The Great Credit Squeeze
商品資訊
商品簡介
In 2007 and 2008, America's financial system faced its greatest challenge in seventy years. The crisis originated in America's subprime mortgage market and spread quickly to other debt and equity markets. Some large financial institutions failed, and others were imperiled. How could such a sophisticated financial system go so wrong and cause so much damage? Brookings senior fellows Martin Baily, Douglas Elmendorf, and Robert Litan explain what happened and put forward a specific agenda of policy actions to reduce the chance that history will repeat itself.
The authors, all leading economists with considerable government experience, believe that financial innovation has provided major benefits to the global economy and should continue. In fact, markets and institutions are already responding to the crisis and learning from it, and that process should be allowed to continue. However, the scope and nature of the problems experienced point to inadequacies in our financial regulation and supervision. More should have been done to forestall the erosion of mortgage lending standards, for example. Financial institutions were too highly leveraged and were holding assets whose risks were much greater than their ratings indicated. Much greater transparency was needed at many different points and by many different participants. These are just a few of the lessons drawn from a tumultuous year, one that demands corrective actions both from market participants and from policymakers.
作者簡介
Martin Neil Baily is the director of the Business Initiative at Brookings. He was chairman of the Council of Economic Advisers from 1999 to 2001. He is the author of Transforming the European Economy (Institute for International Economics, 2004). Douglas W. Elmendorf is a senior fellow in Economic Studies at Brookings, where he coedits the Brookings Papers on Economic Activity. He served previously at the Federal Reserve Board and U.S. Treasury Department. Robert E. Litan is a senior fellow in Economic Studies at the Brookings Institution and vice president for research and policy at the Kauffman Foundation. Among his books is Good Capitalism, Bad Capitalism, and the Economics of Growth and Prosperity (Yale University Press, 2007), written with William J. Baumol and Carl J. Schramm.
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