The US Financial System and its Crises - From the 1907 Panic to the 2007 Crash

Looking at the precedents set by the panic of 1907 and the Great Depression in America, this book investigates the causes of the 2007-2008 financial crisis. Pizzutto examines the effects of monetary policy, as well as of expanding and contracting financial cycles, in order to analyze the breakdown of the money market and capital market circuits. Not only exploring the impact of the Federal Reserve and central banking on monetary policy, he also analyzes the role of non-bank financial intermediaries.
How can monetary policy resolve the instability of the US financial system? How can financial intermediation work effectively? This timely book highlights how historical lessons can be used to avoid the next financial crisis. 

List of contents

Chapter 1: Introduction.- Chapter 2: The US financial system from the National Banking Act to the crisis of 2007.- Chapter 3: The birth of the Federal reserve and its monetary policy.- Chapter 4: Non bank financial intermediaries and the crisis of 1929.- Chapter 5: The Great Depression.- Chapter 6: The money market after the second world war: securitization and the role of dealers.- Chapter 7: Monetary policy, spread compression and the house market.- Chapter 8: The money market, the collateral market and the crisis of 2007-08.- Chapter 9 Conclusions.

About the author

Giorgio Pizzutto is Professor and Head of the Department of Economics, Management and Quantitative Methods at the University of Milan, Italy. 

Summary

Looking at the precedents set by the panic of 1907 and the Great Depression in America, this book investigates the causes of the 2007-2008 financial crisis. Pizzutto examines the effects of monetary policy, as well as of expanding and contracting financial cycles, in order to analyze the breakdown of the money market and capital market circuits. Not only exploring the impact of the Federal Reserve and central banking on monetary policy, he also analyzes the role of non-bank financial intermediaries.
How can monetary policy resolve the instability of the US financial system? How can financial intermediation work effectively? This timely book highlights how historical lessons can be used to avoid the next financial crisis. 

Product details

• Authors: Giorgio Pizzutto
• Publisher: Springer, Berlin
• Languages: English
• Product format: Hardback
• Released: 01.06.2019
• EAN: 9783030144883
• ISBN: 978-3-0-3014488-3
• No. of pages: 219
• Dimensions: 150 mm x 218 mm x 18 mm
• Weight: 428 g
• Illustrations: X, 219 p. 13 illus., 12 illus. in color.
• Series: Palgrave Studies in Economic History; Palgrave Studies in Economic History
• Subjects: Social sciences, law, business > Business > General, dictionaries; B, History: specific events & topics, Economic Policy, Economics, Banking, macroeconomics, Economic history, Financial Services, Economics and Finance, Political Economy, Macroeconomics and Monetary Economics, Macroeconomics/Monetary Economics//Financial Economics, Monetary Economics, Economic & financial crises & disasters, Management science, Economy-wide Country Studies, Financial History, Banks and banking, North American Economics, America—Economic conditions, Financial Crises