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PART I. Overview of the Crisis -- 1. Leverage and Liberal Democracy / George Bragues -- 2. A Property Economics Explanation of the Global Financial Crisis / Frank Decker -- 3. Of Subprimes and Sundry Symptoms: The Political Economy of the Financial Crisis / Ashok Bardhan -- 4. The Political Economy of the Financial Crisis of 2008 / Roger D. Congleton -- 5. The Global Financial Crisis of 2008: What Went Wrong? / Linda Weiser Friedman -- 6. The Roots of the Crisis and How to Bring It to a Close / James K. Galbraith -- 7. Enron Rerun: The Credit Crisis in Three Easy Pieces / Jonathan C. Lipson -- 8. The Global Crisis and Its Origins / Peter L. Swan -- 9. Four Paradoxes of the 2008-2009 Economic and Financial Crisis / John E. Marthinsen -- 10. Understanding the Subprime Financial Crisis / Steven L. Schwarcz -- PART II. Causes and Consequences of the Financial Crisis -- 11. The Origins of the Financial Crisis / Matthew S. Johnson -- 12. Ten Myths about Subprime Mortgages / Yuliya Demyanyk -- 13. The Financial Crisis: How Did We Get Here and Where Do We Go Next? New Evidence on How the Crisis Spread Among Financial Institutions / Glenn H. Yago -- 14. A Decade of Living Dangerously: The Causes and Consequences of the Mortgage, Financial, and Economic Crises / Jarjisu Sa-Aadu -- 15. Making Sense of the Subprime Crisis / Paul Willen -- 16. Miraculous Financial Engineering or Legacy Assets? / Ivo Pezzuto -- 17. The Making and Ending of the Financial Crisis of 2007-2009 / Austin Murphy -- 18. The Subprime Mortgage Problem: Causes and Likely Cure / Ronald D. Utt -- 19. Sequence of Asset Bubbles and the Global Financial Crisis / A. G. (Tassos) Malliaris -- PART III. Borrowers -- 20. The Past, Present, and Future of Subprime Mortgages / Shane M. Sherlund -- 21. FHA Loans and Policy Responses to Credit Availability / Dr. Peter Zorn --
22. The Single-Family Mortgage Industry in the Internet Era: Technology Developments and Market Structure / Forrest Pafenberg -- 23. Speed Kills? Mortgage Credit Boom and the Crisis / Luc Laeven -- 24. Subprime Mortgages: What We Have Learned From a New Class of Homeowners / Satya Thallam -- 25. Rating Agencies: Facilitators of Predatory Lending in the Subprime Market / David J. Reiss -- PART IV. The Process of Securitization -- 26. A Primer on the Role of Securitization in the Credit Market Crisis of 2007 / John D. Martin -- 27. Incentives in the Originate-to-Distribute Model of Mortgage Production / Robert W. Kolb -- 28. Did Securitization Lead to Lax Screening? Evidence from Subprime Loans / Vikrant Vig -- 29. Tumbling Tower of Babel: Subprime Securitization and the Credit Crisis / Bruce I. Jacobs -- 30. The Incentives of Mortgage Servicers and Designing Loan Modifications to Address the Mortgage Crisis / Eileen Mauskopf -- 31. The Contribution of Structured Finance to the Financial Crisis: An Introductory Overview / Sarai Criado -- 32. Problematic Practices of Credit Rating Agencies: The Neglected Risks of Mortgage-Backed Securities / Phil Hosp -- 33. Did Asset Complexity Trigger Ratings Bias? / Laura Veldkamp -- 34. The Pitfalls of Originate-to-Distribute in Bank Lending / Anurag Gupta -- PART V. Risk Management and Mismanagement -- 35. Behavioral Basis of the Financial Crisis / J. V. Rizzi -- 36. Risk Management Failures During the Financial Crisis / Dr. Michel Crouhy -- 37. The Outsourcing of Financial Regulation to Risk Models / Erik F. Gerding -- 38. The Future of Risk Modeling / Elizabeth Sheedy -- 39. What Happened to Risk Management During the 2008-2009 Financial Crisis? / Teodosio Perez-Amaral -- 40. Risk Management Lessons from the Global Financial Crisis for Derivative Exchanges / Jayanth Varma -- PART VI. The Problem of Regulation --
41. Regulation and Financial Stability in the Age of Turbulence / David S. Bieri -- 42. The Financial Crisis of 2007-2009: Missing Financial Regulation or Absentee Regulators? / A. G. Malliaris -- 43. The Demise of the United Kingdom's Northern Rock and Large U.S. Financial Institutions: Public Policy Lessons / George G. Kaufman -- 44. Why Securities Regulation Failed to Prevent the CDO Meltdown / Richard E. Mendales -- 45. Curbing Optimism in Managerial Estimates Through Transparent Accounting: The Case of Securitizations / Bharat Sarath -- 46. Basel II Put on Trial: What Role in the Financial Crisis? / Mario Quagliariello -- 47. Credit Rating Organizations, Their Role in the Current Calamity, and Future Prospects for Reform / Chris Sagers -- 48. Global Regulation for Global Markets? / Douglas W. Arner -- 49. Financial Regulation, Behavioral Finance, and the Global Financial Crisis: In Search of a New Regulatory Model / Emilios Avgouleas -- PART VII. Institutional Failures -- 50. Why Financial Conglomerates Are at the Center of the Financial Crisis / Arthur E. Wilmarth -- 51. Corporate Governance and the Financial Crisis: A Case Study from the S&P 500 / Brian R. Cheffins -- 52. Secondary-Management Conflicts / Steven L. Schwarcz -- 53. The Financial Crisis and the Systemic Failure of Academic Economics / Thomas Lux -- 54. Fannie Mae and Freddie Mac: Privatizing Profit and Socializing Loss / David Reiss -- 55. Disclosure's Failure in the Subprime Mortgage Crisis / Steven L. Schwarcz -- PART VIII. The Federal Reserve, Monetary Policy, and the Financial Crisis -- 56. Federal Reserve Policy and the Housing Bubble / Lawrence H. White -- 57. The Greenspan and Bernanke Federal Reserve Roles in the Financial Crisis / John Ryan -- 58. The Risk Management Approach to Monetary Policy: Lessons from the Financial Crisis of 2007-2009 / A. G. Malliaris --
59. Reawakening the Inflationary Monster: U.S. Monetary Policy and the Federal Reserve / Martin Hutchinson -- 60. The Transformation of the Federal Reserve System Balance Sheet and Its Implications / Peter Stella -- PART IX. Implications of the Crisis for Our Economic Systems -- 61. Systemic Risk and Markets / Steven L. Schwarcz -- 62. The Transmission of Liquidity Shocks During the Crisis: Ongoing Research into the Transmission of Liquidity Shock Suggests the Emergence of a Range of New Channels During the Credit Crisis / Heiko Hesse -- 63. Credit Contagion From Counterparty Risk / Gaiyan Zhang -- PART X. International Dimensions of the Financial Crisis -- 64. Only in America? When Housing Boom Turns to Bust / Luci Ellis -- 65. The Equity Risk Premium Amid a Global Financial Crisis / Campbell R. Harvey -- 66. Australia's Experience in the Global Financial Crisis / Kevin Davis -- 67. Collapse of a Financial System: An Icelandic Saga / Tryggvi Thor Herbertsson -- 68. Iceland's Banking Sector and the Political Economy of Crisis / Ian Ashman -- 69. The Subprime Crisis: Implications for Emerging Markets / Anthony B. Sanders -- PART XI. Financial Solutions and Our Economic Future -- 70. The Long-Term Cost of the Financial Crisis / Campbell R. Harvey -- 71. Coping with the Financial Crisis: Illiquidity and the Role of Government Intervention / Niklas Wagner -- 72. Fiscal Policy for the Crisis / Carlo Cottarelli -- 73. The Future of Securitization / Steven L. Schwarcz -- 74. Modification of Mortgages in Bankruptcy / Adam J. Levitin -- 75. The Shadow Bankruptcy System / Jonathan C. Lipson -- 76. Reregulating Fannie Mae and Freddie Mac / Dwight M. Jaffee -- 77. Would Greater Regulation of Hedge Funds Reduce Systemic Risk? / Philipp Maier -- 78. Regulating Credit Default Swaps / Houman B. Shadab.
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