Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Curbing Bailouts PDF full book. Access full book title Curbing Bailouts by Guillermo Rosas. Download full books in PDF and EPUB format.
Author: Guillermo Rosas Publisher: University of Michigan Press ISBN: 0472022369 Category : Business & Economics Languages : en Pages : 223
Book Description
"Rosas's compelling theory and wide-ranging empirical evidence yield a persuasive but surprising conclusion in light of the financial meltdown of 2008–9. In the event of banking crises, not only do elected governments treat taxpayers better and force bankers and their creditors to pay more for their mistakes, but bankers in democracies are more prudent as a consequence . . . essential reading for all interested in the political economy of crisis and in the future of banking regulation." ---Philip Keefer, Lead Economist, Development Research Group, The World Bank "Rosas convincingly demonstrates how democratic accountability affects the incidence and resolution of banking crises. Combining formal models, case studies, and cutting-edge quantitative methods, Rosas's book represents a model for political economy research." ---William Bernhard, Professor, Department of Political Science, University of Illinois "When the financial crises of the 1990s hit Asia, Russia, and Latin America, the U.S. scolded them about the moral hazard problems of bailing out the banks. Now, the shoe is on the other foot, with the U.S. struggling to manage an imploding financial sector. Rosas's study of bank bailouts could not be more timely, providing us with both a framework for thinking about the issue and some sobering history of how things go both right and badly wrong. Democratic accountability proves the crucial factor in making sure bailouts are fair, a point that is as relevant for U.S. policy as for an understanding of the emerging markets." ---Stephan Haggard, Krause Professor, Graduate School of International Relations and Pacific Studies, University of California, San Diego Banking crises threaten the stability and growth of economies around the world. In response, politicians restore banks to solvency by redistributing losses from bank shareholders and depositors to taxpayers, and the burden the citizenry must bear varies from case to case. Whereas some governments stay close to the prescriptions espoused by Sir Walter Bagehot in the nineteenth century that limit the costs shouldered by taxpayers, others engage in generous bank bailouts at great cost to society. What factors determine a government's response? In this comparative analysis of late-twentieth-century banking crises, Guillermo Rosas identifies political regime type as the determining factor. During a crisis, powerful financial players demand protection of their assets. Rosas maintains that in authoritarian regimes, government officials have little to shield them from such demands and little incentive for rebuffing them, while in democratic regimes, elected officials must weigh these demands against the interests of the voters---that is, the taxpayers. As a result, compared with authoritarian regimes, democratic regimes show a lower propensity toward dramatic, costly bailouts. Guillermo Rosas is Assistant Professor in the Department of Political Science and Fellow at the Center in Political Economy at Washington University in St. Louis.
Author: Guillermo Rosas Publisher: University of Michigan Press ISBN: 0472022369 Category : Business & Economics Languages : en Pages : 223
Book Description
"Rosas's compelling theory and wide-ranging empirical evidence yield a persuasive but surprising conclusion in light of the financial meltdown of 2008–9. In the event of banking crises, not only do elected governments treat taxpayers better and force bankers and their creditors to pay more for their mistakes, but bankers in democracies are more prudent as a consequence . . . essential reading for all interested in the political economy of crisis and in the future of banking regulation." ---Philip Keefer, Lead Economist, Development Research Group, The World Bank "Rosas convincingly demonstrates how democratic accountability affects the incidence and resolution of banking crises. Combining formal models, case studies, and cutting-edge quantitative methods, Rosas's book represents a model for political economy research." ---William Bernhard, Professor, Department of Political Science, University of Illinois "When the financial crises of the 1990s hit Asia, Russia, and Latin America, the U.S. scolded them about the moral hazard problems of bailing out the banks. Now, the shoe is on the other foot, with the U.S. struggling to manage an imploding financial sector. Rosas's study of bank bailouts could not be more timely, providing us with both a framework for thinking about the issue and some sobering history of how things go both right and badly wrong. Democratic accountability proves the crucial factor in making sure bailouts are fair, a point that is as relevant for U.S. policy as for an understanding of the emerging markets." ---Stephan Haggard, Krause Professor, Graduate School of International Relations and Pacific Studies, University of California, San Diego Banking crises threaten the stability and growth of economies around the world. In response, politicians restore banks to solvency by redistributing losses from bank shareholders and depositors to taxpayers, and the burden the citizenry must bear varies from case to case. Whereas some governments stay close to the prescriptions espoused by Sir Walter Bagehot in the nineteenth century that limit the costs shouldered by taxpayers, others engage in generous bank bailouts at great cost to society. What factors determine a government's response? In this comparative analysis of late-twentieth-century banking crises, Guillermo Rosas identifies political regime type as the determining factor. During a crisis, powerful financial players demand protection of their assets. Rosas maintains that in authoritarian regimes, government officials have little to shield them from such demands and little incentive for rebuffing them, while in democratic regimes, elected officials must weigh these demands against the interests of the voters---that is, the taxpayers. As a result, compared with authoritarian regimes, democratic regimes show a lower propensity toward dramatic, costly bailouts. Guillermo Rosas is Assistant Professor in the Department of Political Science and Fellow at the Center in Political Economy at Washington University in St. Louis.
Author: Virág Blazsek Publisher: Routledge ISBN: 1000208346 Category : Business & Economics Languages : en Pages : 257
Book Description
Setting forth the building blocks of banking bailout law, this book reconstructs a regulatory framework that might better serve countries during future crisis situations. It builds upon recent, carefully selected case studies from the US, the EU, the UK, Spain and Hungary to answer the questions of what went wrong with the bank bailouts in the EU, why the US performed better in terms of crisis management, and how bailouts could be regulated and conducted more successfully in the future. Employing a comparative methodology, it examines the different bailout and bank resolution techniques and tools and identifies the pros and cons of the different legal and regulatory options and their underlying principles. In the post-2008 legal-regulatory architecture financial institution specific insolvency proceedings were further developed or implemented on both sides of the Atlantic. Ten years after the most recent financial crisis, there is sufficient empirical evidence to evaluate the outcomes of the bank bailouts in the US and the EU and to examine a number of cases under the EU’s new bank resolution regime. This book will be of interest of anyone in the field of finance, banking, central banking, monetary policy and insolvency law.
Author: Attiat F. Ott Publisher: Edward Elgar Publishing ISBN: 1845424557 Category : Business & Economics Languages : en Pages : 495
Book Description
Attiat Ott and Richard Cebula have recognised the need to present, in an accessible and straightforward way, the voluminous literature in the public economics arena. Advances in econometric techniques and the spillover of knowledge from other disciplines made it difficult, not only for students but also for lecturers, to accurately find the information they need. This major Companion addresses a wealth of topics common to the study of both public economics and public choice including questions such as: How does one structure the whole spectrum of public finance in a manageable framework? What is Wagner s Law really about and what does empirical testing tell us? How binding is the budget constraint? How encompassing is a dictator s interest? How do veto powers of the executive, institutional structures and regimes affect public sector outcomes? Do voters behave rationally? Do conflicts yield benefits? Is war cost effective and does secession offer a viable exit option? The contributions, both theoretical and empirical, shed light on some contentious issues in the public economics literature and provide readers with insight into issues that are at the forefront of discussions about the public economy. The empirical analysis utilizes recent econometric techniques to validate or refute empirical findings based on older vintage econometrics. The diversity of coverage ranges from traditional models of the public economy to the incorporation of defence spending as a significant and often neglected function of the public sector. The contributors include many pioneers and leading lights in the field. The Elgar Companion to Public Economics will be required reading for academics and scholars at many levels in the fields of public economics and public choice but mainly graduate and above. The Companion will also be of value to scholars in the wider social sciences in general and political science in particular.
Author: Henry A. Giroux Publisher: Routledge ISBN: 1317254007 Category : Social Science Languages : en Pages : 194
Book Description
As the new administration moved beyond its first year in office, Obama's politics of hope increasingly has been transformed into a politics of accommodation. To many of his supporters, his quest for pragmatism and realism has become a weakness rather than a strength. By focusing on those areas where Obama grounded his own sense of possibility, Giroux critically investigates the well-being and future of young people, including the necessity to overcome racial injustices, the importance of abiding by the promise of a democracy to come, and the indisputable value of education in democracy. Giroux shows why considerations provide the ethical and political foundations for enabling hope to live up to its promises, while making civic responsibility and education central to a movement that takes democracy seriously.
Author: Ashok Dalwai Publisher: Blue Rose Publishers ISBN: Category : Political Science Languages : en Pages : 340
Book Description
Packing order in civil services is determined by the year of entry. Older the number of entry, senior an officer becomes. Each individual officer from the entry into service onwards gains diverse experiences at various levels till his/ her exit from the service. Most of the civil servants share their experiences at the personal level in the form of their memoirs. There are very few and far references in the public policy domain of sharing practical experiences in an objective manner. In the annals of the Indian civil services, it is for the first time that Ten officers of a batch had come together to share their experiences with constructive suggestions on a number of important issues. This kind of canvas covering wide-ranging subjects will be helpful to present and future policymakers and implementers. The topics covered and the authors involved make the book a shear magic.
Author: Franklin Allen Publisher: Oxford University Press ISBN: 0199780935 Category : Business & Economics Languages : en Pages :
Book Description
Financial crises have been pervasive for many years. Their frequency in recent decades has been double that of the Bretton Woods Period (1945-1971) and the Gold Standard Era (1880-1993), comparable only to the period during the Great Depression. Nevertheless, the financial crisis that started in the summer of 2007 came as a great surprise to most people. What initially was seen as difficulties in the U.S. subprime mortgage market, rapidly escalated and spilled over first to financial markets and then to the real economy. The crisis changed the financial landscape worldwide and its full costs are yet to be evaluated. One important reason for the global impact of the 2007-2009 financial crisis was massive illiquidity in combination with an extreme exposure of many financial institutions to liquidity needs and market conditions. As a consequence, many financial instruments could not be traded anymore, investors ran on a variety of financial institutions particularly in wholesale markets, financial institutions and industrial firms started to sell assets at fire sale prices to raise cash, and central banks all over the world injected huge amounts of liquidity into financial systems. But what is liquidity and why is it so important for firms and financial institutions to command enough liquidity? This book brings together classic articles and recent contributions to this important field of research. It provides comprehensive coverage of the role of liquidity in financial crises and is divided into five parts: (i) liquidity and interbank markets; (ii) the public provision of liquidity and regulation; (iii) money, liquidity and asset prices; (iv) contagion effects; (v) financial crises and currency crises.
Author: Kurt Mettenheim Publisher: Routledge ISBN: 1000449629 Category : Business & Economics Languages : en Pages : 332
Book Description
Combining balance sheet analysis with historical institutional analysis, this book traces the evolution of social sector financial balance sheets in the US from 1960 to 2018. This innovative historical-institutional approach, ranging from the micro level of households to the macro level of the federal government, reveals that the displacement of households by banks has been a long-term process. This gradual compounding of financialization is at odds with widely accepted views about financialization, contemporary banking theory, financial intermediation theory, and post-Keynesian and endogenous money approaches. The book returns to time-tested traditional principles of banking and taps unexpected affinities about market failures in transaction cost economics, financial intermediation theory, and core ideas in classic modern political and social economy about economic moralities and social reactions of self-defense against unfettered markets. This book provides an alternative explanation for the rise of finance and new ways to think about averting financialization and its devastating consequences. This book marks a significant contribution to the literature on financialization, social economics, banking, and the American political economy.
Author: Julian Zelizer Publisher: Princeton University Press ISBN: 1400889553 Category : Political Science Languages : en Pages : 368
Book Description
An original and engaging account of the Obama years from a group of leading political historians Barack Obama's election as the first African American president seemed to usher in a new era, and he took office in 2009 with great expectations. But by his second term, Republicans controlled Congress, and, after the 2016 presidential election, Obama's legacy and the health of the Democratic Party itself appeared in doubt. In The Presidency of Barack Obama, Julian Zelizer gathers leading American historians to put President Obama and his administration into political and historical context. These writers offer strikingly original assessments of the big issues that shaped the Obama years, including the conservative backlash, race, the financial crisis, health care, crime, drugs, counterterrorism, Iraq and Afghanistan, the environment, immigration, education, gay rights, and urban policy. Together, these essays suggest that Obama's central paradox is that, despite effective policymaking, he failed to receive credit for his many achievements and wasn't a party builder. Provocatively, they ask why Obama didn't unite Democrats and progressive activists to fight the conservative counter-tide as it grew stronger. Engaging and deeply informed, The Presidency of Barack Obama is a must-read for anyone who wants to better understand Obama and the uncertain aftermath of his presidency. Contributors include Sarah Coleman, Jacob Dlamini, Gary Gerstle, Risa Goluboff, Meg Jacobs, Peniel Joseph, Michael Kazin, Matthew Lassiter, Kathryn Olmsted, Eric Rauchway, Richard Schragger, Paul Starr, Timothy Stewart-Winter, Thomas Sugrue, Jeremi Suri, Julian Zelizer, and Jonathan Zimmerman.
Author: Guillermo Rosas
Author: Guillermo Rosas
Author: Virág Blazsek
Author: Attiat F. Ott
Author: John D. Turner
Author: Henry A. Giroux
Author: Ashok Dalwai
Author: Franklin Allen
Author: Carmen M. Reinhart
Author: Kurt Mettenheim
Author: Julian Zelizer