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The Global Economic System: How Liquidity Shocks Affect Financial Institutions and Lead to Economic Crises

by George Chacko , Anders Sjoman , Hans Gunawan , Carolyn L Evans
Hardcover |English |0137050127 | 9780137050123

The Global Economic System: How Liquidity Shocks Affect Financial Institutions and Lead to Economic Crises

by George Chacko , Anders Sjoman , Hans Gunawan , Carolyn L Evans
Hardcover |English |0137050127 | 9780137050123
Overview
“Anyone interested in exactly how a financial crisis affects the real economy should read this book. Its great strength lies in carefully tracing the effects of falling asset values on bank balance sheets and how this tightens the supply of credit to the private sector, reducing output and employment in a downturn.”--Alexander J. Field, Professor of Economics, Santa Clara University, and author ofA Great Leap Forward: 1930s Depression and U.S. Economic Growth “This is a lucid and provocative analysis of liquidity shocks--a powerful and much misunderstood force in financial markets. The authors demonstrate that liquidity--or perhaps more interestingly illiquidity--has a quantifiable value. How well--or badly--a liquidity shock is managed by practitioners, bank managements, and regulators has major implications for financial markets, banks, and the economy as a whole. This book raises important public policy questions regarding the appropriate response to financial crises, and how to prevent them. I learned a great deal from reading it.”--Roberto Mendoza, Senior Managing Director, Atlas Advisors, and formerly Vice Chairman, J.P. Morgan The global economic crisis of 2008-2009 stunned many of the world’s most astute investors. Although only 49 hedge funds failed during all of 2007, 1,112 failed during just the second half of 2008. Three U.S. banks failed in 2007; 140 failed in 2009. Harvard’s, Stanford’s, and Yale’s acclaimed investment managers each lost at least a quarter of their portfolios in 2008. How did this happen? What hidden factor did all these brilliant investors miss? The answer is liquidity risk. Writing for financial professionals and other sophisticated readers, the authors thoroughly illuminate liquidity risk in today’s global financial system, show how the key institutions interconnect, and explain how liquidity risk powerfully impacts them all. The authors carefully analyze three massive liquidity events: the Great Depression, Japan’s Lost Decade of the 1990s, and the global economic crisis of 2008-2009, revealing what really happened--and the lessons they teach us.Reveals the core cause of market and economic crashes: liquidity failuresExplains the modern global credit system, the roles of key institutions, and the instruments they rely onOffers crucial new insights for financial professionals, sophisticated investors, policymakers, and students of finance and economics This is an authoritative guide to today’s global financial system: how it works, how its elements fit together, and the crucial vulnerabilities that can cause it to fail. Writing for financial professionals and other sophisticated readers, the authors fully explain liquidity risk and how it affects the modern global financial system. They illuminate the roles of banks, hedge funds, insurers, central banks, financial markets, and other participants as they manage liquidity risk and inadvertently transmit liquidity shocks through the financial system and into the nonfinancial sector. In particular, they reveal the central role of liquidity in major market crashes and economic downturns including the Great Depression, Japan’s Lost Decade, and the current Great Recession. The Global Economic Systemthoroughly examines economic environments in which slow deleveraging leads to prolonged sluggish growth and compares today’s environment to other periods of large-scale deleveraging. The authors predict potential pathways for the current crisis and offer indispensable guidance to both portfolio managers and policymakers.Everything sophisticated investors need to know about liquidityUnderstand liquidity, liquidity costs, liquidity risk, and liquidity risk premiaLiquidity shocks: how they start, how they spreadWalk through every stage of liquidity shock--and the resulting economic downturnsThe Great Depression, Japan’s Lost Decade, and the futureCrucial lessons from the past century’s worst liquidity failuresPolicy prescriptions for preventing and managing liquidity shocksWhat to expect, what to do about it--and what not to do
ISBN: 0137050127
ISBN13: 9780137050123
Author: George Chacko, Anders Sjoman, Hans Gunawan, Carolyn L Evans
Publisher: FT Press
Format: Hardcover
PublicationDate: 2011-06-22
Language: English
Edition: 1
PageCount: 288
Dimensions: 5.81 x 0.98 x 8.51 inches
Weight: 14.4 ounces
“Anyone interested in exactly how a financial crisis affects the real economy should read this book. Its great strength lies in carefully tracing the effects of falling asset values on bank balance sheets and how this tightens the supply of credit to the private sector, reducing output and employment in a downturn.”--Alexander J. Field, Professor of Economics, Santa Clara University, and author ofA Great Leap Forward: 1930s Depression and U.S. Economic Growth “This is a lucid and provocative analysis of liquidity shocks--a powerful and much misunderstood force in financial markets. The authors demonstrate that liquidity--or perhaps more interestingly illiquidity--has a quantifiable value. How well--or badly--a liquidity shock is managed by practitioners, bank managements, and regulators has major implications for financial markets, banks, and the economy as a whole. This book raises important public policy questions regarding the appropriate response to financial crises, and how to prevent them. I learned a great deal from reading it.”--Roberto Mendoza, Senior Managing Director, Atlas Advisors, and formerly Vice Chairman, J.P. Morgan The global economic crisis of 2008-2009 stunned many of the world’s most astute investors. Although only 49 hedge funds failed during all of 2007, 1,112 failed during just the second half of 2008. Three U.S. banks failed in 2007; 140 failed in 2009. Harvard’s, Stanford’s, and Yale’s acclaimed investment managers each lost at least a quarter of their portfolios in 2008. How did this happen? What hidden factor did all these brilliant investors miss? The answer is liquidity risk. Writing for financial professionals and other sophisticated readers, the authors thoroughly illuminate liquidity risk in today’s global financial system, show how the key institutions interconnect, and explain how liquidity risk powerfully impacts them all. The authors carefully analyze three massive liquidity events: the Great Depression, Japan’s Lost Decade of the 1990s, and the global economic crisis of 2008-2009, revealing what really happened--and the lessons they teach us.Reveals the core cause of market and economic crashes: liquidity failuresExplains the modern global credit system, the roles of key institutions, and the instruments they rely onOffers crucial new insights for financial professionals, sophisticated investors, policymakers, and students of finance and economics This is an authoritative guide to today’s global financial system: how it works, how its elements fit together, and the crucial vulnerabilities that can cause it to fail. Writing for financial professionals and other sophisticated readers, the authors fully explain liquidity risk and how it affects the modern global financial system. They illuminate the roles of banks, hedge funds, insurers, central banks, financial markets, and other participants as they manage liquidity risk and inadvertently transmit liquidity shocks through the financial system and into the nonfinancial sector. In particular, they reveal the central role of liquidity in major market crashes and economic downturns including the Great Depression, Japan’s Lost Decade, and the current Great Recession. The Global Economic Systemthoroughly examines economic environments in which slow deleveraging leads to prolonged sluggish growth and compares today’s environment to other periods of large-scale deleveraging. The authors predict potential pathways for the current crisis and offer indispensable guidance to both portfolio managers and policymakers.Everything sophisticated investors need to know about liquidityUnderstand liquidity, liquidity costs, liquidity risk, and liquidity risk premiaLiquidity shocks: how they start, how they spreadWalk through every stage of liquidity shock--and the resulting economic downturnsThe Great Depression, Japan’s Lost Decade, and the futureCrucial lessons from the past century’s worst liquidity failuresPolicy prescriptions for preventing and managing liquidity shocksWhat to expect, what to do about it--and what not to do

Books - New and Used

The following guidelines apply to books:

  • New: A brand-new copy with cover and original protective wrapping intact. Books with markings of any kind on the cover or pages, books marked as "Bargain" or "Remainder," or with any other labels attached, may not be listed as New condition.
  • Used - Good: All pages and cover are intact (including the dust cover, if applicable). Spine may show signs of wear. Pages may include limited notes and highlighting. May include "From the library of" labels. Shrink wrap, dust covers, or boxed set case may be missing. Item may be missing bundled media.
  • Used - Acceptable: All pages and the cover are intact, but shrink wrap, dust covers, or boxed set case may be missing. Pages may include limited notes, highlighting, or minor water damage but the text is readable. Item may but the dust cover may be missing. Pages may include limited notes and highlighting, but the text cannot be obscured or unreadable.

Note: Some electronic material access codes are valid only for one user. For this reason, used books, including books listed in the Used – Like New condition, may not come with functional electronic material access codes.

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  • Stevens Books offers FREE SHIPPING everywhere in the United States for ALL non-book orders, and $3.99 for each book.
  • Packages are shipped from Monday to Friday.
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The usual time for processing an order is 24 hours (1 business day), but may vary depending on the availability of products ordered. This period excludes delivery times, which depend on your geographic location.

Estimated delivery times:

  • Standard Shipping: 5-8 business days
  • Expedited Shipping: 3-5 business days

Shipping method varies depending on what is being shipped.  

Tracking
All orders are shipped with a tracking number. Once your order has left our warehouse, a confirmation e-mail with a tracking number will be sent to you. You will be able to track your package at all times. 

Damaged Parcel
If your package has been delivered in a PO Box, please note that we are not responsible for any damage that may result (consequences of extreme temperatures, theft, etc.). 

If you have any questions regarding shipping or want to know about the status of an order, please contact us or email to support@stevensbooks.com.

You may return most items within 30 days of delivery for a full refund.

To be eligible for a return, your item must be unused and in the same condition that you received it. It must also be in the original packaging.

Several types of goods are exempt from being returned. Perishable goods such as food, flowers, newspapers or magazines cannot be returned. We also do not accept products that are intimate or sanitary goods, hazardous materials, or flammable liquids or gases.

Additional non-returnable items:

  • Gift cards
  • Downloadable software products
  • Some health and personal care items

To complete your return, we require a tracking number, which shows the items which you already returned to us.
There are certain situations where only partial refunds are granted (if applicable)

  • Book with obvious signs of use
  • CD, DVD, VHS tape, software, video game, cassette tape, or vinyl record that has been opened
  • Any item not in its original condition, is damaged or missing parts for reasons not due to our error
  • Any item that is returned more than 30 days after delivery

Items returned to us as a result of our error will receive a full refund,some returns may be subject to a restocking fee of 7% of the total item price, please contact a customer care team member to see if your return is subject. Returns that arrived on time and were as described are subject to a restocking fee.

Items returned to us that were not the result of our error, including items returned to us due to an invalid or incomplete address, will be refunded the original item price less our standard restocking fees.

If the item is returned to us for any of the following reasons, a 15% restocking fee will be applied to your refund total and you will be asked to pay for return shipping:

  • Item(s) no longer needed or wanted.
  • Item(s) returned to us due to an invalid or incomplete address.
  • Item(s) returned to us that were not a result of our error.

You should expect to receive your refund within four weeks of giving your package to the return shipper, however, in many cases you will receive a refund more quickly. This time period includes the transit time for us to receive your return from the shipper (5 to 10 business days), the time it takes us to process your return once we receive it (3 to 5 business days), and the time it takes your bank to process our refund request (5 to 10 business days).

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Shipping Cost


We'll pay the return shipping costs if the return is a result of our error (you received an incorrect or defective item, etc.). In other cases, you will be responsible for paying for your own shipping costs for returning your item. Shipping costs are non-refundable. If you receive a refund, the cost of return shipping will be deducted from your refund.

Depending on where you live, the time it may take for your exchanged product to reach you, may vary.

If you are shipping an item over $75, you should consider using a trackable shipping service or purchasing shipping insurance. We don’t guarantee that we will receive your returned item.

$16.13
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Overview
“Anyone interested in exactly how a financial crisis affects the real economy should read this book. Its great strength lies in carefully tracing the effects of falling asset values on bank balance sheets and how this tightens the supply of credit to the private sector, reducing output and employment in a downturn.”--Alexander J. Field, Professor of Economics, Santa Clara University, and author ofA Great Leap Forward: 1930s Depression and U.S. Economic Growth “This is a lucid and provocative analysis of liquidity shocks--a powerful and much misunderstood force in financial markets. The authors demonstrate that liquidity--or perhaps more interestingly illiquidity--has a quantifiable value. How well--or badly--a liquidity shock is managed by practitioners, bank managements, and regulators has major implications for financial markets, banks, and the economy as a whole. This book raises important public policy questions regarding the appropriate response to financial crises, and how to prevent them. I learned a great deal from reading it.”--Roberto Mendoza, Senior Managing Director, Atlas Advisors, and formerly Vice Chairman, J.P. Morgan The global economic crisis of 2008-2009 stunned many of the world’s most astute investors. Although only 49 hedge funds failed during all of 2007, 1,112 failed during just the second half of 2008. Three U.S. banks failed in 2007; 140 failed in 2009. Harvard’s, Stanford’s, and Yale’s acclaimed investment managers each lost at least a quarter of their portfolios in 2008. How did this happen? What hidden factor did all these brilliant investors miss? The answer is liquidity risk. Writing for financial professionals and other sophisticated readers, the authors thoroughly illuminate liquidity risk in today’s global financial system, show how the key institutions interconnect, and explain how liquidity risk powerfully impacts them all. The authors carefully analyze three massive liquidity events: the Great Depression, Japan’s Lost Decade of the 1990s, and the global economic crisis of 2008-2009, revealing what really happened--and the lessons they teach us.Reveals the core cause of market and economic crashes: liquidity failuresExplains the modern global credit system, the roles of key institutions, and the instruments they rely onOffers crucial new insights for financial professionals, sophisticated investors, policymakers, and students of finance and economics This is an authoritative guide to today’s global financial system: how it works, how its elements fit together, and the crucial vulnerabilities that can cause it to fail. Writing for financial professionals and other sophisticated readers, the authors fully explain liquidity risk and how it affects the modern global financial system. They illuminate the roles of banks, hedge funds, insurers, central banks, financial markets, and other participants as they manage liquidity risk and inadvertently transmit liquidity shocks through the financial system and into the nonfinancial sector. In particular, they reveal the central role of liquidity in major market crashes and economic downturns including the Great Depression, Japan’s Lost Decade, and the current Great Recession. The Global Economic Systemthoroughly examines economic environments in which slow deleveraging leads to prolonged sluggish growth and compares today’s environment to other periods of large-scale deleveraging. The authors predict potential pathways for the current crisis and offer indispensable guidance to both portfolio managers and policymakers.Everything sophisticated investors need to know about liquidityUnderstand liquidity, liquidity costs, liquidity risk, and liquidity risk premiaLiquidity shocks: how they start, how they spreadWalk through every stage of liquidity shock--and the resulting economic downturnsThe Great Depression, Japan’s Lost Decade, and the futureCrucial lessons from the past century’s worst liquidity failuresPolicy prescriptions for preventing and managing liquidity shocksWhat to expect, what to do about it--and what not to do
ISBN: 0137050127
ISBN13: 9780137050123
Author: George Chacko, Anders Sjoman, Hans Gunawan, Carolyn L Evans
Publisher: FT Press
Format: Hardcover
PublicationDate: 2011-06-22
Language: English
Edition: 1
PageCount: 288
Dimensions: 5.81 x 0.98 x 8.51 inches
Weight: 14.4 ounces
“Anyone interested in exactly how a financial crisis affects the real economy should read this book. Its great strength lies in carefully tracing the effects of falling asset values on bank balance sheets and how this tightens the supply of credit to the private sector, reducing output and employment in a downturn.”--Alexander J. Field, Professor of Economics, Santa Clara University, and author ofA Great Leap Forward: 1930s Depression and U.S. Economic Growth “This is a lucid and provocative analysis of liquidity shocks--a powerful and much misunderstood force in financial markets. The authors demonstrate that liquidity--or perhaps more interestingly illiquidity--has a quantifiable value. How well--or badly--a liquidity shock is managed by practitioners, bank managements, and regulators has major implications for financial markets, banks, and the economy as a whole. This book raises important public policy questions regarding the appropriate response to financial crises, and how to prevent them. I learned a great deal from reading it.”--Roberto Mendoza, Senior Managing Director, Atlas Advisors, and formerly Vice Chairman, J.P. Morgan The global economic crisis of 2008-2009 stunned many of the world’s most astute investors. Although only 49 hedge funds failed during all of 2007, 1,112 failed during just the second half of 2008. Three U.S. banks failed in 2007; 140 failed in 2009. Harvard’s, Stanford’s, and Yale’s acclaimed investment managers each lost at least a quarter of their portfolios in 2008. How did this happen? What hidden factor did all these brilliant investors miss? The answer is liquidity risk. Writing for financial professionals and other sophisticated readers, the authors thoroughly illuminate liquidity risk in today’s global financial system, show how the key institutions interconnect, and explain how liquidity risk powerfully impacts them all. The authors carefully analyze three massive liquidity events: the Great Depression, Japan’s Lost Decade of the 1990s, and the global economic crisis of 2008-2009, revealing what really happened--and the lessons they teach us.Reveals the core cause of market and economic crashes: liquidity failuresExplains the modern global credit system, the roles of key institutions, and the instruments they rely onOffers crucial new insights for financial professionals, sophisticated investors, policymakers, and students of finance and economics This is an authoritative guide to today’s global financial system: how it works, how its elements fit together, and the crucial vulnerabilities that can cause it to fail. Writing for financial professionals and other sophisticated readers, the authors fully explain liquidity risk and how it affects the modern global financial system. They illuminate the roles of banks, hedge funds, insurers, central banks, financial markets, and other participants as they manage liquidity risk and inadvertently transmit liquidity shocks through the financial system and into the nonfinancial sector. In particular, they reveal the central role of liquidity in major market crashes and economic downturns including the Great Depression, Japan’s Lost Decade, and the current Great Recession. The Global Economic Systemthoroughly examines economic environments in which slow deleveraging leads to prolonged sluggish growth and compares today’s environment to other periods of large-scale deleveraging. The authors predict potential pathways for the current crisis and offer indispensable guidance to both portfolio managers and policymakers.Everything sophisticated investors need to know about liquidityUnderstand liquidity, liquidity costs, liquidity risk, and liquidity risk premiaLiquidity shocks: how they start, how they spreadWalk through every stage of liquidity shock--and the resulting economic downturnsThe Great Depression, Japan’s Lost Decade, and the futureCrucial lessons from the past century’s worst liquidity failuresPolicy prescriptions for preventing and managing liquidity shocksWhat to expect, what to do about it--and what not to do

Books - New and Used

The following guidelines apply to books:

  • New: A brand-new copy with cover and original protective wrapping intact. Books with markings of any kind on the cover or pages, books marked as "Bargain" or "Remainder," or with any other labels attached, may not be listed as New condition.
  • Used - Good: All pages and cover are intact (including the dust cover, if applicable). Spine may show signs of wear. Pages may include limited notes and highlighting. May include "From the library of" labels. Shrink wrap, dust covers, or boxed set case may be missing. Item may be missing bundled media.
  • Used - Acceptable: All pages and the cover are intact, but shrink wrap, dust covers, or boxed set case may be missing. Pages may include limited notes, highlighting, or minor water damage but the text is readable. Item may but the dust cover may be missing. Pages may include limited notes and highlighting, but the text cannot be obscured or unreadable.

Note: Some electronic material access codes are valid only for one user. For this reason, used books, including books listed in the Used – Like New condition, may not come with functional electronic material access codes.

Shipping Fees

  • Stevens Books offers FREE SHIPPING everywhere in the United States for ALL non-book orders, and $3.99 for each book.
  • Packages are shipped from Monday to Friday.
  • No additional fees and charges.

Delivery Times

The usual time for processing an order is 24 hours (1 business day), but may vary depending on the availability of products ordered. This period excludes delivery times, which depend on your geographic location.

Estimated delivery times:

  • Standard Shipping: 5-8 business days
  • Expedited Shipping: 3-5 business days

Shipping method varies depending on what is being shipped.  

Tracking
All orders are shipped with a tracking number. Once your order has left our warehouse, a confirmation e-mail with a tracking number will be sent to you. You will be able to track your package at all times. 

Damaged Parcel
If your package has been delivered in a PO Box, please note that we are not responsible for any damage that may result (consequences of extreme temperatures, theft, etc.). 

If you have any questions regarding shipping or want to know about the status of an order, please contact us or email to support@stevensbooks.com.

You may return most items within 30 days of delivery for a full refund.

To be eligible for a return, your item must be unused and in the same condition that you received it. It must also be in the original packaging.

Several types of goods are exempt from being returned. Perishable goods such as food, flowers, newspapers or magazines cannot be returned. We also do not accept products that are intimate or sanitary goods, hazardous materials, or flammable liquids or gases.

Additional non-returnable items:

  • Gift cards
  • Downloadable software products
  • Some health and personal care items

To complete your return, we require a tracking number, which shows the items which you already returned to us.
There are certain situations where only partial refunds are granted (if applicable)

  • Book with obvious signs of use
  • CD, DVD, VHS tape, software, video game, cassette tape, or vinyl record that has been opened
  • Any item not in its original condition, is damaged or missing parts for reasons not due to our error
  • Any item that is returned more than 30 days after delivery

Items returned to us as a result of our error will receive a full refund,some returns may be subject to a restocking fee of 7% of the total item price, please contact a customer care team member to see if your return is subject. Returns that arrived on time and were as described are subject to a restocking fee.

Items returned to us that were not the result of our error, including items returned to us due to an invalid or incomplete address, will be refunded the original item price less our standard restocking fees.

If the item is returned to us for any of the following reasons, a 15% restocking fee will be applied to your refund total and you will be asked to pay for return shipping:

  • Item(s) no longer needed or wanted.
  • Item(s) returned to us due to an invalid or incomplete address.
  • Item(s) returned to us that were not a result of our error.

You should expect to receive your refund within four weeks of giving your package to the return shipper, however, in many cases you will receive a refund more quickly. This time period includes the transit time for us to receive your return from the shipper (5 to 10 business days), the time it takes us to process your return once we receive it (3 to 5 business days), and the time it takes your bank to process our refund request (5 to 10 business days).

If you need to return an item, please Contact Us with your order number and details about the product you would like to return. We will respond quickly with instructions for how to return items from your order.


Shipping Cost


We'll pay the return shipping costs if the return is a result of our error (you received an incorrect or defective item, etc.). In other cases, you will be responsible for paying for your own shipping costs for returning your item. Shipping costs are non-refundable. If you receive a refund, the cost of return shipping will be deducted from your refund.

Depending on where you live, the time it may take for your exchanged product to reach you, may vary.

If you are shipping an item over $75, you should consider using a trackable shipping service or purchasing shipping insurance. We don’t guarantee that we will receive your returned item.

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