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Product Description
Financial Crisis, penned by Adrian Buckley, offers a fascinating close-up analysis of the causes of the 2007/8 financial crisis and its consequences placing the world of finance under the microscope, bringing together evidence of the involvement of banks, governments and regulators. It questions some of its most dangerous and dubious practices, witnessed while searching for the answer to the question:
What really caused the financial crisis?
From the Back Cover
A fascinating close-up analysis of the causes of the 2007/8 financial crisis and its consequences, Financial Crisis places the world of finance under the microscope, bringing together evidence of the involvement of banks, governments and regulators. It questions some of its most dangerous and dubious practices, witnessed while searching for the answer to the question:
What really caused the financial crisis?
Financial Crisis
- offers a timeline of events, giving an accessible overview of the crisis – its prelude, its unfolding and its aftermath
- focuses upon how the seeds of the crisis were sown and how they grew
- highlights government responses to the crisis, and banking practices and failures from around the world
- includes exhibits and original press cuttings, providing a relevant context to the story and an aid to understanding
- examines the major context of the crisis, for example, securitisation, regulation, the decline in house prices, bankruptcies, and the consequent unemployment
- investigates frauds, swindles and the world’s largest Ponzi scheme
- provides parallels between the 2007/8 financial crisis and the Wall Street Crash of 1929, together with the Great Depression
- looks at lessons for the future, and suggests a roadmap to recovery
Essential reading for students of economics, finance, politics, contemporary history, public policy and ethics, and it is accessible to all interested in deepening their understanding of the financial crisis.
Adrian Buckley is Emeritus Professor of International Finance at Cranfield School of Management, Cranfield University, and Visiting Professor of Finance at the Free University, Amsterdam. Prior to entering academic life, he worked in banking, management consulting and as a group treasurer to a FTSE-100 company.
Features:
Every chapter contains the following
- FT article vignettes.
- Summary
- Key points and concepts
- References and further reading
- Websites
- End of chapter questions
Inside This Book
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Most Helpful Customer Reviews
3 of 3 people found the following review helpful
Format:Paperback
The title of this book is "Financial Crisis". Its subtitle is "causes, context and consequences". It answers the great question as to the sources of the crisis, its development and its solutions. Before reading this book, my understanding was weak on the topic of credit default swaps. This problem has now been resolved! It was probably the best section I've read in any finance books. Elsewhere this book's clarity is equally evident and it is very readable. The preface says that it is aimed at general readers and students. Certainly for this reader, it more than fulfilled expectations.
1 of 1 people found the following review helpful
Format:Paperback
This is a fairly decent attempt at uncovering the causes and consequences of the ongoing financial and economic crisis. It's intended both for the general reader, a well ias for an academic audience. For many people it will help with their understanding of the arcane nature of credit default swaps etc which are a major part of the story. It's generally well-written, though there is a lot of repetition. There are graphs which don't have any source, so we aren't told where the data comes from. Any student pulling that track would be penalised, so it's really unforgivable for a professor to do that!! My biggest criticism is that in talking about causes, the author hasn't put the financial crisis in any wider economic/political context. He refers very briefly to de-regulation of finance, but that itself was part of the bigger picture of the rise of neo-liberal thinking from the 1980s onwards. Abandoning exchange controals, Big Bang in the City, flexible labour markets, privatisation etc - in sum, the whole ideology that free markets deliver wealth and happiness is central to neo-liberalism, which ushered in the age of globalisation. And now that we are part of a globalised world, the failure of the financial sector poses huge risks, at the same time as it makes solutions of the problem that much more difficult.
3 of 4 people found the following review helpful
Format:Paperback
This book is very readable and presents a fair assessment of how the crisis developed and offers solutions too.
Students, and general readers coming to the topics of finance or economics for the first time are given a good introduction to such issues as externalities, monetary policy, fiscal policy, the practice of banking, moral hazard, lender of last resort status, bank lending criteria, how booms and busts develop, finance theory and economic theory. So friendly is the presentation that readers might well be attracted to the great masters of these topics. But their exposition is unlikely to be as clear as here.
There is also a very good chapter on credit default swaps. Three chapters are devoted to mini-case studies of bank failures in the USA, UK and the rest of Europe. There is an excellent chapter comparing and contrasting this crisis with the Great Depression and an equally valuable chapter containing advice to governments, banks, regulators, borrowers and academics. Some of the author's advice has already been implemented. The recent crisis is a big topic. The author covers it really well in about 300 pages. It's so well written that I could happily have read another 100!!
You won't find a better text on the crisis of 2007/2008.
Students, and general readers coming to the topics of finance or economics for the first time are given a good introduction to such issues as externalities, monetary policy, fiscal policy, the practice of banking, moral hazard, lender of last resort status, bank lending criteria, how booms and busts develop, finance theory and economic theory. So friendly is the presentation that readers might well be attracted to the great masters of these topics. But their exposition is unlikely to be as clear as here.
There is also a very good chapter on credit default swaps. Three chapters are devoted to mini-case studies of bank failures in the USA, UK and the rest of Europe. There is an excellent chapter comparing and contrasting this crisis with the Great Depression and an equally valuable chapter containing advice to governments, banks, regulators, borrowers and academics. Some of the author's advice has already been implemented. The recent crisis is a big topic. The author covers it really well in about 300 pages. It's so well written that I could happily have read another 100!!
You won't find a better text on the crisis of 2007/2008.
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