This enlargement covers more books and extends my comments. I prepared this review and the previous comprehensive book list as part of a larger retrospective on the financial crisis of organized by a group of faculty and staff here at the University of Virginia. All opinions expressed in this review are my own. The financial crisis of lurks behind much of how we currently foresee the future.
What have we learned from the crisis? What have we fixed? What remains to be done? These are the compelling questions to ask at this, the tenth anniversary of the epicenter of the crisis. One would think that ten years is enough time in which to make sense of what happened and get a grip on its lessons for the future. However, the complexity of the crisis and the decay of memory frustrate such efforts.
Despite this, there is no shortage of answers to the three questions. A similar Google search yields about 2. Much of this is crisis porn, aimed to stimulate the emotions: lurid, pandering, hateful, and dripping in schadenfreude or grievance at the outcomes for these and those people. A surprisingly large amount of it comes from the Alt-right or radical left, darkly wrapped in theories of conspiracy, greed, and corruption about the elites, the globalists, the bankers, ethnic groups, Americans, Germans, or others who supposedly caused the crisis or exploited it for their own gain.
Such theories dangerously caricature the facts and distract the reader from important insights. Instead, the facts suggest a cascade of events that accumulated into a crisis and numerous contingencies, that but for different circumstances, would have diverted the path of events in a completely different direction.
One should proceed thoughtfully: your time and patience are precious. Focus on a few books notable for solid substance delivered very artfully. Start with one or more histories of the episode to tell you what happeneddip into some memoirs for depth about the incredible dilemmas that decision-makers facedand then study some critical analyses about causes, consequences, and recommended policies. The literature is growing and changing by the month; what follows is a snapshot of some notable books about the financial crisis of The crisis of was not a single event in one place, but occurred across space and time.
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As we describe in our new book, A Crisis of Beliefs: Investor Psychology and Financial Fragilitythe fundamental cause of the crisis was the deflation of the housing bubble, starting in early As the housing bubble burst, both borrowers and bankers suffered. By mid, banks were projected to lose hundreds of billions of dollars. After months of growing losses, bankruptcies, and market freezes, the financial system finally cracked.
Lehman Brothers declared bankruptcy, and many other firms had to be saved by the government. In short order, the financial woes of banks and consumers dragged the economy into the Great Recession. This widely accepted and well-documented narrative highlights two misconceptions in the current retrospectives of the crisis. These misunderstandings may seem purely academic, but they are not.
They have major consequences for the ability of policymakers to prevent future crises. Already have an account? Log in. For more than 25 years, Project Syndicate has been guided by a simple credo: All people deserve access to a broad range of views by the world's foremost leaders and thinkers on the issues, events, and forces shaping their lives.
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You will also directly support our mission of delivering the highest-quality commentary on the world's most pressing issues to as wide an audience as possible. By helping us to build a truly open world of ideas, every PS subscriber makes a real difference.All five diagrams are unitary. Each and every velocitous and accelerative flow of products and money has proximate or remote explanatory aspects embedded in all five diagrams. Continue reading. Our inquiry differs from classical analysis and from traditional economics.
Participants are not to dominate as willy-nilly, ignorant, external, efficient causes, but rather to adapt to the immanent intelligibility of the objective mechanism. This immanent intelligibility is the set of laws explaining the process — laws not to be enforced by a civilian police force but rather abstract laws to be understood and honored by enlightened free people.
Andrei Shleifer is a professor of economics at Harvard University. But Gennaioli and Shleifer must ask, How would the human participants act if, instead of being a bundle of desires, fears, cognitive biases, and ignorance regarding the abstract primary relativities of the economic process, they understood the laws of the process and the precepts for adaptation yielded by the laws?
That is to ask, Is there a set of laws independent of human psychology and above intellectual ignorance to which human participants would enlightenedly adapt if they understood them?Skip to main content 2 results for Books : Nicola Gennaioli.
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For general information on how to correct material on RePEc, see these instructions. To make corrections to the bibliographic information of a particular item, find the technical contact on the abstract page of that item. There, details are also given on how to add or correct references and citations. To link different versions of the same work, where versions have a different title, use this form. Note that if the versions have a very similar title and are in the author's profile, the links will usually be created automatically.
Please note that most corrections can take a couple of weeks to filter through the various RePEc services. Economic literature: papersarticlessoftwarechaptersbooks. FRED data. Research output as. Discussion Papers. Ponzetto, Gennaioli, N. Nicola Gennaioli, Vishny, Vishny, "undated". Gennaioli, Nicola, More information Research fields, statistics, top rankings, if available. This author has had 76 papers announced in NEP. These are the fields, ordered by number of announcements, along with their dates.
A Global Map of Subnational GDP
If the author is listed in the directory of specialists for this field, a link is also provided. NEP-MIC : Microeconomics 19 Author is listed NEP-BAN : Banking 12 Corrections All material on this site has been provided by the respective publishers and authors. Louis Fed.
Help us Corrections Found an error or omission? RePEc uses bibliographic data supplied by the respective publishers.They constructed a database of 1, subnational regions across countries covering GDP, population, education levels, geographic and institutional factors, and looked at correlates with higher per capita income. They suggest that geography and education are significant correlates of regional GDP, while their measures of institutions and culture are less well correlated.
Convergence has been slow enough within countries that very significant subnational income variation remains—for example, the richest Mexican state Campeche is That suggests looking at national-level average GDP per capita misses a big part of the picture when thinking about relative income around the world.
La Porta and the team were kind enough to share not only their data but also an ESRI shapefile which allowed us to create a world map of regional GDP per capita, below. Looking across the planet it is interesting to see pockets of poverty in Asia, Latin America and even Eastern Europe. Similarly, there are pockets of OECD-level wealth across those same regions. Looking within countries, Russia and Mexico go through much of the spectrum.
A warning on data. Gennaioli et. GDP numbers in much of the developing world are not very reliable. And the process of developing PPPs to compare across countries is hardly simple and straightforward not to mention they vary within countries.
Caveat spectator. National data from World Development Indicators. We used the latest available data for each region. Regions without GDP data between were not included. Full-resolution subnational map here. CGD blog posts reflect the views of the authors, drawing on prior research and experience in their areas of expertise. CGD is a nonpartisan, independent organization and does not take institutional positions.
View the discussion thread. Skip to main content. Our Experts. Attend an Event. Connect with Us. For Media. Back to Commentary and Analysis. X Views from the Center Feed. This is a joint post with Sarah Dykstra.