Government Interventions in Economic Emergencies.
Pablo. Sastre
Bok Engelsk 2010 · Electronic books.
| Omfang | 1 online resource (293 pages)
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| Utgave | 1st ed.
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| Opplysninger | Intro -- GOVERNMENT INTERVENTIONS IN ECONOMIC EMERGENCIES -- GOVERNMENT INTERVENTIONS IN ECONOMIC EMERGENCIES -- CONTENTS -- PREFACE -- AUCTION BASICS: BACKGROUND FOR ASSESSING PROPOSED TREASURY PURCHASES OF MORTGAGE-BACKED SECURITIES -- SUMMARY -- DUTCH AUCTIONS AND REVERSE DUTCH AUCTIONS -- Quality Differences of Troubled Assets Presents Challenges for Auctions -- Adverse Selection and Firms' Asset Holdings -- Reputational Issues and Participation -- Sequencing Issues -- Will Auctions Unlock Credit Markets? -- Costs and Risks to Taxpayers -- AUCTION DESIGN -- Single-Unit Auctions -- Why are Treasury Auctions Called Dutch Auctions? -- Imperfect Information: Common Values and the Winner's Curse -- Revenue Equivalence -- Multiple-Unit Auctions -- Manipulation and Demand-Reduction Strategies -- Complementarities -- Dutch Auctions with Multiple Units -- Uniform-Price vs. Individual Price Auctions -- End Notes -- BANKING AND SECURITIES REGULATION AND AGENCY ENFORCEMENT AUTHORITIES -- SUMMARY -- BACKGROUND -- AN OVERVIEW OF BANKING AND SECURITIES REGULATION -- Banking -- Securities -- MAJOR ENFORCEMENT-RELATED STATUTES -- Banking -- Securities -- ORGANIZATION OF ENFORCEMENT PROGRAMS -- Banking -- Securities -- COMPARISON OF ENFORCEMENT AND COMPLIANCE TOOLS -- FOR FURTHER READING -- End Notes -- BEAR STEARNS: CRISIS AND "RESCUE" FOR A MAJOR PROVIDER OF MORTGAGE-RELATED PRODUCTS -- SUMMARY -- INTRODUCTION -- BACKGROUND ON BEAR STEARNS -- MORTGAGE-BACKED SECURITIES -- BEAR STEARNS AND THE INITIAL FED "RESCUE" -- JP MORGAN INITIALLY AGREES TO ACQUIRE BEAR STEARNS WITH FED ASSISTANCE -- THE AMENDED BUYOUT OFFER -- THE ALTERED TERMS FOR THE FED AND THE DEBATE OVER MORAL HAZARD AND SYSTEMIC RISK -- RELATED CONGRESSIONAL CONCERNS -- End Notes -- CONTAINING FINANCIAL CRISIS -- SUMMARY -- INTRODUCTION -- THE UNDERLYING FINANCIAL PROBLEMS.. - Complex Finance: The House of Cards -- SIVs -- Metro's Credit Enhancement -- What Makes a Financial Crisis? -- GOVERNMENT INTERVENTIONS -- Open Market Operations and Monetary Policy -- The Discount Window -- Term Auction Facility (TAF) -- Treasury's "Super-SIV" Proposal -- Provision of New Capital to Financial Institutions -- Bear Stearns -- Fannie Mae and Freddie Mac -- AIG -- The 700 Billion Troubled Assets Relief Program (P.L. 110-343) -- Increases in Government Guarantees and Insurance -- Commercial Paper -- Citigroup -- POLICY ISSUES: ARE REGULATORS' TOOLS ADEQUATE? -- Information -- Speculation -- End Notes -- THE COST OF GOVERNMENT FINANCIAL INTERVENTIONS, PAST AND PRESENT -- SUMMARY -- WHERE HAS THE MONEY COME FROM? -- THE COST OF FINANCIAL INTERVENTIONS -- RECENT FINANCIAL INTERVENTIONS -- Troubled Assets Relief Program (TARP) -- American International Group (AIG) -- Fannie Mae and Freddie Mac -- Bear Stearns -- End Notes -- DANGERS FROM THE POLITICAL ALLOCATION OF CAPITAL -- INFORMATION PROBLEMS -- UNRESPONSIVENESS -- BIAS AGAINST ENTREPRENEURSHIP AND INNOVATION -- BIAS FOR CONSTITUENTS -- RESOURCE DIVERSION -- CORRUPTION AND CRONY CAPITALISM -- CONCLUSION -- APPENDIX: FEDERAL RESERVE ACTIONS -- End Notes -- DON'T SPEND TO EXCESS IN THE NAME OF KEYNESIANISM -- INTRODUCTION -- KEYNESIAN FISCAL POLICY -- HISTORY MISINTERPRETED -- GOVERNMENT'S ROLE -- FEDERAL STIMULUS SO FAR -- CONCLUSION -- EMERGENCY ECONOMIC STABILIZATION ACT: PRELIMINARY ANALYSIS OF OVERSIGHT PROVISIONS -- SUMMARY -- INTRODUCTION -- Oversight and Audit Mechanisms -- THE FINANCIAL STABILITY OVERSIGHT BOARD AND THE CONGRESSIONAL OVERSIGHT PANEL -- Placement within the Government -- Responsibilities -- Access to Information -- Membership -- Leadership -- Pay for Members -- Meetings/Quorum -- Staffing/Consultants -- Reports by the Entities -- Reports to the Entities.. - Extending Unemployment Benefits.. - Funding -- Termination -- THE SPECIAL INSPECTOR GENERAL FOR THE TARP AND THE COMPTROLLER GENERAL'S ROLE IN THE ACT -- Placement within the Government -- Responsibilities -- When Audits Begin -- Access to Information -- Obligation of the TARP to Respond to Audits -- Staffing/Contracting -- Reports -- Funding -- Termination -- CONCLUDING OBSERVATIONS -- Overlapping Responsibilities -- Possible Additions to Reporting Requirements -- A Delayed Start for the COP and the Special IG -- Possible Reassessment of Oversight Mechanisms -- Certain Issues Are Unclear -- Oversight and the Balance of Power -- End Notes -- STATEMENT OF PETER R. ORSZAG, FEDERAL RESPONSES TO MARKET TURMOIL, BEFORE THE COMMITTEE ON THE BUDGET U.S. HOUSE OF REPRESENTATIVES -- THE TROUBLED ASSET RELIEF ACT OF 2008 -- THE BUDGETARY TREATMENT OF THE PROPOSAL -- DETERMINING A PURCHASE PRICE FOR TROUBLED ASSETS -- FINANCIAL MARKET AND OTHER EFFECTS OF THE PROPOSAL -- ALTERNATIVES TO THE TREASURY'S PROPOSAL -- End Notes -- THE U.S. FINANCIAL CRISIS: LESSONS FROM CHILE -- SUMMARY -- Untitled -- THE CHILEAN BANKING CRISIS OF 1981-84 -- THE GOVERNMENT RESPONSE -- Debt Restructuring -- Restoring Bank Balance Sheets -- Restructuring Distressed Banks -- POSSIBLE LESSONS FROM CHILE'S BANK CRISIS -- End Notes -- THE U.S. FINANCIAL CRISIS: LESSONS FROM JAPAN -- SUMMARY -- NET COST OF BAILOUTS -- LESSONS LEARNED -- End Notes -- THE U.S. FINANCIAL CRISIS: LESSONS FROM SWEDEN -- SUMMARY -- BACKGROUND -- DEREGULATION -- THE FINANCIAL CRISIS -- LESSONS LEARNED FROM SWEDEN'S EXPERIENCE -- End Notes -- FINANCIAL MARKET INTERVENTION -- SUMMARY -- CURRENT CONCERNS -- What, If Anything, Is Wrong with the Financial System? -- When Did Trouble in the Financial Markets Start? -- What Caused Financial Market Turmoil? -- If 97% of Borrowers Are Still Current on Their Mortgage, Why Is the Financial Turmoil So Large?.. - PROPOSAL TO ALLOW TREASURY TO BUY MORTGAGE-RELATED ASSETS TO ADDRESS FINANCIAL INSTABILITY -- SUMMARY -- THE DRAFT PROPOSALS -- Purchase of Mortgage-Related Assets -- Debt Limit -- Definition of Troubled Asset -- Authority to Take Action -- Restrictions -- Factors to Guide Intervention -- Management of Mortgage-Related Assets -- Loss Mitigation and Loan Modification -- Sunset -- Reports to Congress -- FREQUENTLY ASKED QUESTIONS -- Does the Proposal Include Provisions to Help Home Owners Facing Foreclosure? -- Is the Program Limited to Home Mortgages? -- What Price Will Treasury Pay for the Assets It Purchases? -- What Happens to Funds the Treasury Receives from Disposing of the Assets? -- What Is the Potential Cost of Bad Mortgage-Related Debt? -- What Role Did Housing Play in Financial Turmoil? -- How Did Financial Markets Magnify the Effects of Mortgage Defaults? -- How, If At All, Could Financial Turmoil Affect the Wider Economy If Nothing Is Done? -- How, If At All, Could Intervention in Mortgage-Related Securities Markets Calm Financial Markets? -- What Is the Rationale for Acting Now? -- How Did Interest Rate Spreads Indicate A Sudden Loss of Confidence? -- Couldn't the Same Assets Be Purchased through Fannie Mae and Freddie Mac Now That They Are in a Conservatorship Backed by the Treasury? -- End Notes -- THE RESOLUTION TRUST CORPORATION: HISTORICAL ANALYSIS -- SUMMARY -- INTRODUCTION -- THE ENACTMENT OF FIRREA AND THE BEGINNINGS OF THE RTC -- THE STRUCTURE OF THE RTC -- Equity Partnerships -- Commercial Mortgages and Securitization -- CONCLUSION -- End Notes -- ECONOMIC SLOWDOWN: ISSUES AND POLICIES -- SUMMARY -- THE CURRENT STATE OF THE ECONOMY -- Is Additional Fiscal Stimulus Needed? -- STIMULUS PROPOSALS ENACTED AND CONSIDERED -- Preliminary Evidence on the Rebates' Economic Effects -- Business Tax Incentives -- Housing Provisions.. - Where Are the Problem Loans Located? -- Why Did the Financial Shocks Happen? -- Who Is Affected by the Financial Turmoil? -- How Have Policymakers Responded to Financial Turmoil? -- Why Has the Federal Reserve Not Restored Order in Financial Markets? -- What Does Treasury Propose to Do? -- What Were Some of the Additions and Deletions to the Proposal Offered in H.R. 3997? -- End Notes -- FUTURE OF FINANCIAL SERVICES HEARING -- TESTIMONY BY SECRETARY HENRY M. PAULSON, JR. BBEFORE THE HOUSE COMMITTEE ON FINANCIAL SERVICES HEARING ON TURMOIL IN U.S. CREDIT MARKETS: RECENT ACTIONS REGARDING GOVERNMENT SPONSORED ENTITIES, INVESTMENT BANKS AND OTHER FINANCIAL INSTITUTIONS -- GOVERNMENT INTERVENTIONS IN FINANCIAL MARKETS: ECONOMIC AND HISTORIC ANALYSIS OF SUBPRIME MORTGAGE OPTIONS -- SUMMARY -- INTRODUCTION -- POLICY ISSUES -- A BRIEF OVERVIEW OF SUBPRIME DELINQUENCY AND DEFAULT -- THE NATURE OF THE SUBPRIME RESET PROBLEM -- SELECTED PREVIOUS GOVERNMENT INTERVENTIONS -- Home Owners' Loan Corporation -- Contemporary Issues -- Results -- Application to Subprime Mortgage Restructuring -- Continental Illinois -- Contemporary Issues -- Results -- Application to Subprime Mortgage Restructuring -- Savings and Loans -- Contemporary Issues -- Results -- Application to Subprime Mortgage Restructuring -- Brady Bonds -- Contemporary Issues -- Results -- Application to Subprime Mortgage Restructuring -- CONCLUSION -- End Notes -- STATEMENT BY SECRETARY HENRY M. PAULSON, JR. ON COMPREHENSIVE APPROACH TO MARKET DEVELOPMENTS -- REMARKS BY SECRETARY HENRY M. PAULSON, JR. ON FINANCIAL RESCUE PACKAGE AND ECONOMIC UPDATE -- CURRENT STATE OF GLOBAL FINANCIAL SYSTEM -- HOUSING AND MORTGAGE FINANCE -- IMPLEMENTING THE FINANCIAL RESCUE PACKAGE -- CAPITAL PURCHASE PLAN -- PRIORITIES FOR REMAINING TARP FUNDS -- FURTHER STRATEGIES -- GLOBAL CHALLENGE -- CONCLUSION.
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| Emner | |
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| ISBN | 9781612094083
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