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This paper provides systematic evidence of the role of banks' reliance on wholesale funding in the international transmission of the ongoing financial crisis. It conducts an event study to estimate the impact of the liquidity crunch of September 15, 2008, on the stock price returns of 662 individual banks across 44 countries, and tests whether differences in the abnormal returns observed around those events relate to these banks' ex-ante reliance on wholesale funding. Globally and within countries, banks that relied more heavily in non-deposit sources of funds experienced a significantly larger decline in stock returns even after controlling for other mechanisms. Within a country, the abnormal returns of banks with high wholesale dependence fell about 2 percent more than those of banks with low dependence during the three days following Lehman Brothers' bankruptcy. This large differential return suggests that liquidity played an important role in the transmission of the crisis.

Access to Finance --- Bank --- Bank run --- Banking system --- Bankruptcy --- Banks --- Banks & Banking Reform --- Debt --- Debt Markets --- Demand deposits --- Deposits --- Emerging Markets --- Finance --- Finance and Financial Sector Development --- Financial crises --- Financial institutions --- Financial Intermediation --- Governments --- Guarantees --- Housing --- Insurance --- Investment banking --- Investment banks --- Loans --- Macroeconomics --- Markets --- Private Sector Development

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The global financial crisis has made it painfully clear that powerful psychological forces are imperiling the wealth of nations today. From blind faith in ever-rising housing prices to plummeting confidence in capital markets, ""animal spirits"" are driving financial events worldwide. In this book, acclaimed economists George Akerlof and Robert Shiller challenge the economic wisdom that got us into this mess, and put forward a bold new vision that will transform economics and restore prosperity. Akerlof and Shiller reassert the necessity of an active government role in economic policymakin

Economics --- Capitalism --- Globalization --- Finance --- Capitalism. --- Globalization. --- Psychological aspects. --- Animal spirits (Keynes). --- Asset. --- Bank run. --- Bankruptcy. --- Behavioral economics. --- Bond market. --- Central bank. --- Commercial paper. --- Consumer. --- Consumption (economics). --- Corruption. --- Credit (finance). --- Currency. --- Debt. --- Deflation. --- Deposit account. --- Dividend. --- Economic growth. --- Economic policy. --- Economic problem. --- Economics. --- Economist. --- Economy of the United States. --- Economy. --- Employment. --- Expenditure. --- Finance. --- Financial crisis. --- Financial institution. --- Financial services. --- Fiscal policy. --- Full employment. --- Hedge fund. --- Income. --- Inflation. --- Interest rate. --- Investment. --- Investor. --- Involuntary unemployment. --- Keynesian economics. --- Lehman Brothers. --- Leverage (finance). --- Macroeconomics. --- Market liquidity. --- Milton Friedman. --- Monetary policy. --- Money illusion. --- Mortgage loan. --- National Bureau of Economic Research. --- Payment. --- Prediction. --- Real estate appraisal. --- Real estate bubble. --- Real versus nominal value (economics). --- Recession. --- Saving. --- Shadow banking system. --- Share price. --- Stock market crash. --- Stock market. --- Supply (economics). --- Tax. --- Trade-off. --- Uncertainty. --- Unemployment. --- Value (economics). --- Wage. --- Wealth. --- World economy.

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"Half of all Americans have money in the stock market, yet economists can’t agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe. The debate is one of the biggest in economics, and the value or futility of investment management and financial regulation hangs on the answer. In this groundbreaking book, Andrew Lo transforms the debate with a powerful new framework in which rationality and irrationality coexist—the Adaptive Markets Hypothesis. Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency is incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo’s new paradigm explains how financial evolution shapes behavior and markets at the speed of thought—a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation. An ambitious new answer to fundamental questions about economics and investing, Adaptive Markets is essential reading for anyone who wants to understand how markets really work." -- Publisher's description.

Investments --- Stock exchanges. --- Efficient market theory. --- Psychological aspects. --- Market theory, Efficient --- Capital market --- Stock exchanges --- Bulls and bears --- Commercial corners --- Corners, Commercial --- Equity markets --- Exchanges, Securities --- Exchanges, Stock --- Securities exchanges --- Stock-exchange --- Stock markets --- Efficient market theory --- Speculation --- Adaptive market hypothesis. --- Arbitrage. --- Asset. --- Bank run. --- Bank. --- Behavior. --- Behavioral economics. --- Biology. --- Broker-dealer. --- Calculation. --- Career. --- Central bank. --- Competition. --- Cryptocurrency. --- Currency. --- Customer. --- Debt. --- Decision-making. --- Economics. --- Economist. --- Ecosystem. --- Efficient-market hypothesis. --- Employment. --- Entrepreneurship. --- Equity Market. --- Evolution. --- Finance. --- Financial crisis of 2007–08. --- Financial crisis. --- Financial economics. --- Financial innovation. --- Financial institution. --- Financial services. --- Financial technology. --- Forecasting. --- Fraud. --- Funding. --- Hedge Fund Manager. --- Hedge fund. --- Heuristic. --- Homo economicus. --- Human behavior. --- Incentive. --- Income. --- Insider. --- Insurance. --- Interest rate. --- Investment strategy. --- Investment. --- Investor. --- Leverage (finance). --- Macroeconomics. --- Margin (finance). --- Market (economics). --- Market Dynamics. --- Market liquidity. --- Market maker. --- Market price. --- Market trend. --- Myron Scholes. --- Narrative. --- Paul Samuelson. --- Ponzi scheme. --- Portfolio manager. --- Prediction. --- Prefrontal cortex. --- Probability matching. --- Probability. --- Psychology. --- Random walk hypothesis. --- Rational expectations. --- Rationality. --- Result. --- Risk aversion. --- Risk management. --- S&P 500 Index. --- Salary. --- Saving. --- Scientist. --- Share price. --- Sociobiology. --- Speculation. --- Stock market crash. --- Stock market. --- Supply (economics). --- Systemic risk. --- Technology. --- The Wisdom of Crowds. --- Theory. --- Thought experiment. --- Thought. --- Time series. --- Trade-off. --- Trader (finance). --- Trading strategy. --- Uncertainty. --- Venture capital. --- Warren Buffett. --- Wealth. --- Year.

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From Nobel Prize-winning economist Jean Tirole, a bold new agenda for the role of economics in societyWhen Jean Tirole won the 2014 Nobel Prize in Economics, he suddenly found himself being stopped in the street by complete strangers and asked to comment on issues of the day, no matter how distant from his own areas of research. His transformation from academic economist to public intellectual prompted him to reflect further on the role economists and their discipline play in society. The result is Economics for the Common Good, a passionate manifesto for a world in which economics, far from being a "dismal science," is a positive force for the common good.Economists are rewarded for writing technical papers in scholarly journals, not joining in public debates. But Tirole says we urgently need economists to engage with the many challenges facing society, helping to identify our key objectives and the tools needed to meet them.To show how economics can help us realize the common good, Tirole shares his insights on a broad array of questions affecting our everyday lives and the future of our society, including global warming, unemployment, the post-2008 global financial order, the euro crisis, the digital revolution, innovation, and the proper balance between the free market and regulation.Providing a rich account of how economics can benefit everyone, Economics for the Common Good sets a new agenda for the role of economics in society.

E-books --- Common good --- Economic policy. --- Economics --- Economics. --- Economic theory --- Political economy --- Social sciences --- Economic man --- Economic sociology --- Socio-economics --- Socioeconomics --- Sociology of economics --- Sociology --- Good, Common --- Public good --- Political science --- Consensus (Social sciences) --- Justice --- Public interest --- Economic nationalism --- Economic planning --- National planning --- State planning --- Planning --- National security --- Social policy --- Economic aspects. --- Sociological aspects. --- Social aspects --- Political philosophy. Social philosophy --- Common good. --- Moral and ethical aspects. --- Economic policy --- Sociological aspects --- Economic aspects --- Frankreich --- France --- La France --- République Française --- Francija --- Französische Republik --- Empire Français --- Royaume Français --- Fränkische Republik --- Ṣārfat --- Repubblica Francese --- Franzosen --- Economics - Sociological aspects --- Common good - Economic aspects --- Asset. --- Auction. --- Balance sheet. --- Bank run. --- Bank. --- Bankruptcy. --- Beneficiary. --- Carbon tax. --- Central bank. --- Climate change. --- Commodity. --- Competition law. --- Competition. --- Consideration. --- Consumer. --- Creditor. --- Criticism. --- Currency. --- Customer. --- Debt. --- Deposit account. --- Deposit insurance. --- Developed country. --- Economic Life. --- Economic growth. --- Economist. --- Economy. --- Emissions trading. --- Employment. --- Entrepreneurship. --- European debt crisis. --- Expense. --- Externality. --- Finance. --- Financial crisis of 2007–08. --- Financial crisis. --- Financial institution. --- Financial services. --- Fiscal policy. --- Funding. --- Global warming. --- Governance. --- Government bond. --- Government debt. --- Incentive. --- Income. --- Industrial policy. --- Information asymmetry. --- Infrastructure. --- Institution. --- Insurance policy. --- Insurance. --- Intellectual property. --- Interest rate. --- Investment. --- Investor. --- Market economy. --- Market failure. --- Market liquidity. --- Market price. --- Moral hazard. --- Norm (social). --- Payment. --- Political science. --- Politician. --- Pollution. --- Pricing. --- Private sector. --- Profession. --- Provision (accounting). --- Public finance. --- Public policy. --- Public sector. --- Purchasing power. --- Rational choice theory. --- Recession. --- Regulation. --- Remuneration. --- Reputation. --- Requirement. --- Salary. --- Saving. --- Self-interest. --- Shareholder. --- Shortage. --- Social science. --- Stock market. --- Subsidy. --- Supervisor. --- Supply (economics). --- Supply and demand. --- Tax. --- Taxpayer. --- Technology. --- Uncertainty. --- Unemployment. --- Wealth. --- Welfare.

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"In 2015, an anonymous source leaked the so-called Panama Papers, 11.5 million documents detailing financial and attorney-client information and connecting over 140 ultra-wealthy individuals across 50 countries to offshore companies in 21 tax havens. Journalists and scholars have attempted to chart these complex networks in the wake of various scandals but have learned very little. The focus on high-profile cases of egregious theft leaves a shroud of uncertainty over the mechanics behind the invisible, mundane networks of people who facilitate illicit activities by conducting transactions across multiple sovereigns. Playing in the Gray focuses on the constant and quiet movement of money through offshore shell corporations, the primary motor of global capital. Hoang takes a deep-dive into the emerging markets of Vietnam and Myanmar. Over the course of two years, she travelled more than 350,000 miles to conduct ethnographic observations and interviews with 300 individuals who facilitate the movement of capital around the world. Her research subjects include private wealth managers, fund managers, chairpeople, local entrepreneurs, high-level executives, lawyers, bankers, auditors, and company secretaries, each playing an essential role in circulating concealed capital through global markets. She draws on this data to develop a new framework for understanding what she calls spiderweb capitalism, which she defines as a system that features a complex web of subsidiaries that are interconnected across multiple sovereigns and are virtually impossible to quantify. She argues that legal and illegal activity are in fact deeply connected in this web and provides an account of how financial elites make markets in the new globalized economy"--

Capitalists and financiers. --- Capitalism. --- Shell companies. --- Investments, Foreign. --- 1Malaysia Development Berhad scandal. --- Accountant. --- Accounting. --- Alice Goffman. --- Anti-imperialism. --- Asset management. --- Auditor. --- Back office. --- Bank run. --- Behalf. --- Black market. --- Bribery. --- Brokerage firm. --- Bureaucrat. --- Burmese Way to Socialism. --- Business class. --- Business ethics. --- Capital Allocation. --- Capital Injection. --- Cess. --- Chief investment officer. --- Competitive landscape. --- Construction permit. --- Corporate tax. --- Corruption. --- Crony capitalism. --- Cronyism. --- Deprivatization. --- Devolution. --- Donald Trump. --- Economic capital. --- Economic power. --- Economics. --- Employment. --- Equity Market. --- Expense. --- Family office. --- Finance. --- Financial crisis of 2007–08. --- Foreign Account Tax Compliance Act. --- Foreign direct investment. --- Fraud. --- Frontier markets. --- Gresham's law. --- Group of Eleven. --- Growth capital. --- Insider. --- Internal financing. --- International Consortium of Investigative Journalists. --- International business. --- Investment company. --- Investment fund. --- Investment protection. --- Investment. --- Investor. --- Jho Low. --- Joint venture. --- Joseph Schumpeter. --- Kleptocracy. --- Law firm. --- Lawyer. --- LinkedIn. --- Market maker. --- Military dictatorship. --- Myanmar. --- National wealth fund. --- New Frontier. --- Next Eleven. --- Offshore financial centre. --- Offshore investment. --- Offshoring. --- Panama Papers. --- Partnership. --- Plausible deniability. --- Private equity. --- Real estate (Second Life). --- Shell corporation. --- Southeast Asia. --- Stanley O'Neal. --- State actor. --- State bank. --- Structuring. --- Succession planning. --- Tax avoidance. --- Tax evasion. --- Tax haven. --- Tax holiday. --- Tax incidence. --- Tax shift. --- Tax. --- The Other Hand. --- The Power Elite. --- Theft. --- Trade secret. --- Trade war. --- Transfer pricing. --- United States embargoes. --- Wealth management. --- Your Money.