The financial crisis of our time / Robert W. Kolb

By:

Kolb, Robert W, 1949-

Material type:

TextLanguage: English Series: Financial Management Association survey and synthesis seriesPublication details: New York : Oxford University Press, 2011Description: xxii, 400 pages : illustrations ; 25 cmISBN:

9780199730551 (cloth : alk. paper)
0199730555 (cloth : alk. paper)

Subject(s):

LOC classification:

HB 3743 K81f 2011

Contents:

Introduction : the financial crisis of our time From securitization to subprime Before the deluge From the subprime crisis to financial disaster : an overview Extinctions The end of investment banking When zombies walk the earth Policy responses and the beginnings of recovery Causes of the financial crisis : macroeconomic developments and federal policy Causes of the financial crisis : the failure of Prudential regulation Causes of the financial crisis : from aspiring home owner to mortgage lender Causes of the financial crisis : from securitizer to ultimate investor Causes of the financial crisis : financial innovation, poor risk management, and excessive leverage Causes of the financial crisis : executive compensation and poor corporate governance Consequences of the financial crisis and the future it leaves us

Summary: In The Financial Crisis of Our Time, Robert W. Kolb provides an essential, comprehensive review of the context within which these events unfolded, arguing that while the crisis had no single cause, housing finance played a central role, and that to understand what happened, one must comprehend the mechanism by which the housing industry came into crisis. Kolb offers a history of the housing finance system as it developed throughout the twentieth century, and especially in the period from 1990 to 2006, showing how the originate-to-distribute model of mortgage financing presented market participants with a "clockwork of perverse incentives." In this system, various participants--simply by pursuing their narrow personal interests--participated in an elaborate mechanism that led to disaster. The book then gives a narrative of the crisis as it developed and analyzes all of the participants in the housing market, from the home buyers to investors in collaterialized debt obligations (CDOs). At each step, the book explains in a nontechnical manner the essential relationships among the market participants and zeroes in on the incentives facing each party. The book also includes an extensive glossary and a detailed, authoritative timeline of the subprime fiancial crisis

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Holdings
Item type	Current library	Home library	Collection	Shelving location	Call number	Copy number	Status	Barcode
Libro	Biblioteca Juan Bosch	Biblioteca Juan Bosch	Ciencias Sociales	Ciencias Sociales (3er. Piso)	HB 3743 K81f 2011 (Browse shelf(Opens below))	1	Available	00000198694

Includes bibliographical references and index.

Introduction : the financial crisis of our time
From securitization to subprime
Before the deluge
From the subprime crisis to financial disaster : an overview
Extinctions
The end of investment banking
When zombies walk the earth
Policy responses and the beginnings of recovery
Causes of the financial crisis : macroeconomic developments and federal policy
Causes of the financial crisis : the failure of Prudential regulation
Causes of the financial crisis : from aspiring home owner to mortgage lender
Causes of the financial crisis : from securitizer to ultimate investor
Causes of the financial crisis : financial innovation, poor risk management, and excessive leverage
Causes of the financial crisis : executive compensation and poor corporate governance
Consequences of the financial crisis and the future it leaves us

In The Financial Crisis of Our Time, Robert W. Kolb provides an essential, comprehensive review of the context within which these events unfolded, arguing that while the crisis had no single cause, housing finance played a central role, and that to understand what happened, one must comprehend the mechanism by which the housing industry came into crisis. Kolb offers a history of the housing finance system as it developed throughout the twentieth century, and especially in the period from 1990 to 2006, showing how the originate-to-distribute model of mortgage financing presented market participants with a "clockwork of perverse incentives." In this system, various participants--simply by pursuing their narrow personal interests--participated in an elaborate mechanism that led to disaster. The book then gives a narrative of the crisis as it developed and analyzes all of the participants in the housing market, from the home buyers to investors in collaterialized debt obligations (CDOs). At each step, the book explains in a nontechnical manner the essential relationships among the market participants and zeroes in on the incentives facing each party. The book also includes an extensive glossary and a detailed, authoritative timeline of the subprime fiancial crisis

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