, MA: MIT Press, 416 p.). Professor of Economics at Russia's Higher School of Economics (formerly IMF's senior representative in Moscow during Russia's period of default and rebuilding). Financial crises --Russia (Federation) --21st century; Russia (Federation) --Economic conditions --1991-. Russia's painful transition to market economy; 1998 - President Boris Yeltsin’s government defaulted on its domestic debt, Russia experienced financial meltdown that brought it to brink of disaster; spurred Russia to integrate economy with rest of world; IMF’s involvement; how shell-shocked Russian public turned to Vladimir Putin in search of stability; could serve as unfortunate precedent for sovereign defaults in future.

(U.S. - 1914), William L. Silber (2007). When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America’s Monetary Supremacy. (Princeton, NJ: Princeton University Press, 232 p.). Marcus Nadler Professor of Finance and Economics at the Stern School of Business (New York University). McAdoo, William Gibbs, 1863-1941; Currency crises--United States--Case studies; Currency question; World War, 1914-1918--Finance; Gold standard. Monetary crisis at outbreak of World War I threatened U. S. with financial disaster; biggest gold outflow in a generation imperiled America's ability to repay debts abroad; dollar plummeted on world markets due to fear that U. S. would abandon gold standard.

(U.S. - 2008), National Bureau of Economic Research; Edited, introduction by Martin Feldstein (1991). The Risk of Economic Crisis. (Chicago, IL: University of Chicago Press, 197 p.). Business cycles --Congresses; Economic stabilization --Congresses; Economic policy --Congresses; Business cycles --United States --Congresses; Economic stabilization --United States --Congresses; United States --Economic policy --1981-1993 --Congresses. 1991 - Collapse of thrift industry, major stock slump of 1987, rising corporate debt, wild fluctuations of currency exchange rates, rash of defaults on developing country debts have revived fading memories of Great Depression, fueled fears of impending economic crisis. Under what conditions are financial markets vulnerable to disruption? Whhat economic consequences ensue when these markets break down?

(U.S. - 2008), Edward M. Gramlich with a foreword by Robert D. Reischauer (2007). Subprime Mortgages: America’s Latest Boom and Bust. (Washington, DC: Urban Institute Press, 120 p.). Former Federal Reserve Governor. Mortgage loans--United States; Real estate finance. How subprime market (loans at low interest rates, for little or no money down to low-income people pursuing American dream of homeownership) emerged, why it is in crisis, how to reform public policy to avert disaster.

(U. S. - 2008), Anastasia Nesvetailova (2007). Fragile Finance: Debt, Speculation and Crisis in the Age of Global Credit. (New York, NY: Palgrave Macmillan, 256 p.). Lecturer in Global Political Economy at the Department of International Relations and Politics (The University of Sussex). Minsky, Hyman P.; Financial crises; International economic relations. Why today's global financial system is unstable, prone to crisis; nature of financial crisis in era of global credit; explosive combination of financial innovation, over-borrowing, progressive illiquidity of financial structures - their role in events that defined global financial system during past decade, their implications for emerging paradigm of global financial architecture.

(U.S. - 2008), Riccardo Rebonato (2007). Plight of the Fortune Tellers: Why We Need To Manage Financial Risk Differently. (Princeton, NJ: Princeton University Press, 272 p.). Global Head of Market Risk and Global Head of Quantitative Research and Quantitative Analysis at the Royal Bank of Scotland. Financial Risk Management. Managing risk = real people making decisions under uncertainty; excessive reliance on quantitative precision (ever-more sophisticated mathematics in attempts to come to grips with financial risk) is misleading, puts everyone at risk; must restore genuine decision making to financial planning, using probability, experimental psychology, decision theory; only way to effectively manage financial risk in manner congruent with how human beings actually react to chance.

(U. S. - 2008), Alex Brummer (2008). The Crunch: The Scandal of Northern Rock and the Escalating Credit Crisis. (London, UK: Random House Business, 244 p.). City Editor (Daily Mail). Financial crises; Bank failures; Bankers -- Malpractice; Monetary policy; International finance. Crisis from origins in US 'subprime' market to explosion on international scene; story of greed, mismanagement, dithering; bankers sought to make quick buck, regulators engaged in turf wars and blame-avoidance, government paralyzed by scale of problem - conspired to bring banking system almost to its knees; victims: 1.5 million people in US who thrown out of their houses, entire population of UK co-opted to guarantee Northern Rock with 30 billion pounds of public money;  borrowers everywhere now finding credit more expensive, harder to get.

(U.S. - 2008), Jochen Felsenheimer and Philip Gisdakis (2008). Credit Crises: From Tainted Loans to a Global Economic Meltdown. (Weinheim, Germany: Wiley-VCH, 277 p.). Head of Credit Strategy & Structured Credit Team (Unicredit); Senior Quantitative Credit Strategist (Unicredit). Financial crises; Banks and banking; Credit; Capital market. Mechanisms of financial market crisis: relevant players & strategies, principles of financial instruments involved: how bubbles emerge, how they burst, potential economic impact: why financial markets run into crises repeatedly; where do risks for financial crises come from?; which instruments, strategies can drive crisis?; risks that were underestimated? transmission mechanisms onto other markets, real economy; when is it over?

(U.S. - 2008), Robert Kuttner (2008). Obama’s Challenge: America’s Economic Crisis and the Power of a Transformative Presidency. (White River Junction, VT: Chelsea Green Pub., 213 p.). Cofounder and Coeditor of The American Prospect magazine. Obama, Barack; Financial crises --United States; Political leadership --United States; United States --Economic policy. How Obama must be a transformative president—re-awaken America to renewed promise of shared prosperity coupled with responsibility towards future generations, international community; decades of regressive politics and political gridlock, collapse of housing bubble, financial meltdown, revival of 1970s style stagflation threat, income lag behind inflation, household and international debt growth, looming climate change disaster, energy and food price escalation, growth in ranks of un- and under-insured Americans.

(U.S. - 2008), Charles R. Morris (2008). The Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash. (New York, NY: PublicAffairs, 224 p.). Capital market--United States; Finance--United States; Financial crises--United States. Gross excess put world economy on brink; most reckless financial environment in recent history- arcane credit derivative bets in trillions, astronomical leverage at investment banks, hedge funds, private equity firms, disruption in global markets; quarter century of free-markets crashed; what new landscape will look like.

(U.S. - 2008), Paul Muolo, Mathew Padilla (2008). Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis. (Hoboken, NJ: Wiley, 338 p.). Executive Editor (National Mortgage News); Business Reporter (Orange County Register). Mortgages --United States; Mortgage loans --United States; Financial crises --United States; Stock exchanges --United States. Subprime disaster - how crisis occurred, what individuals and institutions (lenders, brokers, some of biggest investment banks in world) were doing;  who was ultimately responsible.

(U.S. - 2008), Kevin Phillips (2008). Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism. (New York, NY: Viking, 256 p.). Political, Economic Commentator. United States--Economic conditions--20th century; United States--Economic conditions--2001- ;United States--Economic policy--20th century; United States--Economic policy--2001-. "Bad money" - U.S. capitalism pointed toward global crisis; consequences of misguided economic policies, mounting debt, collapsing housing market, threatened oil, end of American domination of world markets; parallels to decline of previous leading world economic powers (Dutch, British); global overreach, worn-out politics, excessive debt, exhausted energy regimes - signals that United States is crumbling as world superpower.

(U.S. - 2008), Robert J. Shiller (2008). The Subprime Solution: How Today’s Global Financial Crisis Happened and What To Do About It. (Princeton, NJ: Princeton University Press, 208 p.). Arthur M. Okun Professor of Economics (Yale University). Subprime mortgage loans; Secondary mortgage market; Real estate investment; Financial crises. Origins of crisis, measures to solve it - restructuring of institutional foundations of financial system; bailouts of low-income victims of subprime deals needed in short run; longer term solution - require leaders to revamp financial framework, deploy ambitious package of initiatives to inhibit formation of bubbles, limit risks.

(U.S. - 2008), George Soros (2008). The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means. (New York, NY: PublicAffairs, 192 p.). Chairman of Soros Fund Management. Financial crises--United States; Credit--United States; United States--Economic policy; United States--Economic conditions--21st century. Origins of credit crisis, its implications for future; in context of decades of study of how individuals, institutions handle boom, bust cycles that now dominate global economic activity; "This is the worst financial crisis since the 1930s."

(U. S. - 2008), Ed. Katrina Vanden Heuvel (2008). Meltdown: How Greed and Corruption Shattered Our Financial System and How We Can Recover. (New York, NY: Nation Books, 336 p.). Editor and Publisher of The Nation. Editor and Publisher of The Nation. Financial crisis primer; what steps President Obama, new administration must take to ensure more secure future.

(U.S. - 2008), Mark Zandi (2008). Financial Shock: A 360 Look at the Subprime Mortgage Implosion, and How To Avoid the Next Financial Crisis. (Harlow, UK: Financial Times Prentice Hall, 288 p.). Chief Economist and co-founder of Moody’s, Inc. Mortgage loans --United States; Secondary mortgage market --United Statesl Foreclosure --United States; Financial crises --United States; Consumer credit --United States. Causes of subprime disaster - from psychology of homeownership to Greenspan’s missteps; home "flippers",  real estate agents who cheered them; how Internet technology, access to global capital transformed mortgage industry;  irresponsible lenders drove out good ones; complex financial engineering enabled lenders to hide deepening risks, how global investors eagerly bought in, how flummoxed regulators failed to prevent disaster, despite crucial warning signs.

(U.S. - 2008), Kieth Ambachtshee, David Beatty, Lawrence Booth (2009). The Finance Crisis and Rescue: What Went Wrong? Why? What Lessons Can Be Learned? (Toronto, ON: Rotman/UTP Publishing, 166 p.). Director - International Centre for Pension Management and Adjunct Professor of Finance at Rotman School of Management (University of Toronto); Director - Clarkson Centre for Business Ethics and Board Effectiveness and Professor of Strategic Management at Rotman School of Management (University of Toronto); CIT Chair in Structured Finance and Professor of Finance at Rotman School of Management (University of Toronto). Financial crises; Economic history -- 21st century; Economic history; Economic security; Capitalism -- History. What went wrong, why, lessons that events can teach businesspeople, policy makers, interested observers; crisis analysis from diverse backgrounds in fields of structured finance, behavioural finance, value investing, pension plans, risk management, corporate governance, public policy, leadership.

(U. S. - 2008), Eds. Viral V. Acharya and Matthew Richardson (2009). Restoring Financial Stability: How to Repair a Failed System. (Hoboken, NJ: Wiley, 416 p.). Professor of Finance at Stern School of Business (New York University), London Business School; Charles E. Simon Professor of Financial Economics and the Sidney Homer Director of the Salomon Center for the Study of Financial Institutions at Stern School of Business (New York University). Finance --United States; Financial crises --Government policy --United States; Banks and banking --United States; Financial services industry --United States; United States --Economic conditions --2001-. Financial policy alternatives, specific market-focused solutions, courses of action to restore global financial system; origins of current financial crisis, options for restoring financial health; bold ideas to deal with unprecedented, systemic financial crisis.

(U.S. - 2008), Edmund L. Andrews (2009). Busted: Life Inside the Great Mortgage Meltdown. (New York, NY: Norton, 240 p.). Economics Reporter (New York Times). Mortgages --United States; Subprime mortgage loans --United States; Housing --United States --Finance; Housing --Prices --United States. $120,000 a year in salary (most went to child support, alimony); got "don't ask, don't tell" mortgage with assumption that new wife would be able to get job to keep them afloat,; didn't work as planned; cynicism, self-destructive judgment that led to America's biggest economic calamity in generations.

(U. S. - 2008), Robert J. Barbera (2009). The Cost of Capitalism: Understanding Market Mayhem and Stabilizing our Economic Future. (New York, NY: McGraw-Hill, 240 p.). Executive Vice President, Chief Economist at ITG, Economics Department Fellow (Johns Hopkins University). Capitalism--History; Financial crises; Capital Markets--history. Why didn't economists see crises coming (panic of 1987, tech-bubble burst of 2000, meltdown of 2008)? What should they have known but didn't? How must they adjust their thinking going forward?; how to manage ever present potential for mayhem intrinsic to free market economies without stunting innovation and growth.

(U. S. - 2008), James R. Barth ... [et al.] (2009). The Rise and Fall of the U.S. Mortgage and Credit Markets; A Comprehensive Analysis of the Market Meltdown. (Hoboken, NJ: Wiley, 526 p.). Lowder Eminent Scholar in Finance (Auburn University). Mortgage loans --United States; Credit --United States; Financial crises --United States; United States --Economic conditions --2001-2009. What went wrong in every critical area (securitization, loan origination practices, regulation, supervision, Fannie Mae and Freddie Mac, leverage, accounting practices, rating agencies); steps government has taken to address crisis; factors that should drive reform, issues that policymakers must confront in reshaping of financial market regulations.

(U. S. - 2008), Roger Boyes (2009). Meltdown Iceland: Lessons on the World Financial Crisis from a Small Bankrupt Island. (New York, NY, Bloomsbury USA, 256 p.). Correspondent (Times of London), Credit--crisis; Economic crisis--Iceland--history. September 2008 - Bankrupting of Iceland, financial destruction of tiny country; population of 300,000, world’s highest GDP per capita, happiest of countries; all wealth accumulated in previous decade disappeared; how closely world economy is interconnected: default on subprime mortgages in U .S. led to collapse of Lehman Brothers, led directly to run on Iceland’s banks.

(U. S. - 2008), Vince Cable (2009). The Storm: The World Economic Crisis and What it Means. (London, UK: Atlantic Books, 192 p.). Treasury Spokesman for Liberal Democrats. Credit--history; Credit--crisis; Economic crisis--Britain--history. How we got into credit crisis, where we're going; causes of world economic crisis, respose to its challenges; complacency of British government towards huge 'bubble' in property prices, high levels of personal debt, increasingly exotic, opaque trading within financial markets; insular response to crisis would be disaster, isolationism/nationalism no answers to economic woes; faith in liberal markets maintained to build on advances in living standards now being extended to world's poorer countries.

(U.S. - 2008), John Calverley (2009). When Bubbles Burst: Surviving the Financial Fallout. (Boston, MA: Nicholas Brealey Pub., 248 p.). Head of Research, Standard Chartered Bank. Financial crises; Investments; Real estate investment; Speculation.
Implications of crash of 2008, solutions for individuals, companies, central banks; crises now faced, how we got here; anatomy of bubbles, checklist for identifying them; how housing bubble led to current financial crisis, how far prices might fall (household debt as value of household assets collapse); strategies for investors.

(U.S. - 2008), John Cassidy (2009). How Markets Fail: An Atlas of Economic Irrationality. (New York, NY, Farrar, Straus and Giroux, 400 p.). Journalist (The New Yorker).Financial crises; Stock exchanges; Monetary policy; Banks and banking. Force of irrational in volatile global economy; rising influence of 'utopian economics'; new understanding of the economy; world in which everybody is connected, social contagion is norm; individual behavioral biases and kinks often give rise to troubling macroeconomic phenomena - inevitable outcomes of “rational irrationbality".

(U.S. - 2008), Byron L. Dorgan (2009). Reckless! How Debt, Deregulation, and Dark Money Nearly Bankrupted America (And How We Can Fix It!). (New York, NY: Thomas Dunne Books, 288 p.). U. S. Senator from North Dakota (D; one of only eight senators to vote against bank deregulation). Banks and banking --Deregulation --United States; Debt --United States; Financial crises --United States. How lack of regulation, untrammeled greed has undermined Americans' faith in government; modern-day carnival; corporate executives reap millions, even billions, as "reward" for self-interest, mismanagement; elected public officials have sold out as government has become partner to Big Oil, Big Media, Big Pharma; must rescue economy from influence of financial conglomerates, power brokers, hold public officials accountable for regulating economy.

(U.S. - 2008), Larry Elliott and Dan Atkinson (2009). The Gods That Failed: How Blind Faith in Markets Has Cost Us Our Future. (London, UK: Bodley Head, 326 p.). Economics Editor of The Guardian; Economics Editor of Mail on Sunday. Capitalism --Evaluation. Capitalism --Social aspects. Economic history --1945-; Quality of life --Economic aspects; Labor economics; Economic security; Financial crises.
Financial elite to whom governments have ceded economic control over least three decades; origins traced to 1947 secret gathering of free-market economists; series of far-reaching reforms to prevent depression.

(U.S. - 2008), David Faber (2009). And Then the Roof Caved In: How Wall Street's Greed and Stupidity Brought Capitalism to Its Knees. (Hoboken, NJ: Wiley, 192 p.). CNBC. Real estate investment --United States; Financial crises --United States; Foreclosure --United States; Mortgage loans --United States.
Events of previous seven years that planted seeds for worst economic crisis since Great Depression; regulators who tried to stop problem before it swung out of control; hedge fund managers who correctly foresaw the coming housing crash, profited from it.

(U.S. - 2008), Nicole Gelinas (2009). After the Fall: Saving Capitalism from Wall Street--and Washington. (New York, NY, Encounter Books, 227 p.). Chartered Financial Analyst (CFA), Manhattan Institute senior fellow. Free enterprise -- United States; Capitalism -- United States; Financial crises -- United States -- History.
How modern finance became immune to regulation of marketplace beginning in early 1980s, due to government policies, creation of new financial instruments that escaped reasonable limits.

(U.S. - 2008), Andrew Gamble (2009). Spectre at the Feast: Capitalist Crisis and the Politics of Recession. (New York, NY: Palgrave Macmillan. (New York, NY: Palgrave Macmillan, 208 p.). Professor and Head of Department of Politics (University of Cambridge). Financial crises; Capitalism; Economic history -- 21st century; Economic history; Economic security; Capitalism -- History.
Guide to events, consequences of current global economic and political crises; crisis in historical context; why it happened, global cost, possible solutions; financial sector was chief beneficiary of "neoliberal" policies introduced by Ronald Reagan, Margaret Thatcher; historical turning point when economic system is remade (Great Depression led to adoption of social safety nets).

(U.S. - 2008), Charles Gasparino (2009). The Sellout: How Wall Street Greed and Stupidity Destroyed America's Dominance of the Global Financial System. (New York, NY, Collins Business: 384 p.). Correspondent for CNBC, Former Writer (Wall Street Journal, Newsweek). Financial crises --United States --History --21st century; Avarice --United States --History --21st century; Wall Street (New York, N.Y.) --History --21st century. Rise in power, wealth of America's largest investment banks, brokerage houses, beginning in 2002; how and why several suffered staggering losses in assets, influence, triggered vast financial crisis that devastated individual, institutional wallets through United States, across globe; how leaders of numerous major US banks caused their firms to lose billions of dollars by going into ill-advised business of packaging, underwriting bonds containing sub-prime mortgages that they then sold to investors.

(U. S. - 2008), Peter S. Goodman (2009). Past Due: The End of Easy Money and the Renewal of the American Economy. (New York, NY: Times Books, 336 p.). National Economics Correspondent (New York Times). Credit --United States; Financial crises --United States; Unemployed --United States; United States --Economic conditions --2001-2009. How flow of capital from Asia and Silicon Valley to suburbs of housing bubble perverted America’s economy; Americans binged on imports, easy credit  for two decades, spending spree abetted by ever-increasing home values; economic adaptation is possible, through new industries, new safety nets.

(U.S. - 2008), Dan Immergluck (2009). Foreclosed: High-Risk Lending, Deregulation, and the Undermining of America's Mortgage Market. (Ithaca, NY: Cornell University Press, 251 p.). Associate Professor of City and Regional Planning (Georgia Institute of Technology). Mortgage loans -- United States; Mortgage loans -- Government policy -- United States; Subprime mortgage loans -- United States; Foreclosure -- United States; Financial services industry -- Deregulation -- United States; Housing -- Finance -- Government policy -- United States; Financial crises -- United States. Development of generally stable, risk-limiting mortgage markets throughout much of twentieth century; how federal policy-makers failed to regulate new high-risk lending markets that arose in late 1990s, early 2000s; federal, state, local efforts to deal with mortgage, foreclosure crisis of 2007, 2008; set of principles, detailed policy recommendations for "righting the ship" of U.S. housing finance to promote affordable, sustainable homeownership as option for broad set of households, communities.

(U.S. - 2008), Les Leopold (2009). The Looting of America: How Wall Street's Game of Fantasy Finance Destroyed Our Jobs, Pensions, and Prosperity, and What We Can Do About It. (White River Junction, VT: Chelsea Green Pub., 219 p.). Labor Economist. Finance --United States; Financial crises --United States; United States --Economic conditions --2001-; United States --Economic policy --2001-.
How Wall Street undermined itself, rest of economy by playing, losing highly lucrative, dangerous game of fantasy finance (low-income home buyers in over their heads, people with too much credit-card debt, government interference with free markets - not to blame); victim of Wall Street's exotic financial products; some tough questions: 1) Why did Americans let the gap between workers' wages and executive compensation grow so large? 2) Why did we fail to realize that the excess money in those executives' pockets was fueling casino-style investment schemes? 3) Why did we buy the notion that too-good-to-be-true financial products that no one could even understand would somehow form the backbone of America's new, postindustrial economy? 4) How do we make sure we never give our wages away to gamblers again? 5) And what can we do to get our money back?

(U.S. - 2008), Michael Lewis (2009). Panic: The Story of Modern Financial Insanity. (New York, NY: Norton, 352 p.). Financial crises --History --20th century; Financial crises --History --21st century; Finance --Psychological aspects; Investments --Psychological aspects.
Five of most violent, costly upheavals in recent financial history: crash of '87, Russian default (subsequent collapse of Long-Term Capital Management), Asian currency crisis of 1999, Internet bubble, current sub-prime mortgage disaster; mood and market factors leading up to each event, what people thought was happening at time; what actually happened, what should have been learned.

(U.S. - 2008), Paul Mason (2009). Meltdown: The End of the Age of Greed. (New York, NY: 192 p., 192 p.). Economics Editor (BBC Newsnight).
Time line of meltdown of U.S. economy in September 2008, its global reverberations; end of old world banking system business model in favor of "low-profit, utility-style banking"; hyper-regulated capitalism only viable possibility.

(U.S. - 2008), Charles Morris (2009). The Sages: Warren Buffett, George Soros, Paul Volcker, and the Maelstrom of Markets. (New York, NY: Public Affairs, 224 p.). Soros, George --Political and social views; Buffett, Warren --Political and social views; Volcker, Paul A. --Political and social views; Finance; Investments.
Perspectives, principles of three pillars of financial community; more than 50 years of deep involvement in markets, skepticism of Wall Street frenzies, belief that markets tend to be right (only over medium term); seen too many cycles of herd-driven, emotion-riding booms and busts to believe markets are truly efficient; their records, wisdom, experience; importance of consistent values in navigating treacherous terrain of today's globalized world.

(U.S. - 2008), Wolfgang Munchau (2009). The Meltdown Years: The Unfolding of the Global Economic Crisis. (New York, NY: McGraw-Hill, 266 p.). Associate Editor of the Financial Times. Global Financial Crisis, 2008-2009; Monetary policy.
Why home values, life savings, job security, investments around world are in peril; what is to blame - why world's financial systems, put in place to help stave off such a crisis, failed so miserably; What is inherently wrong with global monetary system? What happened to regulatory process? What role did credit market, hedge funds, investment banks play? flaws, weaknesses of global financial system, in context of crisis: structure of world banking system; global events that led to financial collapse; growth of speculative bubbles; descent from financial crisis into full-out recession; how long recession wil run, long-term consequences of the meltdown.

(U.S. - 2008), Richard A. Posner (2009). A Failure of Capitalism: The Crisis of '08 and the Descent into Depression. (Boston, MA: Harvard University Press, 368 p.). Circuit Judge, United States Court of Appeals for the Seventh Circuit, Senior Lecturer(University of Chicago Law School). Financial crises --United States; Depressions; Capitalism; United States --Economic conditions --2001-; United States --Economic policy --2001-.
Most alarming of economic crises because of warp-speed at which it is occurring: 1) excess savings flowing from Asia, 2) reckless lowering of interest rates by Federal Reserve Board; 3) relation between executive compensation, short-term profit goals, risky lending; 4) housing bubble fueled by low interest rates, aggressive mortgage marketing, loose regulations; 5) low savings rate of American people; 6) highly leveraged balance sheets of large financial institutions; two basic remedial approaches to crisis (correspond to two theories of cause of Great Depression): A) monetarist Federal Reserve Board allowed money supply to shrink, failed to prevent disastrous deflation; B) Keynesian - depression was product of credit binge in 1920's, stock-market crash, ensuing downward spiral in economic activity; pendulum swung too far, financial markets need to be more heavily regulated.

(U.S. - 2008), Robert Pozen; foreword by Robert J. Shiller (2009). Too Big To Save?: How To Fix the U.S. Financial System.  (Hoboken, NJ, Wiley, 457 p.). Chairman of MFS Investment Management ($150 billion in assets), senior lecturer at Harvard Business School, former chairman of the SEC advisory committee on improving financial reporting, former vice chairman of Fidelity Investments and president of Fidelity Management & Research Company. Finance --Government policy --United States; Financial crises --Government policy --United States; Global Financial Crisis, 2008-2009; United States --Economic policy --2009-. Globalization of financial crisis through sale of mortgage-backed securities around world; how securitization process should be reformed; impact of financial crisis on stock and bond markets; broad government guarantees of bank debt and money market funds; reinstatement of incentives for large debt holders to scrutinize condition of financial institutions; federal bailout of financial institutions by buying their stock and toxic assets; how these bailouts constitute "one-way capitalism"; what can, cannot be achieved through international financial cooperation; concrete plan to address risks to entire financial system, strengthen functional regulation of each segment of financial services industry.

(U. S. - 2008), Colin Read (2009). Global Financial Meltdown: How We Can Avoid The Next Economic Crisis. (New York, NY: Palgrave Macmillan, 252 p.). Professor of Economics and Finance (SUNY College at Plattsburgh). Finance; Economic policy; Monetary policy; International finance; International economic relations. Reasons for global financial unrest arising from sub-prime mortgage crisis, global economic meltdowns (well educated economic citizen is most effective tool to prevent future financial collapses); economic topics conneced to real world financial problems; recommendations to strengthen economy, leave it less prone to manipulation; role of globalization, expected profound impact countries like India and China will have on economic future.

(U.S. - 2008), Barry Ritholtz (2009). Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy. (Hoboken, NJ: Wiley, 332 p.). Chief Executive Officer of FusionIQ . Financial crises --United States; Finance --Government policy --United States; Intervention (Federal government); United States --Economic conditions --2001-; United States --Economic policy --2001-. Current crisis in historic context; how nation that long found government intervention in business abhorrent came to embrace bailouts as normal; 1971 - Lockheed Aircraft Corp. (blueprint for future rescues, Penn Central railroad, Chrysler Corp., Continental Illinois National Bank and Trust Co., savings-and-loan cleanup, Long-Term Capital Management LP); "tech wreck" of 2000, credit and housing bubbles.

(U.S. - 2008), Herman M. Schwartz (2009). Subprime Nation: American Power, Global Capital, and the Housing Bubble. (Ithaca, NY: Cornell University Press, 258 p.). Professor, Director of Graduate Studies, Department of Politics (University of Virginia). Financial crises --United States; Subprime mortgage loans --United States; Housing --United States --Finance; Credit --United States; International finance; Capital market; United States --Economic conditions --1981-2001; United States --Economic conditions --2001-; United States --Foreign economic relations. Impact of U.S. regulatory failure on international economy; worldwide, U.S. growth and power over last twenty years has depended in large part on domestic housing markets; mortgage-based securities attracted cascade of overseas capital into U.S. economy; high levels of private home ownership, particularly in United States, United Kingdom, helped pull in a disproportionately large share of world capital flows; mortgage lenders became more eager to extend housing loans (more mortgage packages securitized, higher their profits); dangerously inventive in creating new mortgage products, (adjustable-rate, subprime mortgages) to attract new, mainly first-time, buyers into housing market; mortgage-based instruments work only when confidence in mortgage system is maintained; regulatory failures in U.S. S&L sector, accounting crisis that led to extinction of Arthur Andersen, subprime crisis that destroyed Lehman Brothers and Merrill Lynch and damaged many other big financial institutions, jeopardized significant engine of economic growth; "local" problem of housing crisis carries substantial, ongoing risks for U.S. economic health, continuing primacy of U.S. dollar in international financial circles, U.S. hegemony in world system.

(U.S. - 2008), Andrew Sheng (2009). From Asian to Global Financial Crisis: An Asian Regulator's View of Unfettered Finance in the 1990s and 2000s. (New York, NY, Cambridge University Press, 489 p.). Chief Adviser to the China Banking Regulatory Commission and a Board Member of the Qatar Financial Centre Regulatory Authority. Finance -- Asia; Financial crises -- Asia. How old mindsets, market fundamentalism, loose monetary policy, carry trade, lax supervision, greed, cronyism, financial engineering caused Asian crisis of late 1990s, current global crisis of 2008-2009; how Japanese zero interest rate policy to fight deflation helped create carry trade that generated bubbles in Asia whose effects brought Asian economies down; global finance interlinked, interactive (current tools, institutional structure to deal with critical episodes completely outdated); how current financial policies, regulation failed to deal with global bubble; recommendations on what must change.

(U.S. 2008), Andrew Ross Sorkin (2009). Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System---and Themselves. (New York, NY, Viking, 624 p.). Chief Mergers and Acquisitions Reporter (The New York Times).Global Financial Crisis, 2008-2009; Financial crises --United States --History --21st centuy. From inside corner office at Lehman Brothers to secret meetings in South Korea, corridors of Washington, definitive story of most powerful men and women in finance, politics grappling with success and failure, ego and greed, fate of world's economy; how decisions made on Wall Street over the past decade sowed the seeds of the debacle; real-life thriller with cast of bold-faced names who themselves thought they were too big to fail.

(U.S. - 2008), Thomas Sowell (2009). The Housing Boom and Bust. (New York, NY: Basic Books, 192 p.). Scholar in Residence at the Hoover Institution (Stanford University). Housing; Economic crisis--history; Subprime mortgage loans; political leadership --United States. How financial house of cards was built, then suddenly collapsed ("creative" financing of home mortgages, more "creative" marketing of financial securities based on American mortgages to countries around world); politicians, financial dangers they created, distractions they created later to escape their responsibility when financial markets collapsed; outlines, implications of what to do.

(U.S. - 2008), John B. Taylor (2009). Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis. (Stanford, CA: Hoover Institution Press, 92 p.). Bowen H. and Janice Arthur McCoy Senior Fellow at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University. Financial crises; Financial crises --United States; Monetary policy; Mortgages --Government policy. Current crisis - housing boom and bust led to financial turmoil in world; what caused financial crisis, what prolonged it, what worsened it dramatically more than year after it began; how unusually easy monetary policy helped set crisis in motion; how use of subprime mortgages led to excessive risk taking; principles to to prevent misguided actions, interventions in future.

(U.S. - 2008), Armann Thorvaldsson (2009). Frozen Assets: How I Lived Iceland's Boom and Bust. (Chichester, West Sussex, UK, Wiley, 266 p.). Former CEO at Iceland's Kaupthing Bank in UK. Banks and banking -- Iceland -- History -- 21st century. How one man, one bank, one country experienced, was affected by course of world economic history; bank grew from small brokerage house to £6 billion international bank; represented money behind household names as Iceland, Matalan, easyJet, Karen Millen. He travelled most frantic efforts to save bank were fruitless.

(U.S. - 2008), David Wessel (2009). In Fed We Trust: Ben Bernanke's War on the Great Panic. (New York, NY: Crown Business, 336 p.). Economics Editor (Wall Street Journal). Bernanke, Ben; Board of Governors of the Federal Reserve System (U.S.); Banks and banking, Central --United States; Financial crises --United States; Monetary policy --United States. How federal reserve became fourth branch of government ( with no direct accountability to nation's voters), spearheaded biggest government intervention in more than half century; determined not to repeat epic mistake of 1930s - economic catastrophe largely fault of sluggish, wrongheaded Federal Reserve; how Bernanke-Fed led desperate effort to prevent world's financial engine from grinding to halt.

(U. S. - 2008), Eds. Viral V. Acharya, Thomas F. Cooley, Matthew P. Richardson, Ingo Walter, New York University Stern School of Business; foreword by Myron Scholes (2010). Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance. (Hoboken, NJ: Wiley, 573 p.). Professor of Finance (New York University Stern School of Business); Dean Emeritus and the Paganelli-Bull Professor of Economics (New York University Stern School of Business); Charles E. Simon Professor of Applied Financial Economics (New York University Stern School of Business); Seymour Milstein Professor of Finance, Corporate Governance and Ethics and Vice Dean of Faculty (New York University Stern School of Business). Financial institutions --Government policy --United States; Banks and banking --State supervision --United States; Financial crises --United States; International finance --Law and legislation; United States --Economic policy --2009-. Dodd-Frank Act improved financial regulation, fell far short of what could have been achieved; impact of most significant changes in financial regulation since 1930s on U.S., global financial architecture; strengths, weaknesses of new regulations: key issues that regulatory reform should address; key components of regulatory reform; how reforms will affect financial firms, markets, real economy - promote growth, prevent another near collapse of financial system, or contribute to its catastrophic failure?

(U.S. - 2008), Philip Arestis and Elias Karakitsos (2010). The Post 'Great Recession' US Economy: Implications for Financial Markets and the Economy. (New York, NY: Palgrave Macmillan, 336 p. [2nd ed.]). Professor at the Cambridge Centre for Economic and Public Policy (University of Cambridge, UK); Global Economic Research. Financial crises --United States --History --21st century; Recessions --United States --History --21st century; Financial institutions --United States --History --21st century. Causes, consequences of burst of 'new economy' bubble, impact on financial markets.

(U.S. - 2008), John Authers (2010). The Fearful Rise of Markets: A Short View of Global Bubbles and Market Meltdowns. (New York, NY: Financial Times/Prentice Hall, 256 p.). Investment Editor of the Financial Times. Global Financial Crisis, 2008-2009; Financial crises --History --21st century; Capital market --History --21st century. How first truly global super bubble inflated; multiple roots of repeated financial crises: massive shift in investing power from individuals to big institutions; migration of key decisions from banks to capital markets; wholesale financialization of many asset classes; fundamental failures of both theory and policy; realistic solutions.

(U.S. - 2008), Harold Bierman, Jr. (2010). Beating the Bear: Lessons from the 1929 Crash Applied to Today's World. (Santa Barbara, CA: Praeger, 206 p.). Nicholas H. Noyes Professor of Business Administration at Johnson Graduate School of Management (Cornell University). Stock Market Crash, 1929; Global Financial Crisis, 2008-2009; Bear markets -- History; Investments. Much of what happened could have been foreseen, avoided (as it could have been in 1929); economic situations in United States before 1929 and 2008-2009 stock market crashes; causes of both financial crises; connection between explosion of sub-prime mortgage market, current state of economy, forecast future.

(U.S. - 2008), Anton Brender, Florence Pisani; [translated into English by Francis Wells] (2010). Global Imbalances and the Collapse of Globalised Finance. (Brussels, Berlgium: Centre for European Policy Studies, 179 p.). Chief economist of Dexia-Asset Management, Associate Professor at Paris-Dauphine University; Teaches at Paris-Dauphine University. Balance of payments; Global Financial Crisis, 2008-2009; International finance; International economic integration; Financial crises. Globalised finance at origin of successive eruptions (Asian crisis, stock-market bubble, subprimes crisis); wave of innovation has transformed ways in which capital circulates, risks of investment are borne; savings generated in one place used in another; sequence of events leading to collapse of globalised finance.

(U. S. - 2008), Damiano Brigo, Andrea Pallavicini, Roberto Torresetti (2010). Credit Models and the Crisis: A Journey into CDOs, Copulas, Correlations and Dynamic Models. (Chichester, UK: Wiley, 143 p.). Managing Director and Global Head of the Quantitative team in Fitch Solutions, Visiting Professor at the Department of Mathematics (Imperial College, London); Head of Financial Engineering at Banca Leonardo in Milan; Responsible for Structured Credit Derivatives at BBVA (Banco de Bilbao, Banco de Vizcaya merged in 1988, formed BBV; Corporacion Bancaria de Espana , BEX, BHE, Caja Postal merged in 1998, formed Argentaria). Finance--Mathematical models; Credit--Mathematical models; Financial crises--Mathematical models. Technical analysis of credit derivatives modeling problems; development (and flaws) of new quantitative methods for credit derivatives, CDOs up to, through credit crisis; impact, strengths, weaknesses of methods (from introduction of Gaussian Copula model, related implied correlations, to introduction of arbitrage-free dynamic loss models capable of calibrating all tranches for all maturities at same time); implied copula, method that can consistently account for CDOs with different attachment, detachment points but not for different maturities; why Gaussian Copula model is still used in base correlation formulation. 

(U.S. - 2008), Gordon Brown (2010). Beyond the Crash: Overcoming the First Crisis of Globalization. (New York, NY: Free Press, 314 p.). Former British Prime Minister and Chancellor of the Exchequer Gordon Brown. Global Financial Crisis, 2008-2009; Financial crises; International trade; International finance; International economic relations; Economic policy -- International cooperation; Economic development -- International cooperation. First true crisis of globalization - everyone affected by same crisis; events that led to crisis; historical precedents; contradiction of globalization: as economies have become more interconnected, regulators and governments have failed to keep pace, increase coordination; manner in which increasing flows of capital around world had impact on economy resulted in instability - 1) failure intrinsic to unregulated global markets; 2) failure of collective action at international level to respond quickly enough to structural imbalances, inequities that arose; future of low growth, high unemployment, decline, decay is not inevitable.

(U.S. - 2008), Mathias Dewatripont, Jean-Charles Rochet, and Jean Tirole; translated by Keith Tribe (2010). Balancing the Banks: Global Lessons from the Financial Crisis. (Princeton, NJ, Princeton University Press, 160 p.). Professor of Economics (Universite Libre de Bruxelles); Professor of Mathematics and Economics (University of Toulouse); Chairman of the Foundation Jean-Jacques Laffont (Toulouse School of Economics). Banks and banking --Government policy; Banks and banking --State supervision; Global Financial Crisis, 2008-2009; Financial crises --History --21st century. Lessons from causes of 2008 crisis; important regulatory reform proposals to deal with issues regarding economic incentives of financial institutions, impact of economic shocks, role of political constraints; guidelines for ways in which distressed banks might be dealt with in future; necessity of adaptive prudential regulatory system that can better address financial innovation.

(U.S. - 2008), Kevin Dowd, Martin Hutchinson (2010). Alchemists of Loss: How Modern Finance and Government Intervention Crashed the Financial System. (Hoboken, NJ: Wiley, 432 p.). Former academic and policy economist; Former merchant/investment banker (Hill Samuel). Economic crisis -- 2008; modern finance. How modern finance, combined with easy money, threatened to bring down world financial system; modern finance as U.S. invention, theories and practices, changes they made in business models and risk management on Wall Street, other major financial centers: events involved in 2007-08 financial collapse; how botched policy response made bad situation worse; lessons that practice of finance must learn from recent events; what it will take to make sure won't happen again.

(U. S. - 2008), Darrell Duffie (2010). How Big Banks Fail and What To Do About It. (Princeton, NJ: Princeton University Press, 91 p.). Dean Witter Distinguished Professor of Finance at the Graduate School of Business (Stanford University). Bank failures; Bank failures --Prevention; Bank failures -- United States; Financial crises. How dealer banks (large banks that deal in securities, derivatives) collapse, how need to bail them out can be prevented; mechanics of large-bank failures; where cracks first appear when severe trading losses weaken dealer bank; how relationships with customers, business partners abruptly change when solvency is threatened (seek to reduce exposure to dealer bank); bank uses remaining liquid capital to signal strength; how key mechanisms in dealer bank's collapse derive from special institutional frameworks, regulations that influence flight of short-term secured creditors, hedge-fund clients, derivatives counterparties, loss of clearing and settlement services (Lehman Brothers's failure in 2008); why today's regulatory, institutional frameworks for mitigating large-bank failures don't address special risks to financial system posed by dealer banks; improvements in regulations, institutions needed to address systemic risks.

(U. S. - 2008), Emily Eisenlohr (2010). Fairy Tale Capitalism: Fact And Fiction Behind Too Big To Fail. (Bloomington, IN: AuthorHouse, 272 p.). Former Banker, Former Senior Credit Officer (Moody's). Economic crisis -- 2008; credit crisis -- history; capitalism. Fictions surround financial meltdown: which political party is most responsible?, can regulators prevent another crisis?, how do credit ratings play hidden role?, can Congress tame systemic risk without shrinking big banks? simple explanations, simple illustrations to show how systemic risk remains.

(U.S. - 2008), Richard Florida (2010). The Great Reset: How New Ways of Living and Working Drive Post-Crash Prosperity. (New York, NY: Harper, 240 p.). Director of the Martin Prosperity Institute at the Rotman School of Management (University of Toronto). Financial crises --United States --History --21st century; Global Financial Crisis, 2008-2009; United States --Economic policy --2009-. Economic meltdown of 2008-09 as opportunity to "reset"; previous economic epochs, or "resets" (Long Depression of the late 19th century, Great Depression of the 1930s); deep forces that have altered physical, social landscapes, reshaped economies and societies: 1) new patterns of consumption, new attitudes toward ownership that are less centered on houses and cars; 2) transformation of millions of service jobs into middle class careers that engage workers as source of innovation; 3) new forms of infrastructure that speed movement of people, goods, ideas; 4) economic landscape organized around "megaregions" that will drive development of new industries, new jobs, new way of life.

(U.S. - 2008), Kenneth R. French, Martin N. Baily, John Y. Campbell, John H. Cochrane, Douglas W. Diamond, Darrell Duffie, Anil K Kashyap, Frederic S. Mishkin, Raghuram G. Rajan, David S. Scharfstein, Robert J. Shiller, Hyun Song Shin, Matthew J. Slaughter, Jeremy C. Stein, and Rene M. Stulz (2010). The Squam Lake Report: Fixing the Financial System. (Princeton, NJ: Princeton University Press, 168 p.). Economists. Financial crises --Prevention; Finance --Government policy; Capital market --Government policy. Fall 2008 - fifteen of world's leading economists gathered at Squam Lake, NH to develop long-term plan for financial regulation reform: 1) sound and transparent prescriptions to reduce divide between financial instiutions and society; 2) plug critical holes in existing regulatory framework for handling complex financial institutions, retirement savings, credit default swaps; 3) new financial instruments designed to recapitalize banks without burdening taxpayers; 4) higher capital requirements, systemic regulator (part of central bank) - to lower risk that large banks will fail; 5) where financial system has failed; how weak points should be overhauled.

(U.S. - 2008), Gary B. Gorton (2010). Slapped by the Invisible Hand: The Panic of 2007. (New York, NY, Oxford University Press, 223 p.). Frederick Frank Class of 1954 Professor of Management and Finance (Yale School of Management).Banks and banking -- United States -- History -- 21st century; Financial crises -- United States -- History -- 21st century. Bank panics- systemic crises: 1873, 1884, 1890, 1893, 1896, 1907, 1914; 1934=2007 - no systemic crises (combination of deposit insurance, strong regulation-undermined by rise of shadow banking); August 2007 -wholesale panic involving institutions (large financial firms "ran" on other financial firms, made system insolvent); how securitized-banking system, nexus of financial markets and instruments unknown to most people, stands at heart of financial crisis; Panic of 2007 not so different from Panics of 1907 or 1893, except most people had never heard of markets that were involved, didn't know how they worked, what their purposes were (subprime mortgage, asset-backed commercial paper conduit, structured investment vehicle, credit derivative, securitization, repo market); securitized banking system is real banking system, allows institutional investors, firms to make enormous, short-term deposits.

(U. S. - 2008), Michael Hirsh (2010). Capital Offense: How Washington’s Wise Men Turned America’s Future Over to Wall Street. (Hoboken, NJ: Wiley, 352 p.). National Economics Correspondent (Newsweek). Global Financial Crisis, 2008-2009; Finance --Government policy --United States; United States --Economic policy --2009-; United States --Politics and government --2009-. Missteps of three decades of fiscal, regulatory, financial recklessness (dismantling of Glass-Steagall Act, S&L debacle, Enron, subprime mortgage meltdown); why Clinton administration failed to heed warning sounded by Asian financial crisis of 1998; why then Treasury Secretary Rubin dismissed very explicit warning about dangers of new type of financial instrument known as derivatives; lives of key people of era of free-market finance: Milton Friedman - creator, earliest promoter (adopted by conservative movement); influence on Reagan administration (theories first became government policy); top White House advisors, administration officials (Alan Greenspan, Robert Rubin, Paul O'Neill, others); key figures, lively interpersonal clashes (fierce\, ongoing conflict between Larry Summers and Nobel Prize–winning economist Joe Stiglitz, staunch opponent of free-market theory); why President Obama took so long to work on economy, why his policies, far better than nothing, may not be nearly enough to sustain long-term recovery.

(U.S. - 2008), William M. Isaac with Philip C. Meyer (2010). Senseless Panic: How Washington Failed America. (Hoboken, NJ: Wiley, 190 p.). Chairman of LECG Global Financial Services, Former Chairman of the Federal Deposit Insurance Corporation (FDIC) during the banking and S&L crises of the 1980s; . Savings and loan association failures --United States --History; Savings and Loan Bailout, 1989-1995; Global Financial Crisis, 2008-2009; Bank failures --United States --History. What went wrong with nation's banking system, indictment of United States policy; early 1980s - prime interest rate at an astonishing 21.5%; led to a severe recession, unemployment reached nearly 11%; some 3,000 banks and thrifts failed (nine of Texas’s 10 largest, Continental Illinois - 7th largest bank in the nation; conditions handled without creating a panic, economy began longest peacetime expansion in history; 2008 - failure of comparative handful of institutions nearly shut down world’s financial system; mistakes that led to panic of 2008 and 2009; conditions America faced in 2008; roadmap for avoiding similar shutdowns and panics in future.

(U.S. - 2008), Ed. Robert W. Kolb (2010). Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future.. (Hoboken, NJ: Wiley, 667 p.). Professor of Finance, Frank W. Considine Chair of Applied Ethics School of Business (Loyola University Chicago). Financial crises; Global Financial Crisis, 2008-2009; Financial crises --United States. Institutional problems revealed in crisis: 1) role of borrowers (especially subprime borrowers) in fomenting crisis; 2) failures of modern risk analysis and management (how these essential disciplines can be improved); 3) securitization process (how new way of originating mortgages affected mortgage market, broader financial crisis); 4) role of regulation (its absence, failure of regulators to enforce existing rules; solutions to be implemented to avert future problems); emerging consequences of crisis for economy, lives of people; decisions of Federal Reserve: how actions it has taken to avert disaster may lay foundation for future financial problems; international dimensions.

(U.S. - 2008), Edited by Martijn Konings (2010). The Great Credit Crash. (New York. NY: Verso, 398 p.). Researcher in the Amsterdam Institute for Metropolitan and International Development Studies (University of Amsterdam, The Netherlands). Global Financial Crisis, 2008-2009; International finance. Recent economic disaster - product of social order built during triumphalist years of neoliberal capitalism; current events, political responses; understanding of crisis beyond subprime headlines.

(U.S. - 2008), John Lanchester (2010). I.O.U.: Why Everyone Owes Everyone and No One Can Pay. (New York, NY, Simon & Schuster, 272 p.).  British journalist. Global financial crisis, 2008-2009; Economic history --21st century; International finance. How complete, devastating financial implosion happened; how decisions, actions of select group of individuals had profound consequences for America, Europe, global economy; proliferation of cheap credit led to explosion of lending; invention, widespread misuse of financial instruments, culpability of subprime mortgages; -- limitations of financial, governmental regulation, capitalism's deepest flaw, facts of human nature where cash is concerned.

(U.S. - 2008), Philippe Legrain 2010). Aftershock: Reshaping the World Economy After the Crisis. (London, UK: Little, Brown, 448 p.). 2010. Visiting Fellow at the London School of Economics' European Institute. Global Financial Crisis, 2008-2009; Financial crises --History --21st century; Capital market --History --21st century. What went wrong, how world's leaders and financial institutions can learn from disastrous mistakes; how world economy is being reshaped, what it means for jobs, future prospects.

(U.S. - 2008), Michael Lewis (2010). The Big Short: Inside the Doomsday Machine. (New York, NY, Norton, 288 p.). Author. Financial crises -- history; United States -- Economic conditions -- 2008. How free fall of American economy was possible; how easy money, greatly expanded home ownership led to crash; how shareholder demand for profit forced investment executives to use toxic derivatives.

(U.S. 2008), Eds. Michael Lounsbury, Paul M. Hirsch (2010). Markets on Trial: The Economic Sociology of the U.S. Financial Crisis. (Bingley, UK: Emerald, 666 p.). Alex Hamilton Professor of Business Strategic Management & Organization (University of Alberta); James L. Allen Professor of Strategy & Organizations at the Kellogg School of Management (Northwestern University). Economics -- Sociological aspects; Global Financial Crisis, 2008-2009; Mortgages; United States -- Economic conditions -- 2001-2009. Top scholars in economic and organizational sociology address recent global financial crisis debates, struggles around how to organize economies, societies around world.

(U.S. - 2008), Roger Lowenstein (2010). The End of Wall Street. (New York, NY, Penguin Press, 336 p.). Former Reporter (Wall Street Journal). Financial crises --United States --History --21st century; Mortgages --Government policy --United States; Wall Street (New York, N.Y.) --History --21st century; United States --Economic policy --2001-2009. LLiquidity and capital - origins of crisis, positions collapse of 2008 as greatest ever of Wall Street's unlearned lessons; America's succumbing to siren song of easy debt, speculative mortgages; profiles of Angelo Mozilo, Johnny Appleseed of subprime mortgages, damning explication of how rating agencies helped gift wrap faulty loans in guise of triple-A paper, takedown of academic formulas that proved ruin of investors and banks; searing profiles of banking CEOs,  government officials.

(U. S. - 2008), Matthew Lynn (2010). Bust: Greece, the Euro and the Sovereign Debt Crisis. (Hoboken, NJ: Bloomberg Press, 288 p.). Bloomberg columnist. Financial crises --Greece --History --21st century; Debts, External --Greece --History --21st century; Greece --Economic policy --1974-; Economic stabilization --Greece --History --21st century; Greece --Economic conditions --1974-. Greece's spectacular rise and fall, global repercussions of its financial disaster; origins, how it escalated, government deceit, unfettered spending, cheap borrowing; implications for fragile global economy; how Greek contagion spread throughout Europe; how government ineptitude, financial speculators compounded problem.

(U.S. - 2008), Christian Marazzi; Translated by Kristina Lebedeva (2010). The Violence of Financial Capitalism. (Cambridge, MA, Semiotext(e), Distributed by MIT Press, 112 p.). Professor and Director of Socio-Economic Research (Scuola Universitaria della Svizzera Italiana). Financial crises. Processes of financialization - new type of accumulation adapted to processes of social, cognitive production today (not simply irregularities between traditional categories of wages, rent, profit); crisis 2008 - fundamental component of contemporary accumulation, not classic lack of economic growth; individual debt, management of financial markets - techniques for governing transformations of immaterial labor, general intellect, social cooperation; financial crisis has radically undermined concept of unilateral, multilateral economico-political hegemony; efforts toward new geo-monetary order that have emerged around globe in response.

(U.S. - 2008), Bethany McLean and Joe Nocera (2010). All the Devils Are Here: The Hidden History of the Financial Crisis. (New York, NY: Portfolio Penguin, 400 p.). Writer for Vanity Fair; Business Columnist for The New York Times. Global Financial Crisis, 2008-2009; Financial crises --United States --History --21st century; Mortgage-backed securities --United States; Subprime mortgage loans --United States. How Wall Street, mortgage industry, government conspired to change way Americans bought their homes; who changed game and why; about basic human psychology-from poorest Florida home buyer to richest CEO.

(U. S. - 2008), Anastasia Nesvetailova (2010). Financial Alchemy in Crisis: The Great Liquidity Illusion. (London, UK: Pluto Press 204 p.). International Politics Staff (City University, London). Bank liquidity; Credit control; Financial crises. Elusive concept of ‘liquidity’ in global finance, in global financial crisis of 2007-2009.

(U.S. - 2008), Henry M. Paulson, Jr. (2010). On the Brink: Inside the Race to Stop the Collapse of the Global Financial System. (New York, NY, Business Plus, 496 p.). Former CEO of Goldman Sachs, Former Secretary of the Treasury. Paulson, Henry M.; Financial crises--History. Key decisions that had to be made, people and politics during world's impending financial Armageddon.

(U. S. - 2008), Raghuram G. Rajan (2010). Fault Lines: How Hidden Fractures Still Threaten the World Economy. (Princeton, NJ: Princeton University Press, 260 p.). Eric J. Gleacher Distinguished Service Professor of Finance at Booth School of Business (University of Chicago). Income distribution --United States --History --21st century; Global Financial Crisis, 2008-2009; Economic history --21st century; United States --Social conditions --21st century. How individual choices made by bankers, government officials, ordinary homeowners collectively brought economic meltdown; financial sector, with skewed incentives, was critical, unstable link between over-stimulated America, under-consuming world; how unequal access to education, health care in United States encouraged easy credit, kept job creation strong (regardless of consequences to economy's long-term health), put everyone in deeper financial peril; economic choices of countries (Germany, Japan, China) placed political pressure on America to amend policies; hard choices needed to make to ensure more stable world economy, restore lasting prosperity.

(U. S. - 2008), Jack Rasmus (2010). Epic Recession: Prelude to Global Depression. (London, UK: Pluto Press, 272 p.). Professor of Economics (St. Mary's College and Santa Clara University). Economic conditions - 2000-2008; Recession -- 2010. Origins, future direction of current economic crisis;  relationships between banking system's breakdown, economy in general; how recession is highly resistant to traditional fiscal, monetary policy solutions, requires major structural changes in economy to check, contain; origins, causes of Epic Recession: roots in corporate, government policies, fundamental structural changes in U.S. capitalist economy since early 1980s; how current economic crisis is similar to, simultaneously different from, Great Depression of 1929-1934, post-1945 recessions in U.S.; two dominant forms of Epic Recessions: 1) ‘Type I’ - similar to events of 1907-1914; 2) ‘Type II - similar to events of 1929-1931; current crisis evolving into ‘Type I’, potential for transforming into ‘Type II’; 2011-2013 critical period for determining which type.

(U.S. - 2008), Paul Reyes (2010). Exiles in Eden: Life Among the Ruins of Florida's Great Recession. (New York, NY: Henry Holt, 259 p.). Subprime mortgage loans -- Florida; Foreclosure -- Florida; Global Financial Crisis, 2008-2009. Father's small company "trashes out" (enters, empties) foreclosed homes in Florida; portrayal of his own family, people, communities affected by foreclosure crisis; human element of frightening rattling of American Dream; "ecosystems" of each failed mortgage, parts of abandoned Florida returned to its wild natural state; from machinations of Wall Street to sun-baked side streets where true costs of crisis seen; allure and dream of home, portrait of America where exiled insist on right to their own America dreams, even as terms are forcibly redrawn.

(U. S. - 2008), Stephen J. Rose (2010). Rebound: Why America Will Emerge Stronger from the Financial Crisis. (New York, NY, St. Martin’s Press, 240 p.). Labor Economist and Former Senior Advisor to Secretary of Labor Robert Reich. Economic forecasting --United States; Financial crises --United States; United States --Economic conditions --2009-. How economy will return to high growth rates; data on economic performance of America over last 30 years debunks myths about declining middle class incomes, burger-flipping jobs, global competition; evolution of financial crisis, mortgage lending implosion under rubric of “brilliant idiocy” - how investors, financial firms, regulators made devastating mistakes in pursuit of quick gains; simple financial regulation, forthcoming investments in education, health care, energy will pay quick and healthy dividends.  

(U.S. - 2008), Nouriel Roubini and Stephen Mihm (2010). Crisis Economics: A Crash Course in the Future of Finance. (New York, NY: Penguin Press, 368 p.). Professor of Economics at Stern School of Business (New York University); Associate Professor of History (University of Georgia). Financial crises; Business cycles; Economics. Methods used to foretell current crisis before other economists saw it coming; financial cataclysms - old, ubiquitous (Mexico, Thailand, Brazil, Pakistan, Argentina in last two decades; much in common with current downturn); how to recognize, grapple with inherent instability of global financial system, understand its pressure points, learn from previous episodes of "irrational exuberance," pinpoint course of global contagion, plan for immediate future; how world's economy can get out, stay out of current mess.

(U. S. - 2008), Robert Scheer with Christopher Scheer (2010). The Great American Stick-Up!: Greedy Bankers and the Politicians Who Love Them. (New York, NY: Nation Books, 304 p.). Former Foreign Correspondent (Los Angeles Times). Banks and banking --Corrupt practices --United States; Financial crises --United States. 1980s - captains of finance industry, their lobbyists, allies among leading politicians destroyed American regulatory system that had been functioning effectively since era of New Deal; roots of disaster - free-market propaganda of Reagan years, bipartisan deregulation of banking industry undertaken with full support of "progressive" Bill Clinton; Clinton financial clique, havoc it wrought; anatomy of American business, political class.

(U. S. - 2008), Hyun Song Shin (2010). Risk and Liquidity. (Oxford, UK: Oxford University Press, 192 p.). Professor of Economics (Princeton University). Financial risk management; Financial institutions -- Management; Global Financial Crisis, 2008-2009. Paradox of global financial crisis - erupted in era when risk management was core management focus of most sophisticated financial institutions; severity of crisis: 1) financial development put marketable assets at heart of financial system; 2) increased sophistication of financial institutions that held, traded the assets; economics behind fluctuations in price of risk, boom-bust dynamics that follow; role played by market-to-market accounting rules, securitisation in amplifying crisis; lessons for financial architecture, financial regulation, monetary policy.

(U.S. - 2008), David Smith (2010). The Age of Instability: The Global Financial Crisis and What Comes Next. (London, UK: Profile Books, 288 p.). Economics Editor (Sunday Times). Financial crises -- history. Political, economic factors that contributed to fall of Lehman, collapse of Iceland, disintegration of subprime mortgage market, emergence of culture of risk and greed.

(U.S. - 2008), Yves Smith (2010). ECONned: How Unenlightened Self Interest Damaged Democracy and Corrupted Capitalism. (New York, NY, Palgrave Macmillan, 368 p.). Blogger (Naked Capitalism). Financial crises --United States --21st century; Economics --United States --History; Neoclassical school of economics; Free enterprise --United States --History; United States --Economic conditions --21st century; United States --Economic policy. Unquestioned role of economists as policy-makers, how they helped create unmitigated economic disaster; how economists in key policy positions put doctrine before hard evidence, ignored deteriorating conditions and rising dangers that eventually led off the cliff, into financial meltdown; 25 years of misrepresentations, naive interpretations of economic conditions, rationalizations of bad outcomes, rejection of clear signs of growing instability. 

(U.S. - 2008), Joseph E. Stiglitz (2010). Freefall: America, Free Markets, and the Sinking of the World Economy. (New York, NY, Norton, 361 p.). 2001 Nobel Memorial Prize for Economics, Former Chairman of President Clinton's Council of Economic Advisers, Former Senior Vice President and Chief Economist at the World Bank. Financial crises --United States; Finance --Government policy --United States; Global Financial Crisis, 2008-2009; United States --Economic policy --1981-2001; United States --Economic policy --2001-2009. How America exported bad economics, bad policies, bad behavior to rest of world; cobbled together haphazard, ineffective response when markets finally seized; way forward: restore balance between markets and government, address inequalities of global financial system, demand more good ideas (less ideology) from economists.

(U. S. - 2008), Matt Taibbi (2010). Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America. (New York, NY: Spiegel & Grau, 272 p.). Contributing Editor for Rolling Stone magazine. Political corruption --United States; Deception --Political aspects --United States; Despotism --United States; United States --Politics and government --2009-; United States --Politics and government --2001-2009. Movement’s origins to cult of Ayn Rand, her most influential acolyte, Alan Greenspan; backroom deals that decided winners, losers in government bailouts; hidden commodities bubble that transferred billions of dollars to Wall Street while creating food shortages around world; how finance dominates politics; Goldman Sachs, “vampire squid wrapped around the face of humanity.”

(U. S. - 2008), Ed. Leila Simona Talani (2010). The Global Crash: Towards a New Global Financial Regime? (New York, NY: Palgrave Macmillan, 198 p.). Lecturer in European Studies (King's College London). Global Financial Crisis, 2008-2009; Banks and banking; Capitalism; International economic relations. Movement’s origins to cult of Ayn Rand, her most influential acolyte, Alan Greenspan; backroom deals that decided winners, losers in government bailouts; hidden commodities bubble that transferred billions of dollars to Wall Street while creating food shortages around world; how finance dominates politics; Goldman Sachs, “vampire squid wrapped around the face of humanity.”  

(U. S. - 2008), Eds. Steen Thomsen, Caspar Rose, Ole Risager (2010). Understanding the Financial Crisis: Investment, Risk and Governance. (New York, NY: Palgrave Macmillan, 229 p.). Director of the Centre for Corporate Governance (Copenhagen Business School); Professor, Department of International Economics and Management (Copenhagen Business School); Professor (Copenhagen Business School). Global Financial Crisis, 2008-2009. Why financial crisis happened; recommendations for building of new, sustainable financial system

(U.S. - 2008), Vanity Fair, Graydon Carter (2010). The Great Hangover: 21 Tales of the New Recession from the Pages of Vanity Fair. (New York, NY: Harper Perennial, 480 p.). Economic crisis -- 2008; recessions --United States --History --21st century. Recession's myriad villains and victims;  worldwide impact of financial downturn - collection of 21 essays on global economic crisis by 15 of most respected contemporary business writers in America.

(U. S. - 2008), Viral V. Acharya, Matthew Richardson, Stijn van Nieuwerburgh, Lawrence J. White (2011). Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance. (Princeton, NJ: Princeton University Press, 222 p.). Professors at the Leonard N. Stern School of Business (New York University). Freddie Mac (Firm); Federal National Mortgage Association; Mortgage loans --Government policy --United States; Housing --United States --Finance; Business failures --United States --History --21st century; Financial crises --United States --History --21st century. Why Fannie Mae and Freddie Mac collapsed, why housing finance is broken; how poorly designed government guarantees for Fannie Mae and Freddie Mac led to debacle of mortgage finance in United States: reform proposals, recommendations; immense, highly interconnected businesses of Fannie and Freddie; model of reform that emphasizes public-private partnership; cautionary note about excessive government intervention in markets.

(U. S. - 2008), Eds. Robert Z. Aliber and Gylfi Zoega (2011). Preludes to the Icelandic Financial Crisis. (New York, NY Palgrave Macmillan, 357 p.). Professor Emeritus at Booth Graduate School of Business (University of Chicago); Professor of Economics (University of Iceland). Finance -- Iceland; Financial crises -- Iceland; Iceland -- Economic policy; Iceland -- Economic conditions. Papers and reports, written prior to collapse of Iceland's financial system, about economy; what did and didn't they see coming, why?

(U.S. - 2008), Eds. Philip Arestis, Rogério Sobreira and José Luis Oreiro (2011). The Financial Crisis: Origins and Implications. (New York, NY: Palgrave Macmillan, 268 p.). Cambridge Centre for Economics and Public Policy, Department of Land Economy (University of Cambridge); Associate Professor of Economics and Finance, Brazilian School of Public and Business Administration at Getulio Vargas Foundation and CNPq Researcher; Associate Professor of Economics (University of Brasilia). Global Financial Crisis, 2008-2009; Financial crises -- History; International finance.

(U. S. - 2008), Anders Aslund and Valdis Dombrovskis (2011). How Latvia Came Through the Financial Crisis. (Washington, DC Peterson Institute for International Economics, 140 p.). Specialist on Postcommunist Economic Transformation; Prime Minister of Latvia. Financial crises -- Latvia; Global Financial Crisis, 2008-2009; Latvia -- Economic conditions -- 21st century; Latvia -- Economic policy -- 21st century. How national government responded to global financial crisis, made tough choices, led country back to economic growth; 2008-2010 - East European country hardest hit by global financial crisis (lost approximately 25% of GDP); most overheated economy before crisis; second half 2010 - returned to economic growth: how so quickly?; why Latvian economy became so overheated; why IMF, European Union stabilization program was needed; what Latvian government did to resolve financial crisis, why the choices; outcome.

(U. S. - 2008), Roddy Boyd (2011). Fatal Risk: A Cautionary Tale of AIG’s Corporate Suicide. (Hoboken, NJ: Wiley, 349 p.). Investigative Reporter. American International Group, Inc. --History; Insurance companies --United States --History; Federal aid --United States; Financial crises --United States; Global Financial Crisis, 2008-2009. How risk destroys; how company at center of financial storm nearly caused collapse of entire economic system; how AIG choked on risk; personal notes, records of key players (former Chairman, Hank Greenberg); U.S. Treasury, Federal Reserve Bank of New York; how understanding of risk built AIG, disdain for government regulators led to run-in with New York State Attorney General Eliot Spitzer.

(U.S. - 2008), Barry Eichengreen (2011). Exorbitant Privilege: The Decline of the Dollar and the Future of the International Monetary System. (New York, NY: Oxford University Press, 224 p.). Professor of Political Science and Economics (University of California, Berkeley). Money --United States --History --20th century; Devaluation of currency --United States --History --21st century; Financial crises --United States --21st century; United States --Economic policy --2009-. Rise of dollar to international prominence over course of 20th century; how greenback dominated internationally in second half of century for same reasons, same way, that United States dominated global economy; several currencies have shared international role over long periods; fate of dollar hinges on economic policy decisions in the U.S.

(U.S. - 2008), Kathleen C. Engel and Patricia A. McCoy (2011). The Subprime Virus: Reckless Credit, Regulatory Failure, and Next Steps. (New York, NY: Oxford University Press, 355 p.). Associate Dean for Intellectual Life and Professor of Law (Suffolk University Law School); Connecticut Mutual Professor of Law and Director of the Insurance Law Center (University of Connecticut); Subprime mortgage loans -- United States; Financial crises -- United States. Political, financial failures that led to crisis; how consumer abuses in once obscure corner of home mortgage market led to near meltdown of world's financial system; roles of federal banking and securities regulators (knew of lenders' hazardous mortgages, Wall Street's addiction to high stakes financing, did nothing until crisis erupted); government's failure to act, analyze financial reform legislation of 2010; lessons from crisi.

(U. S. - 2008), Roman Frydman and Michael D. Goldberg (2011). Beyond Mechanical Markets: Asset Price Swings, Risk, and the Role of the State. (Princeton, NJ: Princeton University Press, 304 p.). Professor of Economics (New York University); Roland H. O'Neal Professor (University of New Hampshire). Rational expectations (Economic theory); Global Financial Crisis, 2008-2009; Economic forecasting; Risk; Keynesian economics; Securities --Prices. Rational, behavioral theories of market rest on fatal assumption: that markets act mechanically, economic change is fully predictable; how failure to abandon assumption (bubble fueled by herd psychology) hinders understanding of how markets work, why price swings help allocate capital to worthy companies, what role government can and can't play; how imperfect knowledge economics provides better understanding of markets, financial crisis: price swings driven by individuals' imperfect interpretations of significance of economic fundamentals for future prices and risk; swings at heart of dynamic economy, reforms should aim to curb their excesses.

(U. S. 2008), Robert M. Hardaway (2011). The Great American Housing Bubble: The Road to Collapse. (Santa Barbara, CA: Praeger, 256 p.). Professor of Law at Sturm College of Law (University of Denver). Housing -- United States -- Finance; Housing -- Prices -- Economic aspects -- United States; Subprime mortgage loans -- United States; Financial crises -- United States. Political and economic causes of American housing bubble (created between 1940 and 200): federal income tax subsidies for housing, local exclusionary policies, banking, accounting, real estate appraisal, credit agency rating practices and policies; impact of greed, government regulation, speculation, psychology (blind faith in investment advisors); current crisis in light of notorious bubbles of past; events precipitating collapse traced, in part,to too much government regulation.

(U. S. - 2008), James P. Hawley, Shyam J. Kamath, and Andrew T. Williams (2011). Corporate Governance Failures: The Role of Institutional Investors in the Global Financial Crisis. (Philadelphia. PA: University of Pennsylvania Press, 344 p.). Professors of Economics and Business (Saint Mary's College of California). Global Financial Crisis, 2008-2009 -- Congresses; Financial risk -- Congresses; Corporate governance -- Congresses; Institutional investments -- Congresses. Misdeeds, lapses of shareholding institutional investors leading up to economic meltdown; how pension funds, mutual funds  organizations exposed themselves, their clientele to extremely complex financial instruments (credit default swaps) through investments in hedge and private equity funds; fund executives tolerated "pursuit of alpha" culture; how, why institutional investors failed to effectively monitor volatile investments, ignored relatively well-established corporate governance principles, best practices.

(U. S. - 2008), Gretchen Morgenson, Joshua Rosner (2011). Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon. (New York, NY: Times Books, 352 p.). Business Reporter and Columnist (New York Times); Managing Director at Graham Fisher and Co. . Federal National Mortgage Association --History --21st century; Subprime mortgage loans --United States --History --21st century; Financial crises --United States --History --21st century; Global Financial Crisis, 2008-2009. How financial meltdown emerged from toxic interplay of Washington, Wall Street, corrupt mortgage lenders; how watchdogs, supposed to protect country from financial harm, were complicit in actions that blew up American economy - Fannie Mae, mortgage-finance giant that grew, with support of Clinton administration, through 1990s, became major opponent of government oversight even as benefited from public subsidies; Countrywide Financial, Goldman Sachs, Federal Reserve, HUD, Congress, FDIC, biggest players on Wall Street; how greed, aggression, fear led countless officials to ignore warning signs of imminent disaster.

(Venezuela), Ruth de Krivoy (2002). Colapso: La Crisis Bancaria Venezolana de 1994. (Washington, DC: Group of Thirty, 323 p.). Bank failures--Venezuela--History--20th century; Financial crises--Venezuela--History--20th century.

Eds. Joshua Aizenman, Brian Pinto (2005). Managing Economic Volatility and Crises: A Practitioner’s Guide. (New York, NY: Cambridge University Press, 595 p.). Professor of Economics (University of California, Santa Cruz); Lead Economist in the Economic Policy Department, Poverty Reduction and Economic Management Network (World Bank). Business cycles; Financial crises; Economic development. Economic volatility as a primary phenomenon in business cycle.

Franklin Allen, Douglas Gale (2007). Understanding Financial Crises. (Oxford, UK: Oxford University Press, 303 p.). Nippon Life Professor of Finance and Professor of Economics at the Wharton School (University of Pennsylvania); Julius Silver Professor of Economics (New York University). Financial crises. History of financial crises, guide through existing theoretical, empirical literature; modern theory of intermediation, asset markets, causes of asset price volatility, interaction of banks, markets.

Stefan Altorfer, Benedikt Koehler, Mark Duckenfield (2006). History of Financial Disasters 1763-1995. (London, UK: Pickering & Chatto, 1200 p.). Economic History Department (London School of Economics). Financial disasters; financial crises; economic history. Key economic and financial turning points that have shaped the western world.

Douglas W. Arner (2007). Financial Stability, Economic Growth, and the Role of Law. (New York, NY: Cambridge University Press, 382 p.). Associate Professor at the Faculty of Law (University of Hong Kong). Financial crises; Economic development; Finance--Law and legislation. International,  domestic responses to financial crises over past twenty years;  role of law , institutions in financial stability, financial development.

Jennifer A. Amyx (2004). Japan's Financial Crisis: Institutional Rigidity and Reluctant Change. (Princeton, NJ: Princeton University Press. Finance--Japan; Financial crises--Japan; Banks and banking--Japan. 

Dominic Barton, Roberto Newell, Gregory Wilson (2003). Dangerous Markets: Managing in Financial Crises. (New York, NY: Wiley, 300 p.). Consultants (McKinsey). Crisis management; Financial crises.

Bill Bonner and Addison Wiggin (2005). Empire of Debt: The Rise and Fall of an Epic Financial Crisis. (Hoboken, NJ: Wiley, 370 p.) President and CEO of Agora Inc. (financial newsletters); Editorial Director and Publisher of the Daily Reckoning. Financial crises--United States; Debt--United States; United States--Economic conditions--2001-. Seismic shift in politics, economy of United States in less than 100 years.

Theodore E. Burton (2009). Financial Crises and Periods of Industrial and Commercial Depression. (BN Publishing, 408 p. [0rig. pub. 1902]). Represented Ohio in U.S. Congress for 41 years; served on Inland Waterways Commission, National Waterways Commission, National Monetary Commission. Depressions. Making sense of "recurring disturbances"; clarification of confusion surrounding economic phenomena (panics, crises, depressions); their causes, effects; whether depressions are unavoidable features of transition period in business, industry; periodicity of crises, depressions (regularly recur or result of chance).

Eds. Gerard Caprio, James A. Hanson, Robert E. Litan (2005). Financial Crises: Lessons from the Past, Preparation for the Future. (Washington, DC: Brookings Institution Press, 291 p.). Director of the Operations Policy Department in the World Bank's Financial Sector; Senior Adviser to the World Bank's Financial Sector Operations and Policy Department; Senior Fellow in Economic Studies at the Brookings Institution. Financial crises; International finance; Monetary policy; Economic policy. Lessons from attempts to recover from crises of recent history.

Guillermo A. Calvo (2005). Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy. (Cambridge, MA: MIT Press, 552 p.). Distinguished University Professor and the Director of the Center for International Economics (University of Maryland). Financial crises; Capital market; Financial crises--Developing countries. Limitations, vulnerabilities of emerging market economies (Mexico in 1994-5, East Asia in 1997, Russia in 1998, Argentina in 2001). 

Youssef Cassis (2011). Crises and Opportunities. The Shaping of Modern Finance. (New York, NY: Oxford University Press, 288 p.). Professor of Economic History at the European University Institute (Florence, Italy). Financial crises -- history. Have financial crises presented opportunities to rebuild financial system (8 global financial crises since late 19th century)? how financial landscape has been (or failed to be) reshaped after systemic shock (banks, governance, regulation, international cooperation, balance of power); economic and business aspects of financial crises, political and socio-cultural dimensions, idiosyncrasies and common features, impact in broader context of long-term historical development.

Ed. James Ciment (2010). Booms and Busts: An Encyclopedia of Economic History from Tulipmania of the 1630s to the Global Financial Crisis of the 21st Century. (Armonk, NY Sharpe Reference, 3 Volumes). Financial crises -- Encyclopedias; Finance -- Encyclopedias.

Charles Albert Colman (1968). Our Mysterious Panics, 1830-1930; A Story of Events and the Men Involved. (Westport, CT: Greenwood Press, 310 p. [prig. pub. 1931]). Financial crises; Depressions--1929.

Frank Griffith Dawson (1990). The First Latin American Debt Crisis: The City of London and the 1822-25 Loan Bubble. (New Haven, CT: Yale University Press, 281 p.). Loans, British--Latin America--History--19th century; Loans, Foreign--Latin America--History--19th century. 

Eds. Mark Duckenfield, Stefan Altorfer, Benedikt Koehler (2006). The History of Financial Disasters 1763-1995. (Ashgate, VT: Pickering & Chatto, 1,296 p. [3 vols.]). Financial crises--history. Origins, consequences of seminal financial crises throughout history (background of each disaster, first-hand accounts of how contemporaries viewed, responded to unfolding events); Volume 1: 1763–1840s; Volume 2: 1850–1925; Volume 3: 1929–1995.

Barry Eichengreen (2002). Financial Crises: And What To Do about Them. (New York, NY: Oxford University Press, 194 p.). International finance; Financial crises--Developing countries; Financial crises--Prevention.

Ed. Benton E. Gup (2004). Too Big To Fail: Policies and Practices in Government Bailouts. (Westport, CT: Praeger, 359 p.). Robert Hunt Cochrane-Alabama Bankers Association Chair of Banking (University of Alabama College of Commerce). Business failures; Business failures --United States; Bank failures; Bank failures --United States; Intervention (Federal government); Bankruptcy; Corporate reorganizations; Corporate turnarounds. Government bailouts are not new, nor limited to United States; views of academics, practitioners, regulators from around the world (e.g., Australia, Hungary, Japan, Europe, Latin America) on implications, consequences of government bailouts.

Terence C. Halliday and Bruce G. Carruthers (2009). Bankrupt: Global Lawmaking and Systemic Financial Crisis. (Stanford, CA, Stanford University Press, 505 p.). Co-Director of the Center on Law and Globalization, American Bar Foundation (University of Illinois College of Law); Gerald F. and Marjorie G. Fitzgerald Professor of Economic History in the Department of Sociology (Northwestern University). Bankruptcy; Bankruptcy -- International cooperation; Financial crises. How global actors developed comprehensive norms for corporate bankruptcy laws; how national policymakers responded;  how national policymakers contested, negotiated domestic laws in context of global pressures;  theory of legal change to explain why global/local tensions produce implementation gaps. 

F.T. Hane (1985). Financial Crisis: Causes and Solutions. (New York, NY: Praeger, 187 p.). International finance; Loans, Foreign; Business cycles; Monetary policy--United States; United States--Economic conditions--1981.

Philip T. Hoffman, Gilles Postel-Vinay and Jean-Laurent Rosenthal (2007). Surviving Large Losses: Financial Crises, the Middle Class, and the Development of Capital Markets. (Boston, MA: Harvard University Press, 272 p.). Richard and Barbara Rosenberg Professor of History and Social Science (California Institute of Technology); Director of Studies (École des Hautes Études en Sciences Sociales); Professor of Economics (California Institute of Technology). Financial crises; Middle class; Capital market; Economic policy. Why financial crises occur, why their effects last so long, what political, economic conditions can help rich, poor countries survive, even prosper, in the aftermath.

Eds. Chris Jochnick & Fraser A. Preston (2005). Sovereign Debt at the Crossroads: Challenges and Proposals for Resolving the Third World Debt Crisis. (New York, NY: Oxford University Press, 352 p.). Debts, External--Developing countries; Debt relief--Developing countries. Problems raised by debt, practical approaches to overcoming them. 

Clement Juglar; translated and edited with an introduction and brought down from 1889 to date by DeCourcy W. Thom (1989). A Brief History of Panics and Their Periodical Occurrence in the United States. (Fairfield, NJ: A. M. Kelley, 189 p. [3rd ed.; orig. pub. 1916]). Business cycles--United States--History; United States--Economic conditions.

Laurence H. Kallen (1991). Corporate Welfare: The Megabankruptcies of the 80s and 90s. (New York, NY: Carol Pub. Group, 484 p.). Bankruptcy--United States; Corporate reorganizations--United States; Corporations--Corrupt practices--United States.

Eds. Charles P. Kindleberger and Jean-Pierre Laffargue (1982). Financial Crises: Theory, History, and Policy. (New York, NY: Cambridge University Press, 301 p.). Depressions--Congresses; Business cycles--Congresses; Lenders of last resort; Financial crises--Congresses.

Ed. Paul Krugman (1992). Currencies and Crises. (Cambridge, MA: MIT Press, 219 p.). Ford International Professor of Economics (MIT). Currency question--History--20th century; Foreign exchange--History--20th century; Financial crises--History--20th century. Collection of 10 papers presented at  conference held in February 1998.

Lawrence E. Mitchell (2007). The Speculation Economy: How Finance Triumphed Over Industry.  (San Francisco, CA Berrett-Koehler 395 p.). Theodore Rinehart Professor of Business Law (The George Washington University). Industries --United States; Corporations --United States; Finance --United States; Speculation --United States; United States --Economic policy. Roots of one of most critical flaws in modern American capitalism. When stock market become driver of American economy - first decade of 20th century as result of birth of giant modern corporation (spurred rise of stock market); 1920s - stock market left behind business origins, became reason for creation of business itself; legal, financial, economic, social transformations that allowed financiers to collect companies, combine them into huge new corporations for main purpose of manufacturing stock, dumping it on market; started to make more money from legal, financial manipulation than from practical business improvements (innovations in technology, management, distribution, marketing); how and why, over course of first two decades of 20th century, attitudes shifted, Americans changed from cautious bond buyers into eager stock speculators; how federal government, wedded to outdated economic model, struggled to expand its own power, failed to regulate finance, missed chance to control corporations; finance came to dominate industry, stock ownership spread widely through society, stock market came to dominate finance.

Charles R. Morris (1999). Money, Greed, and Risk: Why Financial Crises and Crashes Happen. (New York, NY: Times Business, 297 p.). Financial crises -- United States -- History; Stock exchanges -- United States -- History; International finance.

Max Otte (2008). Der Crash Kommt: Die Neue Weltwirtschaftskrise und Wie Sie Sich Darauf Vorbereiten. (Berlin, Germany: Ullstein, 304 p.). Professor in the Department of Corporate Finance Function (Fachhochschule Worms, Germany). Predicted current situation; social, manmade phenomena that made crash predictable.

Donald Rapp (2009). Bubbles, Booms, and Busts : The Rise and Fall of Financial Assets. (New York, NY: Copernicus Books, 274 p.). Business cycles --History; Financial crises --History. Research Professor, Viterbi School of Engineering, USC. Nature, history of booms, bubbles busts in financial markets; how they emerge, develop, collapse; distribution of wealth, inflation, rationality of bankers, monetary and fiscal policy, role of central banks, tax policies, social security, US federal, state, municipal personal debt, valuation of common stocks; historical boom/bust cycles; US Government’s cure for excessive spending, inadequate revenues - increase spending, cut revenues.

Carmen M. Reinhart, Kenneth S. Rogoff  (2009). This Time Is Different: Eight Centuries of Financial Folly. (Princeton, NJ: Princeton University Press, 496 p.). Professor of Economics (University of Maryland); Thomas D. Cabot Professor of Public Policy and Professor of Economics (Harvard University). Financial crises --Case studies; Fiscal policy --Case studies; Business cycles --Case studies. 8 centuries of financial missteps - 66 countries across 5 continents; varieties of financial crises - government defaults, banking panics,  inflationary spikes (from medieval currency debasements to today's subprime catastrophe); financial combustions are universal rites of passage for emerging, established market nations; financial fallouts occur in clusters, strike with surprisingly consistent frequency, duration, ferocity; patterns of currency crashes, high and hyperinflation, government defaults on international and domestic debts, cycles in housing and equity prices, capital flows, unemployment, government revenues around these crises; short memories make it all too easy for crises to recur.

Ed. Justin Robertson (2008). Power and Politics After Financial Crises: Rethinking Foreign Opportunism in Emerging Markets. (New York, NY: Palgrave Macmillan, 272 p.). Assistant Professor in the Department of Asian and International Studies (City University of Hong Kong, China). Financial crises--Developing countries--Case studies; Investments, Foreign--Developing countries--Case studies. Interpretations of interaction between international, domestic forces after crises; extent to which foreign firms, governments, institutions liberalized, penetrated these economies.

David Smick (2008). The World Is Curved: Hidden Dangers to the Global Economy. (New York, NY: Portfolio, 272 p.). Johnson Smick International, Inc. International finance; Financial crises; Globalization --Economic aspects; International economic relations. Global liquidity crisis. How today’s risky environment came to be, why mortgage mess is symptom of potentially far more devastating trouble; how bad could things really get in today’s volatile economy? what can we do about it? why world desperately needs "big think" financial doctrine to guide today’s dangerous ocean of money.

Adam Smith (1981). Paper Money. (New York, NY: Summit Books, 335 p.). Organization of Petroleum Exporting Countries; Inflation (Finance).; International finance; Economic history--1971-1990.

Federico Sturzenegger, Jeromin Zettelmeyer (2007). Debt Defaults and Lessons from a Decade of Crises. (Cambridge, MA: MIT Press, 360 p.). Professor (Universidad Torcuato di Tella, Buenos Aires); Assistant to the Director of the Western Hemisphere Department (International Monetary Fund). Debts, External--Developing countries; Debt relief--Developing countries; Developing countries--Economic policy. Facts, economic theory, policy implications of sovereign debt crises; detailed case histories of default, debt crises in seven emerging market countries between 1998 and 2005.

Barry E. Supple (1959). Commercial Crisis and Change in England, 1600-1642; A Study in the Instability of a Mercantile Economy (New York, NY: Cambridge University Press, 296 p.).

Elmus Wicker (1996). The Banking Panics of the Great Depression. (New York, NY: Cambridge University Press, 174 p.). Banks and banking--United States--History--20th century; Bank failures--United States--History--20th century; Financial crises--United States--History--20th century; Depressions--1929--United States; United States--Economic conditions--1918-1945.

--- (2000). Banking Panics of the Gilded Age. (New York, NY: Cambridge University Press, 160 p.). Banks and banking--United States--History; Bank failures--United States--History; Financial crises--United States--History.


Business History Links

Autopsy on a Bubble (Pdf)

Economic Events

The 2008 Financial Crisis: A Timeline of Events and Policy Actions                                                        

What caused the financial crisis (boiling point in September 2008)? Many analysts blame financial crisis on at least three interrelated causes: 1) Rapid growth, subsequent collapse of U.S. house prices; 2) general decline in mortgage underwriting standards (growing proportion of home purchases financed by nonprime mortgages); 3) widespread mismanagement of financial risks by firms engaged in originating, distributing, investing in mortgages, mortgage-backed securities, derivative financial instruments.

What Caused Asia's Economic and Currency Crisis and Its Global Contagion?                                                                             

United States Misery Index                                                                                                                       

Arthur Okun, adviser to President Lyndon Johnson, initiated the misery index in the 1960's. It is simply the unemployment rate added to the inflation rate. It is assumed that both a higher rate of unemployment and a worsening of inflation both create economic and social costs for a country. A combination of rising inflation and more people of out of work implies a deterioration in economic performance and a rise in the misery index.

United States Pacific Command: Asia-Pacific Economic Update 2002                  

One of the most extensive studies of the impact of the Asian crash of 2000 available anywhere online or in print. Produced by the United States Pacific Command's Strategic Planning and Policy Directorate, the report offers a country-by-country economic analysis of the entire Pacific region. Not always for the faint of heart, the report tells it like it is, detailing the often devastating impact of the financial crises that were unleashed on the region throughout the 1990s to present. Presented as individual reports and several broader regional analyses, the study is essential reading for anyone hoping to grasp the big picture of the global economy, because the Pacific region comprises the single largest sector of production and export today. It is compelling reading and offers a wealth of information on a region of vital interest to all Americans.

U. S. Business Cycle Expansion/Contractions (1854-2007)                                

Business Cycle Dating Committee of the National Bureau of Economic Research (contractions [recessions] start at the peak of a business cycle and end at the trough; prior to 1979, there were no formal announcements of business cycle turning points). The NBER does not define a recession in terms of two consecutive quarters of decline in real GDP. Rather, a recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

Wall Street Panics



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