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Global Economic System, The: How Liquidity Shocks Affect Financial Institutions and Lead to Economic Crises

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Global Economic System, The: How Liquidity Shocks Affect Financial Institutions and Lead to Economic Crises


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A sophisticated, higher-level look at financial institutions in the new global economy, how they are interconnected, and why they fail.

  • Explains the interconnected, interdependent global financial world in the context of recent market crises and other events.
  • Includes a thorough discussion of the core cause of most major market and economic crashes: failures of liquidity.
  • Not a beginner's book: designed for readers who already understand the basics of finance, including working professionals and advanced students.
  • Description

    • Copyright 2011
    • Edition: 1st
    • Book
    • ISBN-10: 0-13-705012-7
    • ISBN-13: 978-0-13-705012-3

    Written for financial professionals, the authors thoroughly explain the modern global credit system; the roles of banks, hedge funds, insurers, central banks, mortgage markets, and other participants; and the credit-related instruments they rely on. In particular, the authors illuminate the crucial importance of liquidity, and show why liquidity failures have been the key cause of all major market crashes for the past several decades. The Global Financial System thoroughly examines economic environments in which slow de-leveraging leads to prolonged sluggish growth, and compares today's environment to other periods of deleveraging, such as the Great Depression and the Japanese economic meltdown of the '90s and '00s. It predicts potential pathways for the current crisis, and offers essential guidance to both policymakers and investment decision-makers.

    Sample Content

    Online Sample Chapter

    The Global Economic System: Motivation for Understanding Liquidity Risk

    Table of Contents

    Chapter 1: Motivation for Understanding Liquidity Risk     1

    Chapter 2: Liquidity Risk: Concepts     11

    Chapter 3: The Great Depression     59

    Chapter 4: Japan’s Lost Decade     105

    Chapter 5: The Great Recession     173

    Chapter 6: Conclusion     247

    Index     261


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