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The Maze of Banking: History, Theory, Crisis

Ebook Free The Maze of Banking: History, Theory, Crisis

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Review

"Gary Gorton is a master at combining financial history and economic theory. His work has been invaluable in illuminating the deep causes of financial crises and in helping to guide the policy response." Ben S. Bernanke, Distinguished Fellow in Residence, Economic Studies Program, Brookings Institution and Former Chairman of the Federal Reserve"The Maze of Banking demonstrates the great depth and relevance of Gary Gorton's research on banking and financial crises. Gary's research combines insights from modern economic theory and the insights of fresh empirical work guided by the techniques of economic history. By coming at an understanding of the financial system from two very different methodologies, Gorton's research produces insights about the past which are both new and still empirically valid in the modern financial system. Reading Gary's collected works together yields new lessons which were unclear from reading them separately over the years. The whole does appear to be greater than the sum of the individual parts." Douglas W. Diamond, Merton H Miller Distinguished Service Professor, Booth School of Business, University of Chicago"Read this anthology of papers written over the past thirty years and you will understand why Gary Gorton has been the leading voice in explaining the recent financial crisis. The sweeping perspective provides the basis for a coherent, comprehensive interpretation of current events, devoid of undue emotion and hasty conclusions. The Maze of Banking is a testimony to the depth of Gorton's analysis and the perseverance of his research." Bengt Holmström, Paul A. Samuelson Professor of Economics, Massachusetts Institute of Technology"To understand banking and financial crises, especially in their historical context, you really need to read Gary Gorton. Insights leap from every page." Mervyn King, former Governor of the Bank of England"Gary Gorton is unique in his ability to bring together fundamental insights from both history and theory to shed light on the essential nature of-and the risks created by-financial intermediation. The papers in this volume make it clear why he has been one of the most important voices on one of the most pressing economic policy issues of our time." Jeremy C. Stein, Department of Economics, Harvard University and Former Member of the Federal Open Market Committee

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About the Author

Gary B. Gorton is the Frederick Frank Class of 1954 Professor of Finance at the Yale School of Management. He is the author of Slapped by the Invisible Hand: The Panic of 2007 and Misunderstanding Financial Crises. He has consulted for the U.S. Board of Governors of the Federal Reserve System, various U.S. Federal Reserve Banks, the Bank of England, the Bank of Japan, and the Central Bank of Turkey as well as AIG Financial Products from 1996 until 2008. Dr. Gorton received his PhD in Economics from the University of Rochester. In the field of economics, he received Master's degrees at the University of Rochester and Cleveland State University as well as a Master's degree in Chinese Studies from the University of Michigan.

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Product details

Hardcover: 688 pages

Publisher: Oxford University Press; 1 edition (April 2, 2015)

Language: English

ISBN-10: 9780190204839

ISBN-13: 978-0190204839

ASIN: 0190204834

Product Dimensions:

9.3 x 2.1 x 6.6 inches

Shipping Weight: 2.2 pounds (View shipping rates and policies)

Average Customer Review:

5.0 out of 5 stars

1 customer review

Amazon Best Sellers Rank:

#1,144,906 in Books (See Top 100 in Books)

In The Maze of Banking, Gary Gorton brings together a coherent collection of research papers that provide the best available explanation of the financial meltdown in 2007/8. The book is heavy going in that each chapter after the first is, essentially a technical academic journal article. But the first chapter explains clearly what happened and how the content of each chapter supports that explanation.Essentially he describes a parallel banking system that is used by financial institutions and corporations with large and rapidly changing cash balances. It involves what are loans, for multiple millions of dollars that are backed by the pledge of securities. Often these are renewed each day, and the holder of the collateral may sell it right away if there is no repayment on time. The problem arose when doubts were raised about the true value of some of the collateral. Usually one could pledge a bit more (say 2%) in current value to get a loan, but in a very short period doubts about the value increased this amount from 2% to 40%. The problem was that the outstanding amount of collateral was between $10 an d$20 trillion, and there was no way to raise between $4 and $8 trillion more on short notice so there was a wave of panic selling that washed through the major financial companies of the world.I think that this book will be the definitive work on the underlying mechanism for the financial panic underlying the Great Recession.

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