This book presents the Clarendon Lectures in Finance by one of the
leading exponents of financial booms and crises. Hyun Song Shin's
work has shed light on the global financial crisis and he has been
a central figure in the policy debates. The paradox of the global
financial crisis is that it erupted in an era when risk management
was at the core of the management of the most sophisticated
financial institutions. This book explains why. The severity of the
crisis is explained by financial development that put marketable
assets at the heart of the financial system, and the increased
sophistication of financial institutions that held and traded the
assets. Step by step, the lectures build an analytical framework
that take the reader through the economics behind the fluctuations
in the price of risk and the boom-bust dynamics that follow. The
book examines the role played by market-to-market accounting rules
and securitisation in amplifying the crisis, and draws lessons for
financial architecture, financial regulation and monetary policy.
This book will be of interest to all serious students of economics
and finance who want to delve beneath the outward manifestations to
grasp the underlying dynamics of the boom-bust cycle in a modern
financial system - a system where banking and capital market
developments have become inseparable.
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