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Fighting Financial Crises: Learning from the Past by Gary B Gorton: New
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eBay item number:283286196257
Item specifics
- Condition
- Brand New: A new, unread, unused book in perfect condition with no missing or damaged pages. See all condition definitionsopens in a new window or tab
- Book Title
- Fighting Financial Crises: Learning from the Past
- Publication Date
- 2018-09-19
- Pages
- 256
- ISBN
- 9780226479514
About this product
Product Identifiers
Publisher
University of Chicago Press
ISBN-10
022647951X
ISBN-13
9780226479514
eBay Product ID (ePID)
23038281804
Product Key Features
Number of Pages
256 Pages
Language
English
Publication Name
Fighting Financial Crises : Learning from the Past
Subject
Industries / Retailing, Banks & Banking, Economic History, Economic Conditions, Government & Business
Publication Year
2018
Type
Textbook
Subject Area
Business & Economics
Format
Hardcover
Dimensions
Item Height
0.1 in
Item Weight
15.1 Oz
Item Length
0.9 in
Item Width
0.7 in
Additional Product Features
Intended Audience
Scholarly & Professional
LCCN
2018-011958
Reviews
Those who do not study history are more likely to repeat earlier errors, particularly so in the case of financial crises. Gorton and Tallman have painstakingly recorded how US financial crises unfolded and then dissipated between 1873 and 1914, and then distilled general lessons for handling current and future crises. Besides conforming to Bagehot's rule, they emphasize the importance of managing information in order to avoid contagion from the bank perceived as weakest, to the next weakest, and on until the whole edifice systematically collapses. Excellent history and shrewd analysis., Gorton and Tallman's historical details of the panics of the 1800s for the New York banks at the epicenter of the financial system are unequaled, based on my research. The authors have taken stories from the contemporary New York press and employed available financial data from bank reports to develop a narrative and accompanying tables that bring to life the panics of that era. These details alone make the book worthy of a place on any financial historian's bookshelf., History matters, including financial history. During the recent crisis, those of us then running the Bank of England introduced a course on the history of crises for our core staff. Although I don't agree with every one of its conclusions and prescriptions, I dearly wish we had had this book to hand then! Policy makers need more books like it, and to follow the example of Gordon and Tallman in taking insights from the past seriously., A vital addition to crisis literature because it compares what happened in 2008 to the ways in which US bankers dealt with panics on their own in the years before there was a Fed. . . . With illustration, analysis, and nuance on every page, Fighting Financial Crises is one hundred and fifty years better than Lombard Street ., Financial crises are complex economic and political events, and a historical perspective is essential. In this book, two of our best financial historians distill the key lessons for policy makers and practitioners from the US banking crises of the nineteenth and early twentieth centuries. Their accounts of the crises are engaging and their analyses are insightful and persuasive., Because crises are inevitable, it is important to understand why they occur and how to respond to them. The authors are leading authorities on the history and economics of financial crises, and thus well worth listening to. . . . Gorton and Tallman provide a clear and succinct description of the crisis, and show how fundamentally it was like the banking panics of the nineteenth and early twentieth centuries. Many books and papers have been written about financial crises, but comparatively few focus on how to fight crises. . . . Their book provides many insights and lessons about the nature of financial crises and how authorities should respond to them. Economists and financial market participants will find the book informative, and it should be mandatory reading for regulators and policymakers charged with oversight of the financial system.
Illustrated
Yes
Table Of Content
Preface 1 Fighting Financial Crises: Learning from the Past 2 The New York Clearing House Association 3 The Start of a Panic 4 What the New York Clearing House Did during National Banking Era Panics 5 Information Production and Suppression and Emergency Liquidity 6 "Too Big to Fail" before the Fed 7 Certified Checks and the Currency Premium 8 The Change in Depositors' Beliefs during Suspension 9 Aftermath 10 What Ends a Financial Crisis? Historical Reminders 11 Modern Crises: Perspectives from History 12 Guiding Principles for Fighting Crises Appendixes Notes References Index
Synopsis
If you've got money in the bank, chances are you've never seriously worried about not being able to withdraw it. But there was a time in the United States, an era that ended just over a hundred years ago, when bank customers had to pay close attention to the solvency of the banking system, knowing they might have to rush to retrieve their savings before the bank collapsed. During the National Banking Era (1863-1913), before the establishment of the Federal Reserve, widespread banking panics were indeed rather common. Yet these pre-Fed banking panics, as Gary B. Gorton and Ellis W. Tallman show, bear striking similarities to our recent financial crisis. Fighting Financial Crises thus turns to the past to better understand our uncertain present, investigating how panics during the National Banking Era played out and how they were eventually quelled and prevented. The authors then consider the Fed's and the SEC's reactions to the recent crisis, building an informative new perspective on how the modern economy works., If you've got some money in the bank, chances are you've never seriously worried about not being able to withdraw it. But there was a time in the United States, an era that ended just over a hundred years ago, in which bank customers had to pay close attention to whether the banking system would remain solvent, knowing they might have to rush to retrieve their savings before the bank collapsed. During the National Banking Era (1863-1913), before the establishment of the Federal Reserve, widespread banking panics were indeed rather common. Yet these pre-Fed banking panics, as Gary B. Gorton and Ellis W. Tallman show, bear striking similarities to our recent financial crisis. In both cases, something happened to make depositors--whether individual customers or corporate investors--"act differently" and find reason to question the value of their bank debt. Fighting Financial Crises thus turns to the past for a fuller understanding of our uncertain present, investigating how panics during the National Banking Era played out and how they were eventually quelled and prevented. Gorton and Tallman open with a survey of the period's "information environment," tracing the development of national bank notes, checks, and clearing houses to show how the key to keeping order was to disseminate information very carefully. Identifying the most effective responses based on the framework of the National Banking Era, they then consider the Fed's and the SEC's reactions to the recent crisis, building an informative new perspective on how the modern economy works.
LC Classification Number
HB3722.G673 2018
Item description from the seller
Seller feedback (551,367)
- r***g (242)- Feedback left by buyer.Past monthVerified purchaseBook was "nearly new" and "as described" in listing. The advertised price was fair and a good value. Unfortunately, the seller's shipping partner was very slow to get the book packaged and shipped. Shipping took too long, and the tracking info gave no reliable info on shipping date, time in transit or expected delivery. Seller did everything right, but their shipping partner needs improvement. I recommend this seller to other eBay buyers....... just make sure you're okay with the shipping terms.
- e***u (283)- Feedback left by buyer.Past monthVerified purchaseThe listing was for a hardcover version of this book; however, I received a paperback. The Seller replied quickly to my question about this issue and issued a full refund - and let me keep the book. So, a diligent Seller for sure - and well packaged and reasonable timing on shipping. Thank you for the refund, and as you suggested, I'll likely donate this volume and seek the hardcover.
- e***n (392)- Feedback left by buyer.Past 6 monthsVerified purchaseGreat transaction, exactly as described, packed well, and promptly shipped on August 6th. Unfortunately the U.S. Postal Service took 23 calendar days to deliver the book. It was shipped from Pennsylvania, to Atlanta, past Alabama to Texas, enjoyed several days in Texas, then to Minneapolis, Jacksonville, Florida, back to Atlanta, finally to Birmingham, and Huntsville. The seller was very responsive and I decided it was interesting to see if/how the book would arrive. Thanks, JoeDrumsville!: The Evolution of the New Orleans Beat by Robert Cataliotti: Used (#405155037686)
Seller feedback (551,367)
- r***g (242)- Feedback left by buyer.Past monthVerified purchaseBook was "nearly new" and "as described" in listing. The advertised price was fair and a good value. Unfortunately, the seller's shipping partner was very slow to get the book packaged and shipped. Shipping took too long, and the tracking info gave no reliable info on shipping date, time in transit or expected delivery. Seller did everything right, but their shipping partner needs improvement. I recommend this seller to other eBay buyers....... just make sure you're okay with the shipping terms.
- e***u (283)- Feedback left by buyer.Past monthVerified purchaseThe listing was for a hardcover version of this book; however, I received a paperback. The Seller replied quickly to my question about this issue and issued a full refund - and let me keep the book. So, a diligent Seller for sure - and well packaged and reasonable timing on shipping. Thank you for the refund, and as you suggested, I'll likely donate this volume and seek the hardcover.
- e***n (392)- Feedback left by buyer.Past 6 monthsVerified purchaseGreat transaction, exactly as described, packed well, and promptly shipped on August 6th. Unfortunately the U.S. Postal Service took 23 calendar days to deliver the book. It was shipped from Pennsylvania, to Atlanta, past Alabama to Texas, enjoyed several days in Texas, then to Minneapolis, Jacksonville, Florida, back to Atlanta, finally to Birmingham, and Huntsville. The seller was very responsive and I decided it was interesting to see if/how the book would arrive. Thanks, JoeDrumsville!: The Evolution of the New Orleans Beat by Robert Cataliotti: Used (#405155037686)