The Maze of Banking: History, Theory, Crisis by Gorton, Gary B.

The Maze of Banking: History, Theory, Crisis (Hardcover) (ISBN-13: 9780190204839)

Vendor: Gary B. Gorton
Product type: Books
Format: Hardcover
$110.00
$110.00
$110.00
Subtotal: $110.00
The Maze of Banking: History, Theory, Crisis by Gorton, Gary B.

The Maze of Banking: History, Theory, Crisis

$110.00
The Maze of Banking: History, Theory, Crisis by Gorton, Gary B.

The Maze of Banking: History, Theory, Crisis

$110.00
Format: Hardcover
Description
Description
x
After the financial crisis of 2007-2008, analysts continue to question the security of banking sectors in nations in Europe, Latin America, Asia, and Africa. Why do such crises recur? What is it about the accumulation of bank debt that potentially jeopardizes national and global banking systems?

There is no one better-equipped to answer such questions than Gary Gorton, who has been studying financial crises since his PhD thesis in 1983. The Maze of Banking contains a collection of his academic papers on the subjects of banks, banking, and financial crises. The papers in this volume span almost 175 years of U.S. banking history, from pre-U.S. Civil War private bank notes issued during the U.S. Free Banking Era (1837-1863), followed by the U.S. National Banking Era (1863-1914) before there was a central bank, through loan sales, securitization, and the financial crisis of 2007-2008. Banking changed profoundly during these 175 years, yet it did not change in fundamental ways. The forms of money changed, resulting in associated changes in the information structure of the economy. Bank debt evolved as an instrument for storing value, smoothing consumption, and transactions, but its fundamental nature did not change. In all its forms, it is vulnerable to bank runs without government intervention. Comprehensive and informative, the collection is the definitive volume on the history of the U.S. banking system.

These papers provide the framework for understanding how the financial crisis of 2007-2008 developed and steps to promote a stable banking industry, thereby preventing future economic crises. The Maze of Banking is essential reading material for students and academics with an interest in economics, finance, and the history of banking.


Author: Gary B. Gorton
ISBN-10: 0190204834
ISBN-13: 9780190204839
Publisher: Oxford University Press, USA
Language: English
Published: 04/02/2015
Pages: 690
Format: Hardcover
Weight: 2.25lbs
Size: 9.30h x 6.70w x 2.00d
By Gary B. Gorton
By Gary B. Gorton
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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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