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Zusatztext "The crisis is a bafflingly complex phenomenon.This complexity is considerably amplified by the incomprehensible jargon that most experts use to discuss it.This book is the first that I have seen to explain the many different aspects of the crisis in terms that everybody can understand.The coverage is excellent starting with why the crisis started in the housing sector, the role of the Federal Reserve, and so forth.The book also explains securitization, tranching, and many other technical aspects the reader needs to understand what happened. It provides historical context by discussing what happened in the 1930s and the 1990s in Japan.While the U.S. is naturally central, the effect of the crisis on other countries is also discussed.I highly recommend this book to everybody."—Franklin Allen, Nippon Life Professor of Finance and Economics, The Wharton School of the University of Pennsylvania, Philadelphia, USA Informationen zum Autor David Murphy is principal of rivast Consulting, a leading London risk management consultancy. Klappentext In order for us to effectively manage the current credit crisis, we must first understand how we got here. This book starts with a history of the current crisis in the United States, followed by a chapter dedicated to residential mortgages. It then explores the role of markets, central banks, and agencies both in good times and during times of financial difficulty, and moves on to the finance, accounting, and regulation of credit. The book looks at those institutions that worked and those that didn't and looks ahead at potential solutions. Zusammenfassung Offering insight into how the financial system works and how the credit crisis arose, this book provides a comprehensive account of the credit crunch that is easily understandable to non-specialists. It explains how the financial system was drawn into the crunch and the issues that need to be addressed to prevent further disasters. Inhaltsverzeichnis Introduction. What Happened? Understanding the Slime: U.S. Residential Mortgages. Financial Assets and Their Prices. Liquidity and Central Banks. The Crash of 1929 and Its Legacy. Securitization, Tranching, and Financial Modeling. The Legacy Fails: Fannie, Freddie, and the Broker/Dealers in 2008. Structured Finance. Municipal Finance and the Monolines. The Rules of the Game: Accounting and Regulation. Changes and Consequences. Index....
