Title: Financial crisis : the United States in the early twenty-first century /
Authors: Hendrickson, Jill M., 1965-
Year: 2013
Subjects: Global Financial Crisis, 2008-2009; Financial crises United States; Fiscal policy United States; Monetary policy United States.; BUSINESS & ECONOMICS Economic Conditions.; BUSINESS & ECONOMICS Economic History.; BUSINESS & ECONOMICS Economics Comparative.; POLITICAL SCIENCE Economic Conditions.; Economic & financial crises & disasters USA.; Economic history; Financial crises; Fiscal policy; Monetary policy; Economic & financial crises & disasters United States of America, USA; Finance United States of America, USA; Economic theory & philosophy United States of America, USA; Economics of specific sectors United States of America, USA; Economic geography United States of America, USA; Economics.; United States Economic conditions
Abstract: The 2007-2009 financial crisis caught many by surprise. When the dust began to settle, people began looking around and asking how this could have happened and why we did not see it coming. Criticism fell heavily on the economics profession because there was a feeling that the models and theories of economics had failed to properly warn and prepare us for a significant crisis. This book carefully analyses existing theories of financial crisis to determine if they are still appropriate for understanding modern financial crises. This is an important endeavour because financial crisis theory has largely been ignored for many years. Indeed, it has been almost twenty years since economists have seriously reconsidered financial crisis theory. This book fills that gap and offers insight into the current debate regarding the efficacy of economic models and theories relevant to understanding financial distress.
Contents: Theories of financial crisis. Caught off guard by another crisis ; Theories of financial crises ; Assessment of the theories -- Financial crisis in the U.S. in the twenty-first century. Prologue to the crisis, 2000-2006 ; The crisis unfolds -- Evaluating theories against the evidence. Using theory to analyze the crisis ; Theoretically on guard for crises.