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A Crisis of Beliefs

Author: Nicola Gennaioli

Publisher: Princeton University Press

Published: 2018-09-11

Total Pages: 264

ISBN-13: 0691182507

How investor expectations move markets and the economy The collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government rushed to rescue other financial institutions from a similar fate after Lehman, it could not prevent the deepest recession in postwar history. A Crisis of Beliefs makes us rethink the financial crisis and the nature of economic risk. In this authoritative and comprehensive book, two of today’s most insightful economists reveal how our beliefs shape financial markets, lead to expansions of credit and leverage, and expose the economy to major risks. Nicola Gennaioli and Andrei Shleifer carefully walk readers through the unraveling of Lehman Brothers and the ensuing meltdown of the US financial system, and then present new evidence to illustrate the destabilizing role played by the beliefs of home buyers, investors, and regulators. Using the latest research in psychology and behavioral economics, they present a new theory of belief formation that explains why the financial crisis came as such a shock to so many people—and how financial and economic instability persist. A must-read for anyone seeking insights into financial markets, A Crisis of Beliefs shows how even the smartest market participants and regulators did not fully appreciate the extent of economic risk, and offers a new framework for understanding today’s unpredictable financial waters.

A Crisis of Beliefs

Author: Nicola Gennaioli

Publisher: Princeton University Press

Published: 2020-03-10

Total Pages: 264

ISBN-13: 0691202230

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"How investor expectations move markets and the economy. The collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government rushed to rescue other financial institutions from a similar fate after Lehman, it could not prevent the deepest recession in postwar history. A Crisis of Beliefs makes us rethink the financial crisis and the nature of economic risk. In this authoritative and comprehensive book, two of today's most insightful economists reveal how our beliefs shape financial markets, lead to expansions of credit and leverage, and expose the economy to major risks. Nicola Gennaioli and Andrei Shleifer carefully walk readers through the unraveling of Lehman Brothers and the ensuing meltdown of the US financial system, and then present new evidence to illustrate the destabilizing role played by the beliefs of home buyers, investors, and regulators. Using the latest research in psychology and behavioral economics, they present a new theory of belief formation that explains why the financial crisis came as such a shock to so many people--and how financial and economic instability persist. A must-read for anyone seeking insights into financial markets, A Crisis of Beliefs shows how even the smartest market participants and regulators did not fully appreciate the extent of economic risk, and offers a new framework for understanding today's unpredictable financial waters."--

Leveraged

Author: Moritz Schularick

Publisher: University of Chicago Press

Published: 2022-12-13

Total Pages: 318

ISBN-13: 022681694X

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An authoritative guide to the new economics of our crisis-filled century. Published in collaboration with the Institute for New Economic Thinking. The 2008 financial crisis was a seismic event that laid bare how financial institutions’ instabilities can have devastating effects on societies and economies. COVID-19 brought similar financial devastation at the beginning of 2020 and once more massive interventions by central banks were needed to heed off the collapse of the financial system. All of which begs the question: why is our financial system so fragile and vulnerable that it needs government support so often? For a generation of economists who have risen to prominence since 2008, these events have defined not only how they view financial instability, but financial markets more broadly. Leveraged brings together these voices to take stock of what we have learned about the costs and causes of financial fragility and to offer a new canonical framework for understanding it. Their message: the origins of financial instability in modern economies run deeper than the technical debates around banking regulation, countercyclical capital buffers, or living wills for financial institutions. Leveraged offers a fundamentally new picture of how financial institutions and societies coexist, for better or worse. The essays here mark a new starting point for research in financial economics. As we muddle through the effects of a second financial crisis in this young century, Leveraged provides a road map and a research agenda for the future.

Bad Beliefs

Author: Neil Levy

Publisher: Oxford University Press

Published: 2022-01-30

Total Pages: 211

ISBN-13: 019289532X

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"Why do people come to reject climate science or the safety and efficacy of vaccines, in defiance of the scientific consensus? A popular view explains bad beliefs like these as resulting from a range of biases that together ensure that human beings fall short of being genuinely rational animals. This book presents an alternative account. It argues that bad beliefs arise from genuinely rational processes. We've missed the rationality of bad beliefs because we've failed to recognize the ubiquity of the higher-order evidence that shapes beliefs, and the rationality of being guided by this evidence. The book argues that attention to higher-order evidence should lead us to rethink both how minds are best changed and the ethics of changing them: we should come to see that nudging - at least usually - changes belief (and behavior) by presenting rational agents with genuine evidence, and is therefore fully respectful of intellectual agency. We needn't rethink Enlightenment ideals of intellectual autonomy and rationality, but we should reshape them to take account of our deeply social epistemic agency"--

Out of the Crisis, reissue

Author: W. Edwards Deming

Publisher: MIT Press

Published: 2018-10-16

Total Pages: 450

ISBN-13: 0262350033

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Essential reading for managers and leaders based on Deming’s famous 14 Points for Management This is the classic and deeply influential work on business management, leadership, problem solving, and quality control, reissued for readers today Translated into 12 languages and continuously in print since its original publication in 1982, this highly influential framework presents the foundations for a completely transformational way to lead and manage people, processes, and resources. According to Deming, American company management’s failure to plan for the future brings about loss of market, which brings about loss of jobs. Management must be judged not only by the quarterly dividend, but by innovative plans to: • stay in business • protect investment • ensure future dividends • provide more jobs through improved product and service In simple, direct language, Deming explains the principles of management transformation and how to apply them. This edition includes a foreword by Deming’s grandson, Kevin Edwards Cahill, and Kelly Allan, business consultant and Deming expert. “Long-term commitment to new learning and new philosophy is required of any management that seeks transformation. The timid and the fainthearted, and the people that expect quick results, are doomed to disappointment.” —W. Edwards Deming, Out of the Crisis

Victorian Faith in Crisis

Author: Richard J. Helmstadter

Publisher: Stanford University Press

Published: 1990

Total Pages: 422

ISBN-13: 9780804716024

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A Stanford University Press classic.

Handbook on Systemic Risk

Author: Jean-Pierre Fouque

Publisher: Cambridge University Press

Published: 2013-05-23

Total Pages: 993

ISBN-13: 1107023432

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The Handbook on Systemic Risk, written by experts in the field, provides researchers with an introduction to the multifaceted aspects of systemic risks facing the global financial markets. The Handbook explores the multidisciplinary approaches to analyzing this risk, the data requirements for further research, and the recommendations being made to avert financial crisis. The Handbook is designed to encourage new researchers to investigate a topic with immense societal implications as well as to provide, for those already actively involved within their own academic discipline, an introduction to the research being undertaken in other disciplines. Each chapter in the Handbook will provide researchers with a superior introduction to the field and with references to more advanced research articles. It is the hope of the editors that this Handbook will stimulate greater interdisciplinary academic research on the critically important topic of systemic risk in the global financial markets.

America's Crisis of Values

Author: Wayne E. Baker

Publisher: Princeton University Press

Published: 2005

Total Pages: 340

ISBN-13: 9780691117942

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This is by far the most complete and comprehensive empirical examination of the topic.

Belief

Author: Francis S. Collins

Publisher: Harper Collins

Published: 2010-03-02

Total Pages: 352

ISBN-13: 006197840X

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“A brilliant, wide ranging and powerful series of readings on the possibilities, problems and mysteries of faith. This book belongs on the shelf of every believer—and every serious skeptic.” — Rabbi David Wolpe, author of Why Faith Matters “This life-giving, faith-filled and hard-nosed collection reveals why, as St. Anselm wrote, true faith always seeks to understand.” — Rev. James Martin, author of My Life with the Saints From Dr. Francis Collins, New York Times bestselling author of The Language of God, comes the definitive reader on the rationality of faith.

Political Bubbles

Author: Nolan McCarty

Publisher: Princeton University Press

Published: 2013-05-21

Total Pages: 368

ISBN-13: 1400846390

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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.