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Political Bubbles : Financial Crises and the Failure of American Democracy / Nolan McCarty, Howard Rosenthal, Keith T. Poole.

By: Contributor(s): Material type: TextTextPublisher: Princeton, NJ : Princeton University Press, [2013]Copyright date: ©2013Edition: Course BookDescription: 1 online resource (368 p.) : 3 halftones. 26 line illus. 11 tablesContent type:
Media type:
Carrier type:
ISBN:
  • 9780691145013
  • 9781400846399
Subject(s): DDC classification:
  • 330.973/0931 23
LOC classification:
  • HB3717 2008 .M34 2013
Other classification:
  • online - DeGruyter
Online resources: Available additional physical forms:
  • Issued also in print.
Contents:
Frontmatter -- Contents -- Acknowledgments -- Introduction -- Part I: The Political Bubble. Why Washington Allows Financial Crises to Occur -- Chapter 1. Bubble Expectations -- Chapter 2. Ideology -- Chapter 3. Interests -- Chapter 4. Institutions -- Chapter 5. The Political Bubble of the Crisis of 2008 -- Part II. Pops. Why Washington Delays in Solving Financial Crises -- Chapter 6. Historical Lessons of the Responses to Pops -- Chapter 7. The Pop of 2008 -- Chapter 8. "Pop"ulism -- Chapter 9 . How to Waste a Crisis -- Epilogue -- Notes -- Bibliography -- Name Index -- Subject Index
Summary: Behind every financial crisis lurks a "political bubble"--policy biases that foster market behaviors leading to financial instability. Rather than tilting against risky behavior, political bubbles--arising from a potent combination of beliefs, institutions, and interests--aid, abet, and amplify risk. Demonstrating how political bubbles helped create the real estate-generated financial bubble and the 2008 financial crisis, this book argues that similar government oversights in the aftermath of the crisis undermined Washington's response to the "popped" financial bubble, and shows how such patterns have occurred repeatedly throughout US history. The authors show that just as financial bubbles are an unfortunate mix of mistaken beliefs, market imperfections, and greed, political bubbles are the product of rigid ideologies, unresponsive and ineffective government institutions, and special interests. Financial market innovations--including adjustable-rate mortgages, mortgage-backed securities, and credit default swaps--become subject to legislated leniency and regulatory failure, increasing hazardous practices. The authors shed important light on the politics that blinds regulators to the economic weaknesses that create the conditions for economic bubbles and recommend simple, focused rules that should help avoid such crises in the future. The first full accounting of how politics produces financial ruptures, Political Bubbles offers timely lessons that all sectors would do well to heed.
Holdings
Item type Current library Call number URL Status Notes Barcode
eBook eBook Biblioteca "Angelicum" Pont. Univ. S.Tommaso d'Aquino Nuvola online online - DeGruyter (Browse shelf(Opens below)) Online access Not for loan (Accesso limitato) Accesso per gli utenti autorizzati / Access for authorized users (dgr)9781400846399

Frontmatter -- Contents -- Acknowledgments -- Introduction -- Part I: The Political Bubble. Why Washington Allows Financial Crises to Occur -- Chapter 1. Bubble Expectations -- Chapter 2. Ideology -- Chapter 3. Interests -- Chapter 4. Institutions -- Chapter 5. The Political Bubble of the Crisis of 2008 -- Part II. Pops. Why Washington Delays in Solving Financial Crises -- Chapter 6. Historical Lessons of the Responses to Pops -- Chapter 7. The Pop of 2008 -- Chapter 8. "Pop"ulism -- Chapter 9 . How to Waste a Crisis -- Epilogue -- Notes -- Bibliography -- Name Index -- Subject Index

restricted access online access with authorization star

http://purl.org/coar/access_right/c_16ec

Behind every financial crisis lurks a "political bubble"--policy biases that foster market behaviors leading to financial instability. Rather than tilting against risky behavior, political bubbles--arising from a potent combination of beliefs, institutions, and interests--aid, abet, and amplify risk. Demonstrating how political bubbles helped create the real estate-generated financial bubble and the 2008 financial crisis, this book argues that similar government oversights in the aftermath of the crisis undermined Washington's response to the "popped" financial bubble, and shows how such patterns have occurred repeatedly throughout US history. The authors show that just as financial bubbles are an unfortunate mix of mistaken beliefs, market imperfections, and greed, political bubbles are the product of rigid ideologies, unresponsive and ineffective government institutions, and special interests. Financial market innovations--including adjustable-rate mortgages, mortgage-backed securities, and credit default swaps--become subject to legislated leniency and regulatory failure, increasing hazardous practices. The authors shed important light on the politics that blinds regulators to the economic weaknesses that create the conditions for economic bubbles and recommend simple, focused rules that should help avoid such crises in the future. The first full accounting of how politics produces financial ruptures, Political Bubbles offers timely lessons that all sectors would do well to heed.

Issued also in print.

Mode of access: Internet via World Wide Web.

In English.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 29. Jul 2021)