Financial Crises: Causes, Management and Economic Impact

Karl Farmer, PhD (Editor)
University of Graz, Austria

Series: Financial Institutions and Services
BISAC: BUS000000

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Financial crises aggravated by high-leveraged financial institutions and/or heavily indebted private agents occur rarely but their economic impacts are severe: firms go bankrupt, credit crunch emerges, unemployment rises dramatically and sovereign debts sour. Like severe natural disasters, their forecast is difficult if not impossible. Nonetheless, the literature on financial crises, in particular on the global financial crisis 2007-2009, is already voluminous.

The overall picture this literature is painting regarding the emergence and propagation of the latest crisis is rather well researched and the main insights are broadly accepted. However, there are some specific aspects of crisis causation, crisis management and the economic impacts of severe financial crises which are not well addressed so far. This book discusses the topics of contagion in emerging stock markets during the Asian and Latin American crisis and the relationship between the executive compensation structure and the banks riskiness of asset portfolios. (Imprint: Nova)

Preface pp. i-xi

Chapter 1. Inside the Eye of the Typhoon: What Caused the Global Financial Crisis?;pp. 1-24
(Markus Glawischnig, Roland Mestel, University of Graz, Austria and others)

Chapter 2. The Financial Crisis 2007-2009 from a Schumpeterian and Neo-Austrian Perspective;pp. 25-44
(Gerhard Lechner, University of Graz, Austria)

Chapter 3. Financial Crises and Emerging Stock Market Contagion;pp. 45-57
(Dimitris Kenourgios, University of Athens, Greece)

Chapter 4. The Effect of Executive Compensation Structure on the Riskiness of Banks’ Asset Protfolios: A Multivariate Approach;pp. 59-79
(Fatima Alali, California State University Fullerton, USA)

Chapter 5. Market-Orientated Regulation of Financial Markets;pp. 81-92
(Gerald Mann, FOM University of Applied Sciences Munich, Germany, Laurie Conway, Karl-Franzens University, Graz, Austria)

Chapter 6. Competition Policy in Times of Economic Crisis;pp. 93-108
(Michael H. Böheim, Austrian Institute of Economic Research, Vienna, Austria)

Chapter 7. The Macroeconomic Costs of Alternative Fiscal Responses to Financial Crises;pp. 109-120
(Anthony J. Makin, Griffith University, Gold Coast, Australia)

Chapter 8. MNCs, Global Financial Crisis, and Human Rights: Beyond the ‘Washington Consensus’;pp. 121-133
(Chong Ju Choi, C21st Investments Limited, Beijing, China, Ron Berger, Lander Institute, Jerusalem, Israel)

Chapter 9. Balance of Payments Crises in a Currency Union;pp. 135-152
(Maximilian Goedl, Joern Kleinert, University of Graz, Austria)

Chapter 10. Global Recession and Resilience of Bangladesh: An Analysis;pp. 153-169
(Muhammad Mahboob Ali, Presidency University Bangladesh, Anisul M. Islam, Chu V. Nguyen, University of Houston-Downtown, USA)

Chapter 11. Recession, Skills and National Development: The South African Case;pp. 171-185
(Salim Akoojee, University of the Witwatersrand, Johannesburg, South Africa and merSETA Research and Development)

Chapter 12. From Overhang to Hangover: Consequences of Protectionist Responses to the Global Crisis for Low-Income Countries;pp. 187-210
(Dirk Willenbockel, Institute of Development Studies at the University of Sussex, Great Britain)

Chapter 13. The Public-Debt Legacy of Financial Crises: Long-Run Terms of Trade and Welfare Impacts;pp. 211-236
(Karl Farmer, University of Graz, Austria)

Index pp. 237-242

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