skip to content
Connectedness and contagion : protecting the financial system from panics Preview this item
ClosePreview this item
Checking...

Connectedness and contagion : protecting the financial system from panics

Author: Hal S Scott
Publisher: Cambridge, MA : The MIT Press, [2016]
Edition/Format:   Print book : EnglishView all editions and formats
Summary:
The Dodd--Frank Act of 2010 was intended to reform financial policies in order to prevent another massive crisis such as the financial meltdown of 2008. Dodd--Frank is largely premised on the diagnosis that connectedness was the major problem in that crisis -- that is, that financial institutions were overexposed to one another, resulting in a possible chain reaction of failures. In this book, Hal Scott argues that  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Genre/Form: History
Document Type: Book
All Authors / Contributors: Hal S Scott
ISBN: 9780262034371 0262034379
OCLC Number: 934100087
Description: xxi, 416 pages ; 24 cm
Contents: Acknowledgments --
Introduction --
Connectedness, contagion, and correlation : definitions and a review of the economic literature --
The concept of connectedness --
The concept and history of contagion --
The concept of correlation --
Connectedness in the crisis --
Asset connectedness : Lehman and AIG --
Liability connectedness : money market funds and tri-party repo market --
The Dodd-Frank Act policies to address connectedness --
Contagion --
Contagion in the 2008 crisis : the run on the non-bank sector, "shadow banks" --
The history of lender of last resort in the United States --
Dodd-Frank restrictions on the lender of last resort power --
Comparison of LLR powers of fed with Bank of England, European Central Bank, and Bank of Japan --
Strengthening the LLR powers of the fed --
Liability insurance and guarantees --
Insuring money market funds --
Ex-ante policies to avoid contagion : capital, liquidity, resolution, money market mutual fund reform, and limits on short-term funding --
Capital requirements : Basel III framework --
Liquidity requirements --
Bank resolution procedures, contingent capital (CoCos), and bail-ins --
Dodd-Frank orderly liquidation for non-bank SIFIs (including bank holding companies) --
Living wills --
Money market mutual fund reform --
The dependence of the financial system on short-term funding --
Government crowding out of private issuance of short-term debt --
Public capital injections into insolvent financial institutions, i.e "bailouts" --
Capital purchase program and other TARP support programs --
Criticisms of bailouts generally --
Specific criticism of tarp --
Standing bailout programs --
Conclusion --
Notes --
Index.
Responsibility: Hal S. Scott.

Abstract:

An argument that contagion is the most significant risk facing the financial system and that Dodd�Frank has reduced the government's ability to respond effectively.  Read more...

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.
Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/934100087> # Connectedness and contagion : protecting the financial system from panics
    a schema:Book, schema:CreativeWork ;
    library:oclcnum "934100087" ;
    library:placeOfPublication <http://id.loc.gov/vocabulary/countries/mau> ;
    schema:about <http://experiment.worldcat.org/entity/work/data/2777846653#Topic/bankenaufsicht> ; # Bankenaufsicht
    schema:about <http://experiment.worldcat.org/entity/work/data/2777846653#Topic/ansteckungseffekt> ; # Ansteckungseffekt
    schema:about <http://experiment.worldcat.org/entity/work/data/2777846653#Topic/schuldenubernahme> ; # Schuldenübernahme
    schema:about <http://experiment.worldcat.org/entity/work/data/2777846653#Topic/geldpolitik> ; # Geldpolitik
    schema:about <http://dewey.info/class/339.53/e23/> ;
    schema:about <http://experiment.worldcat.org/entity/work/data/2777846653#Topic/crisi_finanziarie_2008_2009> ; # Crisi finanziarie--2008-2009
    schema:about <http://experiment.worldcat.org/entity/work/data/2777846653#Topic/global_financial_crisis_2008_2009_government_policy> ; # Global Financial Crisis, 2008-2009--Government policy
    schema:about <http://experiment.worldcat.org/entity/work/data/2777846653#Topic/bankenkrise> ; # Bankenkrise
    schema:about <http://experiment.worldcat.org/entity/work/data/2777846653#Topic/notenbank> ; # Notenbank
    schema:about <http://experiment.worldcat.org/entity/work/data/2777846653#Topic/finanzkrise> ; # Finanzkrise
    schema:about <http://experiment.worldcat.org/entity/work/data/2777846653#Topic/financial_crises_history_21st_century> ; # Financial crises--History--21st century
    schema:about <http://experiment.worldcat.org/entity/work/data/2777846653#Organization/umschulungswerkstatten_fur_siedler_und_auswanderer> ; # Umschulungswerkstätten für Siedler und Auswanderer
    schema:about <http://experiment.worldcat.org/entity/work/data/2777846653#Topic/bankenliquiditat> ; # Bankenliquidität
    schema:about <http://experiment.worldcat.org/entity/work/data/2777846653#Topic/financial_crises> ; # Financial crises
    schema:about <http://experiment.worldcat.org/entity/work/data/2777846653#Topic/global_financial_crisis_2008_2009> ; # Global Financial Crisis, 2008-2009
    schema:about <http://experiment.worldcat.org/entity/work/data/2777846653#Topic/bankrisiko> ; # Bankrisiko
    schema:about <http://experiment.worldcat.org/entity/work/data/2777846653#Topic/usa> ; # USA
    schema:about <http://experiment.worldcat.org/entity/work/data/2777846653#Topic/kapitalmarkt> ; # Kapitalmarkt
    schema:about <http://experiment.worldcat.org/entity/work/data/2777846653#Topic/welt> ; # Welt
    schema:about <http://experiment.worldcat.org/entity/work/data/2777846653#Topic/finanzmarktregulierung> ; # Finanzmarktregulierung
    schema:about <http://experiment.worldcat.org/entity/work/data/2777846653#Event/2000_2099> ; # 2000-2099
    schema:about <http://experiment.worldcat.org/entity/work/data/2777846653#Topic/government_policy> ; # Government policy
    schema:about <http://experiment.worldcat.org/entity/work/data/2777846653#Meeting/global_financial_crisis_2008_2009> ; # Global Financial Crisis (2008-2009)
    schema:author <http://experiment.worldcat.org/entity/work/data/2777846653#Person/scott_hal_s> ; # Hal S. Scott
    schema:bookFormat bgn:PrintBook ;
    schema:datePublished "2016" ;
    schema:description "Acknowledgments -- Introduction -- Connectedness, contagion, and correlation : definitions and a review of the economic literature -- The concept of connectedness -- The concept and history of contagion -- The concept of correlation -- Connectedness in the crisis -- Asset connectedness : Lehman and AIG -- Liability connectedness : money market funds and tri-party repo market -- The Dodd-Frank Act policies to address connectedness -- Contagion -- Contagion in the 2008 crisis : the run on the non-bank sector, "shadow banks" -- The history of lender of last resort in the United States -- Dodd-Frank restrictions on the lender of last resort power -- Comparison of LLR powers of fed with Bank of England, European Central Bank, and Bank of Japan -- Strengthening the LLR powers of the fed -- Liability insurance and guarantees -- Insuring money market funds -- Ex-ante policies to avoid contagion : capital, liquidity, resolution, money market mutual fund reform, and limits on short-term funding -- Capital requirements : Basel III framework -- Liquidity requirements -- Bank resolution procedures, contingent capital (CoCos), and bail-ins -- Dodd-Frank orderly liquidation for non-bank SIFIs (including bank holding companies) -- Living wills -- Money market mutual fund reform -- The dependence of the financial system on short-term funding -- Government crowding out of private issuance of short-term debt -- Public capital injections into insolvent financial institutions, i.e "bailouts" -- Capital purchase program and other TARP support programs -- Criticisms of bailouts generally -- Specific criticism of tarp -- Standing bailout programs -- Conclusion -- Notes -- Index."@en ;
    schema:description "The Dodd--Frank Act of 2010 was intended to reform financial policies in order to prevent another massive crisis such as the financial meltdown of 2008. Dodd--Frank is largely premised on the diagnosis that connectedness was the major problem in that crisis -- that is, that financial institutions were overexposed to one another, resulting in a possible chain reaction of failures. In this book, Hal Scott argues that it is not connectedness but contagion that is the most significant element of systemic risk facing the financial system. Contagion is an indiscriminate run by short-term creditors of financial institutions that can render otherwise solvent institutions insolvent. It poses a serious risk because, as Scott explains, our financial system still depends on approximately $7.4 to $8.2 trillion of runnable and uninsured short-term liabilities, 60 percent of which are held by nonbanks. Scott argues that efforts by the Federal Reserve, the FDIC, and the Treasury to stop the contagion that exploded after the bankruptcy of Lehman Brothers lessened the economic damage. And yet Congress, spurred by the public's aversion to bailouts, has dramatically weakened the power of the government to respond to contagion, including limitations on the Fed's powers as a lender of last resort. Offering uniquely detailed forensic analyses of the Lehman Brothers and AIG failures, and suggesting alternative regulatory approaches, Scott makes the case that we need to restore and strengthen our weapons for fighting contagion."@en ;
    schema:exampleOfWork <http://worldcat.org/entity/work/id/2777846653> ;
    schema:genre "History"@en ;
    schema:inLanguage "en" ;
    schema:name "Connectedness and contagion : protecting the financial system from panics"@en ;
    schema:productID "934100087" ;
    schema:workExample <http://worldcat.org/isbn/9780262034371> ;
    umbel:isLike <http://bnb.data.bl.uk/id/resource/GBB668991> ;
    wdrs:describedby <http://www.worldcat.org/title/-/oclc/934100087> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/2777846653#Meeting/global_financial_crisis_2008_2009> # Global Financial Crisis (2008-2009)
    a bgn:Meeting, schema:Event ;
    schema:name "Global Financial Crisis (2008-2009)" ;
    .

<http://experiment.worldcat.org/entity/work/data/2777846653#Organization/umschulungswerkstatten_fur_siedler_und_auswanderer> # Umschulungswerkstätten für Siedler und Auswanderer
    a schema:Organization ;
    schema:name "Umschulungswerkstätten für Siedler und Auswanderer" ;
    .

<http://experiment.worldcat.org/entity/work/data/2777846653#Person/scott_hal_s> # Hal S. Scott
    a schema:Person ;
    schema:familyName "Scott" ;
    schema:givenName "Hal S." ;
    schema:name "Hal S. Scott" ;
    .

<http://experiment.worldcat.org/entity/work/data/2777846653#Topic/ansteckungseffekt> # Ansteckungseffekt
    a schema:Intangible ;
    schema:name "Ansteckungseffekt"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/2777846653#Topic/bankenliquiditat> # Bankenliquidität
    a schema:Intangible ;
    schema:name "Bankenliquidität"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/2777846653#Topic/crisi_finanziarie_2008_2009> # Crisi finanziarie--2008-2009
    a schema:Intangible ;
    schema:name "Crisi finanziarie--2008-2009"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/2777846653#Topic/financial_crises_history_21st_century> # Financial crises--History--21st century
    a schema:Intangible ;
    schema:name "Financial crises--History--21st century"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/2777846653#Topic/finanzmarktregulierung> # Finanzmarktregulierung
    a schema:Intangible ;
    schema:name "Finanzmarktregulierung"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/2777846653#Topic/global_financial_crisis_2008_2009> # Global Financial Crisis, 2008-2009
    a schema:Intangible ;
    schema:name "Global Financial Crisis, 2008-2009"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/2777846653#Topic/global_financial_crisis_2008_2009_government_policy> # Global Financial Crisis, 2008-2009--Government policy
    a schema:Intangible ;
    schema:name "Global Financial Crisis, 2008-2009--Government policy"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/2777846653#Topic/government_policy> # Government policy
    a schema:Intangible ;
    schema:name "Government policy"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/2777846653#Topic/schuldenubernahme> # Schuldenübernahme
    a schema:Intangible ;
    schema:name "Schuldenübernahme"@en ;
    .

<http://worldcat.org/isbn/9780262034371>
    a schema:ProductModel ;
    schema:isbn "0262034379" ;
    schema:isbn "9780262034371" ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.