Although there have been numerous studies of the causes and consequences of the Great Financial Crisis of 2007-2010 in the US and abroad, many of these were undertaken only for a small number of countries and before the financial and economic effects were fully realized and before various governmental policy responses were decided upon and actually implemented. This book aims to fill these voids by providing a more thorough assessment now that the worst events and the regulatory reforms are sufficiently behind us and much more information about these developments is available. It reviews and analyzes the causes and consequences of and the regulatory responses to the Great Financial Crisis, particularly from a public policy viewpoint. In the process, it explores such intriguing questions as: What caused the crisis? How did the crisis differ across countries? What is the outlook for another crisis, and when? This is a must read for those who are trying to find answers to these questions.
"Although there have been numerous studies of the causes and consequences of the Great Financial Crisis of 2007–2010 in the US and abroad, many of these were undertaken only for a small number of countries and before the financial and economic effects were fully realized and before various governmental policy responses were decided upon and actually implemented. This book aims to fill these voids by providing a more thorough assessment now that the worst events and the regulatory reforms are sufficiently behind us and much more information about these developments is available. It reviews and analyzes the causes and consequences of and the regulatory responses to the Great Financial Crisis, particularly from a public policy viewpoint. In the process, it explores such intriguing questions as: What caused the crisis? How did the crisis differ across countries? What is the outlook for another crisis, and when? This is a must read for those who are trying to find answers to these questions."--$cProvided by publisher.
This book, Innovative Federal Policies During the Great Financial Crisis, contains discussions of unconventional monetary policies, policy changes to address systemic and payments systems risks, new macroprudential policies, the 'stretching' of the financial safety net, changes in the Fed's liquidity funding facility (the discount window), use of the Fed's balance sheet as a tool of monetary policy, and alternative means to deal with real-estate asset bubbles and potential financial instability.The 10 chapters in this book offer a unique analysis of several innovative approaches by the Federal Reserve that contributed to the stabilization of the US economy following the Great Recession. What unique policies were implemented? Toward what goal? Were they effective? Were there unintended consequences? Additionally, but less thoroughly, events in the Euro market are also discussed, and policies (and their impact) of the ECB are critiqued.Based on papers presented at the 91st Annual Conference of the Western Economic Association International Meetings in Portland, Oregon, 2016, Innovative Federal Policies During the Great Financial Crisis adds significantly to the debate over why innovative or unconventional policies were needed, how they were implemented and how effective they were.
Focusing on systemic risks caused by climate change, this book examines how these risks can be effectively regulated to ensure resilience and avoid catastrophe. Systemic risks are risks that threaten the systems upon which society depends, including ecosystems, social systems, financial systems, and systems of infrastructure. Such risks are typically characterised by inherent complexity, profound uncertainty, and overwhelming ambiguity. In combination, these features pose significant regulatory challenges for policy and law-makers. Examining how different types of systemic risks caused by climate change are being regulated in four different jurisdictions – the EU, the UK, the US and Australia – this book identifies deficiencies associated with regulating systemic risks using a traditional approach, based on a linear relationship between risk and regulation, which is widely used to regulate risk. The book advances a regulatory approach that is, instead, founded on the concept of "risk governance". This involves a structured yet flexible, holistic, interdisciplinary and inclusive basis for responding to systemic risks; and it is, this book argues, a more effective basis for regulating systemic risks given their uncertainty, complexity and ambiguity. This book will appeal to academics, policy and law-makers and practitioners working at the intersection of law and policy in the areas of regulation, risk management and climate change.
Financial technology is rapidly changing and shaping financial services and markets. These changes are considered making the future of finance a digital one.This Handbook analyses developments in the financial services, products and markets that are being reshaped by technologically driven changes with a view to their policy, regulatory, supervisory and other legal implications. The Handbook aims to illustrate the crucial role the law has to play in tackling the revolutionary developments in the financial sector by offering a framework of legally enforceable principles and values in which such innovations might take place without threatening the acquis of financial markets law and more generally the rule of law and basic human rights. With contributions from international leading experts, topics will include: Policy, High-level Principles, Trends and Perspectives Fintech and Lending Fintech and Payment Services Fintech, Investment and Insurance Services Fintech, Financial Inclusion and Sustainable Finance Cryptocurrencies and Cryptoassets Markets and Trading Regtech and Suptech This Handbook will be of great relevance for practitioners and students alike, and a first reference point for academics researching in the fields of banking and financial markets law.
The book uses distance functions, a generalization of the more familiar production function, as the theoretical and empirical tools to construct Lerner indexes of market power in both the input and output markets. The use of distance functions enables us to explicitly account for the effects of firm inefficiency and price markups in the evaluation of market power. The book focusses on the theory and provides a menu of applications to construct measures of firm efficiency and market power in the financial and public sectors.
'Joe Thomas is a true renaissance academic who has integrated research, teaching, practice and leadership. He's advised numerous companies through board positions and consulting engagements. His research has identified and focused on real issues in operations management, like overcoming the dark side of worker flexibility and other aspects of the human component of operations. And he has then incorporated research findings into his teaching, including cases on issues like global operations that we can all benefit from. Joe is so admired by his colleagues that they chose him to lead the Johnson School as Dean. Joe is a model and an inspiration for all of us. This book, with its emphasis on cross-functional approaches to inventory management, is an excellent way to honor Joe on his retirement.'Marshall L FisherUniversity of Pennsylvania'Joe Thomas is one of the Grand Masters in our field of operations management. I will always remember him fondly as someone who has accomplished so much, with such a high status in our profession, and yet at the same time, a humble, warm and gentle scholar. In my early student days, I read of Joe's work in multi-echelon inventory systems. He has made deep contributions in manufacturing and distribution network designs and operations management, before the term 'supply chain management' became popular. He is also one of the early scholars in operations management who recognized and promoted the importance of looking at manufacturing and operations as a strategy for a firm. I have learned a great deal from both his writings and from interactions with him face to face. Of course, Joe has also been serving our community as an editor and through professional society leadership. I had first-hand experience from his editorship directly, since he processed some of the papers that I published. That experience also taught me how to have high standards, be encouraging, and be generous in giving advice and inputs in the editorial process. As a junior researcher at the time, such editorial support was both helpful and served as a great model. As a senior colleague, Joe has always treated me as a friend, making me feel comfortable and easy to exchange with him. Over the years, many of our colleagues have benefited tremendously from his mentorship and support. While he is a very serious researcher and holds very high standards in his work, Joe's personality radiates warmth and energy to those around him. And then he adds humor at the right time. I will never forget when Joe led all of us at a conference honoring the retirement of El Buffa to sing a song with lyrics that he composed himself, titled 'Just-in-Time.' The lyrics contained lessons in a very funny way. Joe is a pioneer in research (as well as in teaching and practice) that connected inventory management to other business functions such as human resources, marketing, finance and accounting. Thus, with its emphasis on cross-functional inventory research, this book is an excellent way to honor him on his retirement. It is a privilege for us to recognize and celebrate with him all he has done for our profession!'Hau L LeeStanford UniversityCross-Functional Inventory Research details path-breaking analytical, empirical and behavioral operations management research that interfaces inventory with the business functions of human resources, finance, accounting, information technology, and globalization.For about fifty years, inventory research was conducted with a silo mentality with assumptions of exogenous pricing, price-independent demand distribution, rational human decision making, and lack of information sharing. Over the past few years, there is increased realization that this kind of analysis and thinking will not be useful for the modern business world. This has motivated inventory researchers to reach across different business functional areas such as finance, marketing, human capital and information technology and identify research questions that are more appropriate for the modern, complex, data-driven business environments. Cross-Functional Inventory Research contains path-breaking research developments in cross-functional inventory research. The methodologies applied to answer these research questions cover the complete gamut of empirical, analytical, and behavioral approaches.
The field of marketing science has evolved significantly in the last 70 years. Throughout its rich history, developments in this field have always been anchored on marketing phenomena that drew on economics, statistics, operations research, and related disciplines. This book reviews the accomplishments of notable marketing scientists in several research areas. It emphasizes both the role and the importance that pioneers in marketing science have had in the rapid development of this field and honors those contributions.This second edition of the book offers updates of the former chapters and six new chapters on emerging areas of marketing science including machine learning, field experimentation methods, and internet marketing. Combined with older areas of research like endogeneity, services, and market segmentation, this book provides a road map for the development of 22 areas of marketing science, which not only is useful from a historical perspective but also identifies important gaps in the literature which can provide an impetus for future research. As such, it provides an important resource for the main consumers of the academic marketing research literature: doctoral students, faculty, and marketing science practitioners in consulting firms and companies.
Written by production economics and finance specialists Rolf Färe and Shawna Grosskopf of Oregon State University and Dimitris Margaritis of the University of Auckland, Pricing Non-marketed Goods Using Distance Functions, is an inspiring new contribution highlighting the importance of duality theory for valuation purposes, especially for hard to price inputs or resources, intended or unintended goods and assets. The theoretical pricing models are supplemented by self-standing empirical applications covering real estate pricing, environmental preservation, transfer pricing, shadow prices of university knowledge outputs and spillovers, and the pricing of bank equity capital and non-performing loans.
Understanding the key IT issues facing firms within their surrounding contexts is critical for the firm, government, and their international counterparts.In response to the dominant and pervasive bias in Information Systems (IS) research towards American and Western views, the World IT Project was launched and is the largest study of its kind in the field. This book captures the organizational, technological, and individual issues of IT employees across 37 countries.The book enables management and staff to formulate business and IT-related policies and strategies. Likewise, it allows policymakers, governments and vendors to address important issues at the national level as well as to respond to the needs of partners and stakeholders in other countries. It also offers current and future academic scholars a grounded understanding of the international IT environment and provides a sound foundation to launch many international IT studies.
