Don't be fooled again : lessons in the good, bad and unpredictable behaviour of global finance / Meyrick Chapman.

Format:

Book

Author/Creator:

Chapman, Meyrick, author.

Language:

English

Subjects (All):

Global Financial Crisis, 2008-2009.

Financial crises--Prevention.

Financial crises.

Finance--Management.

Finance.

Physical Description:

1 online resource (1 v.)

Edition:

1st edition

Other Title:

Lessons in the good, bad and unpredictable behaviour of global finance

Do not be fooled again

Place of Publication:

London : FT Prentice Hall, [2013]

System Details:

text file

Summary:

The decade which began in July 1997 saw a global financial system that generated more wealth for more people for a much longer period of time than any other in financial history. But ten years later, in a seemingly sudden move, there was a flight of capital and a collapse of the global banking system. What went wrong? Did anyone see it coming? What lessons can we learn from this? And is it really all that bad? Fooled Again is not a history book, but it looks at the history of recent financial management, mismanagement, extraordinary risk and greed, flows of global capital and international toxic balance sheets to identity the key lessons to be learned from the global financial crisis. Taking a considered and long-term view, Meyrick Chapman gives an immensely readable and insightful view of what really happened and shows us why not all crises are bad, and why the events of 2008 and 2009 may ultimately benefit us.

Contents:

Cover

Don't be fooled again

Contents

Acknowledgements

Introduction

Crises - not all bad

We must have missed something

The never-ending crisis

Common features of financial crises, and why we don't see them coming

The broad background

Financial deregulation: doors to opportunity and distress

The magic trick of money

Confusion at the heart of money

The special privileges of banks

Litany of attempts to solve a perennial problem

Asset prices and credit

What were we thinking?

Confused investment and channel capacity

Keep it down!

The basis of market economics: an ability to agree terms

From auction to liquid marketplace

Highly liquid markets create their own money

Technology and the emergence of new value

'Logistics and statistics': twins from the same parent

More potential participants increase the market price of an asset

Time and investment

Conservative investors: the perfect bubble-blowers

Not exactly classical

The propagation of market crises, even with no prospect of default

Why we do not see financial crises coming?

Did the Asian crisis teach us nothing?

Asia's crisis: first of the globalised era

Wounded Tiger: Thailand and the crisis of 1997-98

Hedge funds strike it rich

A profound effect on Chinese policy

Aftermath in property: ruin, folly and delusion

Lessons for China

The International Monetary Fund responds

Initial response: support at a price

Sell high, buy other countries low

The aftermath, and what we should have learned

America benefits, but does it learn?

Loving the dollar: lessons from a great flood of capital

The shock appearance of money

A trillion-dollar proof against the capitalists

Foreign civil servants oust private investment

The poor lend money to the wealthiest

The unbalanced globe.

Crowding out the usual crowd

The slow flow from Japan

'Housewives of Tokyo' disrupt international finance

The 'search for yield' drives Japanese banks abroad

An early global tremor

Japan's capital exports: still more to come

Echoes of Japan in the West

The euro: an exercise in imbalance

Convergence creates its own challenges

Opportunity for second-rate banks

The global meaning of money

How central banks lost their grip

Japan's lost decade: prelude to international disorder

The origins of the Japanese banking crisis

Influence of 'globalisation' on Japan's economy

The Asian crisis, bail-out and a regional disaster

Belated regulation: worse than nothing

Quantitative easing, its wider impact and the flow of money

The Fed and the bail-out of Long Term Capital Management

LTCM: birth and growth

'Convergence': politics and profit

Beginning of the end

The Fed saves the world

The Greenspan put

Greenspan and dot-com

Greenspan confuses progress with irrationality

A law for financial expansion

Greenspan jumps on the Exuberance Express

Y2K: the crash of optimism version 1.0

Downturn in the new century

ILoveYou: a new disease

The focus switches

September 2001

Japan's dark presence

The liquidity generator unleashed

Long-term faith in an American future

In Europe: equal rates for unequal countries

Follow the Fed

Local imbalances

Collusion in liquidity

Going fishing: lessons of financial innovation

Why innovation is needed

The dangers of uncritical acceptance of orthodoxy

The risk revolution: innovation for all

Efficiency or avoidance?

Why derivatives are so important

Merton and 'convergence

Swapping efficiency

Bringing liquidity to the illiquid

What can go wrong?

Lower cost, higher competition.

The star innovation of avoidance was securitisation

The downside to securitisation

Staggering growth rates

Working ever faster

The shadow banking system, distorted money and SIVs

Computers change everything

What's the future of financial innovation?

In God We Trust: banks and their errors

The bill so far

Tensions arise

Originate and distribute becomes 'originate and hoard'

An era of free money

Why mortgages?

The Great Moderation

We're losing money, buy more bonds!

Originate and distribute, the case of UBS

Subprime securities as 'central bank money'

How to place 'value at risk'

High pay policies

Banks writedowns are a loss of Western wealth

De-rated: how ratings agencies and regulations failed

Rating agencies: uncontrolled private regulation

Basel I and II: regulatory innovation

The problem with regulations

The politics of housing

An unproductive asset

A unique housing model, with familiar results

The politics of home ownership

Clinton's third way

social inclusion and market economics

The overlap of politics and bankers

Beyond domestic politics

A change of politics

a change of subprime

European political distortions in lending

Eurocrats and euro-lending

The politics of tax

Is it the same everywhere? Why some countries boom

But why housing?

Blinded by ratings

The conspiracy of housing finance

It's not all bad: the costs and benefits of financial crises

The unsustainable has run its course

Dear old Stockholm - and Helsinki

They run, chanting revolution

Not so relaxed: recovery in Thailand

Japan: what recovery?

Where's the good in bubbles and busts?

A complex of crises: 1970 to 2009

The internet: too early to tell

What lessons for the future?

Whose reserves are they anyway?

The future of America.

A long-term faith in the new

A never-ending crisis

Challenges to central banks and exporters

A new role for hedge funds

What kind of regulatory change?

Too many crises and yet not enough

Index.

Notes:

Includes index.

Includes bibliographical references and index.

Description based on print version record.

ISBN:

9786612529894

9781282529892

1282529897

9780273727903

0273727907

OCLC:

865579780