現代金融危機に見る政府介入の不全 Alchemists of Loss : How Modern Finance and Government Intervention Crashed the Financial System

Dowd, Kevin/ Hutchinson, Martin

John Wiley & Sons Inc（2010/06発売）

• 製本 Hardcover:ハードカバー版／ページ数 422 p.
• 言語 ENG
• 商品コード 9780470689158
• DDC分類 332

基本説明

Shows how the US invention of modern finance revolultionalized Wall Street, generated six Nobel Prizes and bought down the global economy.

Full Description

An engaging look at how modern finance almost destroyed our global economy

Over the last thirty years, capital markets have been restructured through the tenets of modern finance. This has been enormously profitable for the financial services sector. However, these innovations, coupled with unsound risk and regulatory practices have proved disastrous for the global economy.

In a clear and accessible style, ex-investment banker and financial journalist Martin Hutchinson, and highly respected academic, Kevin Dowd show how modern finance combined with easy money threatened to bring down the world financial system. At the heart of the book is modern finance as a U.S. invention, the theories and practices associated with them, and the changes they made in business models and risk management on Wall Street and other major financial centers.* Breaks down the events involved in the 2007-08 financial collapse * Reveals how botched policy response made a bad situation worse * Focuses on lessons that the practice of finance must learn from recent events

The Alchemists of Loss will help you to understand how our financial system crashed and show you what it will take to make sure this won't happen again as we move forward.

Contents

Acknowledgements & Dedication.

Foreword.

Part OneSuccesses and Disasters.

1 Introduction.

2 Pre-Modern Finance.

3 Lessons from Past Financial Crises.

Part Two: The Modern Financial Theory Engine.

4 Theoretical Foundations of Modern Finance.

5 Modern Financial Theory s Hideous Flaws.

6 Risk Management: Daft Theory, Dodgy Practice.

Part Three: Interactions with the Real World.

7 The Real World Becomes Modern Finance-friendly.

8 Modern Finance Captures Wall Street.

9 And Wall Street Metamorphoses.

10 Derivatives and Other Disasters.

Part Four: Policy Accommodates Modern Finance.

11 Loose Money.

12 Government Meddling in the Financial System.

Part Five: Gotterdammerung.

13 Bubble, Burst, and Panic.

14 The Slope Down Which We're Heading.

Part Six: Charting a New Way Forward.

15 The Math of Proper Risk Management.

16 Back to the Future A New Vision of Finance.

17 A Blueprint for Reform.

18 Lessons to Take Away.

Bibliography.

Index.