Surviving Large Losses: Financial Crises, the Middle Class, and the Development of Capital Markets by Philip T. HoffmanSurviving Large Losses: Financial Crises, the Middle Class, and the Development of Capital Markets by Philip T. Hoffman

Surviving Large Losses: Financial Crises, the Middle Class, and the Development of Capital Markets

byPhilip T. Hoffman, Gilles Postel-Vinay, Jean-Laurent Rosenthal

Paperback | October 15, 2009

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Financial disasters often have long-range institutional consequences. When financial institutions--banks, insurance companies, brokerage firms, stock exchanges--collapse, new ones take their place, and these changes shape markets for decades or even generations. Surviving Large Losses explains why such financial crises occur, why their effects last so long, and what political and economic conditions can help countries both rich and poor survive--and even prosper--in the aftermath.Looking at past and more recent financial disasters through the lens of political economy, the authors identify three factors critical to the development of financial institutions: the level of government debt, the size of the middle class, and the quality of information that is available to participants in financial transactions. They seek to find out when these factors promote financial development and mitigate the effects of financial crises and when they exacerbate them.Although there is no panacea for crises--no one set of institutions that will resolve them--it is possible, the authors argue, to strengthen existing financial institutions, to encourage economic growth, and to limit the harm that future catastrophes can do.

Philip T. Hoffman is Rea A. and Lela G. Axline Professor of Business Economics and Professor of History, California Institute of Technology.
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Title:Surviving Large Losses: Financial Crises, the Middle Class, and the Development of Capital MarketsFormat:PaperbackDimensions:272 pagesPublished:October 15, 2009Publisher:HarvardLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0674036360

ISBN - 13:9780674036369

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Table of Contents

Introduction

1. The Political Economy of Financial Crises

2. Information and Crises

3. Crises and the Middle Class

4. What Happens after Crises

5. Financial Intermediaries and the Demand for Change

6. Governments and the Demand for Reform

Conclusion: The Lessons of History

Notes

References

Index

Editorial Reviews

This is a timely book. It is also provocative in trying to do something no one has done before, namely provide a comprehensive political economy analysis of several centuries of financial crises and their effects on the development of financial systems. It aims to bridge the gap between the modern economics literature on finance and growth, and more traditional historical studies...Surviving Large Losses is a step forward in the social-scientific analysis of financial crises and historical financial development.